Market Signal Briefing

ARLETA, CA - AUGUST 02: Fernandeno Tataviam Band of Mission Indians, as part of its participation in the Medi-Vaxx Program of the San Fernando Valley, with El Proyecto del Barrio, Los Angeles Mission College, Mission Hospital and FirstMed Ambulance Services conducted one in a series of pop-up COVID-19 vaccination clinics at Montague Charter Academy for the Arts and Sciences in Arleta Monday morning. (Al Seib / Los Angeles Times via Getty Images).

Los Angeles Times via Getty Images

The pharmaceutical powerhouse Johnson & Johnson (NYSE: JNJ) has significantly outperformed its competitor Pfizer (NYSE: PFE) this year. JNJ’s stock has risen by almost 45%, whereas PFE has declined by 6%, greatly exceeding the S&P 500's 13% increase. This difference in performance results from Johnson & Johnson's strong strategic execution, in contrast to the challenges Pfizer is facing in a post-pandemic environment. We believe that JNJ stock continues to be a more favorable option compared to Pfizer. We will explore the details in the sections below. However, if you are looking for an investment with less volatility than holding individual stocks like JNJ or PFE, consider the High Quality Portfolio. This portfolio has consistently outperformed its benchmark—a mix of the S&P 500, Russell, and S&P MidCap indexes—and has achieved returns of over 105% since its launch. Why is this the case? Collectively, HQ Portfolio stocks have delivered better returns with lower risk compared to the benchmark index; they have provided a smoother investment experience, as demonstrated by the HQ Portfolio performance metrics.

Johnson & Johnson's Growth DriversThe rise in JNJ's stock is fueled by several positive factors:

Strong Earnings & Outlook: JNJ reported impressive Q3 2025 earnings, exceeding sales and profit projections while also raising its full-year guidance. This indicates management's confidence in ongoing growth.Strategic Acquisitions: Important acquisitions, including Halda Therapeutics (focused on prostate cancer) and Intra-Cellular Therapies (in the neurology sector), have enhanced and strengthened JNJ's high-growth portfolio.Portfolio Focus: The planned separation of the orthopedics division (DePuy Synthes) is viewed positively, enabling JNJ to concentrate on more rapidly growing, higher-margin fields such as cardiovascular and surgical technologies.Segment Strength: The Innovative Medicines division (driven by drugs such as Darzalex and Tremfya) and the MedTech division (supported by new launches and acquisitions like Abiomed and Shockwave) both exhibited consistent and robust operational growth.Pfizer's DownturnPfizer's stock downturn is mainly attributable to:

Decreasing COVID-19 Demand: A decline in demand for its key COVID-19 products, Comirnaty and Paxlovid, compared to sales during the pandemic has resulted in a notable revenue gap.Growth Concerns: Ongoing investor worries regarding future growth are amplified by patent expirations, a complicated regulatory landscape (particularly around vaccines), and the recent withdrawal of a weight-loss medication candidate.On the whole, JNJ stock demonstrates superior revenue growth performance across significant timeframes, improved margins, and a relatively lower valuation compared to PFE stock, indicating that investing in JNJ might be more beneficial.

JNJ's quarterly revenue growth was 6.8%, compared to PFE's -5.9%.Additionally, its revenue growth for the Last 12 Months came in at 5.1%, surpassing PFE's 3.9%.JNJ also exhibits stronger profitability across both periods, with an LTM margin of 26.2% and a 3-year average of 26.4%.See how Johnson & Johnson's financials compare with its peers, including Pfizer.

These distinctions become even more apparent when examining the financials side by side. The table highlights how JNJ's fundamentals compare to those of PFE concerning growth, margins, momentum, and valuation multiples.

Valuation & Performance OverviewValuation & Performance Overview

Trefis

See more revenue details:

JNJ Revenue ComparisonPFE Revenue ComparisonSee more margin details:

JNJ Operating Income ComparisonPFE Operating Income ComparisonReview detailed fundamentals regarding Buy or Sell PFE Stock and Buy or Sell JNJ Stock. Below, we compare market returns and related metrics over the years.

Historical Market PerformanceHistorical Market Performance

Trefis

Still uncertain about choosing between JNJ or PFE? Consider a portfolio strategy.

The Best Investors Think In PortfoliosIndividual stock selections can be volatile, but maintaining investment is crucial. A diversified portfolio enables you to remain the course, harness potential growth, and minimize risks. Consider the Trefis Reinforced Value (RV) Portfolio, which has outperformed its benchmark for all-cap stocks (a combination of the S&P 500, S&P mid-cap, and Russell 2000 benchmark indices), generating robust returns for its investors. Why is this so? The quarterly rebalanced mix of large-, mid-, and small-cap stocks in the RV Portfolio offered a responsive means to capitalize on favorable market trends while also limiting losses during downturns, as outlined in RV Portfolio performance metrics.

Q4: 2025-11-24 Earnings SummaryEPS of $0.58 beats by $0.50

 |

Revenue of

$618.46M

(7.23% Y/Y)

beats by $14.46M

Symbotic Inc. (SYM) Q4 2025 Earnings Call November 24, 2025 5:00 PM EST

Company Participants

Charles Anderson - Vice President of Investor Relations & Corporate Development
Richard Cohen - Chairman of the Board, President & CEO
Izilda Martins - Chief Financial Officer

Conference Call Participants

Nicole DeBlase - Deutsche Bank AG, Research Division
Joseph Giordano - TD Cowen, Research Division
Andrew Kaplowitz - Citigroup Inc., Research Division
Mark Delaney - Goldman Sachs Group, Inc., Research Division
Colin Rusch - Oppenheimer & Co. Inc., Research Division
Guy Drummond Hardwick - Barclays Bank PLC, Research Division
Derek Soderberg - Cantor Fitzgerald & Co., Research Division
James Ricchiuti - Needham & Company, LLC, Research Division
Kenneth Newman - KeyBanc Capital Markets Inc., Research Division
Mike Latimore - Northland Capital Markets, Research Division
Greg Palm - Craig-Hallum Capital Group LLC, Research Division
Keith Housum - Northcoast Research Partners, LLC

Presentation

Operator

Good day, and thank you for standing by. Welcome to the Symbotic Fourth Quarter 2025 Financial Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker for today, Charlie Anderson. Please go ahead.

Charles Anderson
Vice President of Investor Relations & Corporate Development

Hello. Welcome to Symbotic's Fourth Quarter and Fiscal Year 2025 Financial Results Webcast. I'm Charlie Anderson, Symbotic's Vice President of Investor Relations. Some of the statements that we make today regarding our business operations and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to our Form 10-K, including the risk factors. We undertake no obligation to update any forward-looking statements.

In addition, during this call, we will present both GAAP and non-GAAP financial measures. Reconciliation of GAAP to non-GAAP financial measures is included in

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Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

, /PRNewswire/ -- Yiren Digital Ltd. (NYSE: YRD) ("Yiren Digital" or the "Company"), a leading fintech company specializing in digital consumer lending, insurance and financial technology innovation across China and Southeast Asia, today announced its unaudited financial results for the quarter ended September 30, 2025.

Third Quarter 2025 Operational Highlights

Financial Services Business

Total loans facilitated in the third quarter of 2025 reached RMB20.2 billion (US$2.8 billion), representing an increase of 51% compared to RMB13.4 billion in the same period of 2024 and remaining stable compared to RMB20.3 billion in the second quarter of 2025.
Cumulative number of borrowers served reached 14,006,873 as of September 30, 2025, representing an increase of 3% from 13,536,838 as of June 30, 2025, and increase of 21% compared to 11,611,899 as of September 30, 2024.
Number of borrowers served in the third quarter of 2025 was 1,335,978, representing a decrease of 18% compared to 1,637,912 in the second quarter of 2025 and a decrease of 11% compared to 1,498,020 in the same period of 2024. The decrease was due to our strategic tightening of our credit policy amid industry-wide credit risk fluctuations.
Outstanding balance of performing loans facilitated reached RMB34.2 billion (US$4.8 billion) as of September 30, 2025, representing an increase of 10% from RMB31.2 billion as of June 30, 2025 and an increase of 50% compared to RMB22.8 billion as of September 30, 2024.

