The RMB 50B subsidies are clearly driving huge order volume, but they’re also squeezing profits. I understand the need to defend market share, but investors may stay cautious until costs normalize. For me, the bigger focus is whether Taotian and international commerce can sustain steady growth.
Overall, this feels like a mixed quarter. Strong cloud numbers could offset weak margins, but if profitability disappoints, sentiment could turn quickly. I’ll be watching guidance on subsidies before adding more exposure, but I still see Alibaba as a longer-term AI+Cloud play rather than a short-term trade. $Alibaba(09988)$
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- BonnieHoyle·2025-08-28TOPYour insight is spot on1Report