信息平权 知识星球
Alibaba Group 阿里巴巴集团 (BABA) (阿里巴巴)
3QFY25 review: Stabilizing eCommerce with AI/cloud upside; lifting TP to US$160/HK$156; Buy
3QFY25 回顾：利用 AI/云优势稳定电子商务；上调目标价至 160 美元/156 港元；买入
On the back of Alibaba's clean beat that came well ahead of sell-side and market expectations (our rst take
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(https://publishing.gs.com/content/research/en/reports/2025/02/20/0fd883 -e066-4c42-9207-755444f251fb.html)),
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and a higher-than-expected AI-related capex guidance on the results call, we raise our Alibaba 12-month target price
to US$160/HK$156 (from US$117/HK$114) on stabilizing domestic eCommerce pro ts (we continue to estimate stable
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absolute Taobao-Tmall EBITA for FY26-27E) and faster Alibaba Cloud revenue growth of +23%/+25% (from +13%/+14%)
for FY26/27E with our lifted cloud valuation of US$31 per ADS (from US$19) as we roll forward our valuation to FY26E
from average FY25-26E. We maintain Buy on Alibaba's stabilizing core eCommerce with valuation upside from an
accelerating AI/cloud business (being China's largest cloud hyperscaler, with leading AI models and diverse application
scenarios).
在阿里巴巴超出卖方和市场预期的干净业绩（我们的首次看法）以及业绩电话会议中对 AI 相关资本支出指导高于预期的
基础上，我们将阿里巴巴 12 个月目标价上调至 160 美元/156 港元（从 117 美元/114 港元），以稳定国内电子商务利
润（我们继续预计 2026-2027 财年淘宝-天猫的绝对 EBITA 将保持稳定）和更快的阿里巴巴云收入增长+23%/+25%（从
+13%/+14%），同时将我们的云估值提升至每 ADS 31 美元（从 19 美元），因为我们把估值向前推进至 2026 财年，
而不是平均的 2025-2026 财年。我们维持对阿里巴巴稳定的核心电子商务的“买入”评级，并从加速的 AI/云业务中获得
估值提升（作为中国最大的云超大规模商，拥有领先的 AI 模型和多样化的应用场景）。
Key focuses and takeaways by business segments
关键重点和各业务板块的收获
Stabilizing domestic eCommerce market share and pro ts (we lift Taobao-Tmall valuation信息平权 知识星球
to US$96 from
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US$73 per ADS): With CMR growth of +9% yoy, where the company sees positive drivers including the
implementation of software service fees since Sep 2024, improving penetration of site-wide marketing product,
alongside stabilizing GMV share in online retail, we now forecast CMR growth of 6%/5%/4% for
4QFY25E/FY26/FY27E (vs. prior: 6%/4%/3%). As highlighted earlier in our China Internet Five overarching
themes (https://publishing.gs.com/content/research/en/reports/2025/01/20/875bd3e4-f917-4964-a247-
4ce33d0cb473.html), we continue to expect intensifying eCommerce competition over the next few years (with
sizable competitors increasing from 5 to 7 over the next 1-2 years) leading to a flattening GMV margin/pro t
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pool for the industry, and thus continue to expect flattish Taobao-Tmall EBITA over FY26/27E, factoring in
continued investment in user experience/price competitiveness, yet partially o set by the improving CMR.
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稳定国内电子商务市场份额和利润（我们将淘宝-天猫的估值从每股美国存托凭证 73 美元提升至 96 美元）：随
着 CMR 同比增长+9%，公司看到积极的驱动因素包括自 2024 年 9 月实施的软件服务费、提高网站全站营销产
品的渗透率，以及稳定在线零售的 GMV 份额，我们现在预计 4QFY25E/FY26/FY27E 的 CMR 增长分别为
6%/5%/4%（与之前相比：6%/4%/3%）。正如我们之前在《中国互联网五大主题》中强调的，我们继续预计
未来几年电子商务竞争将加剧（在接下来的 1-2 年内，主要竞争对手将从 5 家增加到 7 家），导致行业 GMV 利
润率/利润池趋于平稳，因此我们继续预计 FY26/27E 期间的淘宝-天猫 EBITA 将保持平稳，考虑到对用户体验/
价格竞争力的持续投资，但部分抵消了 CMR 的改善。
Multi-year AI/cloud upside as China's largest hyperscaler (lifting cloud valuation to US$31 from US$19 per
ADS): The company has lifted capex targets on the back of explosive AI inference demand, where 60-70% new
customers using Alibaba Cloud since Chinese New Year has been for inference (which could be done on a diverse
supply of chips). With targeted annual capex spend of Rmb100bn, i.e. US$14bn (or c.US$40bn over the next 3
years), we expect Alibaba Cloud to solidify its AI/cloud infrastructure scale leadership and lift our target multiple
of Alibaba Cloud to 3.5X from 2.8X (implying 4.6X external revenue, from 3.5X).
