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1、NYSE:BABAHKEX:9988(HKD Counter)89988(RMB Counter)Alibaba Group Holding LimitedFiscal Year 2025 Annual ReportFiscal Year 2025 Annual Report1Contents 2 Our Mission,Our Vision and Our Values 3 Letter from our Chairman and our CEO 5 Business Overview 55 Financial Summary 56 Management Discussion and Ana

2、lysis 104 Risk Factors 162 Directors,Senior Management and Employees 181 Corporate Governance Report 188 Major Shareholders and Related Party Transactions 204 Directors Report 208 Other Information for Shareholders 225 Exemptions and Waivers 229 Definitions 235 Further Information 240 Financial Stat

3、ements Alibaba Group Holding Limited2Our Mission,Our Vision and Our Values OUR MISSION Our mission is to make it easy to do business anywhere.Our founders started our company to champion small businesses,in the belief that the Internet would level the playing field by enabling small enterprises to l

4、everage innovation and technology to grow and compete more effectively in domestic and global economies.We believe that concentrating on customer needs and solving their problems whether those customers are consumers,merchants or enterprises ultimately will lead to the best outcome for our business.

5、In the digital era,we are staying true to our mission by helping our customers and business partners harness the power of digital technology,AI and cloud infrastructure to optimize operations,unlock new opportunities and drive innovation.Our decisions are guided by how they serve our mission over th

6、e long term,not by the pursuit of short-term gains.OUR VISION We do not pursue size or power;we aspire to be a good company that will last for 102 years.For a company that was founded in 1999,lasting for 102 years means we will have spanned three centuries,an achievement that few companies can claim