Core Insights - The company reported FY4Q25 results with revenue of 2364.5 billion RMB, a 6.6% increase, slightly below Bloomberg consensus of 2379.1 billion RMB, which was a 7.2% increase [1] - Adjusted net profit reached 298.5 billion RMB, a 22.2% increase, slightly above Bloomberg consensus of 298.5 billion RMB, which was a 20.3% increase, indicating strong performance [1] Group 1: Taotian Group - Taotian Group achieved revenue of 1013.7 billion RMB in FY4Q25, an 8.8% year-over-year increase, exceeding Bloomberg consensus [2] - CMR revenue was 710.8 billion RMB, up 11.8% year-over-year, significantly above Bloomberg consensus of 684.1 billion RMB [2] - The number of 88VIP users exceeded 50 million, a more than 50% increase year-over-year, reflecting strong user growth [2] Group 2: Cloud Intelligence Group - Cloud Intelligence Group reported revenue of 301.3 billion RMB, a 17.7% increase, slightly above Bloomberg consensus of 299.0 billion RMB [3] - Adjusted EBITA was 24.2 billion RMB, a 69.0% year-over-year increase, although slightly below Bloomberg consensus [3] - AI-related revenue has seen triple-digit year-over-year growth for seven consecutive quarters, indicating strong demand for AI capabilities [3] Group 3: International Business - International digital commerce revenue reached 335.8 billion RMB, a 22.3% year-over-year increase, while adjusted EBITA was -35.7 billion RMB [4] - Cainiao's revenue declined by 12.2% year-over-year to 215.7 billion RMB due to a business adjustment period [4] - Local life services revenue increased by 10.3% year-over-year to 161.3 billion RMB, with a continued trend of reduced losses [4] Group 4: Shareholder Returns - In FY25Q4, the company repurchased 51 million ordinary shares for a total of 600 million USD, with a total of 1.197 billion shares repurchased in FY25 [5] - The company declared a regular dividend of 0.13 USD per share and a special cash dividend of 0.12 USD per share, totaling 4.6 billion USD [5] - Future revenue projections for FY2026-2028 are 10642 billion RMB, 11748 billion RMB, and 12725 billion RMB, with adjusted net profit estimates of 1696 billion RMB, 1849 billion RMB, and 1955 billion RMB respectively [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][24][25] Core Views - The company reported a revenue of 236.5 billion yuan for FY25Q4, representing a year-over-year growth of 7%, with notable performance in e-commerce and cloud services [1][8] - The adjusted EBITA for the quarter was 32.6 billion yuan, up 36% year-over-year, driven by revenue growth and improved operational efficiency [1][8] - The company announced a dividend of $0.25 per share for FY25, emphasizing its commitment to shareholder returns [1][8] Summary by Sections E-commerce Performance - Taobao Group's revenue reached 101.4 billion yuan, growing 9% year-over-year, with a CMR increase of 12% [2][13] - The adjusted EBITA margin for Taobao Group was 41.2%, slightly down by 0.1 percentage points year-over-year [2][14] - The company is focusing on enhancing its instant retail capabilities through the launch of Taobao Flash Purchase [2][14] Cloud Computing - Cloud business revenue was 30.1 billion yuan, reflecting an 18% year-over-year increase, primarily driven by double-digit growth in public cloud services [3][15] - AI-related product revenue continued to grow at triple-digit rates for the seventh consecutive quarter [3][15] - The company maintained its three-year CAPEX plan of 380 billion yuan, with a CAPEX of 24.6 billion yuan for the quarter, up 68% year-over-year [3][15] Financial Projections - Revenue forecasts for FY2026 and FY2027 have been adjusted to 1,052.0 billion yuan and 1,124.6 billion yuan, respectively, reflecting a 2% downward adjustment [4][25] - The adjusted net profit forecasts for FY2026 and FY2027 are 166.9 billion yuan and 182.1 billion yuan, respectively, also reflecting a 3% downward adjustment [4][25] - The company is projected to have a PE ratio of 13 times for FY2026 [4][25] Shareholder Returns - The company repurchased approximately $6 billion worth of shares in the quarter, totaling about 119 billion yuan for the fiscal year [1][24] - The total shareholder return for FY25 is estimated at around 16.5 billion yuan, corresponding to a shareholder return rate of approximately 5% [1][24]

