According to a research report published by Jefferies, Alibaba's revenue for the first fiscal quarter up to the end of June this year increased 9% year-on-year, in line with the market and its expectations; adjusted EBITA was 27.3 billion yuan, higher than market expectations of 25.6 billion yuan and the bank's forecast of 26.2 billion yuan. Management expects cloud business revenue to continue to accelerate in the next few quarters. The annual recurring revenue for AI-related products in the second fiscal quarter will be close to US$10 billion. The return on investment in AI computing is about three years. With product portfolio optimization, self-developed Pingtouge chip applications, and diversified monetization measures, the payback period can be further shortened to 2.5 years. Management also revealed that Pingtouge's self-developed chip has been widely commercialized. The latest generation Pingtou Ge chip Zhenwu M890 has been adopted by more than 650 external customers from more than 20 industries, including the Internet, autonomous driving, and financial services through Alibaba Cloud services. The bank believes that Alibaba's cloud business growth trend will continue, maintaining a “buy” rating. The target price for Hong Kong stocks was raised from HK$179 to HK$184, and the target price for US stocks was raised from US$185 to US$190.

According to a research report published by Jefferies, Alibaba's revenue for the first fiscal quarter up to the end of June this year increased 9% year-on-year, in line with the market and its expectations; adjusted EBITA was 27.3 billion yuan, higher than market expectations of 25.6 billion yuan and the bank's forecast of 26.2 billion yuan. Management expects cloud business revenue to continue to accelerate in the next few quarters. The annual recurring revenue for AI-related products in the second fiscal quarter will be close to US$10 billion. The return on investment in AI computing is about three years. With product portfolio optimization, self-developed Pingtouge chip applications, and diversified monetization measures, the payback period can be further shortened to 2.5 years. Management also revealed that Pingtouge's self-developed chip has been widely commercialized. The latest generation Pingtou Ge chip Zhenwu M890 has been adopted by more than 650 external customers from more than 20 industries, including the Internet, autonomous driving, and financial services through Alibaba Cloud services. The bank believes that Alibaba's cloud business growth trend will continue, maintaining a “buy” rating. The target price for Hong Kong stocks was raised from HK$179 to HK$184, and the target price for US stocks was raised from US$185 to US$190.