30 June 2025 Global Software, U.S. and China Internet Cloud in the Quarter: How did the hyperscale clouds do in Q1 2025? Mark L. Moerdler, Ph.D. +1 917 344 8506 mark.moerdler@bernsteinsg.com Mark Shmulik +1 917 344 8508 mark.shmulik@bernsteinsg.com Robin Zhu +852 2123 2659 robin.zhu@bernsteinsg.com Firoz Valliji, CFA +1 917 344 8316 firoz.valliji@bernsteinsg.com Shelly Tang, CFA +1 917 344 8342 shelly.tang@bernsteinsg.com Charles Gou +852 2123 2618 charles.gou@bernsteinsg.com The concern overhanging IaaS/Pa ...

Alibaba Group 2025 AIC: Growth intact despite near-term margin volatilities Cloud: an accelerating growth trajectory Growth outlook: Management remains constructive on cloud outlook and is confident in an accelerating topline growth over next few quarters. This also echoes with the increased inferencing demand post DeepSeek launch. Growth is expected to be broad- based across verticals, with the increasing adoption in new verticals such as the conventional industries an encouraging sign. Margin outlook: Emp ...

ab 16 May 2025 Global Research First Read Alibaba Group 4QFY25 slight miss; thesis unchanged despite short-term margin fluctuation 4QFY25 slight missed Revenue +7% YoY, and adj. EBITA +36% YoY. Both missed by 1-2% (quick take). Key focuses 1) Taobao Tmall (TTG) outlook (mixed): Topline (+ve): CMR accelerated to +12% YoY (Dec Q's +9%), beat by 3%. For Mar Q, the take rate improvement (0.6% software service fee, and improving sitewide promotion tool adoption) and GMV mix shift to higher-commissioned Tmall (TT ...

Global Research ab 16 May 2025 First Read Alibaba Group 4QFY25 slight miss; thesis unchanged despite short-term margin fluctuation 4QFY25 slight missed Revenue +7% YoY, and adj. EBITA +36% YoY. Both missed by 1-2% (quick take). Key focuses This report has been prepared by UBS Securities Asia Limited. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitative Research Review published by UBS, begin on page 6. UBS does and seeks to do business with companies covered in its resea ...

既是AI赋能者也是AI应用者，大摩认为阿里当前估值极具吸引力。 摩根士丹利认为，阿里云（AliCloud）有望受益于激增的AI推理需求。随着DeepSeek在1月份引发市场关注，AI推理需求急剧增长。自2024年下半年以来， 主要互联网公司大幅增加了资本支出用于AI，重点从模型训练转向推理（推理、多模态）。 报告表示: 阿里云（AliCloud）在中国云服务市场占据独特地位，是唯一一个能够为外部客户提供大量GPU容量的云服务提供者。与腾讯和字节跳动等其他 主要云服务提供商不同，阿里巴巴的云业务战略重要性在于其专注于外部客户，这使其在当前AI推理需求爆发的市场环境中具有显著优势。 大摩进一步表示，阿里当前26财年12倍PE估值极具吸引力，目标价180美元，SOTP估值达200美元，上升空间36-51%。按照SOTP模型，对淘宝天猫集团应 用8倍EV/EBITA估值，对云业务应用5倍EV/销售额估值，得出基本情景下SOTP估值为每股200美元。 AI赋能者：独特的外部客户GPU服务提供商 摩根士丹利预计阿里巴巴的云业务收入增长将从2025财年第三季度的13%加速至2025财年第四季度的18%，并在2026财年达到 ...