证券之星消息，神州泰岳近日即将发布2025年年报，根据2月26日发布的业绩快报，归属净利润盈利 7.982亿元，同比减少44.09%。 业绩快报公告中对经营业绩和财务状况情况的说明： 1、经营业绩的说明 报告期内，公司营业总收入 582,388.58 万元，较上年同期下降 9.74%；扣除非经常性损益后的归属于上 市公司股东的净利润 82,049.63 万元，较上年同期下降 28.43%；归属于上市公司股东的净利润 79,823.18 万元，较上年同期下降44.09%。经营业绩变化的主要原因如下： （1）非经常性损益较去年有大幅下降。报告期内，非经常性损益减少归属于上市公司股东的净利润约 为 0.2 亿元，主要原因是拟处置资产损失增加、预计负债增加；上年度因收回 2.45 亿元诉讼款项等事 项，非经常性损益增加归母净利润 2.8 亿元。 （2）美元汇率下跌的影响。报告期内，美元汇率下跌，公司主要收入采用美元结算，相较于上年度较 大金额的汇兑收益，本年度转为汇兑损失。 （3）报告期内，公司营收规模较上年度微降。 游戏业务方面，公司对《Age of Origins》《War and Order》两款主力产品持续进 ...

(1)非经常性损益较去年有大幅下降。报告期内，非经常性损益减少归属于上市公司股东的净利润约为 0.2亿元，主要原因是拟处置资产损失增加、预计负债增加；上年度因收回2.45亿元诉讼款项等事项，非 经常性损益增加归母净利润2.8亿元。 软件和信息技术服务方面，AI+云业务、物联网业务、创新业务收入均有增加。其中，AI+云业务的"混 合多云"和"云+AI"等云智一体化发展等方面取得较快进展，物联网业务板块快速起量，跨境数据流量业 务稳定增长。 (3)报告期内，公司营收规模较上年度微降。 格隆汇2月26日丨神州泰岳(300002.SZ)公布2025年度业绩快报，报告期内，公司营业总收入58.24亿元， 较上年同期下降9.74%；扣除非经常性损益后的归属于上市公司股东的净利润8.20亿元，较上年同期下 降28.43%；归属于上市公司股东的净利润7.98亿元，较上年同期下降44.09%。经营业绩变化的主要原因 如下： 游戏业务方面，公司对《Age of Origins》《War and Order》两款主力产品持续进行内容迭代、玩法更 新、运营优化，在全球化竞争加剧、优质竞品层出不穷的背景下，两款产品虽然收入、利润有所下 ...

格隆汇2月26日丨神州泰岳(300002.SZ)公布2025年度业绩快报，报告期内，公司营业总收入58.24亿元， 较上年同期下降9.74%；扣除非经常性损益后的归属于上市公司股东的净利润8.20亿元，较上年同期下 降28.43%；归属于上市公司股东的净利润7.98亿元，较上年同期下降44.09%。经营业绩变化的主要原因 如下： (2)美元汇率下跌的影响。报告期内，美元汇率下跌，公司主要收入采用美元结算，相较于上年度较大 金额的汇兑收益，本年度转为汇兑损失。 (3)报告期内，公司营收规模较上年度微降。 (1)非经常性损益较去年有大幅下降。报告期内，非经常性损益减少归属于上市公司股东的净利润约为 0.2亿元，主要原因是拟处置资产损失增加、预计负债增加；上年度因收回2.45亿元诉讼款项等事项，非 经常性损益增加归母净利润2.8亿元。 游戏业务方面，公司对《Age of Origins》《War and Order》两款主力产品持续进行内容迭代、玩法更 新、运营优化，在全球化竞争加剧、优质竞品层出不穷的背景下，两款产品虽然收入、利润有所下降， 但仍然表现出强劲的长青态势，稳定为公司创造可观的现金流。同时，公司也在加 ...

