瑞银：阿里巴巴业绩点评

Global Research ab 20 February 2025 First Read A: 1) Consumption recovery and CMR outlook: We estimate Taobao Tmall to continue to narrow market share loss in Dec-quarter, thanks to its refocus on GMV and de-emphasizing low price. The no. of 88VIP members also continued to grow double digit YoY to 49m. With the new mgmt team led by Mr. Jiang Fan since Nov-24, the key focus would be the update on e-com strategy, CMR growth outlook and potential synergies with AIDC ahead. Our channel checks suggest that merch ...