Ge Long Hui·2025-09-02 02:46Group 1 - The core viewpoint highlights the short-term increase in flash purchase investments and the acceleration of cloud revenue growth, with a long-term positive outlook on ecosystem synergy [1][2] - The company has adjusted its net profit forecasts for FY2026-2028 to 140.5 billion, 162.9 billion, and 189.8 billion yuan, reflecting a year-on-year growth rate of -11.1%, +15.9%, and +16.5% respectively [1] - For FY2026 Q1, the company's revenue was 247.65 billion yuan, a year-on-year increase of 2%, while non-GAAP net profit was 33.5 billion yuan, a year-on-year decrease of 18%, slightly below Bloomberg consensus expectations [1] Group 2 - The Chinese e-commerce segment shows a year-on-year increase of 10% in customer management revenue, with technology service fees contributing to revenue growth and improved site penetration [2] - The international digital commerce segment reported a year-on-year revenue increase of 19%, with adjusted EBITA margin narrowing by 12.5 percentage points [1] - The cloud intelligence group experienced a year-on-year revenue growth of 26%, with an adjusted EBITA margin of 8.8%, indicating accelerated growth that offsets capital expenditure impacts [1][2] Group 3 - The company is focusing on improving the monetization rate of its flash purchase segment, with expectations for continued growth in order volume and main site traffic [2] - The AI strategy includes significant investments in AI and cloud computing infrastructure, with planned capital expenditures of 380 billion yuan over three years [2] - The remaining share repurchase scale is 19.3 billion USD, approximately 6% of the current market value, valid until March 2027 [2]