Jinwu Financial News | According to a Research Report from Changjiang Securities, Alibaba (09988) reached a revenue of 280.2 billion yuan in FY2025 Q3, an increase of 8% year-on-year. Non-GAAP net income attributed to the parent reached 51.3 billion yuan, up 7% year-on-year, while net income attributable to the parent reached 48.9 billion yuan, a year-on-year increase of 239%.
The report indicates that during the phase of accelerated commercialization for the Taotian Group, it has maintained strong profitability; AIDC revenue remains robust, with AliExpress UE showing continuous improvement quarter-on-quarter; revenue growth for the Cloud Intelligence Group has accelerated quarter-on-quarter, and profit growth has outpaced under structural optimization, with significant increases in capital expenditures both year-on-year and quarter-on-quarter. Additionally, during this quarter, the company has continued to manage its balance sheet through the sale of significant non-core assets, share buybacks, and extending debt maturities at favorable rates.
The report believes that based on the company's firm and substantial investment in Technology, as well as Alibaba's own ecosystem's suitability for intelligent applications, there are bullish sentiments regarding the commercialization opportunities arising from the new AI cycle. On this basis, it is observed that in the company's core business, intelligent advertising tools' site-wide promotion has already begun to contribute to advertising revenues, with Taotian's commercialization process starting to accelerate. At the same time, considering the recent emphasis by Taotian on the merchant operating environment, the operation of the Taotian e-commerce ecosystem is expected to continue to optimize. Based on the above, it is estimated that net income attributable to the parent for FY2025-2027 will be 139.6, 157.6, and 189.3 billion yuan, respectively, with a rating of 'Buy.'
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