Financials
- Revenue: RMB 247.8B (Estimate: RMB 245.2B)
- Adjusted EPS per ADS: RMB 4.36 (Estimate: RMB 6.34)
- China e-commerce revenue: RMB 132.58B
- Adjusted net profit: RMB 10.35B (Estimate: RMB 16.8B)
Business Highlights
- Strong AI + Cloud growth:
- Cloud Intelligence Group revenue RMB 39.82B, +34% YoY (Estimate: RMB 37.99B)
- China AI cloud market share 35.8%, exceeding 2nd–4th combined
- Core business revenue remains strong; customer management revenue +10% YoY
- CapEx: ~RMB 120B in AI + cloud infrastructure over past 4 quarters
Management Commentary
- Profit and free cash flow invested into strategic future growth
- Short-term profitability may fluctuate
