Xin Lang Cai Jing·2025-09-29 10:12Core Viewpoint - Tianfeng International maintains a "Buy" rating for Alibaba, highlighting strong growth in its cloud business and exceeding expectations in revenue [1] Group 1: Cloud Business Performance - Alibaba's cloud business revenue continues to show high growth, surpassing consensus expectations [1] - Revenue from AI-related products has maintained triple-digit growth for eight consecutive quarters [1] Group 2: E-commerce and Software Services - The revenue from the Chinese e-commerce segment exceeded expectations, driven by site-wide promotions and software development service fees that enhance conversion rates [1] Group 3: Financial Projections - Tianfeng International projects Alibaba's revenue for FY 2026-2028 to be 1,030.6 billion, 1,148.6 billion, and 1,279.3 billion yuan, respectively, revised down from previous estimates [1] - The expected net profit attributable to shareholders (non-GAAP) for FY 2026-2028 is projected to be 129.3 billion, 152.1 billion, and 178.2 billion yuan, also revised down from earlier forecasts [1]