On August 20, Alibaba Group unveiled its financial performance for the inaugural quarter of fiscal year 2027. The financial report revealed that Alibaba's e-commerce operations in China sustained a steady growth trajectory during this period, with customer management revenue (CMR) marking a 1% year-on-year increment. The count of 88VIP members soared to 64 million, registering a double-digit growth rate compared to the same period last year. Notably, the instant retail sector outperformed market forecasts in terms of loss reduction, with revenue skyrocketing by 45% year-on-year. This remarkable growth was primarily attributed to the stellar performance of Taobao Flash Sales and Hema. Amidst maintaining its market share, Taobao Flash Sales consistently enhanced its unit economic efficiency on a quarterly basis, thanks to an uptick in average order value and fulfillment efficiency. Moreover, its order composition underwent continuous refinement, with a steady expansion in high average order value food and beverage orders, as well as non-food categories.