Ge Long Hui·2025-11-27 19:44Group 1: Company Performance - In FY2026Q2, the company's operating revenue reached 247.8 billion yuan, a year-on-year increase of 5%, with a 15% increase when excluding disposed businesses [1] - Operating profit fell to 5.4 billion yuan, a decline of 85% year-on-year, while Non-GAAP net profit was 10.4 billion yuan, down 72% [1] - The company's EBITA for FY2026Q2 was 10.5 billion yuan, a decrease of 76% year-on-year, primarily due to pressure from investments in instant retail [1] Group 2: E-commerce and Instant Retail - The main e-commerce platform showed strong internal commercialization improvement, with customer management revenue growing by 10% year-on-year, driven by increased penetration and traffic from instant retail [1] - Instant retail revenue reached 22.9 billion yuan, a 60% year-on-year increase, benefiting from scale effects that enhanced user experience and operational efficiency [1] - Approximately 3,500 Tmall brands have integrated their offline stores into instant retail as of October 31, 2025 [1] Group 3: International Digital Commerce and Cloud Business - The International Digital Commerce Group's revenue grew by 10% year-on-year, with international retail and wholesale businesses increasing by 10% and 11% respectively [2] - EBITA for the International Digital Commerce Group was 162 million yuan, significantly reducing losses due to improved logistics and operational efficiency [2] - Alibaba Cloud's revenue increased by 34% year-on-year, with a slight improvement in EBITA margin, driven by AI-related product growth [2] Group 4: Investment Outlook - The company is expected to see continued improvement in user experience and operational efficiency from investments in instant retail and cloud business growth [3] - Forecasted Non-GAAP net profits for FY2026-2028 are 109.5 billion, 167.2 billion, and 195.4 billion yuan respectively, indicating a positive long-term outlook [3] - The company is rated as a "buy" based on the potential for sustained growth in both e-commerce and cloud services [3]