阿里巴巴：阿里云核心逻辑依然成立

November 25, 2025 10:52 PM GMT Alibaba Group Holding | Asia Pacific Alicloud Thesis Remains Intact We expect F3Q cloud growth to remain solid at 35%, supported by robust industry demand, while CMR could slow to 7.5% as a weak macro environment offsets take rate improvement. We estimate a F3Q QC loss of Rmb25bn, which should be in line with market expectations. OW. Alicloud thesis intact: Although management did not commit to cloud acceleration as in previous quarters, we expect the Alicloud thesis to remain ...