China’s digital growth will not last forever, though, and even Alibaba’s numbers show that China’s online world cannot counter the laws of diminishing returns. Still, the ranks of China’s online shoppers grew nearly 13 percent last year to a considerable 467 million, according to official statistics, showing the already vast market is still growing.

Alibaba and its largest rival, a Chinese games-and-social-media conglomerate called Tencent Holdings, have seen their shares surge over the past year as they report strong profits that suggest Chinese consumers still have a desire to spend. Their rise mirrors the surge in shares in the biggest technology names in the United States, like Apple, Google and Facebook.

During a speech at the conference, Alibaba’s chief financial officer, Maggie Wu, said that the company expected revenue for the year that will end next March to grow between 45 percent and 49 percent. That is slightly down from the 56 percent growth the company registered in fiscal year 2017, which ended in March. Still, it nonetheless shows the company is expecting to keep growing at a fast pace in the coming year.

Although Alibaba is China’s largest e-commerce company, it does not directly sell the goods on its websites. Instead, it provides marketplaces where anyone from small village dwellers to big global brands can set up online shops and sell to Chinese customers. To reach those customers, Alibaba also offers online advertising space.

That space is looking increasingly valuable.

During her speech, Ms. Wu said the company got about 60 percent of its revenue from its Alimama advertising platform, which works as an auction site on which Alibaba’s many vendors can bid for advertising space on its sites. On that platform the price for ads has been rising as a result of market forces, Ms. Wu said.