China's economic trajectory and consumer sentiment: Weak macro consumption, decelerating real GDP growth, and subdued consumer sentiment in China are directly impacting Alibaba's core e-commerce business.

Geopolitical tensions and regulatory environment: Ongoing US-China trade tensions, regulatory scrutiny on Chinese technology platforms, and a 'China discount' due to geopolitics and capital flight continue to undermine long-term investment viability for Alibaba.

Intense competition and heavy AI investments: Alibaba faces fierce domestic competition from rivals like PDD Holdings and JD.com in e-commerce, while significant investments in AI and cloud infrastructure are currently pressuring the company's near-term profitability.