Core Insights - Alibaba's FY2Q26 revenue reached 247.8 billion RMB, a year-on-year increase of 5%. Excluding disposed business revenues, the same-caliber revenue growth was 15%. Adjusted EBITA decreased by 78% to 9.1 billion RMB, while Non-GAAP net profit fell by 72% to 10.4 billion RMB, meeting expectations [4][11]. - The strategic focus has shifted from platform economy to a comprehensive transformation towards a large consumption ecosystem, with "full-site push" and instant retail driving traffic synergy [5][11]. - Alibaba's cloud business revenue grew by 34% to 39.8 billion RMB, with adjusted EBITA increasing by 35% and EBITA margin rising to 9.0%. The company continues to enhance its AI capabilities, with significant upgrades announced in September [11]. Financial Performance - The Chinese e-commerce group achieved revenue of 132.6 billion RMB in FY2Q26, a 16% year-on-year increase, with adjusted EBITA of 10.5 billion RMB, down 76% [5][11]. - Customer management revenue maintained a 10% growth, reaching 78.9 billion RMB in FY2Q26 [5][11]. - The international digital commerce group reported a 10% revenue increase to 34.8 billion RMB, achieving profitability with an adjusted EBITA of 1.62 billion RMB [11]. Strategic Developments - The launch of the Qianwen app has seen over 10 million downloads within a week, marking a significant step in reaching C-end users and supporting a complete AI ecosystem [11]. - The company is actively expanding its instant retail strategy, with approximately 3,500 Tmall brands integrating offline stores into the instant retail business by the end of October [5][11]. - Alibaba's focus on AI and instant retail is expected to enhance user lifecycle and customer value, driving cross-scenario traffic synergy [11]. Market Outlook - The report maintains a "Buy" rating for Alibaba, highlighting its dual core drivers of large consumption and technology, with a long-term moat built around its full-stack AI strategy [6][11]. - Profit forecasts for FY26-27 have been adjusted downwards to 101.9 billion RMB and 145.5 billion RMB, respectively, while the FY28 forecast has been raised to 183.6 billion RMB [6][11].

公 计算机 2025 年 11 月 26 日 柏楚电子 (688188) 锂电焊接解决方案亮相高工锂电年会，公司精密业 务发展加速 报告原因：有信息公布需要点评 型入(维持) | 市场数据: | 2025 年 11 月 25 日 | | --- | --- | | 收盘价（元） | 131.71 | | 一年内最高/最低（元） | 224.58/126.32 | | 市净率 | 6.3 | | 股息率%（分红/股价） | 2.15 | | 流通 A 股市值 (百万元) | 38,029 | | 上证指数/深证成指 | 3,870.02/12,777.31 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025年09月30日 | | --- | --- | | 每股净资产（元） | 20.83 | | 资产负债率% | 4.94 | | 总股本/流通 A 股 (百万) | 289/289 | | 流通 B 股/H 股 (百万) | | 年内股价与大儒对 沪深300指数 研究支持 胡书捷 A0230524070007 husi@swsresearch.com 苏萌 A02305240 ...

2025 年 11 月 26 日 柏楚电子 (688188) ——锂电焊接解决方案亮相高工锂电年会，公司精密业 务发展加速 上 市 公 司 计算机 报告原因：有信息公布需要点评 买入（维持） | 市场数据： | 2025 年 11 月 25 日 | | --- | --- | | 收盘价（元） | 131.71 | | 一年内最高/最低（元） | 224.58/126.32 | | 市净率 | 6.3 | | 股息率%（分红/股价） | 2.15 | | 流通 A 股市值（百万元） | 38,029 | | 3,870.02/12,777.31 上证指数/深证成指 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 20.83 | | 资产负债率% | 4.94 | | 总股本/流通 A 股（百万） | 289/289 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -20% -10% 0% 10% 20% 30% 11-25 12-25 01-25 02- ...