Ge Long Hui·2025-09-07 02:51Core Insights - The company reported FY26Q1 revenue of 247.7 billion yuan, with adjusted EBITA of 38.8 billion yuan and adjusted net profit of 35.3 billion yuan, exceeding Bloomberg consensus expectations [1] - The capital expenditure for FY26Q1 was 38.6 billion yuan, also surpassing Bloomberg consensus [1] E-commerce Segment - The Chinese e-commerce group's revenue reached 140.1 billion yuan, exceeding Bloomberg consensus by 15%, with e-commerce revenue of 118.6 billion yuan [2] - Customer management revenue grew by 10% year-on-year, driven by an increase in take rate, which benefited from new software service fees and improved penetration rates [2] - The launch of "Taobao Instant Retail" in April has led to significant user engagement, with peak daily orders reaching 120 million and a weekly average of 80 million [2] - The number of 88VIP members grew by double digits year-on-year, surpassing 53 million [2] Cloud Intelligence Segment - The Cloud Intelligence Group reported revenue of 33.4 billion yuan, with adjusted EBITA of 3 billion yuan, a year-on-year increase of 6 billion yuan [3] - Revenue growth of 26% was primarily driven by public cloud services, particularly in artificial intelligence-related products, which have seen triple-digit year-on-year growth for eight consecutive quarters [3] - The company is developing a new AI chip aimed at broader AI inference tasks, currently in testing [3] AIDC Segment - AIDC reported revenue of 34.7 billion yuan, with adjusted EBITA of -0.06 billion yuan, showing a year-on-year revenue growth of 19% [3] - The strong performance in cross-border business has led to significant improvements in operational efficiency, with losses narrowing both year-on-year and quarter-on-quarter [3] Shareholder Returns - The company repurchased 56 million shares for a total of 815 million USD in the quarter, with an authorized remaining buyback amount of 19.3 billion USD as of June 30, 2025 [4] Investment Outlook - The company expects revenue for FY 2026-2028 to be 1,030.6 billion, 1,148.6 billion, and 1,279.3 billion yuan respectively, with adjusted net profit estimates of 129.3 billion, 152.1 billion, and 178.2 billion yuan [4]