The Zhitong Finance App learned that Goldman Sachs released a research report saying that the target price of Alibaba-SW (09988) was raised by 4% to HK$103 from HK$99, and also raised the target price of American Depositary Receipts (ADS) from 102 US dollars to 3.9% to 106 US dollars, maintaining the “buy” investment rating.

According to the report, the company achieved a series of solid quarterly results, with several product transaction value (GMV) growth better than the expected two-digit increase and 5% retail customer management (CMR) growth during the period. Taobao Tmall Group has shown clear returns and achieved growth under its improved counterattack strategy, while the group's EBITA fell 5%, slightly higher than the bank's expectations (but below the visible Alpha consensus data).

In the performance conference call, management reiterated Taobao's Tmall GMV growth and users' priority experience. GMV grew healthily in April-May. The group will invest in its current effective growth strategy, regain market share, and have the potential to improve commercialization. With the gradual launch in the second half of FY2025, advertising products will be sold sitewide based on return on investment. At the same time, the Group expects another double-digit increase in cloud revenue, mainly driven by public cloud and artificial intelligence (AI) in 2025, and the year-on-year loss of international e-commerce (AIDC) has yet to expand.