Insurance Brokerage Business

Gross written premiums in the third quarter of 2025 were RMB1,148.0 million (US$161.3 million), representing an increase of 35% from RMB850.1 million in the second quarter of 2025 and 15% decrease compared to RMB1,351.3 million in the same period of 2024. The increase was attributed to the accelerating growth of our internet insurance business as well as the strong performance of renewal premiums.
Annualized insurance premiums of internet insurance products were RMB196.2 million (US$27.6 million), representing an increase of 204% from RMB64.5 million in the second quarter of 2025.

"We delivered a stable and resilient quarter amid industry-wide challenges," said Mr. Ning Tang, Chairman and Chief Executive Officer. "Through adaptive risk management measures and business diversification — including the growth of our high-potential online insurance business — we have demonstrated our ability to manage risk in a challenging environment."   

"As part of our ongoing transformation, we advanced our agentic AI capabilities to improve process efficiency and unit economics. These innovations are now helping to mitigate the margin pressure associated with the current credit cycle."

"We maintain a healthy and ample cash position and are driving the turnaround of the insurance business with the new internet insurance strategy. Our balance sheet remained robust with total cash, cash equivalents, and restricted cash of RMB4.3 billion. This provides us with the financial flexibility to invest in our next generation of fintech." Mr. William Hui, Chief Financial Officer commented.

Third Quarter 2025 Financial Results

Total net revenue in the third quarter of 2025 was RMB1,555.0 million (US$218.4 million), representing an increase of 5% from RMB1,479.1 million in the third quarter of 2024. Particularly, in the third quarter of 2025, revenue from financial services business was RMB1,423.2 million (US$199.9 million), representing an increase of 70% from RMB836.2 million in the same period of 2024. The increase was attributed to persistent demand for our small revolving loan products, as well as a growing repeat borrowing rate among existing borrowers. The financial service revenue accounts for 92% of the total net revenue. Revenue from insurance brokerage business was RMB84.2 million (US$11.8 million), representing a decrease of 2% from RMB85.5 million in the third quarter of 2024. The decrease was attributable to lower overall commission rates from the traditional line. Net revenue from other business was RMB47.5 million (US$6.7 million), compared with the revenue of RMB557.4 million in the third quarter of 2024. The decrease was mainly attributed to our strategic decision to wind down the historical "consumption and lifestyle" segment announced in the fourth quarter of 2024.

Sales and marketing expenses in the third quarter of 2025 were RMB331.8 million (US$46.6 million), compared to RMB335.6 million in the same period of 2024.

Origination, servicing and other operating costs in the third quarter of 2025 were RMB149.9 million (US$21.1 million), compared to RMB205.9 million in the same period of 2024. This decrease was primarily due to 27% decrease in origination and service expense from the financial services and lower commission costs from our insurance brokerage business.

Research and development expenses in the third quarter of 2025 were RMB91.5 million (US$12.9 million), compared to RMB150.8 million in the same period of 2024. The decrease in R&D expenses was due to the one-off system development project from 2024.

General and administrative expenses in the third quarter of 2025 were RMB104.4 million (US$14.7 million), compared to RMB80.1 million in the same period of 2024. The increase was primarily due to increase in personnel related costs to strengthen our risk management and fund the plan for new business initiatives.

Allowance for contract assets, receivables and others in the third quarter of 2025 was RMB229.4 million (US$32.2 million), compared to RMB94.9 million in the same period of 2024. The increase was driven by higher receivables from loan facilitation services and guarantee services, fueled by growing loan volume.  Additionally, due to the increase in self-funded loan balance in the third quarter of 2025, the balance of financing receivables increased from RMB 17.5 million to RMB 1.1 billion.

Provision for contingent liabilities in the third quarter of 2025 was RMB459.8 million (US$64.6 million), compared to RMB272.4 million in the same period of 2024. The increase was attributable to increase in loan volume facilitated under risk-taking model. [1]

Fair value adjustments gain in the third quarter of 2025 was a gain of RMB161.3 million (US$22.7 million) compared to a gain of RMB36.4 million in the same period of 2024. The increase was mainly due to the fair value change in crypto assets, driven by an increase in the price of Ethereum.

Income tax expense in the third quarter of 2025 was RMB56.1 million (US$7.9 million).

Net income in the third quarter of 2025 was RMB317.6 million (US$44.6 million), as compared to RMB355.4 million in the same period in 2024. The decrease was primarily due to substantial upfront provisions — required by accounting principles for our growing loan volume under the "risk-taking model" — coupled with a declining fee rate of loan-facilitation business following the new regulations as well as a decreasing commission rate in our insurance brokerage business. The industry-wide fluctuations in asset quality and our conservative risk assumptions are also attributed to the overall declined profitability.

Adjusted EBITDA[2] (non-GAAP) in the third quarter of 2025 was RMB236.8 million (US$33.3 million), compared to RMB380.9 million in the same period of 2024 and RMB351.4 million in the second quarter of 2025.

Basic and diluted income per ADS in the third quarter of 2025 were RMB3.6472 (US$0.5124) and RMB3.6270 (US$0.5094) respectively, compared to a basic income per ADS of RMB4.0618 and a diluted income per ADS of RMB4.0384 in the same period of 2024.

Net cash used in operating activities in the third quarter of 2025 was RMB5.5 million (US$0.8 million), compared to RMB50.4 million generated from operating activities in the same period of 2024.

Net cash used in investing activities in the third quarter of 2025 was RMB707.6 million (US$99.4 million), compared to RMB1,859.6 million in the same period of 2024.

Net cash provided by financing activities in the third quarter of 2025 was RMB529.7 million (US$74.4 million), compared to RMB22.2 million used in financing activities in the same period of 2024.

As of September 30, 2025, cash and cash equivalents were RMB3,864.9 million (US$542.9 million), compared to RMB4,098.9 million as of June 30, 2025. As of September 30, 2025, the balance of financial investment was RMB498.8 million (US$70.1 million), compared to RMB418.9 million as of June 30, 2025.

Delinquency rates[3]. As of September 30, 2025, the delinquency rates for loans that are past due for 1-30 days, 31-60 days and 61-90 days were 2.7%, 1.7% and 1.4%, respectively, compared to 1.7%, 1.1% and 1.0%, respectively, as of June 30, 2025.

Business Outlook

Based on the Company's preliminary assessment of business and market conditions, the Company projects the total revenue in the fourth quarter of 2025 to be between RMB1.4 billion and RMB1.6 billion, driven by loan growth from domestic market and international markets, and further market penetration into new customer segment.

This is the Company's current and preliminary view, which is subject to changes and uncertainties.

Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as adjusted EBITDA and adjusted EBITDA margin as supplemental measures to review and assess operating performance. We believe these non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in our financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The non-GAAP financial measures have limitations as analytical tools. Other companies, including peer companies in the industry, may calculate these non-GAAP measures differently, which may reduce their usefulness as a comparative measure. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. See "Operating Highlights and Reconciliation of GAAP to Non-GAAP measures" at the end of this press release.

Currency Conversion

This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB7.1190 to US$1.00, the effective noon buying rate on September 30, 2025, as set forth in the H.10 statistical release of the Federal Reserve Board.

Conference Call

Yiren Digital's management will host an earnings conference call at 7:00 a.m. U.S. Eastern Time on November 25, 2025 (or 8:00 p.m. Beijing/Hong Kong Time on November 25, 2025).

Participants who wish to join the call should register online in advance of the conference at:
https://dpregister.com/sreg/10204584/1005e60b0b0

Once registration is completed, participants will receive the dial-in details for the conference call.

Additionally, a live and archived webcast of the conference call will be available at:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=yBd8FS50

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yiren Digital's control. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to Yiren Digital's ability to attract and retain borrowers and investors on its marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, PRC regulations and policies relating to the peer-to-peer lending service industry in China, general economic conditions in China, and Yiren Digital's ability to meet the standards necessary to maintain the listing of its ADSs on the NYSE or other stock exchange, including its ability to cure any non-compliance with the NYSE's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in Yiren Digital's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Yiren Digital does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

About Yiren Digital

Yiren Digital Ltd. is a leading fintech company specializing in digital consumer lending, insurance, and financial technology innovation across China and Southeast Asia. The Company leverages advanced artificial intelligence and emerging technologies to enhance customer experience, optimize capital efficiency, and expand financial inclusion. With the recent launch of its Magicube Agent Platform and its strategic entry into digital asset business, Yiren Digital is building a new growth engine to become an AI-powered and blockchain-enabled global fintech leader. For more information, please visit https://ir.yiren.com.

