Alibaba Q2 2025: A New Chapter, or Just Another Shuffle?

Management’s tone shifted. The strategy looks clearer. But the segment reporting still smells fishy, and the real fight may just be starting.

Something felt different this quarter.

Alibaba’s tone changed. So did their posture. And a few moves suggest the story might be entering a very different phase. But it’s not all good news. There were parts of the reporting I didn’t like—and I’m also concerned about some developments we’re likely to see in the third quarter.