CICC's report stated 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, launching Returns Treasure, and reducing the cost of merchants' returns and refunds. Replacing DSR rating system with Experience score, integrating WeChat Pay brings additional volume to merchants, encouraging merchants to provide good service to users. The bank maintains its Alibaba revenue and EBITA forecasts unchanged, raising Alibaba's 2025 fiscal year non-GAAP net income by 3% to 160.5 billion yuan, mainly due to the fading effect of the base effect of one-time expenses in the same period last year. The bank maintains its target price for Alibaba's US and Hong Kong stocks at $112 and HK$109.