多年 AI/云优势作为中国最大的超大规模云服务提供商（将云估值从每股美国存托凭证 19 美元提升至 31 美
元）：公司凭借爆炸性的 AI 推理需求提升了资本支出目标，其中自春节以来，60-70%的新客户使用阿里巴巴云
进行推理（这可以在多样化的芯片供应上完成）。以每年 1000 亿元人民币的资本支出目标，即 140 亿美元
（或未来 3 年约 400 亿美元），我们预计阿里巴巴云将巩固其在 AI/云基础设施规模领导地位，并将我们对阿里
巴巴云的目标倍数从 2.8 倍提升至 3.5 倍（意味着外部收入倍数为 4.6 倍，从 3.5 倍）。
Earlier pro t turnaround timeline for its international eCommerce (we now value AIDC at US$11 from US$9
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per ADS): Despite sequentially wider losses from AliExpress and Trendyol in the Dec 2024 quarter, the company
expects AIDC to achieve single quarter EBITA pro t turnaround in FY26E, on the back of signi cant loss
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improvement for AliExpress and continued cost e ciencies. We now estimate Rmb-15.0bn/-5.1bn/-1.2bn EBITA
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loss for AIDC for FY25/26/27E (from Rmb-13.1bn/-14.1bn/-12.1bn).
早期实现国际电子商务盈利逆转的时间表（我们现在将 AIDC 的估值从每 ADS 9 美元上调至 11 美元）：尽管在
2024 年 12 月季度，阿里巴巴速卖通和 Trendyol 的亏损环比扩大，但公司预计 AIDC 将在 FY26E 实现单季度的
EBITA 盈利逆转，得益于阿里巴巴速卖通的亏损显著改善以及持续的成本效率。我们现在预计 AIDC 在
FY25/26/27E 的 EBITA 亏损为 150.0 亿人民币/51.0 亿人民币/12.0 亿人民币（此前为 131.0 亿人民币/141.0 亿
人民币/121.0 亿人民币）。
The ne balance between capex, FCF and shareholder return where the company expects to continue to
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leverage dividends, opportunistic buybacks and strategic divestment for shareholder returns. However, on the
back of the signi cant step up in AI-related capex investments and a 50% decline yoy in FCF for 9MFY25, we note
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a slowdown in Dec quarter buybacks and the company will likely prioritize investments in fast growing areas like
cloud.
公司期望在资本支出、自由现金流和股东回报之间保持精细的平衡，继续利用股息、机会性回购和战略剥离来
提高股东回报。然而，鉴于 AI 相关资本支出的大幅增加和 9MFY25 自由现金流同比下降 50%，我们注意到 12
月季度回购放缓，公司可能会优先考虑投资于云计算等快速增长领域。
信息平权
Other key numbers that surprised us: Domestic Taobao-Tmall growth (CMR +9%, ahead of GS/street 知识星球
V.A. of +5%),
slightly better-than-expected cloud revenue growth (+13%, ahead of GSe/V.A. of 10% with triple-digit AI-related
growth) and on the margin front, Taobao-Tmall returned to positive adj. EBITA growth (+2% yoy vs. GSe -3%/ V.A. -2%),
with better-than-expected cloud margins at 9.9% (vs. GSe 9.5%) and improved margins at non-core that drove positive
group EBITA growth and 13% non-GAAP EPADS growth (7%/9% ahead of GSe/V.A.).
