Core Viewpoint - Alibaba has completed an exchange offer for its outstanding dollar-denominated senior unsecured notes, indicating a strategic move to manage its debt profile and optimize financing costs [1] Group 1: Exchange Offer Details - The exchange offer was initiated on September 4, 2025, for a total principal amount of up to $1 billion in 4.875% senior notes maturing in 2030, up to $1.15 billion in 5.250% senior notes maturing in 2035, and up to $500 million in 5.625% senior notes maturing in 2054 [1] - The company is exchanging these notes for an equal principal amount of its outstanding notes maturing in the same years, which includes the same interest rates [1]

Core Viewpoint - Alibaba-W (09988.HK) has completed an exchange offer for its outstanding U.S. dollar-denominated senior unsecured notes due in November 2024 [1] Group 1 - On September 4, 2025, Alibaba initiated an exchange offer for up to $1 billion of 4.875% senior notes due in 2030 [1] - The exchange offer includes up to $1.15 billion of 5.250% senior notes due in 2035 [1] - Additionally, the offer encompasses up to $500 million of 5.625% senior notes due in 2054 [1] Group 2 - The exchanged notes will replace the outstanding principal amounts of the same series of notes that are due in 2030, 2035, and 2054 [1] - These outstanding notes were issued in a transaction exempt from registration under the U.S. Securities Act [1]

| 序号 | 名称 | 港股代码 | 電新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价(HKD) | 较港股升跌 | 较港股升跌% | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | 00700 | 675.000 | -2.500 | -0.37% | TCEHY | 675.689 | +0.689 | 0.10% | | 2 | 阿里巴巴-W | 09988 | 177.600 | -2.900 | -1.61% | BABA | 176.179 | -1.421 | -0.80% | | 3 | 汇丰控股 | 00005 | 110.600 | -0.300 | -0.27% | HSBC | 111.279 | +0.679 | 0.61% | | 4 | 建设银行 | 00939 | 7.280 | -0.010 | -0.14% | CICHY | 7.272 | -0.008 | -0.11% | | 5 | 小米集团-W | 01810 | 53.850 | 0.000 | ...

阿里巴巴-W(09988.HK)发布公告，其已完成2024年11月发行的未到期以美元计价优先无担保票据的交 换要约。 投行对该股的评级以买入为主，近90天内共有23家投行给出买入评级，近90天的目标均价为173.89港 元。东方证券最新一份研报给予阿里巴巴-W买入评级，目标价205.34港元。 机构评级详情见下表： | 股票代码 | 股票简称 | 投行名称 | 发布日期 | 评级 | 目标价(港元) | | --- | --- | --- | --- | --- | --- | | 09988.HK 阿里巴巴-W | | 东方证券 | 2025-09-30 | 买人 | 205.34 | | 09988.HK | 阿里巴巴-W | 国信证券 | 2025-09-28 | 优于大市 | | | 09988.HK | 阿里巴巴-W | 中信建投 | 2025-09-26 | 买人 | 210.44 | | 09988.HK | 阿里巴巴-W | 国证国际证券(量港)有限公司 | 2025-09-26 | 买人 | 233.00 | | 09988.HK 阿里巴巴-W | | 中金公司 | 2025-09-25 | ...

Core Points - Alibaba has completed an exchange offer for its outstanding dollar-denominated senior unsecured notes due in November 2024 [1] - The exchange offer was initiated on September 4, 2025, for a total principal amount of up to $1 billion of 4.875% senior notes due in 2030, up to $1.15 billion of 5.250% senior notes due in 2035, and up to $500 million of 5.625% senior notes due in 2054 [1] - The outstanding notes were issued in a transaction exempt from registration under the U.S. Securities Act [1] Summary of Exchange Offer - The exchange offer was valid until October 2, 2025, at 5:00 PM New York City time, with the tendering period for guaranteed delivery expiring on October 7, 2025, at 5:00 PM [2] - As of the final tally by the exchange agent on October 7, 2025, holders submitted $995.7 million or 99.6% of the outstanding 4.875% senior notes due in 2030, $1.145 billion or 99.6% of the 5.250% senior notes due in 2035, and $496 million or 99.2% of the 5.625% senior notes due in 2054 for exchange [2] - The submitted notes have been canceled [2]

交换要约的有效期至纽约市时间2025年10月2日下午5:00时正届满，通过保证交割程序的投标的有效期 于2025年10月7日纽约市时间下午5:00时正届满。根据交换要约交换代理人的最终清点结果，截至纽约 市时间2025年10月7日下午5:00时正，持有(i)9.957亿美元或99.6%的未到期的于2030年到期的4.875%优 先票据、(ii)11.45亿美元或99.6%的未到期的于2035年到期的5.25%优先票据、(iii)4.96亿美元或99.2%的 未到期的于2054年到期的5.625%优先票据的持有人已提交其未到期票据进行交换(合称"已提交票据")。 该等已提交票据已被注销。 智通财经APP讯，阿里巴巴-W(09988)发布公告，其已完成2024年11月发行的未到期以美元计价优先无 担保票据的交换要约。 2025年9月4日，阿里巴巴启动交换要约，以(i)其本金总额不超过10亿美元于2030年到期的4.875%优先 票据，(ii)其本金总额不超过11.5亿美元于2035年到期的5.250%优先票据，(iii)其本金总额不超过5亿美 元于2054年到期的5.625%优先票据，该等票据已根据1933年美国 ...

