The Zhitong Finance App learned that CICC released a research report stating that it maintains the Alibaba-SW (09988) “outperforming the industry” rating, with a target price of HK$109. The company said that the current asset and cash flow situation can ensure sufficient repurchase capital, and that there are sufficient overseas capital and remittance amounts to complete the repurchase. It currently promises an annual net share reduction ratio of 3% or more, indicating that if a cash dividend ratio of 1% or more is added, the shareholder return is expected to exceed 4%, and investment in Taotian, international business and cloud computing will not affect repurchases and dividends. The bank believes that if Ali's long-term market share and net profit margin remain stable, shareholder return levels of 4% or more are already very attractive.

According to the report, in terms of the Taotian Group's business, the company said it will return to Taobao and users, focusing on increasing investment in algorithms, price power, services and technology to increase user retention and purchase frequency: reduce human intervention in algorithms, and refine operations for different categories and groups of people based on user orientation; pursue price power and better price matching mechanisms in terms of price, and new entrants have further enriched the supply of cost-effective products; continue to invest in returns, refunds, and shopping experiences in services to ensure that the service experience is in a leading position; unify the Taobao App in terms of product design and promotion Advertisement product updates. The company expects GMV to maintain positive growth this year. After a three-year investment period, the company expects to stabilize its market share first. The GMV growth rate remains the same as the zero growth rate of social networks on this basis. On this basis, it pursues zero growth with online physical goods companies, and even surpasses the average growth rate of the industry.