Ge Long Hui·2025-09-03 18:47Group 1 - The company reported a revenue of 247.65 billion RMB for FY2026Q1, showing a year-on-year growth of 1.8% and a quarter-on-quarter growth of 4.7%, which is below the consensus expectation of 253.17 billion RMB. Excluding disposed businesses, the like-for-like revenue grew by 10% year-on-year [1] - Adjusted net profit for the quarter was 33.51 billion RMB, representing a year-on-year decline of 17.6% and a quarter-on-quarter increase of 12.3%, also falling short of the consensus expectation of 38.44 billion RMB [1] - The Chinese e-commerce group's revenue increased by 10% year-on-year to 140.07 billion RMB in FY2026Q1, with customer management revenue reaching 89.25 billion RMB, up 11.4% year-on-year [2] Group 2 - The core user base of the 88VIP membership program continues to grow, exceeding 53 million members, with a sustained double-digit year-on-year growth [2] - The adjusted EBITA margin for the e-commerce group was 27%, reflecting a year-on-year decline of 21% [2] - Alibaba Cloud's revenue for FY2026Q1 was 33.398 billion RMB, showing a robust year-on-year growth of 26%, driven by faster growth in public cloud business and increased adoption of AI-related products [2] Group 3 - The company adjusted its Non-GAAP net profit forecasts for FY2026, FY2027, and FY2028 to 12.0958 billion RMB, 17.3838 billion RMB, and 22.2288 billion RMB respectively, reflecting a more cautious outlook [3] - Corresponding PE ratios (Non-GAAP) for FY2026, FY2027, and FY2028 are projected to be 17, 12, and 9 times [3] - The company maintains a "Buy" rating, considering GMV growth and accelerated monetization, along with ongoing share buybacks and dividends [3]