Core Viewpoint - Alibaba is undergoing a strategic retreat by selling off non-core assets to focus on its primary business areas, particularly in instant retail and AI/cloud computing, rather than facing financial distress or "running away" [1][11]. Group 1: Asset Sales - Alibaba has sold various assets, including a portion of its stake in Sanjiang Shopping, realizing 2.52 billion yuan. Overall, it has recouped over 30 billion yuan through divestments from Intime Retail, a complete exit from RT-Mart, and other sales [1][3]. - The sold assets are characterized as heavy, slow-growing, and increasingly unprofitable traditional retail businesses, which are no longer aligned with Alibaba's core focus [3][5]. - Alibaba's Chairman, Cai Chongxin, stated that exiting these non-core businesses is a reasonable decision, indicating a shift from a "big and complete" empire to a "focused core" entity [3][5]. Group 2: Strategic Focus Areas - The 30 billion yuan raised from asset sales will be directed towards two main battles: instant retail and AI/cloud computing [5][10]. - In instant retail, Alibaba is investing heavily in delivery services, with initiatives like "one-hour delivery" and significant subsidies to compete against rivals like Meituan and JD.com. Instant retail revenue has shown rapid growth, with increases between 37% and 60% [5][10]. - For AI and cloud computing, Alibaba plans to invest 380 billion yuan over the next three years, which exceeds its total investment in these areas over the past decade. This investment aims to establish a foundational infrastructure for AI, positioning Alibaba as a key player in the future tech landscape [6][10]. Group 3: Leadership and Organizational Changes - The leadership structure at Alibaba has shifted, with power concentrated among three key figures: Cai Chongxin, Wu Yongming, and Jiang Fan, indicating a strong leadership drive for the new strategic direction [8][10]. - The partner committee has been streamlined from 26 to 17 members, reflecting a transition from a diverse expansion phase to a focused core strategy [8][10]. - Jiang Fan's return to a central role in overseeing e-commerce signifies a commitment to tackling the challenges in instant retail with experienced leadership [8][10]. Group 4: Lessons and Implications - The strategic shift at Alibaba serves as a lesson for businesses, emphasizing the need to adapt and evolve core competencies in response to changing market conditions [10][11]. - Focusing resources on high-value areas is crucial in the current economic landscape, where efficiency and technological advancement are paramount [10][11]. - Observing the capital flows of major companies like Alibaba, Tencent, and JD.com can provide insights into future economic trends, particularly in instant consumption and AI technology [10][11].

Core Insights - Alibaba has been selected as a core asset in the digital economy for 2026, reflecting its significant role in China's digital landscape and its potential in the AI infrastructure wave [2] - The company is undergoing a strategic transformation, focusing on two main pillars: "AI + Cloud" technology platform and "Shopping + Lifestyle Services" consumer platform [2][3] - Since 2021, Alibaba has made multiple organizational and executive adjustments, stabilizing its governance structure and strategic focus [4] Organizational and Governance Changes - The recent organizational restructuring aims to shift from a "complex and diverse" model to a "focused and efficient" execution model, centering around consumption and AI cloud [7] - Leadership roles have been clarified, with key figures like Daniel Zhang and Wu Yongming taking on specific responsibilities to enhance strategic execution [7][8] - The number of partners in the company has decreased from 26 to 17, marking a significant management transition and a new phase focused on execution efficiency [8][9] E-commerce Business Stability - E-commerce remains Alibaba's core pillar, contributing approximately 58.4% of total revenue as of FY26Q1, with the Chinese e-commerce group accounting for 56.6% [13] - Customer Management Revenue (CMR) has shown an upward trend since FY25Q3, indicating a recovery in the core cash flow engine [17] - The improvement in CMR is attributed to product and structural optimizations rather than simple price increases, with a focus on service value [18][19] Instant Retail Strategy - Alibaba is investing in instant retail through platforms like Taobao Flash and Ele.me, which has led to significant order growth despite short-term losses [24][25] - The strategic importance of instant retail is highlighted by its potential to drive e-commerce synergy and defend market share, with projections indicating a market size of 3 trillion yuan by 2030 [26] AI + Cloud as a Growth Engine - The "AI + Cloud" segment is crucial for Alibaba's long-term valuation, with the global public cloud market expected to exceed $1 trillion by 2025 [28] - Alibaba Cloud holds about one-third of the Chinese public cloud market, with AI becoming a key growth driver, evidenced by triple-digit growth in AI-related revenue over eight consecutive quarters [28][29] - The company is entering a new capital expenditure expansion cycle, with plans to invest 380 billion yuan in AI infrastructure over the next three years [28] Redefining Core Asset Value - Alibaba is evolving from a pure e-commerce company to a hybrid enterprise with stable cash flow and high-growth technology businesses [31] - The company's overall valuation is projected to reach approximately 3.55 trillion yuan by 2026, with potential stock price targets around 200 HKD [34] - The strategic focus and organizational restructuring position Alibaba as a key player in defining the digital infrastructure of the AI era in China [39]

