Core Viewpoint - Citigroup maintains a target price of HKD 165 for Alibaba, anticipating steady growth in cloud business revenue [1] Financial Performance - For Q4 FY2025, Alibaba's Customer Management Revenue (CMR) is expected to grow by 12% year-on-year [1] - Taobao Group's EBITA is projected to increase by 8%, exceeding expectations [1] - Cloud revenue is forecasted to grow by 18% year-on-year, with cloud profit margin increasing by 8%, aligning with Citigroup's predictions but falling short of market expectations [1] Investment Rating - Citigroup retains a "Buy" rating for Alibaba's H-shares and U.S. shares, with target prices set at HKD 165 and USD 169 respectively [1] - The company is viewed as a representative of China's artificial intelligence sector and the macroeconomic rebound [1]