Jingwu Financial News | Haitong Sec's research pointed out that alibaba (09988) achieved revenue of 236.503 billion yuan in Q2 of fiscal year 2025, a year-on-year increase of 5%. Operating profit reached 35.246 billion yuan, also a year-on-year increase of 5%. Adjusted EBITA was 40.561 billion yuan, down 5% year-on-year, and Non-GAAP net income was 36.518 billion yuan, down 9% year-on-year.

The bank indicated that 2Q25FY Taotian Group's total revenue was 98.994 billion yuan, a year-on-year increase of 1%; among them, customer management revenue was 70.364 billion yuan, a year-on-year increase of 2%. By segment, retail revenue in china was 93.008 billion yuan, unchanged from 2Q24FY; wholesale revenue in china was 5.986 billion yuan, a year-on-year increase of 18%. Taotian Group's adjusted EBITA totaled 44.59 billion yuan, down 5% year-on-year, with an adjusted EBITA margin of 45.04%.

The bank further stated that in 2Q25FY, the Local Life Group generated revenue of 17.725 billion yuan, a year-on-year increase of 14%, mainly driven by an increase in orders from Amap and Eleme, as well as growth in marketing services revenue. In this quarter, benefiting from improved operational efficiency and expanded business scale, the local life group's losses significantly narrowed year-on-year. Adjusted EBITA loss was 0.391 billion yuan. The adjusted EBITA margin was -2.21%, an increase of 14.27 percentage points compared to 2Q24FY.

The bank expects that the Non-GAAP net income attributable to ordinary shareholders for FY 2025-2027 will be 157.6, 168.4, and 177 billion yuan respectively, assigning a reasonable market cap range of 2.09 trillion-2.4 trillion yuan for the company in FY 2025, with a reasonable value range for listed in hong kong at 110-126 yuan/share. The bank maintains a rating of outperform for the company.