II. Overseas Expansion: Forging a Second Growth Curve

As domestic traffic dividends diminish and competition intensifies, overseas markets have emerged as a critical frontier for incremental growth.

At Alibaba, although Taobao and Tmall Group faces growth headwinds, the international business maintains robust expansion, posting double-digit growth across recent quarters with a 53% year-on-year surge in FY2Q24. Lazada, AliExpress, and Trendyol have all demonstrated strong momentum. Alibaba is currently preparing for external fundraising for its International Digital Commerce Group to fuel global expansion, positioning international commerce as a pivotal future growth engine.