阿里巴巴-W(9988.HK)：淘天表现亮眼 云计算持续提速

Group 1: Financial Performance - In FY2025, the company's revenue increased by 6% year-on-year, while Non-GAAP net profit remained flat [1] - For FY2025Q4, revenue grew by 7% year-on-year, and Non-GAAP net profit increased by 22% [1] - The international digital commerce segment saw a 22% year-on-year revenue growth in FY2025Q4, with EBITA loss narrowing by 13% [2] Group 2: E-commerce Segment - The Taotian Group maintained a solid market share, with customer management revenue and profit growth exceeding expectations [1] - In FY2025Q4, customer management revenue grew by 12%, driven by improved monetization rates and increased merchant penetration [1] - The number of 88VIP members surpassed 50 million in the latest quarter [1] Group 3: Cloud Computing Performance - Alibaba Cloud achieved a revenue of 30.127 billion yuan in FY2025Q4, reflecting an 18% year-on-year growth [2] - AI-related revenue for Alibaba Cloud has seen triple-digit growth for seven consecutive quarters, indicating strong downstream demand [2] - Capital expenditures for Alibaba in FY2025Q4 reached 24.612 billion yuan, with a year-on-year growth rate of 120.68% [2] Group 4: Investment Outlook - The overall financial report highlights strong operational performance, particularly in e-commerce and cloud business growth [3] - The company is expected to see Non-GAAP net profits of 180 billion, 216.6 billion, and 247.6 billion yuan for FY2026-2028 [3] - The investment outlook remains positive, with a "buy" rating suggested for the company [3]