October 29, Gelunhui | CICC's report pointed out that recently Alibaba has taken a series of measures to protect the rights of merchants, reduce the threshold and operating costs for merchants. Unbundling only refunds, introducing return insurance, and reducing the costs of merchant returns and refunds. Replacing DSR rating system with experience points, integrating WeChat Pay brings additional volume to merchants, and encourages merchants to provide good service to users. The bank maintains its forecast for Alibaba's revenue and EBITA, and raises Alibaba's 2025 fiscal year non-GAAP net income by 3% to 160.5 billion yuan, mainly due to the base effect of one-time expenses in the same period last year diminishing. The bank maintains its target price for the stock in the U.S. and Hong Kong at $112 and HK$109 respectively.