Shenwan Hongyuan Securities·2025-10-13 01:05Group 1: Key Insights on AMR Industry and Company - The report highlights that Jizhi Jia, established in 2015, has become the largest provider of warehousing fulfillment solutions in the AMR (Autonomous Mobile Robot) sector, with expectations for significant revenue growth driven by rising labor costs and increased supply chain efficiency demands in e-commerce and retail by 2025 [10][8]. - The AMR industry is anticipated to enter a supernormal profit window as the penetration rate approaches 10%, with projections indicating a global market size exceeding $162 billion by 2029, growing at a CAGR of 31.3% from 2025 to 2029 [10][8]. - The report discusses three expected discrepancies: the revolution in warehousing automation, the integration of software and hardware solutions with a focus on AI algorithms, and the case studies of repeat purchases from major clients like UPS and S&S Activewear, indicating strong market demand and customer retention [10][8]. Group 2: Insights on Alibaba (BABA) - Alibaba's FY2Q26 forecast indicates continued acceleration in cloud revenue, driven by a strong market share of 35.8% and increased investments in AI, with expectations for cloud revenue growth to further accelerate [17][12]. - The report notes that Alibaba's GMV (Gross Merchandise Volume) is experiencing healthy growth, with a take rate increase contributing to high-quality revenue growth, supported by a 13.54% year-on-year increase in online retail sales in July and August 2025 [12][17]. - The "integrated e-commerce" strategy is showing rapid growth in instant retail orders, with daily order volumes surpassing 90 million, indicating a clear path to narrowing short-term losses in this segment [12][14].