Core Viewpoint - The Hong Kong stock market is experiencing a downturn, but the technology sector is seeing a counter-trend investment as the AI sector moves towards value creation and commercialization, indicating potential for future profit growth [1] Group 1: Market Trends - Despite the recent weakness in the Hong Kong stock market, there is a notable influx of funds into the technology sector, reflecting market recognition of the long-term fundamentals [1] - Since November 2025, ETFs tracking the Hang Seng Technology Index have seen a total of 27 billion yuan in net inflows, with the Hang Seng Technology ETF (513130) attracting 4.7 billion yuan and increasing its shares by 6.2 billion [1] - The Hang Seng Technology Index's current price-to-earnings (P/E) ratio is 23.13, which is at a mid-low percentile level compared to the past five years [2] Group 2: Comparative Valuation - The valuation of the Hang Seng Technology Index is lower than that of major technology indices in the A-share and US markets, such as the Nasdaq Index at 41.09 and the Sci-Tech Innovation 50 Index at 156.57 [2] - The recent market correction has released some risk factors, making the technology sector's valuation more attractive for investment [2] Group 3: Future Outlook - With the anticipated interest rate cuts by the Federal Reserve and improving overseas liquidity, along with stable performance from domestic tech leaders since Q3 2025, the long-term investment value of the Hong Kong technology sector is expected to increase [2] - The Hang Seng Technology ETF (513130) closely tracks the Hang Seng Technology Index, which includes 30 leading Hong Kong internet and tech companies across various sectors, providing comprehensive exposure to the AI industry chain [2] Group 4: Investment Tools - The Hang Seng Technology ETF (513130) offers advantages such as large scale, good liquidity, and support for T+0 trading, making it a key tool for investors looking to access core assets in the Hong Kong technology sector [3] - Investors can also consider the off-market linked funds (Class A 015310, Class C 015311) for additional investment opportunities [3]

Core Viewpoint - Alibaba's recent share reduction in Aojie Technology reflects its strategic focus shift towards AI and cloud sectors, despite still being the largest shareholder with a 12.69% stake after the reduction [1][2]. Group 1: Shareholding Changes - Alibaba reduced its stake in Aojie Technology by 5.439 million shares from November 24 to December 1, 2023, bringing its ownership down to 12.69% [1]. - The total market value of the shares sold during this period is approximately 500 million yuan, calculated at an average price of 89.90 yuan per share [2]. - This marks the second reduction in shares by Alibaba within the month, having previously sold about 4.2392 million shares from November 6 to November 17 [2]. Group 2: Future Reduction Plans - Alibaba has announced plans to further reduce its holdings by up to 12.549 million shares over the next three months, which represents 3% of the total share capital [2]. - As of the announcement date, Alibaba has 1.0585 million shares remaining that can be sold, all of which were acquired before the IPO [2]. Group 3: Financial Performance of Aojie Technology - Aojie Technology has not achieved profitability since its listing, with projected net losses of 252 million yuan, 506 million yuan, and 693 million yuan for the years 2022 to 2024, respectively [3]. - Despite the losses, the company's revenue has shown steady growth, increasing from 2.14 billion yuan in 2022 to an expected 3.386 billion yuan in 2024 [3]. - In the first three quarters of this year, Aojie Technology reported revenue of 2.88 billion yuan, a year-on-year increase of 13.42%, while the net loss narrowed to 327 million yuan [3]. Group 4: Business Segment Performance - Sales of various cellular baseband chip products experienced slight growth in Q3, with smartphone SoC chip sales continuing to rise and initial shipments of 5G RedCap recorded [3]. - The core business of cellular baseband chips saw a revenue increase of 25% year-on-year, contributing to an overall gross margin rise of 4.71% to 26.65% [3].

