Xin Lang Cai Jing·2025-10-13 11:57Core Viewpoint - Shenyin Wanguo maintains a "Buy" rating for Alibaba, projecting a revenue of 252.8 billion yuan for Q2 FY26, representing a year-on-year increase of 6.9%, with a Non-GAAP net profit of 12.8 billion yuan, down 65% year-on-year [1] Group 1: Financial Performance - Projected revenue for Q2 FY26 is 252.8 billion yuan, reflecting a year-on-year growth of 6.9% [1] - Non-GAAP net profit is expected to be 12.8 billion yuan, which is a significant decrease of 65% year-on-year [1] Group 2: Business Operations - Healthy growth in GMV (Gross Merchandise Volume) for Taobao and Tmall, with an emphasis on improving monetization rates across the platform [1] - Cloud business maintains the largest market share, indicating strong competitive positioning [1] Group 3: Strategic Focus - International business is approaching breakeven, showcasing improved operational efficiency [1] - Strategic focus is on AI, cloud services, and instant retail, suggesting a long-term growth potential [1]