阿里此前采用 "1+6+N" 的业务分类，代表 "1" 个阿里巴巴集团，旗下有 "6" 大业务集团：淘天集团、云智能集团、本地生活集团、阿里国际数字商业集团、菜鸟集 团和大文娱集团。"N" 为阿里健康、盒马、夸克等其他重要业务。 8 月 22 日，阿里巴巴官网"我们的业务"板块变更，重新划分为 4 个大部门：阿里巴巴中国电商集团、阿里国际数字商业集团、云智能集团以及"所有其他"业务。 据了解，阿里官网业务板块划分并不代表组织架构调整，内部汇报暂未发生变化。 | - EOF - 推荐阅读 点击标题可跳转 | | --- | | 1、 网传钉钉 CEO 凌晨巡查工位，质问员工为何提前下班 | | 2、 偷 2396 部黄片，每部赔 15 万，Meta 盗版海量小视频训练 AI | | 3、 余承东回应"鸿蒙是安卓套壳"，透露鸿蒙代码 1.3 亿行 | | 4、 Linus 怒喷谷歌工程师：代码垃圾又迟交，别想轻易混进 | ...

Core Viewpoint - The report from Guotai Junan expresses optimism for the Hang Seng Technology Index in the second half of the year, driven by domestic policy support and improving capital conditions in Hong Kong, despite uncertainties in US-China trade negotiations [1] Summary by Sections Investment Recommendations - The report recommends focusing on two main lines of investment: 1. Alibaba-W (09988) and Kuaishou-W (01024) due to their upward trends in fundamentals and benefits from AI-related products [2] 2. Meituan-W (03690), Pinduoduo (PDD.US), and JD Group-SW (09618) for their solid long-term business models and expansion into new growth areas [3] Company-Specific Insights - **Alibaba-W**: Anticipated continued growth in its cloud business and e-commerce, with a projected 12% year-on-year increase in CMR for Q4 FY25 [2] - **Kuaishou-W**: Expected improvement in e-commerce business due to strategic adjustments by Douyin, with significant potential from the updated Keta 2.0 version [2] - **Meituan-W**: Short-term investments are aimed at solidifying market share, with long-term competitive advantages expected to be maintained through network effects in the food delivery sector [3] - **Pinduoduo**: Focus on ecosystem development may pressure short-term profits, but long-term prospects remain strong with anticipated recovery in profitability in the second half of the year [3] - **JD Group-SW**: Q1 FY25 revenue exceeded expectations, driven by user growth and strong performance in the food delivery segment [3]

Core Viewpoint - Alibaba achieved revenue of 236.45 billion yuan in FY2025 Q4, representing a year-on-year growth of 6.57%, with Non-GAAP net profit of 29.85 billion yuan, up 22.23% year-on-year. The core business of Taobao and Tmall showed further recovery, maintaining positive profit growth, and CMR revenue returned to double-digit growth [1][2]. Revenue and Profit Analysis - CMR revenue reached 71.08 billion yuan, growing 11.8% year-on-year, with adjusted EBITA of 41.75 billion yuan, up 8.4% year-on-year, continuing to maintain positive growth [1][2]. - Cloud Intelligence Group reported revenue of 30.13 billion yuan, a year-on-year increase of 17.71%, with AI-related revenue showing triple-digit year-on-year growth for seven consecutive quarters [2]. - Cainiao Group's revenue decreased by 12.15% year-on-year to 21.57 billion yuan, influenced by adjustments in revenue recognition [2]. Capital Expenditure and Market Conditions - Capital expenditure (CapEx) for the quarter was 24.6 billion yuan, lower than market expectations, compared to 31.4 billion yuan in the previous quarter. The tightening of export controls on high-end AI chips has led to longer order cycles for domestic companies [3]. - The impact of the recent Huawei Ascend ban on Alibaba and other domestic cloud service providers remains to be observed, as the legal and commercial risks associated with using Ascend chips are still unclear [3]. Future Projections - Revenue growth for Alibaba is projected to be 9.73% and 11.08% for FY2026 and FY2027, respectively, with Non-GAAP net profit growth of 10.38% and 10.05% for the same periods [4]. - The estimated valuation for Taobao and Cloud Intelligence Group is $143.94 and $33.52 per ADS, respectively, leading to a target price of $177.45 per ADS [4].