1. The risk-taking model refers to the framework in which we assume the credit risk for the loans facilitated on our platform.

2. "Adjusted EBITDA" is a non-GAAP financial measure. For more information on this non-GAAP financial measure, please see the section of "Operating Highlights and Reconciliations of GAAP to Non-GAAP Measures" and the table captioned "Reconciliations of Adjusted EBITDA" set forth at the end of this press release.

3. "Delinquency rates" refers to the outstanding principal balance of loans that were 1-30 days, 31-60 days and 61-90 days past due as a percentage of the total performing outstanding principal balance of loans as of a specific date. Loans originating outside mainland China are not included in the calculation. We define a performing loan as one that is being repaid according to the agreed terms and has not become delinquent for more than 90 days.

Unaudited Condensed Consolidated Statements of Operations

 (in thousands, except for share, per share and per ADS data, and percentages)

For the Three Months Ended 

For the Nine Months Ended 

September 30,
2024

June 30,
2025

September 30,
2025

September 30,
2025

September 30,
2024

September 30,
2025

September 30,
2025

RMB

RMB

RMB

USD

RMB

RMB

USD

Net revenue:

Loan facilitation services

600,899

874,584

611,859

85,947

1,972,726

2,228,837

313,083

Post-origination services

1,421

10,463

2,617

368

4,483

14,824

2,082

Guarantee services

136,746

316,942

458,363

64,386

222,533

1,093,702

153,631

Financing services

31,448

65,821

67,850

9,531

61,688

175,558

24,661

Insurance brokerage services

85,530

58,137

84,228

11,831

301,982

213,825

30,036

Electronic commerce services

546,366

93,962

32,555

4,573

1,572,943

310,590

43,629

Others

76,678

232,191

297,492

41,788

217,353

724,253

101,735

Total net revenue

1,479,088

1,652,100

1,554,964

218,424

4,353,708

4,761,589

668,857

Operating costs and expenses:

Sales and marketing

335,647

345,166

331,758

46,602

897,971

953,876

133,990

Origination,servicing and other operating costs

205,913

160,859

149,911

21,058

685,725

535,508

75,223

Research and development

150,840

107,693

91,514

12,855

247,173

285,161

40,056

General and administrative

80,097

78,862

104,420

14,668

232,441

279,119

39,208

Allowance for contract assets, receivables and others

94,913

214,698

229,355

32,217

320,532

596,858

83,840

Provision for contingent liabilities

272,406

385,674

459,783

64,585

618,589

1,256,220

176,460

Total operating costs and expenses

1,139,816

1,292,952

1,366,741

191,985

3,002,431

3,906,742

548,777

Other income:

Investment income *

1,101

2,245

3,791

532

11,812

8,008

1,125

Interest income

20,776

22,353

19,704

2,768

62,446

64,291

9,031

Fair value adjustments gain

36,423

28,018

161,328

22,662

90,597

130,970

18,397

Others, net

2,535

14,084

644

91

3,201

15,403

2,163

Total other income

60,835

66,700

185,467

26,053

168,056

218,672

30,716

Income before provision for income taxes

400,107

425,848

373,690

52,492

1,519,333

1,073,519

150,796

Share of results of equity investees

-

(4,431)

-

-

-

(4,560)

(641)

Income tax expense

44,665

63,877

56,053

7,874

268,480

146,276

20,547

Net income

355,442

357,540

317,637

44,618

1,250,853

922,683

129,608

Weighted average number of ordinary shares
outstanding, basic

175,018,644

172,907,793

174,179,898

174,179,898

173,557,082

173,301,042

173,301,042

Basic income per share

2.0309

2.0678

1.8236

0.2562

7.2072

5.3242

0.7479

Basic income per ADS

4.0618

4.1356

3.6472

0.5124

14.4144

10.6484

1.4958

Weighted average number of ordinary shares
outstanding, diluted

176,035,324

174,102,643

175,153,288

175,153,288

175,457,062

174,402,280

174,402,280

Diluted income per share

2.0192

2.0536

1.8135

0.2547

7.1291

5.2905

0.7432

Diluted income per ADS

4.0384

4.1072

3.6270

0.5094

14.2582

10.5810

1.4864

Unaudited Condensed Consolidated Cash Flow Data

Net cash generated from/(used in) operating activities

50,393

411,224

(5,484)

(770)

1,051,044

884,390

124,229

Net cash used in investing activities

(1,859,587)

(752,200)

(707,599)

(99,396)

(3,080,167)

(1,605,389)

(225,508)

Net cash (used in)/provided by financing activities

(22,227)

447,588

529,732

74,411

(162,885)

896,744

125,965

Effect of foreign exchange rate changes

(6,252)

(9,412)

(10,449)

(1,468)

(5,808)

(17,494)

(2,457)

Net (decrease)/increase in cash, cash equivalents and
restricted cash

(1,837,673)

97,200

(193,800)

(27,223)

(2,197,816)

158,251

22,229

Cash, cash equivalents and restricted cash, beginning of
period

5,698,461

4,356,408

4,453,608

625,595

6,058,604

4,101,557

576,142

Cash, cash equivalents and restricted cash, end of period

3,860,788

4,453,608

4,259,808

598,372

3,860,788

4,259,808

598,371

* Due to the expansion in the types of the Company's investments, investment income has been separately presented, split out from the original interest income, to reflect the realized
gains from the Company's financial investments, and historical periods have been restated to enhance investors' comprehension of the Company's financial statements.

Unaudited Condensed Consolidated Balance Sheets

 (in thousands)

As of

December 31,
2024

June 30,
2025

September 30,
2025

September 30,
2025

RMB

RMB

RMB

USD

        Cash and cash equivalents

3,841,284

4,098,851

3,864,891

542,898

        Restricted cash

260,273

354,757

394,917

55,474

        Accounts receivable

566,541

553,660

796,551

111,891

        Guarantee receivable

474,132

656,019

715,996

100,575

        Contract assets, net

1,008,920

1,319,246

1,227,236

172,389

        Contract cost

294

4,880

6,936

974

        Prepaid expenses and other assets

2,361,585

2,486,393

2,672,111

375,349

        Loans at fair value

421,922

480,915

473,570

66,522

        Financing receivables

17,515

484,733

1,061,080

149,049

        Amounts due from related parties

3,387,952

3,131,581

3,101,835

435,712

        Financial investments

437,203

418,856

498,766

70,061

        Equity investments

9,239

4,633

4,633

651

        Property, equipment and software, net

78,678

85,155

84,867

11,921

        Crypto assets

-

203,541

333,530

46,851

        Deferred tax assets

77,463

128,989

173,182

24,327

        Right-of-use assets

39,695

37,190

40,257

5,655

Total assets

12,982,696

14,449,399

15,450,358

2,170,299

        Accounts payable

43,167

61,580

50,401

7,080

        Amounts due to related parties

129,629

81,688

51,826

7,280

        Guarantee liabilities-stand ready

606,886

889,343

929,970

130,632

        Guarantee liabilities-contingent

578,797

848,704

874,717

122,871

        Deferred revenue

9,479

515

335

47

        Payable to investors at fair value

368,022

872,250

1,392,631

195,622

        Accrued expenses and other liabilities

1,622,050

1,582,978

1,647,346

231,401

        Borrowings

-

-

9,255

1,300

        Deferred tax liabilities

41,471

91,666

108,404

15,228

        Lease liabilities

40,765

38,281

42,596

5,983

Total liabilities

3,440,266

4,467,005

5,107,481

717,444

        Ordinary shares

132

132

133

19

        Additional paid-in capital

5,198,457

5,210,508

5,229,667

734,607

        Treasury stock

(170,463)

(170,686)

(170,686)

(23,976)

