Zhi Tong Cai Jing·2025-10-13 03:28Core Viewpoint - Jianyin International maintains Alibaba's (09988, BABA.US) target price at HKD 200.7 for its Hong Kong stock and also maintains its US stock target price, both rated as "outperform" [1] Group 1: Financial Performance - The company is expected to achieve a year-on-year revenue growth of 3.5% in the September quarter, reaching RMB 254 billion, primarily driven by a 30% acceleration in Customer Management Revenue (CMR) [1] - The adjusted EBITDA margin for the cloud business is projected to remain stable at 8.8% for the September quarter [1] - The revenue forecast is 0.6% higher than the consensus among institutions [1] Group 2: Investment and Growth Strategy - Increased investments in AI and other sectors may impact short-term profitability but are expected to position Alibaba well to capture structural AI opportunities [1] - The company aims to achieve synergies between its core market businesses, reinforcing its long-term growth objectives [1]