# Who does Alibaba Group pay? Who are its key suppliers?
Canonical: https://valuechain.wiki/alibaba · Facet: suppliers · Updated: 2026-09-24T12:56:02.201956+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Alibaba Group's confirmed suppliers/cost counterparties include NVIDIA (H20), Ralph Lauren Corporation plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 4 cost edges, backed by 7 dated sources, 1 of them primary filings (as of 2026-09-24).

### AI·클라우드 데이터센터 공급망 (집계) (high)
- metric: capex plan 380,000 RMB M · 2025-2028
- note: Announced Feb 2025: RMB 380B+ into cloud/AI infrastructure over three years, exceeding the past decade's cumulative spend; FY2025 free cash flow fell 53% to RMB 73,870M on this expenditure.
- [confirms] SEC EDGAR (Alibaba Group) (EN, filing, published 2025-05-15) https://www.sec.gov/Archives/edgar/data/1577552/000110465925049400/tm2515233d1_ex99-1.htm: "Free cash flow fell 53% to RMB73,870 million on increased cloud infrastructure expenditure."
- [confirms] Alibaba Group (EN, ir, published 2025-02-24) https://www.alibabagroup.com/en-US/document-1830678592242057216: "More than RMB380 billion over three years, surpassing total spending in this area over the past decade."

### 앤트그룹 (지분 약 33%) (high)
- metric: Market share 33% · 앤트그룹 지분
- note: Holds ~33% of Ant Group (Alipay's operator) under the equity method — in 2019 it converted a prior profit-share right (37.5% of pre-tax profit) into a direct 33% stake. Ant is a strategic partner to Alibaba's commerce ecosystem in payments and fintech, and its regulatory risk and equity-method results feed into the group's earnings.
- [confirms] SEC filing (EN, filing, published 2019-09-23) https://www.sec.gov/Archives/edgar/data/1577552/000110465918005686/a18-5168_2ex99d2.htm: "Converted profit-share right into ~33% Ant equity stake (Sep 2019)"

### 엔비디아 (H20) (mid)  → /nvidia.md
- metric: chip orders $16 · 2025Q1
- note: A major buyer that, with ByteDance and Tencent, placed $16B+ combined H20 orders in Q1 2025; after April 2025 export licensing, Alibaba accelerates substitution with its T-Head PPU chip. Standalone amount undisclosed.
- [mentions] AI Times (KO, news, published 2025-09-17) https://www.aitimes.com/news/articleView.html?idxno=202532: "Alibaba's T-Head developed the PPU chip comparable to the H20 as substitution proceeds after US export curbs."
- [confirms] Tech Startups (EN, news, published 2025-04-02) https://techstartups.com/2025/04/02/chinese-tech-firms-bytedance-alibaba-and-tencent-rush-to-order-nvidias-h20-ai-chips-amid-looming-u-s-ban/: "ByteDance, Alibaba and Tencent placed at least $16 billion in H20 orders in Q1 2025."

### ZTO익스프레스 (중통택배) (mid)
- metric: equity investment $1.38 · 2018
- note: Core Cainiao logistics partner delivering a large share of Taobao/Tmall parcels; Alibaba and Cainiao took ~10% for US$1.38B in 2018. Much delivery fee is merchant-borne, so the direct cost flow is partial.
- [confirms] PR Newswire (ZTO Express) (EN, ir, published 2018-05-29) https://www.prnewswire.com/news-releases/alibaba-and-cainiao-make-strategic-investment-in-zto-express-300655637.html: "Alibaba and Cainiao invest US$1.38 billion in ZTO for an approximately 10% equity stake."
- [confirms] CNBC (EN, news, published 2018-05-29) https://www.cnbc.com/2018/05/29/alibaba-leads-consortium-in-1-point-4-billion-deal-for-stake-in-chinese-courier-zto.html: "An Alibaba-led consortium took ~10% of ZTO for $1.4 billion."

### 랄프 로렌 (mid)  → /ralph-lauren.md
- note: Alibaba Group provides Tmall as a core digital sales channel for Ralph Lauren in China, while Ralph Lauren's Asia-Pacific CEO described the brand as the leading luxury brand on Tmall but did not disclose platform-specific revenue.
- [confirms] Luxe.CO (EN, analysis, published 2025-10-14) https://luxeplace.com/post/12191: "We are proud to say that we are the number one luxury brand on Tmall."

Reverse side: https://valuechain.wiki/alibaba/customers.md · Ripple: https://valuechain.wiki/alibaba/ripple.md

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Full node: https://valuechain.wiki/alibaba.md · JSON: https://valuechain.wiki/alibaba.json