阿里巴巴：2026 财年第二季度-云业务超预期，客户管理收入符合预期，息税及摊销前利润好于市场担忧

November 25, 2025 12:13 PM GMT Alibaba Group Holding | Asia Pacific BABA 2QF26: Cloud sight beat, CMR in line, EBITA better than feared Reaction to earnings Strengthens our thesis Modest upside Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways M Update Morgan Stanley Asia Limited+ Gary Yu Equity Analyst Gary.Yu@morganstanley.com +852 2848-6918 Joanne Lau Research Associate Joanne.CY.L ...