        Accumulated other comprehensive income

79,268

42,195

70,603

9,917

        Retained earnings

4,435,036

4,900,245

5,213,160

732,288

Total equity

9,542,430

9,982,394

10,342,877

1,452,855

Total liabilities and equity

12,982,696

14,449,399

15,450,358

2,170,299

Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures

(in thousands, except for number of  borrowers, number of insurance clients, cumulative number of insurance clients and percentages)

For the Three Months Ended 

For the Nine Months Ended 

September 30,
2024

June 30,
2025

September 30,
2025

September 30,
2025

September 30,
2024

September 30,
2025

September 30,
2025

RMB

RMB

RMB

USD

RMB

RMB

USD

Operating Highlights

Amount of loans facilitated 

13,392,676

20,347,799

20,166,545

2,832,778

38,239,060

55,752,267

7,831,474

Number of borrowers

1,498,020

1,637,912

1,335,978

1,335,978

3,365,960

3,145,904

3,145,904

Remaining principal of performing loans 

22,768,555

31,220,078

34,235,130

4,808,980

22,768,555

34,235,130

4,808,980

Cumulative number of insurance clients

1,470,738

1,681,888

1,853,435

1,853,435

1,470,738

1,853,435

1,853,435

Number of insurance clients

82,291

118,747

229,353

229,353

226,191

387,130

387,130

Gross written premiums

1,351,311

850,080

1,147,966

161,254

3,324,627

2,799,844

393,292

First year premium

511,377

440,353

443,189

62,255

1,602,905

1,296,039

182,054

Renewal premium

839,934

409,727

704,777

98,999

1,721,722

1,503,805

211,238

Segment Information

Financial services business:

Revenue

836,193

1,489,587

1,423,231

199,920

2,425,341

4,207,298

590,996

Sales and marketing expenses

307,459

332,405

322,184

45,257

812,484

915,492

128,598

Origination, servicing and other operating costs

119,706

105,617

87,322

12,266

318,727

333,562

46,855

Allowance for contract assets, receivables and
others

93,248

216,260

226,267

31,784

319,140

594,639

83,528

Provision for contingent liabilities

272,406

385,674

459,783

64,585

618,589

1,256,220

176,460

Insurance brokerage business:

Revenue

85,530

58,137

84,228

11,831

301,982

213,825

30,036

Sales and marketing expenses

3,545

2,731

2,077

292

11,373

7,603

1,068

Origination, servicing and other operating costs

78,466

52,683

61,142

8,589

337,707

195,265

27,429

Allowance for contract assets, receivables and
others

(414)

564

677

95

(904)

663

93

Others:

Revenue

557,365

104,376

47,505

6,673

1,626,385

340,466

47,825

Sales and marketing expenses

24,643

10,030

7,497

1,053

74,114

30,781

4,324

Origination, servicing and other operating costs

7,741

2,559

1,447

203

29,291

6,681

939

Allowance for contract assets, receivables and
others

1,666

45

34

5

1,664

(1,915)

(269)

Reconciliation of Adjusted EBITDA

Net income

355,442

357,540

317,637

44,618

1,250,853

922,683

129,608

Interest income and investment income, net

(21,877)

(24,598)

(23,495)

(3,300)

(74,258)

(72,299)

(10,156)

Income tax expense

44,665

63,877

56,053

7,874

268,480

146,276

20,547

Depreciation and amortization

2,401

2,643

3,252

457

6,319

8,192

1,151

Share-based compensation

13,235

6,932

14,439

2,028

16,578

23,558

3,310

Fair value adjustments related to crypto assets
and financial investment

(12,954)

(54,979)

(131,101)

(18,416)

(11,286)

(115,256)

(16,190)

Adjusted EBITDA

380,912

351,415

236,785

33,261

1,456,686

913,154

128,270

Adjusted EBITDA margin

25.8 %

21.3 %

15.2 %

15.2 %

33.5 %

19.2 %

19.2 %

Delinquency Rates

1-30 days

31-60 days

61-90 days

December 31, 2020

1.3 %

0.7 %

0.6 %

December 31, 2021

2.0 %

1.5 %

1.2 %

December 31, 2022

1.7 %

1.2 %

1.1 %

December 31, 2023

2.0 %

1.4 %

1.2 %

December 31, 2024

1.6 %

1.2 %

1.1 %

March 31, 2025

1.6 %

1.2 %

1.2 %

June 30, 2025

1.7 %

1.1 %

1.0 %

September 30, 2025

2.7 %

1.7 %

1.4 %

30+ Days Delinquency Rates By Vintage*

Loan
Issued
Period

Month on Book

2

4

6

8

10

12

14

16

18

20

22

24

2020Q1

0.8 %

2.0 %

3.4 %

4.5 %

5.4 %

5.9 %

6.5 %

6.8 %

7.1 %

7.5 %

8.1 %

8.5 %

2020Q2

0.6 %

2.0 %

3.3 %

4.5 %

5.3 %

6.0 %

6.4 %

6.9 %

7.4 %

8.0 %

8.6 %

8.8 %

2020Q3

1.3 %

2.8 %

4.3 %

5.4 %

6.3 %

6.9 %

7.5 %

8.2 %

8.9 %

9.3 %

9.5 %

9.5 %

2020Q4

0.3 %

1.4 %

2.4 %

3.4 %

4.3 %

5.4 %

6.4 %

7.3 %

7.7 %

8.0 %

8.2 %

8.3 %

2021Q1

0.5 %

1.8 %

3.0 %

4.2 %

5.3 %

6.3 %

7.1 %

7.3 %

7.5 %

7.7 %

7.8 %

7.9 %

2021Q2

0.5 %

2.1 %

3.8 %

5.5 %

6.8 %

7.5 %

7.7 %

7.9 %

8.1 %

8.3 %

8.2 %

8.2 %

2021Q3

0.6 %

2.5 %

4.2 %

5.4 %

6.1 %

6.5 %

6.7 %

6.9 %

6.9 %

6.9 %

6.9 %

6.8 %

2021Q4

0.8 %

2.7 %

4.1 %

4.9 %

5.4 %

5.8 %

5.8 %

5.8 %

5.7 %

5.6 %

5.6 %

5.5 %

2022Q1

0.7 %

2.1 %

3.2 %

4.0 %

4.6 %

4.8 %

4.7 %

4.6 %

4.6 %

4.5 %

4.5 %

4.4 %

2022Q2

0.5 %

1.8 %

2.9 %

3.8 %

4.3 %

4.5 %

4.4 %

4.3 %

4.3 %

4.2 %

4.2 %

4.1 %

2022Q3

0.6 %

2.2 %

3.5 %

4.3 %

4.8 %

5.0 %

5.0 %

4.9 %

4.9 %

4.8 %

4.7 %

4.7 %

2022Q4

0.7 %

2.5 %

3.9 %

4.9 %

5.6 %

5.9 %

5.8 %

5.8 %

5.7 %

5.6 %

5.5 %

5.4 %

2023Q1

0.6 %

2.4 %

4.0 %

5.2 %

5.9 %

6.2 %

6.1 %

6.0 %

5.9 %

5.8 %

5.7 %

5.6 %

2023Q2

0.7 %

3.0 %

4.9 %

6.3 %

7.0 %

7.3 %

7.2 %

7.0 %

6.9 %

6.8 %

6.7 %

6.6 %

2023Q3

0.9 %

3.7 %

5.8 %

7.1 %

7.9 %

8.1 %

8.0 %

7.9 %

7.7 %

7.6 %

7.5 %

7.5 %

2023Q4

0.8 %

3.6 %

5.8 %

7.0 %

7.6 %

7.8 %

7.7 %

7.5 %

7.4 %

7.3 %

7.3 %

2024Q1

0.7 %

3.2 %

5.0 %

6.1 %

6.7 %

7.0 %

6.9 %

6.8 %

6.7 %

6.9 %

2024Q2

0.6 %

2.5 %

4.2 %

5.3 %

6.0 %

6.2 %

6.2 %

6.2 %

2024Q3

0.6 %

2.3 %

3.8 %

4.9 %

5.6 %

5.9 %

5.7 %

2024Q4

0.7 %

2.4 %

3.9 %

5.1 %

5.9 %

2025Q1

0.6 %

2.4 %

4.3 %

5.2 %

2025Q2

0.8 %

3.3 %

2025Q3

1.0 %

*The 30+ days delinquency rate by vintage refers to the outstanding principal balance of loans facilitated over a specified period that are
more than 30 days past due, as a percentage of the total loans facilitated during that same period. Loans originating outside mainland
China are excluded from the calculation.

