富瑞：阿里巴巴-W(09988)第二季度总收入胜预期 给予“买入”评级

Core Viewpoint - The report from Jefferies indicates that Alibaba-W (09988) exceeded market and Jefferies' revenue forecasts for the second quarter by 1.1% and 2.4% respectively, maintaining a "Buy" rating with a target price of HKD 230 [1] Group 1: Financial Performance - Alibaba's China e-commerce group customer management revenue (CMR) grew by 10% year-on-year [1] - Cloud business revenue increased by 34% year-on-year [1] - Adjusted EBITA margin reached 9% [1] - Overall adjusted EBITA amounted to RMB 9.1 billion [1] - Capital expenditures totaled RMB 31.5 billion [1]