ab 30 August 2025 First Read Alibaba Group 1QFY26 inline; outlook positive despite quick commerce investment Global Research 1QFY26 inline Revenue +2% YoY and adj. EBITA -14% YoY at Rmb38.8bn (see our quick take). We believe this set of result has addressed several key investor concerns 1) Management is confident on the CMR growth into Sep-Dec Q despite a high base (0.6% software service fee launched in Sep-24): On top of the increased penetration of Site Wide Marketing tool, the improved traffic in Taobao ...