阿里巴巴-WFY2025Q3季报点评:资本开支大幅增长,主业增速超预期回升

东吴证券
26 Feb

营收增长高于预期,盈利水平同比上升:FY2025Q3公司实现营业收入2801亿元(yoy+8%),高于彭博一致预期为2773.7亿元;非公认会计准则下的归母净利润511亿元(yoy+7%),高于彭博一致预期的461.3亿元。淘天客户管理收入超预期,EBITA Margin有所下滑:本季度淘天集团收入同比增长5%至人民币1360.91亿元,客户管理收入同比增长9%,超出市场预期。88VIP会员数增长...

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