Zhi Tong Cai Jing·2025-11-03 08:13Group 1 - The core viewpoint of the report is that Alibaba's cloud business is accelerating due to AI-driven initiatives and overseas expansion, with a target price set at HKD 204.79 and a "Buy" rating maintained [1] - The e-commerce segment is expected to generate revenue of CNY 127.18 billion in FY26Q2, reflecting a year-on-year growth of 9.0% [1] - The main platform's GMV is projected to grow by 7% year-on-year, benefiting from the Taobao flash purchase business and an increase in user retention time [1] Group 2 - The company’s instant retail business is estimated to incur losses exceeding CNY 35 billion in FY26Q2, with an average loss of around CNY 5 per order [2] - Daily orders stabilized at 80 million in August, with peak daily orders exceeding 100 million, but the company plans to reduce delivery subsidies starting in September [2] - The focus remains on market share and long-term healthy growth, with expectations that losses will be controllable as fulfillment capabilities improve and scale effects enhance [2]