阿里利润骤降300亿:平台红利终结进入战略换挡期

DoNews
Nov 27, 2025

阿里发布2026财年二季度财报,经营利润约为53.65亿元,同比减少近300亿元。利润大幅下滑主要源于行业逻辑变化,平台时代红利耗尽,补贴竞争加剧。淘宝闪购启动约500亿规模补贴计划,导致本季度经调整EBITA为104.97亿元,同比下降76%。过去阿里依靠“流量税”模式盈利,商家支付广告费与佣金,搜索竞价排名,淘宝拥有稳定流量壁垒。当前,拼多多占据“低价心智”,抖音掌握“流量起点”,小红书成为“...

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