国海海外·陈梦竹 | 阿里巴巴-W(9988.HK)FY2026Q1财报点评:云业务增长强劲,即时零售初步释放协同潜力

陈梦竹海外研究...
Sep 02, 2025

事件:2025年8月29日公司公告FY2026Q1财报(对应自然年2025Q2),实现营业收入2,477亿元(YoY+2%,QoQ+5%);经营利润350亿元(YoY-3%,QoQ+23%),经调整EBITDA 457亿元(YoY-11%,QoQ+9%),净利润424亿元(YoY+76%,QoQ+254%),归母净利润431亿元(YoY+78%,QoQ+248%),Non-GAAP净利润335亿元...

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