阿里巴巴-W(9988.HK)：核心业务表现稳健 业绩符合预期

Group 1: Financial Performance - Alibaba's total revenue for Q4 FY25 reached 236.5 billion yuan, a year-on-year increase of 6.6%, slightly below the consensus expectation of 7.2% [1] - Adjusted EBITA was 32.6 billion yuan, reflecting a year-on-year growth of 36.1%, with an adjusted EBITA margin of 13.8%, in line with the consensus expectation of 13.9% [1] - Taobao's revenue for Q4 FY25 increased by 8.7% to 101.4 billion yuan, outperforming the consensus expectation of 4.9% [1] Group 2: Business Segments - CMR revenue for Q4 FY25 grew by 11.8%, benefiting from improved monetization rates [1] - Alibaba Cloud's revenue for Q4 FY25 increased by 17.7%, slightly exceeding the market expectation of 16.9% [1][2] - The adjusted EBITA margin for Alibaba Cloud rose to 8.0%, despite a slight decline due to increased investments in AI and cloud infrastructure [2] Group 3: Future Outlook - The company expects Taobao to continue releasing commercial capabilities, supported by improved customer penetration and commission rate increases [1] - Management expressed confidence in the continued acceleration of Alibaba Cloud's revenue growth, driven by strong demand and the expansion of AI-related products [2] - The management highlighted the potential of AI to enhance search and recommendation efficiency, indicating a focus on cost reduction and efficiency improvements on both merchant and platform sides [1]