智通财经网·2025-09-16 07:56Core Viewpoint - Huachuang Securities maintains a "Buy" rating for Alibaba-W (09988) with a target price of HKD 173.86, driven by rapid growth in instant retail revenue and synergistic effects [1] Financial Performance - For FY26 Q1, Alibaba reported revenue of CNY 247.65 billion, a year-over-year increase of 2%, and a 10% increase when excluding disposed businesses [1] - Adjusted EBITA for FY26 Q1 was CNY 38.84 billion, down 14% year-over-year, with an EBITA margin of 16% [1] - Capital expenditures for FY26 Q1 were CNY 38.7 billion, up from CNY 24.6 billion in the previous quarter [1] Business Segment Analysis - China E-commerce: Revenue increased by 9.7% year-over-year, with customer management revenue (CMR) up 10.1% due to new software service fees and improved penetration of "full-site promotion" [1] - International Business: Revenue grew by 19% year-over-year, with adjusted EBITA showing a significant reduction in losses [1] - Cloud Business: Revenue rose by 26% year-over-year, with adjusted EBITA also increasing by 26%, and an EBITA margin of 8.8%, driven by growth in public cloud services and AI-related product adoption [1][2] Instant Retail Insights - Instant retail achieved a peak daily order volume of 12 million, with monthly active buyers reaching 300 million, a 200% increase since April [3] - The number of active riders reached 2 million daily, a 300% increase compared to April [3] - Management aims to reduce unit economics in instant retail by half while maintaining current consumer incentives [3] International Digital Business - AIDC revenue grew by 19% year-over-year, with adjusted EBITA showing a significant reduction in losses to CNY 0.59 billion [4] - The unit economics of AliExpress Choice continue to improve through collaboration with local merchants and AI tools to enhance marketing and procurement efficiency [4]