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.

The Shenzhen-based firm is expanding its D2C model as the AI boom drives demand for high-speed data center connectivity.

Beyond collaborative robots, components are becoming a major part of its business.

In its third IPO attempt, the company appears to be facing a more competitive market than before.

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