Core Viewpoint - Alibaba's recent performance shows mixed results, with Taotian Group's strong growth offset by challenges in other segments, particularly in cloud services and international e-commerce [1][15][19]. Group 1: Taotian Group Performance - Taotian Group's revenue grew by 11.8%, exceeding market expectations of around 10%, driven by improved e-commerce conditions and increased service fees [1][25]. - Adjusted EBITA for Taotian was 418 billion, reflecting an 8% year-on-year increase, outperforming the conservative market forecast of 2.1% [2][28]. - The overall revenue growth for Taotian was 8.7%, significantly better than the market's low expectation of 4.9% [30]. Group 2: Cloud Services - Alibaba Cloud's revenue reached 301 billion, with a year-on-year growth of 17.7%, aligning with market expectations but not exceeding them significantly [3][33]. - The adjusted EBITA for Alibaba Cloud was 24.2 billion, with a profit margin decline of 1.9 percentage points, which was worse than market predictions [4][34]. - The lower-than-expected capex of 240 billion may indicate a cautious outlook on future AI demand [4][34]. Group 3: International E-commerce - International e-commerce revenue grew by 22.3%, but this was a significant slowdown from previous quarters, missing the expected 27.4% growth [5][37]. - The adjusted EBITA loss for international e-commerce was 36 billion, slightly worse than the anticipated 34 billion loss, indicating ongoing challenges in this segment [5][37]. Group 4: Local Services - Local services revenue increased by 10.3%, but losses surged to 23.2 billion, far exceeding previous quarters' losses, raising concerns about future performance amid competitive pressures [6][42][43]. - The significant increase in losses occurred before the full impact of the ongoing delivery service competition, suggesting potential for further deterioration [6][43]. Group 5: Overall Financial Performance - Alibaba's overall revenue grew by 6.6%, slightly below expectations and reflecting a slowdown from the previous quarter [9][47]. - Adjusted EBITA for the group was 326 billion, consistent with expectations but not showing any standout performance [9][48]. - Marketing expenses reached 355 billion, a 26.5% increase year-on-year, indicating a continued investment strategy despite mixed results across segments [10][54].