SOURCE Yiren Digital

HONG KONG--(BUSINESS WIRE)--Alibaba Group Holding Limited (NYSE: BABA and HKEX: 9988 (HKD Counter) and 89988 (RMB Counter), “Alibaba” or “Alibaba Group”) today announced its financial results for the quarter ended and the six months ended September 30, 2025.

“We have entered into an investment phase to build long-term strategic value in AI technologies and infrastructure and a consumption platform integrating daily life services and e-commerce. With our significant strategic investments in these areas, our two core businesses of AI + Cloud and consumption continued to deliver strong growth this quarter. Robust AI demand further accelerated our Cloud Intelligence Group business, with revenue up 34% and AI-related product revenue achieving triple-digit year-over-year growth for the ninth consecutive quarter. In our consumption business, quick commerce continued to scale with significant improvement in unit economics and drove rapid growth in monthly active consumers on the Taobao app,” said Eddie Wu, Chief Executive Officer of Alibaba Group.

“Our core businesses continued to deliver solid revenue growth, with AI revenue contributing to an expanding share of our cloud revenues from external customers, and customer management revenue up 10%. We are re-investing our profits and free cash flow for the future while near-term profitability is expected to fluctuate. Over the past four quarters, we have deployed approximately RMB120 billion in capital expenditure toward AI and cloud infrastructure,” said Toby Xu, Chief Financial Officer of Alibaba Group.

BUSINESS HIGHLIGHTS

In the quarter ended September 30, 2025:

Revenue was RMB247,795 million (US$34,808 million), an increase of 5% year-over-year. Excluding revenue from the disposed businesses of Sun Art and Intime, revenue on a like-for-like basis would have grown by 15% year-over-year.

Income from operations was RMB5,365 million (US$754 million), a decrease of 85% year-over-year, primarily due to the decrease in adjusted EBITA. Adjusted EBITA, a non-GAAP measurement, decreased 78% year-over-year to RMB9,073 million (US$1,274 million), primarily attributable to the investment in quick commerce, user experiences, and technology, partly offset by double-digit revenue growth in Alibaba China E-commerce Group, the improved operating results supported by continued growth in Cloud business, as well as enhanced operating efficiencies across various businesses.

Net income attributable to ordinary shareholders was RMB20,990 million (US$2,948 million). Net income was RMB20,612 million (US$2,895 million), a decrease of 53% year-over-year, primarily attributable to the decrease in income from operations. Non-GAAP net income in the quarter ended September 30, 2025 was RMB10,352 million (US$1,454 million), a decrease of 72% compared to RMB36,518 million in the same quarter of 2024.

Diluted earnings per ADS was RMB8.75 (US$1.23). Diluted earnings per share was RMB1.09 (US$0.15 or HK$1.19). Non-GAAP diluted earnings per ADS was RMB4.36 (US$0.61), a decrease of 71% year-over-year. Non-GAAP diluted earnings per share was RMB0.55 (US$0.08 or HK$0.60), a decrease of 71% year-over-year.

Net cash provided by operating activities was RMB10,099 million (US$1,419 million), a decrease of 68% compared to RMB31,438 million in the same quarter of 2024. Free cash flow, a non-GAAP measurement of liquidity, was an outflow of RMB21,840 million (US$3,068 million), compared to an inflow of RMB13,735 million in the same quarter of 2024. The decrease in free cash flow was mainly attributed to the investment in quick commerce and the increase in our cloud infrastructure expenditure. As of September 30, 2025, our cash and other liquid investments(1) were RMB573,889 million (US$80,614 million).

In the six months ended September 30, 2025:

Revenue was RMB495,447 million (US$69,595 million), an increase of 3% year-over-year. Excluding revenue from the disposed businesses of Sun Art and Intime, revenue on a like-for-like basis would have grown by 12% year-over-year.

Income from operations was RMB40,353 million (US$5,668 million), a decrease of 43% year-over-year, primarily due to the decrease in adjusted EBITA, partly offset by a one-time provision(2) in the same period last year. Adjusted EBITA, a non-GAAP measurement, decreased 44% year-over-year to RMB47,917 million (US$6,731 million), primarily attributable to the investment in quick commerce, user experiences, and technology, partly offset by double-digit revenue growth in Alibaba China E-commerce Group, the improved operating results supported by continued growth in Cloud business, as well as enhanced operating efficiencies across various businesses.

Net income attributable to ordinary shareholders was RMB64,106 million (US$9,005 million). Net income was RMB62,994 million (US$8,849 million), a decrease of 7% year-over-year, primarily attributable to the decrease in income from operations, partly offset by the mark-to-market changes from our equity investments, gain from the disposal of local consumer service business of Trendyol, and the decrease in both the impairment of our investments and net exchange loss. Non-GAAP net income in the six months ended September 30, 2025 was RMB43,862 million (US$6,161 million), a decrease of 43% compared to RMB77,209 million in the same period of 2024.

Diluted earnings per ADS was RMB26.73 (US$3.75). Diluted earnings per share was RMB3.34 (US$0.47 or HK$3.66). Non-GAAP diluted earnings per ADS was RMB19.10 (US$2.68), a decrease of 39% year-over-year. Non-GAAP diluted earnings per share was RMB2.39 (US$0.34 or HK$2.62), a decrease of 39% year-over-year.

Net cash provided by operating activities was RMB30,771 million (US$4,322 million), a decrease of 53% compared to RMB65,074 million in the same period of 2024. Free cash flow, a non-GAAP measurement of liquidity, was an outflow of RMB40,655 million (US$5,711 million), compared to an inflow of RMB31,107 million in the same period of 2024. The decrease in free cash flow was mainly attributed to the increase in our cloud infrastructure expenditure and the investment in quick commerce. As of September 30, 2025, our cash and other liquid investments(1) were RMB573,889 million (US$80,614 million).

Reconciliations of GAAP measures to non-GAAP measures presented above are included at the end of this results announcement.

(1) Cash and other liquid investments represent cash and cash equivalents, short-term investments and other treasury investments included in equity securities and other investments on the consolidated balance sheets, of which that are unrestricted for withdrawal and use.

(2) See the section entitled “Six Months Ended September Other Financial Results” for more information.

BUSINESS AND STRATEGIC UPDATES

Alibaba China E-commerce Group

During the quarter, we executed our plan to reach critical mass scale in quick commerce, improve user experience and enhance operating efficiency. The quick commerce business has substantially improved its unit economics since September, driven by higher fulfillment logistics efficiency, strong customer retention and increasing average order value. As part of our strategy to generate synergies between quick commerce and the rest of Alibaba’s ecosystem, we accelerated the onboarding of Tmall brands to our quick commerce channel to expand product offering and meet consumer needs for on-demand delivery. We had onboarded offline stores from approximately 3,500 Tmall brands to the quick commerce business as of October 31, 2025.

Customer management revenue grew 10% year-over-year to RMB78,927 million (US$11,087 million) during the quarter, primarily driven by the improvement of take rate, which benefited from the increasing penetration of Quanzhantui and the addition of software service fees in September last year. The growing mindshare and increasing scale of our quick commerce business contributed to a rapid year-over-year increase in monthly active consumers on the Taobao app during the quarter, which generated incremental customer management revenue.

We had a successful 11.11 Global Shopping Festival, which delivered double-digit consumer growth year-over-year on the Taobao app, as we implemented user-friendly promotion mechanisms and increased support for merchants that provide high-quality products and customer services.

The number of 88VIP members, our highest spending consumer group, continued to increase by double digits year-over-year, surpassing 56 million. We will continue to focus on improving the retention of 88VIP membership through enhanced value proposition to our most valued customers.