其他令人惊讶的关键数字：国内淘宝-天猫增长（CMR +9%，领先于 GS/街边 V.A.的+5%），略好于预期的云收入增长
（+13%，领先于 GSe/V.A.的 10%以及三位数的 AI 相关增长），在盈利方面，淘宝-天猫恢复了正的调整后 EBITA 增长
（同比增长+2% vs. GSe -3%/ V.A. -2%），云业务的利润率也优于预期，达到 9.9%（vs. GSe 9.5%），非核心业务的利
润率改善推动了集团调整后 EBITA 增长和 13%的非 GAAP EPADS 增长（领先于 GSe/V.A. 7%/9%）。
Other discussions by segments:
其他分段的讨论：
Cloud: Cloud revenue growth came in above at 13% (GSe: 10%) with largely in-line EBITA margin of 9.9% (GSe:
9.5%) on the back of double-digit public cloud growth and strong AI-related product revenue (triple-digit yoy
growth for the sixth consecutive quarter). Management also commented that the investment in cloud and AI
infrastructure over the next three years is expected to exceed the total of the past 10 years. We now forecast
19%/23%/25% (prior: 12%/13%/14%) cloud revenue growth for 4QFY25E/FY26E/FY27E, and we lift cloud EBITA
margins to 10.9%/11.9%/13.2% (prior: 9.3%/9.2%/9.4%) on the back of surging AI demand, sustained margin
expansion over the past 3 quarters, favorable shifts in product mix toward higher margin public cloud and AI
related products.
云：云收入增长达到 13%（GSe：10%），EBITA 利润率大致持平，为 9.9%（GSe：9.5%），得益于两位数的
公共云增长和强劲的 AI 相关产品收入（连续第六个季度同比增长三位数）。管理层还表示，未来三年对云和 AI
基础设施的投资预计将超过过去 10 年的总和。我们现在预测 4QFY25E/FY26E/FY27E 的云收入增长为
19%/23%/25%（先前：12%/13%/14%），并将云 EBITA 利润率提升至 10.9%/11.9%/13.2%（先前：
9.3%/9.2%/9.4%），得益于 AI 需求的激增、过去三个季度持续的利润率扩张、产品组合向更高利润率的公共云
和 AI 相关产品的有利转变。
Local services: Revenue grew by +12% yoy to Rmb17.0bn, with adj. EBITA loss narrowed yoy to -Rmb596mn (vs.
-Rmb2.1bn in 3QFY24), on the back of strong order volume growth of both Amap and Ele.me, alongside revenue
growth from marketing services. The narrowed loss is mainly supported by improving operating e ciency and
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increasing scale. Ele.me has launched a pilot program of occupational injury insurance for food delivery riders in
selective provinces and cities, and will gradually extend the occupational injury insurance to more cities in the
future.
本地服务：收入同比增长+12%至人民币 170 亿元，调整后 EBITA 亏损同比收窄至-人民币 5.96 亿元（较
3QFY24 的-人民币 21 亿元有所改善），得益于 Amap 和 Ele.me 的强劲订单量增长以及营销服务的收入增长。
亏损收窄主要得益于运营效率的提高和规模的扩大。Ele.me 已在部分省份和城市推出针对外卖骑手的职业伤害
保险试点项目，并将逐步扩展到更多城市。
Non-core segments: Loss narrowing for non-core business segments remained on track where: Local Service
Group adj. EBITA loss narrowed to -Rmb596mn (GSe: Rmb-500mn) supported by improving operating e ciency
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and increasing scale. Loss of Digital Media and Entertainment Group also narrowed yoy, with Youku reducing its
loss driven by improving content investment e ciency and increased advertising revenue. For
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4QFY25E/FY26E/FY27E, we forecast adj. EBITA of Rmb-779mn/-1.4bn/377mn for Local Service Group and Rmb-
707mn/-929mn/-451mn for Digital Media and Entertainment Group, where we expect loss of non-core business
segments to narrow continuously.
非核心业务板块：非核心业务板块的亏损收窄进展顺利，具体如下：本地服务集团调整后 EBITA 亏损收窄
至-5.96 亿元人民币（GSe：-5.00 亿元人民币），得益于运营效率的提高和规模的扩大。数字媒体和娱乐集团的
亏损也同比收窄，优酷通过提高内容投资效率和增加广告收入减少了亏损。对于 4QFY25E/FY26E/FY27E，我们
信息平权 知识星球
预计本地服务集团调整后 EBITA 亏损为-7.79 亿元人民币/-14.00 亿元人民币/3.77 亿元人民币，数字媒体和娱乐
集团调整后 EBITA 亏损为-7.07 亿元人民币/-9.29 亿元人民币/-4.51 亿元人民币，我们预计非核心业务板块的亏
损将持续收窄。
Share repurchases: US$1.3bn quarterly buyback achieved in the quarter, while the pace is moderated compared
to US$5.8bn/US$4.1bn in 1QFY25/2QFY25, and FCF declined 31% yoy to Rmb39bn (US$5.3bn) mainly due to
increase in cloud infrastructure investment. While the pace of buyback may depend on stock price performance,
we expect Alibaba to continue returning value to shareholders through a combination of buybacks, dividends,
and investment in high-growth businesses.
