云业务持续高增，阿里延续价值重估丨智氪

Core Viewpoint - Alibaba's Q4 FY2025 financial results show steady revenue growth driven by core e-commerce and cloud business, with a notable increase in AI-related demand [3][4][6]. Financial Performance - Alibaba reported Q4 revenue of 2364.5 billion RMB, a 7% year-on-year increase, slightly below market expectations [6][8]. - Adjusted EBITDA reached 326.2 billion RMB, up 36% year-on-year, with an EBITDA margin of 13.8% [7][8]. - Adjusted net profit was 298.5 billion RMB, a 22% increase year-on-year, resulting in a net profit margin of 12.6% [6][7]. Business Segment Analysis - The core e-commerce segment, Taobao and Tmall, generated 1013.7 billion RMB in revenue, a 9% increase, with customer management revenue growing 12% to 710.8 billion RMB [8][9]. - Alibaba Cloud's revenue growth accelerated to 18%, driven by strong demand for AI-related products, marking a significant increase from the previous quarter's 13% [11][19]. - International digital commerce revenue grew by 22% to 335.8 billion RMB, while Cainiao's revenue declined by 12% to 215.7 billion RMB [8][9]. AI and Future Outlook - AI demand is driving significant growth in Alibaba Cloud, with AI-related product revenue achieving triple-digit year-on-year growth for seven consecutive quarters [11][19]. - The company is positioned to benefit from the ongoing AI narrative, with expectations of continued revenue growth from cloud services as AI applications proliferate [20][22]. - Analysts predict that Alibaba Cloud's revenue could double in the next three years, with AI-related revenue potentially increasing from 14% to nearly 40% of total revenue [26][27]. Valuation and Market Position - The current market valuation of Alibaba is seen as undervalued compared to its potential growth, with estimates suggesting a comprehensive valuation of around 380 billion USD for FY2025, indicating at least a 25% upside from current levels [32][33]. - The company is expected to leverage its AI capabilities and cloud infrastructure to drive future growth, similar to the previous expansion cycles seen in the cloud computing market [30][31].