里昂发表研究报告指，阿里巴巴(09988.HK) (BABA.US) 截至6月底止首财季收入按年增速预料放缓至2.4%，主要受到高鑫零售(06808.HK) 及银泰百货剔除合并报表影响，撇除相关因素后，预料收入将增长约10%，当中淘天CMR料稳定增长约10%，国际零售业务及云业务收入料分别增长约20%及22%。
该行估计，集团对即时零售业务投入约100亿元人民币，将拖累首财季经调整EBITA按年跌16.3%至377亿元人民币，利润率料收窄3.4个百分点至15.1%，对次财季的影响可能更大。里昂将阿里2026财年经调整净利润预测下调25%，美股目标价由165美元降至155美元，投资评级亦从“确信-跑赢大市”下调至“跑赢大市”。(gc/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-23 12:25。) (美股为即时串流报价； OTC市场股票除外，资料延迟最少15分钟。)
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