第三季度回购：本季度实现 13 亿美元季度回购，而与 25 年第一季度/第二季度 5.8 亿美元/4.1 亿美元相比，回
购速度有所放缓，自由现金流同比下降 31%至 39 亿元人民币（53 亿美元），主要由于云基础设施投资增加。
尽管回购速度可能取决于股价表现，但我们预计阿里巴巴将通过回购、股息和高增长业务投资等多种方式继续
向股东回报价值。
We stay Buy rated on BABA/9988.HK with our lifted FY26 SOTP-based (from FY25-26 average based) 12-month target
prices of US$160/HK$156 (from US$117/HK$114) on our estimate changes and the following valuation multiple
changes:
我们维持对 BABA/9988.HK 的买入评级，并将基于 FY26 SOTP（从 FY25-26 平均）的 12 个月目标价上调至
US$160/HK$156（从 US$117/HK$114），基于我们的估计变化和以下估值倍数变化：
Lifting Taobao-Tmall target multiple to 9X (from 8X) on stabilized GMV share + strong CMR beat for Dec quarter
driven by full-quarter impact of the software service fee and increasing adoption of Quanzhantui, yet remains at
a discount vs. our target multiples on JD at 10X, PDD at 13X amid slower growth than the two.
将淘宝-天猫目标市盈率提升至 9 倍（从 8 倍），得益于稳定的大交易量份额和强劲的第四季度 CMR 表现，该
表现由软件服务费全季度影响和全链路追踪工具（Quanzhantui）的采用率提升所驱动，但与我们的目标市盈率
相比，仍处于折扣水平，我们的目标市盈率在京东为 10 倍，拼多多为 13 倍，而两者的增长速度较慢。
Lifting AliCloud target multiple from 2.8X to 3.5X (on our much faster 23% growth outlook assumption vs. prior
13% CAGR).
将阿里云目标倍数从 2.8 倍提升至 3.5 倍（与我们之前 13%的复合年增长率相比，基于我们更快的 23%增长预
期）。
Narrowing SOTP discount to 15% (from 25%). We used to apply a steeper discount as the market was not
comfortable in valuing its loss-making assets, cash and a cloud business with potential geopolitical risks. We
align our assumptions to be consistent with the rest of coverage, and as cloud becomes an increasingly
important part of valuation, and other businesses continue to turnaround in losses into pro ts.
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将 SOTP 折让率缩小至 15%（从 25%）。我们过去曾应用更深的折扣，因为市场不习惯于评估其亏损资产、现
金以及具有潜在地缘政治风险的云业务。我们将我们的假设与覆盖范围的其他部分保持一致，随着云变得越来
越成为估值的重要组成部分，其他业务也继续从亏损转为盈利。
Key risks: (1) Lower-than-expected GMV growth due to macro/competition; (2) Slower-than-expected monetization in
China retail; (3) Weaker-than-expected execution in key strategic investments; and (4) Cloud revenue growth
deceleration.
