Gelonghui on November 19th | Citigroup's report pointed out that Alibaba's performance in the second quarter ending in September met the bank's expectations, with adjusted net income and EBITA slightly exceeding expectations. Customer management revenue (CMR) increased by 2.5% year-on-year, while commission rates remained stable year-on-year. The bank cited Alibaba management as stating that the total commodity transaction volume during the November 11 shopping festival-related promotion period was strong, and they hold a positive attitude towards possible future stimulus measures to boost consumer confidence. The group reiterated reinvestment in Taotian Group (TTG), Alibaba International Digital Commerce Group (AIDC), and cloud business, while confirming improvements in the loss ratio and profitability trends of other businesses. As we enter the third quarter of Alibaba's 2025 fiscal year, the bank expects the total commodity transaction volume to accelerate once again in the context of strong demand stimulation and good performance during the November 11 shopping festival. The bank maintains its "buy" rating with a target price of 132 Hong Kong dollars.