BABA(09988) 格隆汇·2025-05-21 17:41Core Viewpoint - Alibaba reported strong financial results for FY25Q4, with revenues and adjusted EBITDA exceeding market expectations, particularly in its Taobao Tmall Group and cloud business segments [1][4]. Financial Performance - FY25Q4 revenue reached 236.5 billion yuan, with adjusted EBITDA of 41.8 billion yuan and adjusted net profit of 30 billion yuan [1]. - Capital expenditures for FY25Q4 were 24.6 billion yuan, down from 31.8 billion yuan in the previous quarter [1]. Business Segment Analysis Taobao Tmall Group - Revenue for FY25Q4 was 101.4 billion yuan, surpassing Bloomberg's consensus by 3.6%, with retail revenue of 95.6 billion yuan [1][2]. - Customer management revenue grew by 12% year-on-year, driven by an increase in take rate due to software service fees and improved penetration of "full-site push" [2]. - The number of 88VIP members exceeded 50 million, continuing to grow at a double-digit year-on-year rate [2]. Cloud Intelligence Group - FY25Q4 revenue was 30.1 billion yuan, exceeding Bloomberg's expectations by 0.8%, but adjusted EBITDA was 2.4 billion yuan, falling short of expectations by 14.3% [1][2]. - Revenue grew by 18% year-on-year, primarily due to faster growth in public cloud revenue, with AI-related product adoption increasing significantly [2]. AIDC - FY25Q4 revenue was 33.6 billion yuan, with adjusted EBITDA of -3.6 billion yuan, but revenue grew by 22% year-on-year, driven by strong cross-border business performance [3]. - AIDC focused on improving operational and investment efficiency, with losses narrowing year-on-year [3]. Other Businesses - Cainiao generated revenue of 21.6 billion yuan with adjusted EBITDA of -610 million yuan [3]. - Local life services revenue was 16.1 billion yuan, with adjusted EBITDA of -2.3 billion yuan [3]. - DME revenue was 5.6 billion yuan, with adjusted EBITDA of 36 million yuan [3]. Shareholder Returns - In FY25Q4, the company repurchased 51 million shares for 600 million USD, and for FY25, it repurchased 1.197 billion shares for 11.9 billion USD, resulting in a net reduction of 995 million shares [4]. - The board approved a total dividend of 0.25 USD per share, including a regular cash dividend and a special cash dividend, totaling approximately 4.6 billion USD [4]. Investment Outlook - The cloud business revenue met expectations, with AI-related product revenue maintaining rapid growth [4]. - Taobao Tmall Group's revenue and profit exceeded expectations, driven by customer management revenue and improved take rates [4]. - AIDC's profitability improved, with losses narrowing and unit economics of AliExpress's Choice business showing improvement [5].