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【阿里巴巴-W(9988.HK)】核心业务表现良好,发放特别现金股息——2025财年年报点评(付天姿/姜浩/梁丹辉/赵越)
光大证券研究·2025-05-16 13:55

Core Viewpoint - The company reported a strong financial performance for FY2025, with significant growth in both revenue and net profit, indicating robust operational health and effective management strategies [2][3]. Financial Performance - For FY2025, the company achieved a revenue of 996.347 billion yuan, representing a year-on-year growth of 5.9% [2]. - The net profit attributable to ordinary shareholders for FY2025 was 129.470 billion yuan, showing a substantial increase of 62.4% year-on-year [2]. - In Q4 FY2025, the company recorded a revenue of 236.454 billion yuan, with a year-on-year growth of 6.6% [2]. - The net profit for Q4 FY2025 reached 12.382 billion yuan, marking an impressive growth of 278.7% year-on-year [2]. Core Business Performance - The company's core business segments performed well despite the divestment of non-core operations such as Yintai and Hema [3]. - The customer management revenue from Taotian Group in Q4 FY2025 grew by 11.8%, driven by an increase in the take rate and enhanced monetization of platform traffic [3]. - The Cloud Intelligence Group saw a revenue increase of 17.7% in Q4 FY2025, reaching 30.127 billion yuan, with external customer revenue growing by 17% [3]. - AI products maintained strong demand, with revenue from AI-related products achieving triple-digit year-on-year growth for seven consecutive quarters [3]. Shareholder Returns - In FY2025, the company repurchased 1.197 billion USD worth of shares, reducing the number of ordinary shares by 5.1% [4]. - The company declared a regular dividend of 1.05 USD per ADS and a special one-time cash dividend of 0.95 USD per ADS, enhancing shareholder returns [4].