Broker Name: China Galaxy International Securities
Date of Report: October 13, 2025
Excerpt from China Galaxy International Securities report.
Report Summary
- Alibaba posted robust growth in China ecommerce and cloud revenue in 2QFY3/26, with ecommerce revenue up 10% year-on-year and cloud revenue accelerating to 30% year-on-year growth.
- Losses in Alibaba’s quick commerce segment likely peaked and are expected to narrow in the coming quarters as unit economics improve; the company continues heavy investment in AI and cloud infrastructure.
- The target price is set at HK\$205, with an “Add” rating reiterated. Key risks include increased subsidies for instant delivery and large capex impacting margins, but revenue upside is seen from cross-selling and cloud expansion.
Above is an excerpt from a report by China Galaxy International Securities. Clients of China Galaxy International Securities can be the first to access the full report from the China Galaxy International Securities website: https://www.chinastock.com.hk
