In Q2 FY26, Alibaba Group’s miscellaneous segment—dubbed “All Others,” which includes logistics, local services and Lazada—reported revenues of RMB 14.7 billion, down 25% year-on-year. Operating losses widened to RMB 4.2 billion from RMB 1.5 billion a year earlier, a three-fold increase driven by elevated fulfillment costs and investments in Southeast Asian expansion. As the segment’s share of total revenue rose to 8% from 6% in Q2 FY25, its drag on consolidated growth intensified; Alibaba’s overall revenue growth decelerated to 5% year-on-year, its slowest pace in two years. Investors are scrutinizing whether management’s plan to integrate Cainiao logistics and spin off Lazada will arrest the unit’s margin erosion without undermining the core e-commerce franchise.