---
title: "Understanding the Market | Alibaba-W fell over 2% during intraday trading, reaching a nearly two-month low. Institutions indicate that there are no major surprises in the next fiscal quarter's performance"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/219936802.md"
description: "Alibaba-W's stock price fell over 2% during intraday trading, reaching a nearly two-month low, currently reported at HKD 85.85, with a trading volume of HKD 4.7556 billion. The fiscal report for the second quarter of fiscal year 2025 shows revenue of 236.503 billion yuan, a year-on-year increase of 5%; Non-GAAP net profit was 36.5 billion yuan, a year-on-year decrease of 9%. Goldman Sachs believes the quarterly results met expectations, with a slightly negative stock price reaction, mainly due to Taobao - Tmall GMV growth being lower than expected. Management is optimistic about the guidance for the third fiscal quarter, expecting CMR growth to accelerate"
datetime: "2024-11-18T07:02:03.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/219936802.md)
  - [en](https://longbridge.com/en/news/219936802.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/219936802.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/219936802.md) | [繁體中文](https://longbridge.com/zh-HK/news/219936802.md)


# Understanding the Market | Alibaba-W fell over 2% during intraday trading, reaching a nearly two-month low. Institutions indicate that there are no major surprises in the next fiscal quarter's performance

According to Zhitong Finance APP, Alibaba-W (09988) fell over 2% during the trading session, hitting a nearly two-month low. As of the time of publication, it was down 1.55%, trading at HKD 85.85, with a transaction volume of HKD 4.756 billion.

In terms of news, Alibaba's financial report for the second fiscal quarter of fiscal year 2025 (July to September 2024) showed that the company's revenue was 236.503 billion yuan, a year-on-year increase of 5%; Non-GAAP net profit was 36.5 billion yuan, a year-on-year decrease of 9%, with a Non-GAAP net profit margin of 15%; adjusted EBITA decreased by 5% year-on-year to 40.6 billion yuan, and the adjusted EBITA profit margin decreased by 2 percentage points year-on-year, mainly due to increased investment in domestic e-commerce business.

Goldman Sachs' research report indicated that Alibaba's quarterly performance was weak but overall in line with expectations. The bank believes that the slight negative reaction in the stock price was mainly due to the GMV growth of Taobao-Tmall being lower than expected, as well as the widening quarter-on-quarter decline in Taobao-Tmall EBITA compared to group EBITA. However, Alibaba's management is relatively optimistic about the guidance for the third fiscal quarter, so Goldman Sachs expects the growth of Alibaba's Customer Management Revenue (CMR) in the third and fourth fiscal quarters to accelerate to 5.4% and 6.2%, respectively, up from previous forecasts of 4.6% and 5.7%. Daiwa stated that although the gap between Alibaba's CMR and GMV has narrowed, there are no major surprises in the next fiscal quarter's performance, and it is expected that the growth pace of CMR and GMV will gradually improve

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