Core Viewpoint - Alibaba has reduced its stake in Aojie Technology (688220) from 13.99% to 12.69% by selling 5,439,008 shares through centralized bidding and block trading from November 24 to December 1, 2025 [1][4]. Summary by Relevant Sections Shareholding Changes - Alibaba's shareholding in Aojie Technology decreased from 13.99% to 12.69% after the sale of 5,439,008 shares [1][4]. - Prior to this reduction, Alibaba had announced a plan to sell up to 12.549 million shares, representing a maximum of 3% of the total share capital [4]. Financial Performance of Aojie Technology - Aojie Technology reported a revenue of 2.88 billion yuan for the first three quarters of the year, reflecting a year-on-year growth of 13.42% [5]. - The company recorded a net profit attributable to shareholders of -327 million yuan during the same period [5]. Alibaba Group's Financial Performance - For the second quarter of fiscal year 2026, Alibaba Group reported revenues of 247.795 billion yuan, with a year-on-year growth of 15% after excluding the impact of divested businesses [5][6]. - The cloud computing segment saw a significant revenue increase of 34% year-on-year, marking a new high [6]. - Alibaba's CEO highlighted the ongoing investments in AI technology and infrastructure, which are expected to create long-term strategic value [6].

Core Points - Alibaba has reduced its stake in Aojie Technology (688220) from 13.99% to 12.69% by selling 5,439,008 shares between November 24 and December 1, 2025 [2] - Aojie Technology had previously announced a share reduction plan on August 29, allowing Alibaba to sell up to 12.549 million shares, representing a maximum of 3% of the total share capital [4] - As of the latest announcement, Alibaba has sold a total of 11.4905 million shares, leaving a remaining sellable quantity of 1.0585 million shares [5] Company Overview - Aojie Technology is a platform-based chip enterprise specializing in wireless communication and large-scale chips, with capabilities in developing full-standard cellular baseband chips and non-cellular IoT chips [6] - For the first three quarters of the year, Aojie Technology reported revenue of 2.88 billion yuan, a year-on-year increase of 13.42%, but recorded a net loss of 327 million yuan [6] Alibaba's Financial Performance - In the second quarter of fiscal year 2026, Alibaba Group reported revenue of 247.795 billion yuan, with a year-on-year growth of 15% after excluding the impact of divested businesses [6] - The company has seen strong growth in its core businesses, particularly in AI and cloud services, with cloud revenue accelerating by 34% year-on-year [7] - Alibaba's CEO highlighted ongoing investments in AI technology and infrastructure, which are expected to create long-term strategic value [7]

Core Viewpoint - Alibaba has reduced its stake in Aojie Technology (688220) from 13.99% to 12.69% by selling 5,439,008 shares through various trading methods [1][4]. Summary by Sections Shareholding Changes - On December 1, Aojie Technology announced that Alibaba Network has notified them of a reduction in shareholding, decreasing its stake from 13.99% to 12.69% [1]. - Alibaba's total share reduction amounts to 11,490,500 shares, with 1,058,500 shares remaining available for sale [5]. Company Performance - Aojie Technology reported a revenue of 2.88 billion yuan for the first three quarters of the year, reflecting a year-on-year growth of 13.42%. However, the company recorded a net loss of 327 million yuan [5]. - Aojie Technology specializes in wireless communication and large-scale chip platforms, with capabilities in developing cellular baseband chips and IoT chips [5]. Alibaba's Financial Results - Alibaba Group reported a revenue of 247.795 billion yuan for the second quarter of fiscal year 2026, with a year-on-year growth of 15% after excluding the impact of sold businesses [5][6]. - The cloud computing segment saw a significant revenue increase of 34% year-on-year, driven by strong demand for AI-related products [6].