Consolidated view
Equity-method view
Ant AI spend
Ant's AI, healthcare and LLM spending pressure thins the equity-method line Alibaba recognizes.
Ant Group
separate legal entity
Alipay AI platform
revenue & profit
AI spend
healthcare · LLM
net income
after AI spend
reduces income
value realized pro-rata
Alibaba (BABA)
consolidated statements
Consolidated earnings
nothing from Ant enters
Equity-method income
single line · ~⅓ of Ant
Value realization
IPO / re-rating · pro-rata
⅓
one-third equity stake
blocked
results NOT consolidated