BABA(HK:09988) EBSCN·2025-02-22 02:31Investment Rating - The report maintains a "Buy" rating for Alibaba Group (9988.HK) [4][6] Core Insights - The company reported a revenue growth of 7.6% year-on-year for Q3 FY2025, with a significant net profit increase of 239.1% [1][2] - The overall performance exceeded expectations, driven by strong results from its core businesses, Taobao and cloud services [2][3] - The company has adjusted its profit forecasts upward for FY2025, FY2026, and FY2027, reflecting positive trends in both Taobao and cloud business [4] Summary by Sections Financial Performance - For the first three quarters of FY2025, Alibaba achieved a revenue of CNY 759.89 billion, a 5.6% increase year-on-year, and a net profit of CNY 117.09 billion, up 53.1% [1] - In Q3 FY2025 alone, revenue reached CNY 280.15 billion, marking a 7.6% increase, while net profit soared to CNY 48.95 billion, a 239.1% rise [1][9] Business Segments - Taobao Group's customer management revenue grew by 9% year-on-year in Q3 FY2025, benefiting from increased online GMV and improved take rates [2] - The Cloud Intelligence Group reported a 13% year-on-year revenue growth to CNY 31.74 billion, with external customer revenue increasing by 11% [3] Profitability Forecasts - The report projects non-GAAP net profits for FY2025, FY2026, and FY2027 to be CNY 168.19 billion, CNY 178.16 billion, and CNY 186.84 billion respectively, reflecting increases of 8.4%, 5.3%, and 1.4% [4][5]