Asia Pacific Equity Research 12 September 2025 Alibaba Group (BABA US & 9988 HK) Key takeaway from recent investor meeting We recently hosted an investor meeting with management. We came away more positive on the pace of investment loss narrowing in the coming quarters and a new "integrated e-commerce" with synergies across individual operations in the making. Key takeaways are listed below. Road map of Margin Improvement in Food Delivery and Quick Commerce Management outlined four key drivers for enhancing ...