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<Foresight>Brokers Estimate BABA-W's Adj. NP to Have Dropped 43%+ YoY Last Qtr; AI/ Instant Retail Investment/ Spin-off Plan for T-Head in Investor Spotlight
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BABA-W (09988.HK) is set to release its results for 3QFY26 ending December 2025 next Thursday (19th). According to the forecasts from eight brokers as summarized by our reporters, BABA-W's non-GAAP net profit for 3QFY26 will have dropped by 37.6-50.8% YoY to RMB25.099-31.858 billion from RMB51.066 billion in the same period of the previous year. The median amounts to RMB28.936 billion, down 43.3% YoY but up nearly 1.8 times QoQ (compared to the adjusted net profit of RMB10.352 billion in 2FQ). Investors will be eyeing BABA-W's increased investment in AI and instant retail, both of which have led to deeper losses in the "other businesses" segment. They will also focus on the instant e-commerce strategy, cloud business growth, GPU supply, AI business capital expenditure, operations and strategy of Qianwen, and the potential spin-off of the chipmaking unit, T-Head, for independent listing. Brokers | 3QFY26 Non-GAAP Net Profit Forecasts (RMB) | YoY Changes Morgan Stanley | 31.858 billion | -37.6% Shenwan Hongyuan | 29.9 billion | -41.4% Daiwa | 29.743 billion | -41.8% Citi | 28.692 billion | -43.8% Haitong International | 29.041 billion | -43.1% CICC | 28.83 billion | -43.5% UBS | 26.373 billion | -48.4% CLSA | 25.099 billion | -50.8% Calculated based on BABA-W's 3QFY25 non-GAAP net profit of RMB51.066 billion. AAStocks Financial News |
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