阿里巴巴-云业务增长加速，但因投资致利润率承压

Equity Research China Technology 15 May 2025 Alibaba Group Holding Ltd. Cloud Growth Accelerating but Margins Under Pressure Due to Investments Ecommerce CMR growth and TTG's EBITA above expectations; Surging demand for AI cloud services to drive continued growth acceleration; Reiterate OW and PT of $180. Summary: March-Q's 12% yoy CMR growth was better than expected and the highest in a few years, driven mostly by better monetization (tech service fees and QZT). TTG's EBITA growth of 8% yoy with flattish y ...