Core Insights - Tencent is evolving its strategy and deployment in the large model field, focusing on three core areas: computing power, algorithms, and data [1][2] - The company has restructured its AI team to enhance research and development capabilities, establishing new departments for large language models and multimodal models [1][2] - Tencent's significant investment in AI is reflected in its 2024 R&D expenditure of 70.69 billion yuan, with capital expenditures reaching a historical high of 76.7 billion yuan, a year-on-year increase of 221% [3] Group 1: Organizational Changes - Tencent has created an AI product matrix that includes four major product lines: Yuanbao, ima, QQ Browser, and Sogou Input Method, aimed at enhancing its presence in the AI market [2] - Recent adjustments in Tencent's organizational structure are primarily focused on the technical side to strengthen the development of its large model capabilities [2][3] - The company is actively integrating resources and optimizing R&D processes to improve its long-term technological capabilities in AI [2] Group 2: Competitive Landscape - The competition in the AI large model sector is intensifying, with major tech companies like Alibaba and ByteDance also restructuring their organizations to better position themselves in the market [3][4] - Alibaba has integrated its AI models into the "AItoC" segment and launched a flagship application, showcasing its commitment to AI applications [4] - ByteDance has consolidated its AI research capabilities by merging its core research department into its large model division, indicating a strategic focus on AI product development [5]

除了构建新的AI产品矩阵，随着DeepSeek等开源大模型的普及，腾讯系列产品是最早一批拥抱DeepSeek的产品，元 宝、ima、QQ浏览器、腾讯文档、腾讯地图、QQ音乐等，均宣布同时支持混元大模型与DeepSeek模型"双引擎"，微 信搜索也上线了"AI搜索"功能并接入DeepSeek-R1。这显示出腾讯正积极推进"核心技术自研+拥抱先进开源"的多模 型策略。 如果说此前一轮组织架构调整主要围绕产品侧，那么本次的调整则主要针对技术侧，旨在增强腾讯混元大模型的研 发实力。腾讯相关人士表示，这意味着腾讯在快速调整组织架构以应对日新月异的大模型行业发展，这次调整有利 于整合资源，优化研发流程，进一步提升腾讯在AI领域的长期技术作战能力。 AI的竞争日渐激烈，腾讯在大模型领域的战略和部署正在持续进化。 4月29日，证券时报记者从腾讯获悉，腾讯对其混元大模型研发体系进行了全面重构，围绕算力、算法和数据三大核 心板块，刷新团队部署，加码研发投入。 具体来看，腾讯新成立了两个部门，分别是大语言模型部和多模态模型部，负责探索大语言模型和多模态大模型的 前沿技术，持续迭代基础模型，提升模型能力。 此外，腾讯将进一步加强大模 ...

封面来源 ｜ 视觉中国 36氪独家获悉，阿里集团拟收购陈航（无招）创办两氢一氧公司的投资人股份。交易完成后，陈航（无招）将出任阿里 集团钉钉CEO。原钉钉CEO叶军（花名 ：不穷）将回归阿里集团。 以下文章来源于智能涌现 ，作者邓咏仪 智能涌现 . 直击AI新时代下涌现的产业革命。36氪旗下账号。 文 ｜ 邓咏仪 编辑｜ 苏建勋 杨轩 来源｜ 智能涌现 （ID：AIEmergence） 无招是阿里创业元老级人物，在阿里的经历堪称跌宕起伏：1999年，就在阿里巴巴实习，但因为后来选择赴日工作11 年，错过了成为阿里创始团队的机会。 值得注意的是，无招与马云、吴泳铭在内的阿里创始成员始终保持紧密联系。2010年，无招回到淘宝，就是因为彼时吴 泳铭的邀请。 回归淘宝之后，无招一直专心于产品中。他先后在阿里体系中做过一淘、来往，但以失败告终。2015年，他带着团队再 次一手打造的钉钉上线，最终成为阿里体系内又一个标志性的To B产品。 36氪曾多次独家报道 无招及钉钉的组织和人事变动。 2019年，马云正式宣布退休后，时任阿里巴巴董事会主席兼 CEO 的张勇（花名：逍遥子）主导了一次组织升级，宣布 钉钉并入阿里云智能 ...

