Maybe I did not stare too hard at BABA but seeing the news, it constantly felt like they were stepping around in the market from a position of power, and I believed them beating expectations was highly likely. However I saw at least one opinion that they were losing big, everyone sees things differently I guess.
The price wars in their China food delivery platform, the constant updates on their cloud services, even Qwen their AI tool, the news constantly painted a good picture for a likely positive outcome.
Chinese brands have an edge over their rivals, because the government will step in to prop them up if the product fits the country's long term vision, or if it simply provides a beatdown for Western rivals (look at EVs, and solar panels). To an extent the AI industry in China gets some love from the government too, with the negotiations for AI chips and aggressive posturing for rare earth elements etc.
Not sure how much Alibaba can continue growing, but if they work efficiently, expand carefully and focus on what brought them their success, there should be more room to do so.
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