【#曝阿里已淘汰1加6加N汇报方式##阿里巴巴重新归纳4大部门#】8月22日，阿里巴巴集团已于近日更 新业务架构，将业务重新划分为四大部门：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，此前的"1+6+N"架构正式退出历史舞台。此次调整包括将饿了么与淘宝闪购整 合为即时零售业务，并纳入中国电商集团。菜鸟集团和大文娱集团则被重新划归到"所有其他"分类。 （三言科技） ...

Investment Rating - The report maintains a "Buy" rating for Alibaba Group [3][10]. Core Insights - Alibaba Cloud's ecosystem is continuously improving, with accelerated deployment of AI agents. Revenue forecasts for FY2025-2027 are projected at 10027, 10542, and 11445 million yuan, respectively, with adjusted net profits of 1571, 1638, and 1809 million yuan [2][10]. - The estimated market value of the company is 27957 million yuan, corresponding to a per-share value of 157.65 HKD [8][21]. Financial Performance - For FY2025, total revenue is expected to reach 1002754 million yuan, reflecting a year-over-year growth of 6.54%. The adjusted net profit is projected at 132049 million yuan, indicating a significant increase of 65.60% compared to the previous year [9][11]. - The report highlights a robust performance in the core operating data, with a projected EBITA of 170388 million yuan for FY25, showing a slight increase of 3.25% year-over-year [11]. Business Segments - Taobao Group is valued using a PE method, with a projected market value of 15686 million yuan based on a 10x PE ratio for FY26 adjusted net profit [21]. - The Cloud Intelligence Group is expected to experience a high growth cycle due to increased domestic AI computing demand, valued at 8500 million yuan using a 6x PS ratio [21]. - The International Digital Commerce Group is still in the expansion phase and is valued at 1691 million yuan using a PS method [21]. - Cainiao Group is projected to have a stable profit level, valued at 121 billion yuan based on an 11x PE ratio for FY26 adjusted net profit [21]. - The Local Life Group is valued at 1510 million yuan using a PS method, reflecting its current non-profitable status [21]. - The Entertainment Group is valued at 449 million yuan based on a PS method, considering the valuation of Alibaba Pictures [21].