Alibaba International Digital Commerce Group (“AIDC”)

A combination of logistics optimization and investment efficiency enhancement resulted in AIDC’s adjusted EBITA profit of RMB162 million (US$23 million) for the quarter ended September 30, 2025. The unit economics of the AliExpress' Choice business also continued to improve substantially.

This quarter, revenue from AIDC grew 10% year-over-year to RMB34,799 million (US$4,888 million). AIDC's international commerce retail businesses continued to diversify and enrich product offerings by onboarding local merchants and partners, while leveraging the supply chain advantage of the Alibaba ecosystem. AliExpress, in particular, has developed its “AliExpressDirect” model that leverages local inventories in over 30 countries. AliExpress also enhanced the range of our product offerings by launching the “Brand+” program, providing go-to-market solutions to Chinese brands going overseas. In addition, AIDC's international wholesale business further enhanced its AI applications to enhance user experience. During the quarter, our AI-powered B2B procurement engine Accio released its AI Agent version, significantly improving sourcing and procurement efficiency for users.

Cloud Intelligence Group

For the quarter ended September 30, 2025, revenue from Cloud Intelligence Group was RMB39,824 million (US$5,594 million). The year-over-year growth of total revenue, and revenue excluding Alibaba-consolidated subsidiaries, accelerated to 34% and 29% respectively. This momentum was primarily driven by public cloud revenue growth, including the increasing adoption of AI-related products.

AI-related product revenue continued to show strong momentum, delivering another quarter of triple-digit year-over-year growth. We are seeing accelerated adoption of our AI products across a broad range of enterprise customers, with a growing focus on value-added applications including coding assistants. We will continue to invest in anticipation of customer growth and technology innovation, including AI products and services, to increase adoption of AI infrastructure cloud and strengthen our market leadership.

In September at the Apsara Conference, Alibaba Cloud unveiled a major upgrade to our full-stack AI capabilities – spanning from cutting-edge AI foundation models to high-performance AI infrastructure, including servers, high-performance networking, distributed storage, intelligent computing clusters, Platform for AI (PAI), and services for model training and inference. Leveraging our strong AI + Cloud capabilities, Alibaba Cloud continues to contribute actively to open-source community development. As of October 31, 2025, more than 180,000 derivative models had been developed based on the Qwen family on Hugging Face – more than double that of the second player.

Alibaba Cloud continues to lead the market, attracting more customers to adopt our AI products and services. Omdia’s “AI Cloud Market: China – 1H25” reported that Alibaba Cloud ranked first in China’s AI cloud market with the largest share of 35.8%, highlighting our ability to continue leading China's burgeoning AI cloud market through our comprehensive full-stack AI capabilities.

Share Repurchases

During the quarter ended September 30, 2025, we repurchased a total of 17 million ordinary shares (equivalent to approximately 2 million ADSs) for a total of US$253 million. These purchases were made in the U.S. market under our share repurchase program. The remaining amount of Board authorization for our share repurchase program, which is effective through March 2027, was US$19.1 billion as of September 30, 2025.

SEPTEMBER QUARTER SUMMARY FINANCIAL RESULTS

Three months ended September 30,

2024

2025

RMB

RMB

US$

YoY %

Change

(in millions, except percentages and per share amounts)

Revenue

236,503

247,795

34,808

5%

Income from operations

35,246

5,365

754

(85)%(2)

Operating margin

15%

2%

Adjusted EBITDA(1)

47,327

17,256

2,424

(64)%(2)

Adjusted EBITDA margin(1)

20%

7%

Adjusted EBITA(1)

40,561

9,073

1,274

(78)%(2)

Adjusted EBITA margin(1)

17%

4%

Net income

43,547

20,612

2,895

(53)%(2)

Net income attributable to ordinary shareholders

43,874

20,990

2,948

(52)%(2)

Non-GAAP net income(1)

36,518

10,352

1,454

(72)%(2)

Diluted earnings per share(3)

2.27

1.09

0.15

(52)%(2)(4)

Diluted earnings per ADS(3)

18.17

8.75

1.23

(52)%(2)(4)

Non-GAAP diluted earnings per share(1)(3)

1.88

0.55

0.08

(71)%(2)(4)

Non-GAAP diluted earnings per ADS(1)(3)

15.06

4.36

0.61

(71)%(2)(4)

(1)

See the sections entitled “Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures to the Nearest Comparable U.S. GAAP Measures” for more information about the non-GAAP measures referred to within this results announcement.

(2)

The year-over-year decreases were primarily attributable to the investment in quick commerce, user experiences, and technology, partly offset by double-digit revenue growth in Alibaba China E-commerce Group, the improved operating results supported by continued growth in Cloud business, as well as enhanced operating efficiencies across various businesses, while net income attributable to ordinary shareholders and earnings per share/ADS would further take into account the net loss attributable to noncontrolling interests and accretion of mezzanine equity. We excluded non-cash share-based compensation expense, gains/losses of investments, impairment of goodwill and intangible assets, and certain other items from our non-GAAP measurements.

(3)

Each ADS represents eight ordinary shares.

(4)

The year-over-year percentages as stated are calculated based on the exact amount and there may be minor differences from the year-over-year percentages calculated based on the RMB amounts after rounding.

SEPTEMBER QUARTER SEGMENT RESULTS

Revenue for the quarter ended September 30, 2025 was RMB247,795 million (US$34,808 million), an increase of 5% year-over-year compared to RMB236,503 million in the same quarter of 2024. Excluding revenue from the disposed businesses of Sun Art and Intime, revenue on a like-for-like basis would have grown by 15% year-over-year.

The following table sets forth a breakdown of our revenue by segment for the periods indicated:

Three months ended September 30,

2024

2025

RMB

RMB

US$

YoY %

Change

(in millions, except percentages)

Alibaba China E-commerce Group:

E-commerce

- Customer management

71,667

78,927

11,087

10%

- Direct sales, logistics and others(2)

22,799

24,006

3,372

5%

94,466

102,933

14,459

9%

Quick commerce(3)

14,321

22,906

3,217

60%

China commerce wholesale

5,986

6,739

947

13%

Total Alibaba China E-commerce Group

114,773

132,578

18,623

16%

Alibaba International Digital Commerce Group:

International commerce retail

25,618

28,068

3,943

10%

International commerce wholesale

6,054

6,731

945

11%

Total Alibaba International Digital Commerce Group

31,672

34,799

4,888

10%

Cloud Intelligence Group

29,610

39,824

5,594

34%

All others(4)

84,483

62,969

8,846

(25)%

Unallocated

469

577

81

Inter-segment elimination

(24,504)

(22,952)

(3,224)

Consolidated revenue

236,503

247,795

34,808

5%

(1)

To advance our “user first” strategy and enhance user experience, during the quarter ended June 30, 2025, we undertook a strategic combination of Taobao and Tmall Group, Ele.me and Fliggy into Alibaba China E-commerce Group. We simplified the financial reporting structure by reclassifying Cainiao, Amap and Digital Media and Entertainment Group (rebranded to Hujing Digital Media and Entertainment Group) into “All others”. The above presentation has been updated to conform with the new reporting structure, as reviewed by our chief operating decision maker.

(2)

Direct sales, logistics and others revenue under Alibaba China E-commerce Group primarily represents direct sales businesses of Tmall Supermarket, Tmall Global and other businesses, where revenue and cost of inventory are recorded on a gross basis within the business group, as well as revenue from logistics services and value-added services.

(3)

Quick commerce revenue represents quick commerce business revenue, including revenue generated through “Taobao Instant Commerce” and the Ele.me app. Quick commerce revenue is net of subsidies that are contra revenue.

(4)

All others include Freshippo, Cainiao, Alibaba Health, Hujing Digital Media and Entertainment Group, Amap, Intelligent Information Platform (which mainly consists of UCWeb and Quark businesses), Lingxi Games, DingTalk and other businesses. The majority of revenue within All others consists of direct sales, where revenue and cost of inventory are recorded on a gross basis, and revenue from logistics services. The decrease was primarily due to the revenue decrease as a result of the disposal of Sun Art and Intime businesses, as well as the decrease in revenue from Cainiao, partly offset by the increase in revenue from Freshippo, Alibaba Health and Amap.