Alibaba Group Holding Limited 阿里巴巴集團控股有限公司 （於開曼群島註冊成立的有限責任公司） （股份代號：9988（港幣櫃台）及89988（人民幣櫃台）） 自願性公告 及 海外監管公告 香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 我們只有單一類別的股份，每一股份對應一份表決權。由於阿里巴巴合夥的董事提名權在 《香港聯交所證券上市規則》（「香港上市規則」）項下被歸類為不同投票權架構（「不同投票權架 構」），我們被視為一家有不同投票權架構的公司。股東及有意投資者應注意投資具有不同投 票權架構的公司的潛在風險。我們的美國存託股份（每股美國存託股份代表八股普通股）於紐 約證券交易所上市，股份代號為BABA。 1 交換要約的有效期至紐約市時間2025年10月2日下午5:00時正屆滿，通過保證交 割程序的投標的有效期於2025年10月7日紐約市時間下午5:00時正屆滿。根據交 換要約交換代理人的最終清點結果，截至 ...

Core Insights - Alibaba's commitment to artificial intelligence is driving its growth narrative, with AI-related product revenues showing triple-digit growth for eight consecutive quarters, indicating strong demand and a solid position in AI-powered cloud services [1][9] - The company is implementing a significant investment plan of 380 billion yuan ($53 billion) through 2027 to expand its AI infrastructure, emphasizing AI as a key driver of future performance [1] AI Innovations - At the Apsara Conference in September 2025, Alibaba introduced next-generation AI models, including Qwen3, Qwen3-Max, and Qwen3-Next, aimed at enhancing its cloud AI leadership [2] - The company also showcased Wan 2.5, an advanced visual-generation model, and upgraded agent development platforms to facilitate enterprise adoption of AI technologies [2] Global Expansion - Alibaba is expanding its global presence by establishing new data centers in Brazil, France, and the Netherlands, with plans for further expansion in Mexico and Japan [3] - A collaboration with Nvidia is focused on advancing "Physical AI," which aims to achieve breakthroughs in robotics and autonomous systems [3] Financial Projections - The Zacks Consensus Estimate projects consolidated revenues to grow by 5% in fiscal 2026 and 12% in fiscal 2027, reflecting investor confidence in Alibaba's AI-led strategy [4] - If the current pace of implementation continues, Alibaba's AI initiatives could lead to significant top-line growth in the coming years [4] Competitive Landscape - Baidu is intensifying competition with Alibaba through rapid innovation, including upgraded AI models and a comprehensive AI ecosystem that challenges Alibaba's cloud dominance [5] - Amazon is also increasing its AI competition with Alibaba by innovating across cloud infrastructure and enterprise tools, leveraging its AWS platform for various applications [6] Stock Performance and Valuation - Alibaba's shares have surged by 113.8% year-to-date, outperforming the Zacks Internet – Commerce industry and the Zacks Retail-Wholesale sector [7] - The stock is currently trading at a forward 12-month Price/Earnings ratio of 19.61X, compared to the industry's 24.11X, indicating a relatively favorable valuation [10]

阿里巴巴高管林俊旸称，该公司已成立"机器人和具身AI小组"。林俊旸的帖文显示，该团队隶属于负责 开发旗舰AI基础模型的通义千问。这位高管目前担任通义千问的技术负责人，参与了可处理声音、图 像及文本输入的多模态模型的研发。林俊旸表示，多模态模型正被转化为能够执行长时序推理任务的基 础智能体，这些应用"理应从虚拟世界迈向现实世界！" ...

Core Insights - The local life service market has experienced a significant transformation during the National Day Golden Week, with the introduction of Taobao Flash's in-store group buying service, enhancing consumer choices and merchant operations [1][15][17] Consumer Experience: From Limited Choices to Abundant Selections - The launch of Taobao Flash's in-store group buying service has addressed consumer demands for diverse dining options and better value for money during the National Day holiday [2][8] - The service offers a wide range of categories, including hot pot, barbecue, local cuisines, and international dishes, allowing consumers to discover both well-known and hidden gem restaurants [2][15] - Multi-platform price comparison has enabled consumers to find significant discounts, such as a 7.4% discount on a Hong Kong-style meal set and a 5.9% discount on a squid dish [4][6] Merchant Operations: From Traffic Bonuses to Operational Certainty - The introduction of Taobao Flash's in-store group buying service provides merchants with a more stable business environment, reducing reliance on single traffic channels and high commission fees [10][14] - The service has generated additional orders, helping merchants improve their operational efficiency and manage fixed costs during peak periods like the National Day holiday [11][14] - Merchants have reported increased customer traffic and a more diversified customer base due to the multi-channel approach of Taobao Flash [14][17] Industry Impact: From Imbalance to Healthy Development - The National Day holiday serves as a critical period for industry dynamics, with Taobao Flash's entry promoting healthier competition and a focus on service quality rather than just price wars [15][16] - The service encourages a shift from high channel dependency to a more diversified ecosystem, enhancing the overall vitality of the in-store group buying sector [15][16] - The collaboration between Taobao, Alipay, and Gaode has created a new customer acquisition engine, leveraging the unique user bases of each platform to drive growth for local merchants [16][17]