**: Sina Hong Kong stocks.
Bank of America** issued a research report saying that it maintained Alibaba-SW (09988)"* rating, maintained revenue for fiscal years 2025 to 2026** broadly unchanged, and lowered non-GAAP net profit** by about 7% to reflect Alibaba's firm commitment to investment, and lowered the target price from HK$103 to HK$100. The bank said that Alibaba's strategy for this year is focused on restoring the growth momentum of Taotian Group and cloud business, as well as supporting the continued high growth of Alibaba International Digital Business Group (AIDC). The Company will continue to invest in three key areas, while optimising the Group's efficiency and enhancing shareholder returns through buybacks.
The report mentions that focusing on regaining growth momentum and improving shareholder returns, the results for the third quarter of fiscal 2024 ended December last year were broadly in line with expectations, with consolidated revenue up 5% year-on-year (excluding offline retail business or 8% year-on-year growth), mainly driven by Taotian Group's 2% growth. Customer Management Revenue (CMR) grew by 0The increase of 5% underperformed the increase in merchandise turnover (GMV) and order bookings, as the product mix shifted from Tmall to **, but was partially offset by the increase in commission rate.