The following table sets forth a breakdown of our adjusted EBITA by segment for the periods indicated:

Three months ended September 30,

2024

2025

RMB

RMB

US$

YoY %

Change(3)

(in millions, except percentages)

Alibaba China E-commerce Group

44,327

10,497

1,474

(76)%

Alibaba International Digital Commerce Group

(2,905)

162

23

N/A

Cloud Intelligence Group

2,661

3,604

506

35%

All others

(1,833)

(3,370)

(473)

(84)%

Unallocated(2)

(1,271)

(1,221)

(172)

Inter-segment elimination

(418)

(599)

(84)

Consolidated adjusted EBITA

40,561

9,073

1,274

(78)%

Less: Non-cash share-based compensation expense

(3,666)

(2,882)

(404)

Less: Amortization of intangible assets

(1,649)

(826)

(116)

Income from operations

35,246

5,365

754

(85)%

Alibaba China E-commerce Group

(i) Segment revenue

E-commerce Business
Revenue from our E-commerce business in the quarter ended September 30, 2025 was RMB102,933 million (US$14,459 million), an increase of 9% compared to RMB94,466 million in the same quarter of 2024.

Customer management revenue increased by 10% year-over-year, primarily due to the improvement of take rate.

Direct sales, logistics and others revenue under E-commerce business in the quarter ended September 30, 2025 was RMB24,006 million (US$3,372 million), an increase of 5% compared to RMB22,799 million in the same quarter of 2024, primarily driven by the increase in revenue from logistics services and value-added services, partly offset by the decrease in revenue from certain direct sales businesses.

Quick Commerce Business
Revenue from our Quick commerce business in the quarter ended September 30, 2025 was RMB22,906 million (US$3,217 million), an increase of 60% compared to RMB14,321 million in the same quarter of 2024, mainly due to order growth as a result of the rollout of “Taobao Instant Commerce” at the end of April 2025.

China Commerce Wholesale Business
Revenue from our China commerce wholesale business in the quarter ended September 30, 2025 was RMB6,739 million (US$947 million), an increase of 13% compared to RMB5,986 million in the same quarter of 2024, primarily due to an increase in revenue from value-added services provided to paying members.

(ii) Segment adjusted EBITA

Alibaba China E-commerce Group adjusted EBITA decreased by 76% to RMB10,497 million (US$1,474 million) in the quarter ended September 30, 2025, compared to RMB44,327 million in the same quarter of 2024, primarily due to the investment in quick commerce, user experiences, and technology, partly offset by double-digit revenue growth in Alibaba China E-commerce Group.

Alibaba International Digital Commerce Group

(i) Segment revenue

International Commerce Retail Business
Revenue from our International commerce retail business in the quarter ended September 30, 2025 was RMB28,068 million (US$3,943 million), an increase of 10% compared to RMB25,618 million in the same quarter of 2024, primarily driven by the increase in revenue contributed by AliExpress and other international businesses. As certain of our international businesses generate revenue in local currencies while our reporting currency is Renminbi, AIDC’s revenue is affected by exchange rate fluctuations.

International Commerce Wholesale Business
Revenue from our International commerce wholesale business in the quarter ended September 30, 2025 was RMB6,731 million (US$945 million), an increase of 11% compared to RMB6,054 million in the same quarter of 2024, primarily due to an increase in revenue generated by cross-border related value-added services.

(ii) Segment adjusted EBITA

Alibaba International Digital Commerce Group adjusted EBITA was a profit of RMB162 million (US$23 million) in the quarter ended September 30, 2025, compared to a loss of RMB2,905 million in the same quarter of 2024, primarily due to significant improvement in AliExpress’ operating efficiency, and enhanced efficiency across various businesses.

Cloud Intelligence Group

(i) Segment revenue

Revenue from Cloud Intelligence Group was RMB39,824 million (US$5,594 million) in the quarter ended September 30, 2025, an increase of 34% compared to RMB29,610 million in the same quarter of 2024. Overall revenue excluding Alibaba-consolidated subsidiaries increased by 29% year-over-year, primarily driven by public cloud revenue growth, including the increasing adoption of AI-related products.

(ii) Segment adjusted EBITA

Cloud Intelligence Group adjusted EBITA increased by 35% to RMB3,604 million (US$506 million) in the quarter ended September 30, 2025, compared to RMB2,661 million in the same quarter of 2024, primarily due to revenue growth and improving operating efficiency, partly offset by the increasing investments in customer growth and technology innovation.

All Others

(i) Segment revenue

Revenue from All others segment was RMB62,969 million (US$8,846 million) in the quarter ended September 30, 2025, a decrease of 25% compared to RMB84,483 million in the same quarter of 2024, primarily due to the revenue decrease as a result of the disposal of Sun Art and Intime businesses, as well as the decrease in revenue from Cainiao, partly offset by the increase in revenue from Freshippo, Alibaba Health and Amap.

(ii) Segment adjusted EBITA

Adjusted EBITA from All others segment in the quarter ended September 30, 2025 was a loss of RMB3,370 million (US$473 million), compared to a loss of RMB1,833 million in the same quarter of 2024, primarily due to the increased investment in technology businesses, partly offset by the improved operating results of Hujing Digital Media and Entertainment Group and other businesses.

SEPTEMBER QUARTER OTHER FINANCIAL RESULTS

Costs and Expenses

The following tables set forth a breakdown of our costs and expenses, share-based compensation expense, and costs and expenses excluding share-based compensation expense by function for the periods indicated:

Three months ended September 30,

% of

Revenue

YoY

change

2024

2025

RMB

% of

Revenue

RMB

US$

% of

Revenue

(in millions, except percentages)

Costs and expenses:

Cost of revenue

144,029

60.9%

150,781

21,180

60.8%

(0.1)%

Product development expenses

14,182

6.0%

17,095

2,401

6.9%

0.9%

Sales and marketing expenses

32,471

13.7%

66,496

9,341

26.8%

13.1%

General and administrative expenses

9,777

4.1%

7,380

1,037

3.0%

(1.1)%

Amortization of intangible assets

1,649

0.7%

826

116

0.3%

(0.4)%

Total costs and expenses

202,108

242,578

34,075

Share-based compensation expense:

Cost of revenue

619

0.3%

450

63

0.2%

(0.1)%

Product development expenses

1,757

0.7%

1,396

196

0.6%

(0.1)%

Sales and marketing expenses

549

0.2%

500

70

0.2%

0.0%

General and administrative expenses

1,221

0.5%

979

138

0.4%

(0.1)%

Total share-based compensation expense(1)

4,146

3,325

467

Costs and expenses excluding share-based compensation expense:

Cost of revenue

143,410

60.6%

150,331

21,117

60.7%

0.1%

Product development expenses

12,425

5.3%

15,699

2,205

6.3%

1.0%

Sales and marketing expenses

31,922

13.5%

65,996

9,271

26.6%

13.1%

General and administrative expenses

8,556

3.6%

6,401

899

2.6%

(1.0)%

Amortization of intangible assets

1,649

0.7%

826

116

0.3%

(0.4)%

Total costs and expenses excluding share-based compensation expense

197,962

239,253

33,608

Cost of revenue – Cost of revenue in the quarter ended September 30, 2025 was RMB150,781 million (US$21,180 million), or 60.8% of revenue, compared to RMB144,029 million, or 60.9% of revenue, in the same quarter of 2024. Without the effect of share-based compensation expense, cost of revenue as a percentage of revenue would have increased from 60.6% in the quarter ended September 30, 2024 to 60.7% in the quarter ended September 30, 2025, primarily due to higher logistics cost driven by the growth in our quick commerce business, partly offset by the disposal of Sun Art and Intime businesses, decrease in scale of low margin direct sales businesses, improvement in monetization and operating efficiency.

Product development expenses – Product development expenses in the quarter ended September 30, 2025 were RMB17,095 million (US$2,401 million), or 6.9% of revenue, compared to RMB14,182 million, or 6.0% of revenue, in the same quarter of 2024. Without the effect of share-based compensation expense, product development expenses as a percentage of revenue would have increased from 5.3% in the quarter ended September 30, 2024 to 6.3% in the quarter ended September 30, 2025, primarily attributable to our increased investment in technology development.

