On November 18, Glonghui reported that htsc released a report stating that alibaba's total revenue for the last fiscal quarter was 236.5 billion yuan, a year-on-year increase of 5.2%, which is basically in line with the market and the company's expectations of year-on-year increases of 6.3% and 6%; adjusted EBITA profit margin was 17.2%, better than the market and aligned with the company's expected 16.9% and 17.2%, mainly due to the better-than-expected reduction in losses from the company's business lines. htsc expects that in the third fiscal quarter, with the confirmation of the incremental contribution from technical service fees, the monetization rate of Taotian may further recover, providing support for overall improvement for the year. The firm anticipates that the company's non-GAAP net income for fiscal year 2025 may slightly increase, while fiscal year 2026 is expected to show stronger growth momentum. Considering the domestic e-commerce monetization rate stabilizing earlier than expected and the international e-commerce losses decreasing more than expected, the company's non-GAAP net income forecasts for fiscal years 2025 to 2027 have been slightly adjusted to 160.6 billion, 189.4 billion, and 211.3 billion yuan (previously forecasted at 157.8 billion, 187.1 billion, and 209.7 billion yuan). The firm raised its target price for H shares from 133.9 HKD to 134.3 HKD and maintained a "buy" rating.