Core Viewpoint - The article emphasizes the transformation of AI tools, highlighting that the future will see AI as a tool used by humans, rather than merely a replacement for traditional search methods [4][5][14]. Group 1: Product Development and Features - The launch of "New Quark" represents a significant upgrade, introducing the "Super Box" concept, which aims to redefine the relationship between humans, tools (AI), and tasks [3][4]. - The "Super Box" is designed to be a "Super Agent" that directly delivers results by integrating various AI capabilities, such as AI search, writing, and health assistance, into a single interface [4][5]. - Quark's user base has grown significantly, with over 200 million monthly active users and a cumulative download exceeding 370 million by 2024, indicating strong market acceptance [8]. Group 2: Strategic Vision and Market Position - The strategic focus on Quark as a core component of Alibaba's AI To C strategy reflects a shift towards consumer-oriented AI products, aiming to provide comprehensive solutions for everyday tasks [6][7]. - The leadership of Wu Jia, who has extensive experience within Alibaba, is pivotal in driving Quark's growth and aligning it with the company's broader AI mission [9][10]. - The "Super Box" is positioned as a versatile tool that can cater to a wide range of user needs, from academic reports to travel plans, emphasizing its utility across various demographics [21][22]. Group 3: Future Directions and Innovations - Future developments will focus on enhancing the "Super Box" to support multi-modal inputs, allowing users to interact through various means such as voice and images [22][23]. - The integration of deep thinking capabilities and multi-modal abilities will enable the "Super Box" to handle more complex tasks, further distinguishing it from traditional search engines [35]. - The overarching goal is to establish Quark as a leading "Super Entrance" in the AI era, facilitating seamless interactions between users and information [40].

东 兴 晨 报 东兴晨报 P1 分析师推荐 【东兴非银】证券行业：学习两会精神，行业监管改革稳步推进 （20250314） 事件：3 月 11 日，中国证监会党委召开扩大会议，深入学习习近平总书记在 全国两会期间的重要讲话精神和全国两会精神，研究部署资本市场贯彻落实 具体举措。 点评：会议指出要紧扣防风险、强监管、促高质量发展的工作主线，加快推 进新一轮资本市场改革开放，不断筑牢股市健康发展的根基。具体举措包括： 1.全力巩固市场回稳向好势头。强化上市公司增强回报投资者的意识和能力， 更大力度推动中长期资金入市指导意见及实施方案落实落地，加强战略性力 量储备和稳市机制建设，坚决守住风险底线； 2.在支持科技创新和新质生产力发展上持续加力。增强制度包容性、适应性， 支持优质未盈利科技企业发行上市，稳妥恢复科创板第五套标准适用，尽快 推出具有示范意义的典型案例，更好促进科技创新和产业创新融合发展； 3.进一步全面深化资本市场改革。以深化投融资综合改革为牵引，全面启动 实施新一轮资本市场改革，推动各项改革举措平稳落地，取得可感可及的改 革成果； 4.坚定扩大资本市场高水平制度型开放。研究制定资本市场对外开放总体规 ...

证券研究报告 | 行业点评报告 2025 年 03 月 17 日 阿里推出AI旗舰应用新夸克,商务部将推出120余项餐饮促消费活动 本周餐饮旅游板块指数上涨 2.53%，表现强于沪深 300 指数(上涨 1.59%)和创 业板指数(上涨 0.97%)；商贸零售板块指数本周上涨 3.05%，表现强于沪深 300 指数和创业板指数。 本周子板块相关观点：1）电商：行业竞争格局好于预期，龙头电商公司估值低 位，推荐阿里巴巴、京东集团、拼多多、唯品会。2）OTA：携程出境游&海外 业务延续高增长，关注出境游修复进程及海外市场拓展情况，推荐携程集团。3） 本地生活：外卖及到店空间与壁垒仍具，盈利弹性凸显，重点推荐美团。4）共 享出行：龙头份额企稳、盈利增长潜力大，推荐滴滴出行。 风险提示：宏观经济风险；行业竞争加剧；旅游行业系统性风险。 推荐（维持） 行业规模 | | 占比% | | | --- | --- | --- | | 股票家数（只） | 132 | 2.6 | | 总市值（十亿元） | 1121.3 | 1.4 | | 流通市值（十亿元） | 1020.5 | 1.4 | 行业指数 | % | 1m | 6m ...

