瑞银：阿里巴巴-2025 财年第四季度业绩略有不及预期；短期利润率波动但核心逻辑不变
2025-05-19 09:58
ab 16 May 2025 Global Research First Read Alibaba Group 4QFY25 slight miss; thesis unchanged despite short-term margin fluctuation 4QFY25 slight missed Revenue +7% YoY, and adj. EBITA +36% YoY. Both missed by 1-2% (quick take). Key focuses 1) Taobao Tmall (TTG) outlook (mixed): Topline (+ve): CMR accelerated to +12% YoY (Dec Q's +9%), beat by 3%. For Mar Q, the take rate improvement (0.6% software service fee, and improving sitewide promotion tool adoption) and GMV mix shift to higher-commissioned Tmall (TT ...