According to the Intelligent Financial APP, Zhongjin published a report stating that they maintain an "outperform" rating for Alibaba (09988), with ADR and Hong Kong stock target prices at $112 and 109 Hong Kong dollars respectively. Zhongjin predicts that Alibaba's revenue for the second quarter of the 2025 fiscal year will increase by 6.6% year-on-year to 239.7 billion yuan, meeting market expectations. They estimate that the adjusted EBITA will decrease by 7.7% year-on-year to 39.5 billion yuan, lower than market expectations, mainly due to increased investment in Taotian Group. The losses in local life services, digital media, entertainment, and other businesses are expected to narrow year-on-year.

The bank predicts that Alibaba's domestic retail gross transaction value will increase by 4% year-on-year during the quarter, partially slowed down by the introduction of a 0.6% basic software service fee, leading to a reduction in sensitive transactions for monetization rate. They expect the company's customer management revenue to increase by 2% year-on-year, anticipating a stabilization of Taotian Group's monetization rate in the second half of the fiscal year, as well as the recovery. It is also expected that the introduction of WeChat Pay will bring in over 0.2 billion new customers in the long run, driving sustained growth in gross transaction revenue. The bank anticipates Taotian Group's quarterly adjusted EBITA to decline by 6% year-on-year to 44.3 billion yuan, influenced by the weakening base effect of other businesses of Taotian Group and the increased investment in user experience.

Zhongjin stated that they are lowering the revenue forecast for Alibaba for the current and next fiscal year by 1% to 1011.9 billion and 1104.8 billion yuan respectively, mainly due to revenue pressure on Taotian Group. Non-GAAP net profit attributable to shareholders forecast is also revised down by 2% and 3%, to 156.6 billion and 175.2 billion yuan respectively, based on the investments in Taotian Group.