Ge Long Hui·2026-01-21 20:22Group 1 - The company's revenue growth is slowing down, with a projected FY2026Q3 revenue of 292.9 billion yuan, representing a 4.6% year-on-year increase, primarily due to a deceleration in e-commerce business revenue growth [1] - The company's adjusted EBITA for the quarter is expected to be 30.61 billion yuan, with an adjusted EBITA margin of 10.5%, indicating significant pressure on profits due to investments in flash sales [1] - The e-commerce business is facing macroeconomic headwinds, with CMR growth expected to decline to 3.0% this quarter, while the company aims to secure the top position in the instant retail market through continued investment in flash sales [1] Group 2 - Alibaba Cloud's revenue is projected to reach 42.85 billion yuan this quarter, reflecting a 35.0% year-on-year growth, driven by strong demand for AI computing power and services [2] - The EBITA margin for Alibaba Cloud is expected to remain stable at around 9.0%, as the company deepens its presence in the AI cloud sector and expands its customer base [2] - The company maintains its Non-GAAP net profit forecasts for FY2026/FY2027/FY2028 at 101.53 billion, 141.56 billion, and 184.65 billion yuan respectively, with corresponding PE ratios of 28.4, 20.4, and 15.6 times [2]