Investment Rating - The report maintains a "Buy" rating for Alibaba Group [2][9] Core Views - The company has a clear strategy focusing on AI and cloud integration, with the split of the Intelligent Information Business Group marking an increase in AI ToC applications. Revenue forecasts for FY2025-2027 are projected at 10046 billion, 11230 billion, and 12545 billion yuan, with adjusted net profits of 1577 billion, 1656 billion, and 1863 billion yuan respectively. The estimated market value of the company is 30703 billion yuan, corresponding to a per-share value of 175.10 HKD [2][9] Financial Performance Summary - Revenue for FY2023 was 868,687 million yuan, with a year-on-year growth of 1.83%. Projections for FY2025, FY2026, and FY2027 are 1,004,569 million, 1,123,039 million, and 1,254,470 million yuan respectively, with expected growth rates of 6.74%, 11.79%, and 11.70% [7] - The adjusted net profit for FY2023 was 72,509 million yuan, with a year-on-year growth of 17.03%. The forecast for FY2025 is 132,264 million yuan, reflecting a significant growth of 65.87% [7] - The report indicates a gross margin of 36.72% for FY2023, projected to increase to 39.05% by FY2025 [7] AI Application and Market Position - Alibaba's new AI flagship application, "New Quark," launched on March 13, integrates various AI functionalities and is expected to enhance user engagement. The application has achieved a daily active user count of 34.3 million, leading the AI application market [5][9] - The report highlights Alibaba's strong position in the AI and cloud computing sectors, benefiting from increased demand for cloud computing power driven by AI applications. The company’s proprietary AI models are expected to outperform competitors [5][9]

Investment Rating - The report maintains a "Buy" rating for Alibaba Group [2][9]. Core Views - The company has a clear strategy focusing on AI and cloud integration, with the split of the Intelligent Information Business Group marking an increase in AI ToC applications. Revenue projections for FY2025-2027 are estimated at 10046 billion, 11230 billion, and 12545 billion yuan, with adjusted net profits of 1577 billion, 1656 billion, and 1863 billion yuan respectively. The estimated market value of the company is 30703 billion yuan, corresponding to a per-share value of 175.10 HKD [2][9]. Financial Performance Summary - Revenue for FY2023 was 868,687 million yuan, with a year-on-year growth of 1.83%. Projections for FY2024 and FY2025 are 941,168 million yuan (8.34% growth) and 1,004,569 million yuan (6.74% growth) respectively. The adjusted net profit for FY2023 was 72,509 million yuan, with a projected increase to 79,741 million yuan in FY2024 and 132,264 million yuan in FY2025, reflecting a significant growth rate of 65.87% [7][15]. AI Application Development - Alibaba has launched its flagship AI application, New Quark, which integrates multiple AI functionalities and aims to transition from a cloud storage and search engine to an AI agent. The application is expected to leverage the high traffic from its existing services and the company's leading AI foundational capabilities [5][9]. - The report highlights that New Quark has achieved a daily active user (DAU) count of 34.3 million, making it the top AI application, with over 200 million total users, predominantly from the post-00s demographic [5][9]. Market Position and Competitive Advantage - Alibaba is positioned as a leader in the current AI wave, benefiting from increased demand for cloud computing power driven by AI applications. The company’s strong AI research capabilities, exemplified by its proprietary Qwen deep reasoning model, are expected to enhance its competitive edge [5][9]. - The report notes that the recent launch of the general AI agent product Manus marks a significant step in the evolution of C-end AI applications, with Alibaba's New Quark poised to capitalize on this trend [5][9].