According to a research report published by Lyon, Alibaba's performance for the second fiscal quarter ending in September is expected to be strong, cloud business growth is accelerating, and e-commerce business is stable. The bank expects the Group's revenue to increase 8.9% year over year to 270 billion yuan, and adjusted EBITA will soar 230% year over year to 29.7 billion yuan. Alibaba Cloud is expected to beat expectations. Revenue from AI cloud and computing services is expected to accelerate by 52% year-on-year to 60.5 billion yuan, with a profit margin of 13%. Capital expenditure is expected to increase 75% year over year to 220 billion yuan in 2026, but the increase should be moderate in 2027. The bank kept Ali's “outperforming the market” rating and target price of 190 US dollars unchanged. Next year, it is expected to usher in an inflection point with a rebound in profits and a slowdown in capital expenditure growth.

According to a research report published by Lyon, Alibaba's performance for the second fiscal quarter ending in September is expected to be strong, cloud business growth is accelerating, and e-commerce business is stable. The bank expects the Group's revenue to increase 8.9% year over year to 270 billion yuan, and adjusted EBITA will soar 230% year over year to 29.7 billion yuan. Alibaba Cloud is expected to beat expectations. Revenue from AI cloud and computing services is expected to accelerate by 52% year-on-year to 60.5 billion yuan, with a profit margin of 13%. Capital expenditure is expected to increase 75% year over year to 220 billion yuan in 2026, but the increase should be moderate in 2027. The bank kept Ali's “outperforming the market” rating and target price of 190 US dollars unchanged. Next year, it is expected to usher in an inflection point with a rebound in profits and a slowdown in capital expenditure growth.