Alibaba Group (BABA US & 9988 HK) First Take: 1QFY26 - expect positive response to in line result, but management's guidance will be more critical Our First Take: Alibaba's 1QFY26 top line and bottom line were largely in line, better than many investors feared after JD/Meituan reported disappointing results. Adj. net profit fell 18% YoY to RMB 33.5b, 4%/10% below JPMe/consensus, as weaker than expected adj. EBITA from the newly-defined China Ecommerce Group (including Taobao/Tmall Group, quick commerce, and ...