On September 23, Goldman Sachs stated in a report that, based on SOTP valuation, it maintains a 'buy' rating on alibaba and an unchanged target price of 105 Hong Kong dollars. The bank believes that so far, the total volume of commodity trade (GMV) of the group has shown a reacceleration in growth, and its growth adjustments and user-centric strategy indicate that the priority of developing core business on Taobao and Tmall is on track. The upgrade of alibaba's advertising technology tools and the growth in customer management revenue (CMR) brought by recent software service fees will drive profit stability in the second half of the 2025 fiscal year. The bank continues to expect that alibaba's earnings per share will undergo a transformation in the third quarter of the fiscal year ending December 2024, and the quarter ending March 2025, until 2026, while the recovery in revenue growth will bring greater valuation repair space.