Ge Long Hui·2025-09-02 02:46Group 1: Overall Performance - The core business of the company remains stable, but profit margins are under pressure due to investments in flash sales. In FY26Q1, Alibaba's revenue was 247.7 billion yuan, a year-on-year increase of 2% [1] - Adjusted EBITA for FY26Q1 was 38.8 billion yuan, down 14% year-on-year, primarily impacted by investments in instant retail. Non-GAAP net profit was 33.5 billion yuan, a decrease of 18% year-on-year [1] - The company repurchased 815 million USD worth of 56 million ordinary shares in this quarter, continuing its commitment to shareholder returns [1] Group 2: E-commerce Group - The instant retail business shows synergy effects, creating a large consumption platform that integrates shopping and life services. In FY26Q1, e-commerce CMR revenue increased by 10% year-on-year, benefiting from technology service fees and improved penetration rates [1] - Instant retail revenue reached 14.8 billion yuan, a year-on-year increase of 12%. The average daily order peak reached 120 million, with monthly active users for flash sales reaching 300 million [1] - The adjusted EBITA margin for the Chinese e-commerce group was 30.6%, down 12 percentage points year-on-year, mainly due to investments in instant retail, with estimated losses exceeding 10 billion yuan for the instant retail business in this quarter [1] Group 3: Cloud Computing - The cloud intelligence group's revenue for FY26Q1 was 33.4 billion yuan, a year-on-year increase of 26%. AI-related product revenue continues to grow at triple-digit rates [2] - The company expects strong demand for cloud services to continue, with a projected CAPEX of 38.7 billion yuan in FY26Q1, an increase of 224% year-on-year [2] - The adjusted EBITA margin for the cloud segment was 8.8%, with a quarter-on-quarter increase of 0.8 percentage points, indicating stable profit margins despite increased depreciation from CAPEX [2] Group 4: Investment Outlook - The company is focused on two historical strategic opportunities: investing in AI and cloud as a core technology platform and integrating shopping with life services. Revenue forecasts for FY2026-FY2028 have been adjusted to 1,063.9 billion, 1,184.4 billion, and 1,297.2 billion yuan, reflecting better-than-expected synergy effects from instant retail [3] - Adjusted net profit forecasts have been revised to 134.5 billion, 166.0 billion, and 191.6 billion yuan, indicating slightly higher-than-expected investments in instant retail [3] - The company is currently trading at a FY2026 PE ratio of 15 times, maintaining an "outperform" rating [3]