阿里巴巴-W(9988.HK):坚定投入闪购 预计利润短期承压

华泰证券
Jul 11, 2025

我们预计1QFY26 阿里巴巴淘天电商业务有望表现稳健,CMR 预计同增11%,主要得益于变现率同比提升及GMV 的增长,云业务有望在强劲外部云需求帮助下延续加速增长(预计季度收入同比+22%)。2Q25 以来,我们看到阿里集团在闪购领域展现出较强的投入决心,致力于成为近场电商+远场电商结合下大消费场景中的龙头,期间高频的餐饮外卖将扮演一定的引流入口,这些投入预计会给阿里集团1QFY26-...

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