主要风险：（1）由于宏观经济/竞争，GMV 增长低于预期；（2）中国零售变现速度慢于预期；（3）关键战略投资执行
力度弱于预期；（4）云收入增长放缓。
Exhibit 1: Alibaba by segment performance and our estimates
展示 1：阿里巴巴按业务板块表现及我们的预估
信息平权 知识星球
Source: Company data, Goldman Sachs Global Investment Research
来源：公司数据，高盛全球投资研究
Exhibit 2: Our estimate changes at a glance
展示 2：我们的估计一目了然
Source: Company data, Goldman Sachs Global Investment Research
来源：公司数据，高盛全球投资研究
Exhibit 3: Our 12-month SOTP-based target prices for BABA/9988.HK at US$160/HK$156 per ADS/share (prior: US$117/HK$114)
展示 3：基于 12 个月 SOTP 的目标价，BABA/9988.HK 每 ADS/股为 US$160/HK$156（之前：US$117/HK$114）
信息平权 知识星球
Valuation method unchanged
估值方法不变
Source: Company data, Goldman Sachs Global Investment Research
来源：公司数据，高盛全球投资研究
BABA (/content/research/companies/40c85974-6375-11d6-9b81-bf2c85eb258c.html)
12m Price Target: $160.00
12 个月目标价：160.00 美元
Price: $125.79 价格：125.79 美元
Upside: 27.2% 上涨空间：27.2%
9988.HK (/content/research/companies/40c85974-6375-11d6-9b81-bf2c85eb258c.html)
12m Price Target: HK$156.00
12 个月目标价：156.00 港元
Price: HK$120.90 价格：120.90 港币
Upside: 29.0% 上涨空间：29.0%
Buy 买入
Market cap: $332.0bn 市值：3320 亿美元
信息平权 知识星球
Enterprise value: $295.5bn
企业价值：2955 亿美元
3m ADTV: $2.0bn 3m ADTV: 20 亿美元
China 中国
China Ecommerce & Logistics
中国电商与物流
M&A Rank: 3 并购排名：3
Leases incl. in net debt & EV?: No
租赁包括在净债务和企业价值中吗？：否
GS Forecast GS 预测
3/24 3/25E 3/26E 3/27E
Revenue (Rmb mn) New 收入（人民币百
941,168.0 1,003,785.8 1,105,075.3 1,217,523.1
万）新
Revenue (Rmb mn) Old 收入（人民币百
941,168.0 1,003,198.1 1,094,350.8 1,196,715.8
万）旧
EBITDA (Rmb mn) EBITDA（人民币百万
191,668.0 208,536.0 240,126.3 265,847.3
元）
EPS (Rmb) New 每股收益（人民币）新 62.35 64.60 73.00 84.00
EPS (Rmb) Old 每股收益（人民币）旧值 62.35 63.00 65.56 68.42
P/E (X) 市盈率（X） 9.6 14.2 12.6 10.9
P/B (X) 市净率（X） 1.5 2.2 2.1 2.0
Dividend yield (%) 股息收益率（%） 2.0 1.4 1.6 1.7
CROCI (%) 17.2 15.7 17.5 18.6
9/24 12/24 3/25E --
EPS (Rmb) 每股收益（人民币） 15.06 21.39 11.59 --
Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 19 Feb 2025 close.
来源：公司数据、高盛研究估计、FactSet。截至 2025 年 2 月 19 日收盘价。
View All Financials 查看所有财务报表
Alibaba Cloud: Lifting cloud revenue growth and capex forecasts on rising
generative AI inference demand
阿里云：随着生成式 AI 推理需求的上升，提升云收入增长和资本
支出预测
Lifting AliCloud revenue growth. We expect AliCloud revenue to grow 23%/25% yoy in FY26/27E (from 13%/14% prior)
on the back of rise in AI computing demand (at close to 10% revenue contribution, growing at triple digits) and stable
double-digit public cloud growth.
提升阿里云收入增长。我们预计阿里云收入在 FY26/27E（较之前 13%/14%的增长）将同比增长 23%/25%，得益于人
工智能计算需求的增长（接近 10%的收入贡献，增长三位数）和稳定的两位数公有云增长。
Alibaba Cloud to bene t from the rising AI infrastructure training and inference demand, driven by 1) scale
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leadership as the largest cloud hyperscaler in China; 2) technology strength demonstrated by the release of
Qwen 2.5-Max a large scale MoE model with benchmark leading performance results, outperforming DeepSeek-
V3 and GPT-4o, and open-sourced multi-modal model Qwen2.5-VL (see Qwen2.5-VL Technical Report
(https://arxiv.org/pdf/2502.13923)); 3) Partnership with Apple with its Qwen models allowing AliCloud to tap
信息平权
into the B2B2C monetization by developing Apple Intelligence for iPhone users in China; 4) AliCloud’s AI 知识星球
computing platform o ers DeepSeek on public cloud service, where developers can directly access the DeepSeek
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models in the PAI Model Gallery.
