事项：阿里巴巴即将发布2025财年第四季度财报。国信互联网观点：1)整体：预计4QFY25收入同比+7%，经调整EBITA利润率13%。其中淘天/国际数字商业/云智能集团/本地生活/菜鸟/大文娱收入增速分别为5%/27%/20%/12%/1%/7%，经调整EBITA利润率同比+2pcts，主要反映出非淘天业务亏损持续性收窄。2)淘天集团：预计FY25Q4GMV同比+4%，公司继续处于稳定市场份额的...
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