淘天集团收入增速与利润率均超市场预期,公司电商业务趋稳;云业务增长提速,资本开支大超市场预期,开启第二增长曲线。公司营收超市场预期,利润大超市场预期。FY25Q3公司营收2801.54亿元(YOY+8%),高于彭博一致预期1.00%;经调整EBITA548.53亿元(YOY+4%),高于彭博一致预期2.39%;NON-GAAP净利润510.66亿元(YOY+6%),高于彭博一致预期12.16%。...
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