阿里巴巴：2025 财年第四季度业绩速览 —— 业绩略逊预期，但核心运营利润超预期
2025-05-18 14:09
ab 15 May 2025 Global Research First Read Alibaba Group 4QFY25 quick take; result slight missed but core OP ahead Q: How did the results compare vs expectations? A: Revenue +7% YoY at Rmb236bn. Adj. EBITA +36% YoY at Rmb32.6bn. Both missed marginally by 1-2%. By segment, 1) Taobao Tmall Group (TTG; beat): Revenue +9% YoY, with CMR accelerated from Dec Q's +9% to +12% (beat by 3%) on continued benefits from 0.6% software service fee and ramp up of site-wide promotion tool. GMV growth (UBSe +4- 5% YoY) is est ...