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阿里巴巴_2026 财年第一季度初步分析_云业务和资本支出超预期；中国电商业务符合预期；关注即时零售投资；买入
2025-09-01 00:21

29 August 2025 | 7:38PM HKT Alibaba Group (BABA): 1QFY26 First Take: Cloud and CapEx beat; In-line China eCommerce; Eyes on quick commerce investments; Buy Alibaba reported a solid set of results, where both cloud revenues (+26% yoy, +3ppts/4ppts above GSe/V.A. consensus) and CapEx came ahead of expectations (57% higher qoq to Rmb39bn, or US$5.4bn). China eCommerce Customer Management Revenue growth of +10% yoy came largely in-line while group adj. EBITA of Rmb39bn (-14% yoy) came 3% ahead of GSe (yet 9% be ...