Generally in line with market expectations. In 4FQ25, total revenue grew 6.6% YoY, slightly below the consensus estimate of 7.2%. CMR revenue rose 12%, beating consensus by 3%. Cloud Intelligence Group revenue increased 18% YoY, in line with Bloomberg consensus but below buyside expectations of 20%. Total adjusted EBITA rose 36% YoY. Taobao and Tmall Group (TTG) adjusted EBITA grew 8% YoY, exceeding consensus by 6%. Capex in 4FQ25 was US$3.39 billion, down 22% QoQ. FY2025 capex totaled US$11.8 billion, accounting for 9% of revenue.
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