阿里云将从日益增长的 AI 基础设施训练和推理需求中受益，原因如下：1）作为中国最大的云超大规模提供
商，拥有规模领导力；2）通过发布具有基准领先性能结果的 Qwen 2.5-Max 大规模 MoE 模型，展现了其技术实
力，该模型优于 DeepSeek-V3 和 GPT-4o，并开源了多模态模型 Qwen2.5-VL（见 Qwen2.5-VL 技术报告）；3）
与苹果公司合作，其 Qwen 模型使 AliCloud 能够通过开发面向中国 iPhone 用户的苹果智能功能，挖掘 B2B2C
的货币化机会；4）AliCloud 的 AI 计算平台在公共云服务上提供 DeepSeek，开发者可以直接访问 PAI 模型库中
的 DeepSeek 模型。
Exhibit 4: AliCloud annual revenue growth (Rmb mn) Exhibit 5: AliCloud quarterly revenue growth (Rmb mn)
Source: Company data, Goldman Sachs Global Investment Research Source: Company data, Goldman Sachs Global Investment Research
Lifting capex assumption. With management aiming to invest aggressively into AI infrastructure by targeting to
increase capex in the next 3 years to be higher than that over the past decade (c.Rmb300bn), we expect AliCloud
capex to remain elevated with rising generative AI use cases and increasing adoption amid improving cost
e ciency of domestic open source models, which should drive capex growth of AliCloud to reach Rmb95bn
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(+197% yoy, from +78%) in FY25E and maintain a similar level for FY26/27 (Rmb99bn/103bn), on the back of
ongoing investment into AI infrastructure, continued chip innovation, as well as domestic alternatives from other
compute suppliers.
提高资本支出假设。管理层旨在通过将未来 3 年的资本支出增加至过去十年水平之上（约 3000 亿元人民币）来
积极投资于 AI 基础设施，我们预计随着生成式 AI 用例的增加和国内开源模型成本效率的提高，阿里云的资本支
出将保持较高水平，这应推动阿里云在 FY25E 的资本支出达到 3000 亿元人民币（同比增长 197%，从 78%增
长），并在 FY26/27 保持相似水平（9900 亿元人民币/10300 亿元人民币），得益于对 AI 基础设施的持续投
资、持续的芯片创新以及来自其他计算供应商的国内替代方案。
Exhibit 6: Alibaba annual capex (Rmb mn) as % of Exhibit 7: Alibaba annual capex (Rmb mn) and yoy
revenue growth
Source: Company data, Goldman Sachs Global Investment Research Source: Company data, Goldman Sachs Global Investment Research
Exhibit 8: Alibaba number of employees over time and 信息平权 知识星球
qoq changes (K)
Source: Company data, Data compiled by Goldman Sachs Global
Investment Research
Exhibit 9: Overview of Qwen2.5 family
展示 9：Qwen2.5 系列概述
Source: Company data, Goldman Sachs Global Investment Research
来源：公司数据，高盛全球投资研究
Exhibit 10: GMV growth comparison across players
展示 10：各玩家 GMV 增长比较
信息平权 知识星球
Note: We calculate Douyin's (Private) relevant operating metrics by analyzing the industry and companies that we cover, and then extrapolating them to
Douyin.
注意：我们通过分析我们所覆盖的行业和公司，计算抖音（私有）的相关运营指标，然后将它们外推至抖音。
Source: Company data, Goldman Sachs Global Investment Research
来源：公司数据，高盛全球投资研究
Exhibit 11: Annual market share by players Exhibit 12: Quarterly market share by players
Note: We calculate Douyin's (Private) relevant metrics by analyzing Note: We calculate Douyin's (Private) relevant metrics by analyzing
the industry and companies that we cover, and then extrapolating the industry and companies that we cover, and then extrapolating
them to Douyin. them to Douyin.
Source: Company data, Goldman Sachs Global Investment Research Source: Company data, Goldman Sachs Global Investment Research
Investment Thesis- Alibaba Group
投 资论点 - 阿 里 巴 巴 集 团
Alibaba Group (BABA/9988.HK) is China's largest eCommerce platform, with multiple business flywheels across
online/o line retail, cloud computing, logistics, local service and media entertainment etc. after both o ensive and
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defensive moves in addressing the rise in China eCommerce competition. We are Buy rated on BABA/9988.HK, as we
continue to see the company as a key bene ciary across various upcoming company-speci c/industry drivers, from (1)
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investments into core businesses (eCommerce + cloud) to reignite growth, (2) potential domestic policies (any further
consumption stimulus), (3) adtech upgrade which is a key theme behind our lifting of preference for eCommerce into end
