China e-commerce (Taobao and Tmall)
Core marketplace; revenue fell 8% in the June 2026 quarter.
The numbers
China e-commerce revenueRMB110.9 billionQuarter ended 2026-06-30 · -8% YoY · source ↗
What it is
The Taobao and Tmall marketplaces are Alibaba's largest revenue pool, earning commissions and advertising from merchants and brands in China. Quick commerce is now reported as a separate line.
Why it matters to the stock. This is the base that funds the rest of the company. A continued decline in the core business matters more for the stock than cloud growth.
News
Alibaba opens its full Taobao and Tmall catalog to the Qwen AI app
Alibaba connected its Qwen app to the full Taobao and Tmall catalog of more than 4 billion products, so users can shop by conversation, compare items and place orders.
Product