【野村：料阿里巴巴第四财季淘宝天猫集团收入可望符期 维持买入】金十数据4月8日讯，野村发报告指，预计阿里巴巴(BABA.N)旗下淘宝天猫集团截至2025年3月底止第四财季业绩大致符合预期，综合业绩可能不及预期。该行预计，淘宝天猫集团收入或年增5.3%，EBITA年增2%。报告表示，受以旧换新计划和订单上升的推动，野村预测阿里巴巴CMR（客户管理收入）或按年增9.7%，较彭博预期的年增7.9%为快。野村预测，阿里巴巴综合收入可能按年持平，而综合EBITA按年增32%，分别低于市场共识6%及3%。该行认为，综合EBITA较低可能是由于阿里国际数字商业集团（AIDC）及本地服务的亏损增加所致。综合收入较低或受高鑫零售及银泰于季度不再并入综合收入所致，该行亦认为这一点尚未被华尔街计入预期。暂维持其美股目标价172美元，评级“买入”。
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