China

The segment accounted for more than 70% of revenue in 2025, even as higher infrastructure costs pressured margins.

Its multi-brand strategy helped offset weaker performance at the core label.

Early signs of strain are emerging as the company approaches 60,000 locations.

Rising AI costs weighed on investor sentiment despite the company’s financial capacity.

DingTalk is being integrated more deeply into Alibaba’s AI push under the Wukong unit, part of the group’s new ATH structure.

Heavy investment is pushing the firm to make the case for AI in games, even as the earnings impact remains unclear.

The company has made progress in Brazil and Mexico, though its international business remains in the red.

Many domestic makers are receiving greater support following the changes, widening the disparity.