Sales and marketing expenses – Sales and marketing expenses in the quarter ended September 30, 2025 were RMB66,496 million (US$9,341 million), or 26.8% of revenue, compared to RMB32,471 million, or 13.7% of revenue, in the same quarter of 2024. Without the effect of share-based compensation expense, sales and marketing expenses as a percentage of revenue would have increased from 13.5% in the quarter ended September 30, 2024 to 26.6% in the quarter ended September 30, 2025, primarily attributable to the investment in user experiences of Alibaba China E-commerce Group.

General and administrative expenses – General and administrative expenses in the quarter ended September 30, 2025 were RMB7,380 million (US$1,037 million), or 3.0% of revenue, compared to RMB9,777 million, or 4.1% of revenue, in the same quarter of 2024. Without the effect of share-based compensation expense, general and administrative expenses as a percentage of revenue would have decreased from 3.6% in the quarter ended September 30, 2024 to 2.6% in the quarter ended September 30, 2025, primarily due to our improved cost control measures.

Share-based compensation expense – Total share-based compensation expense included in the cost and expense items above in the quarter ended September 30, 2025 was RMB3,325 million (US$467 million), compared to RMB4,146 million in the same quarter of 2024.

The following table sets forth our analysis of share-based compensation expense for the quarters indicated by type of share-based awards:

Three months ended September 30,

2024

2025

RMB

RMB

US$

YoY %

Change

(in millions, except percentages)

By type of awards:

Alibaba Group share-based awards(1)

2,786

2,343

329

(16)%

Others(2)

1,360

982

138

(28)%

Total share-based compensation expense(3)

4,146

3,325

467

(20)%

Share-based compensation expense decreased in the quarter ended September 30, 2025 compared to the same quarter of 2024. The decrease in share-based compensation expense related to Alibaba Group share-based awards was primarily due to the decrease in the number of awards granted as we have increased the proportion of long-term cash incentives granted after considering the macroeconomic environment and the general trends in the talent market.

We expect that our share-based compensation expense will continue to be affected by changes in the fair value of the underlying awards and the quantity of awards we grant in the future.

Amortization of intangible assets – Amortization of intangible assets in the quarter ended September 30, 2025 was RMB826 million (US$116 million), a decrease of 50% from RMB1,649 million in the same quarter of 2024, primarily due to full amortization of certain intangible assets.

Income from operations and operating margin

Income from operations in the quarter ended September 30, 2025 was RMB5,365 million (US$754 million), or 2% of revenue, a decrease of 85% compared to RMB35,246 million, or 15% of revenue, in the same quarter of 2024, primarily due to the decrease in adjusted EBITA.

Adjusted EBITDA and Adjusted EBITA

Adjusted EBITDA decreased 64% year-over-year to RMB17,256 million (US$2,424 million) in the quarter ended September 30, 2025, compared to RMB47,327 million in the same quarter of 2024. Adjusted EBITA decreased 78% year-over-year to RMB9,073 million (US$1,274 million) in the quarter ended September 30, 2025, compared to RMB40,561 million in the same quarter of 2024, primarily attributable to the investment in quick commerce, user experiences, and technology, partly offset by double-digit revenue growth in Alibaba China E-commerce Group, the improved operating results supported by continued growth in Cloud business, as well as enhanced operating efficiencies across various businesses. A reconciliation of net income to adjusted EBITDA and adjusted EBITA is included at the end of this results announcement.

Adjusted EBITA by segment

Adjusted EBITA by segment as well as a reconciliation of income from operations to adjusted EBITA are set forth in the section entitled “September Quarter Segment Results” above.

Interest and investment income, net

Interest and investment income, net in the quarter ended September 30, 2025 was RMB20,092 million (US$2,822 million), an increase of 8% compared to RMB18,607 million in the same quarter of 2024, primarily due to mark-to-market changes, partly offset by the increase in impairment of our investments.

The above-mentioned investment gains and losses were excluded from our non-GAAP net income.

Other (expense) income, net

Other (expense) income, net in the quarter ended September 30, 2025 was an income of RMB981 million (US$138 million), compared to expense of RMB1,478 million in the same quarter of 2024, primarily due to the decrease in net exchange loss in this quarter compared to the same quarter last year, arising from the exchange rate fluctuation between Renminbi and U.S. dollar.

Income tax expenses

Income tax expenses in the quarter ended September 30, 2025 were RMB5,550 million (US$780 million), compared to RMB7,379 million in the same quarter of 2024.

Share of results of equity method investees

We record our share of results of all equity method investees one quarter in arrears. Share of results of equity method investees in the quarter ended September 30, 2025 was RMB2,241 million (US$315 million), an increase of 129% compared to RMB978 million in the same quarter of 2024. The following table sets forth a breakdown of share of results of equity method investees for the periods indicated:

Three months ended September 30,

2024

2025

RMB

RMB

US$

(in millions)

Share of profit (loss) of equity method investees

- Ant Group

2,478

2,733

384

- Others

(746)

671

94

Impairment loss

–

(5)

(1)

Others(1)

(754)

(1,158)

(162)

Total

978

2,241

315

Net income and Non-GAAP net income

Our net income in the quarter ended September 30, 2025 was RMB20,612 million (US$2,895 million), compared to RMB43,547 million in the same quarter of 2024, primarily attributable to the decrease in income from operations.

Excluding non-cash share-based compensation expense, gains/losses of investments, impairment of goodwill and intangible assets, and certain other items, non-GAAP net income in the quarter ended September 30, 2025 was RMB10,352 million (US$1,454 million), a decrease of 72% compared to RMB36,518 million in the same quarter of 2024, primarily attributable to the investment in quick commerce, user experiences, and technology, partly offset by double-digit revenue growth in Alibaba China E-commerce Group, the improved operating results supported by continued growth in Cloud business, as well as enhanced operating efficiencies across various businesses. A reconciliation of net income to non-GAAP net income is included at the end of this results announcement.

Net income attributable to ordinary shareholders

Net income attributable to ordinary shareholders in the quarter ended September 30, 2025 was RMB20,990 million (US$2,948 million), compared to RMB43,874 million in the same quarter of 2024, primarily attributable to the decrease in income from operations.

Diluted earnings per ADS/share and non-GAAP diluted earnings per ADS/share

Diluted earnings per ADS in the quarter ended September 30, 2025 was RMB8.75 (US$1.23), compared to RMB18.17 in the same quarter of 2024. Excluding non-cash share-based compensation expense, gains/losses of investments, impairment of goodwill and intangible assets, and certain other items, non-GAAP diluted earnings per ADS in the quarter ended September 30, 2025 was RMB4.36 (US$0.61), a decrease of 71% compared to RMB15.06 in the same quarter of 2024.

Diluted earnings per share in the quarter ended September 30, 2025 was RMB1.09 (US$0.15 or HK$1.19), compared to RMB2.27 in the same quarter of 2024. Excluding non-cash share-based compensation expense, gains/losses of investments, impairment of goodwill and intangible assets, and certain other items, non-GAAP diluted earnings per share in the quarter ended September 30, 2025 was RMB0.55 (US$0.08 or HK$0.60), a decrease of 71% compared to RMB1.88 in the same quarter of 2024.

A reconciliation of diluted earnings per ADS/share to non-GAAP diluted earnings per ADS/share is included at the end of this results announcement. Each ADS represents eight ordinary shares.

Net cash provided by operating activities and free cash flow

During the quarter ended September 30, 2025, net cash provided by operating activities was RMB10,099 million (US$1,419 million), a decrease of 68% compared to RMB31,438 million in the same quarter of 2024. Free cash flow, a non-GAAP measurement of liquidity, was an outflow of RMB21,840 million (US$3,068 million), compared to an inflow of RMB13,735 million in the same quarter of 2024. The decrease in free cash flow was mainly attributed to the investment in quick commerce and the increase in our cloud infrastructure expenditure. A reconciliation of net cash provided by operating activities to free cash flow is included at the end of this results announcement.

Net cash used in investing activities

During the quarter ended September 30, 2025, net cash used in investing activities of RMB69,652 million (US$9,784 million) primarily reflected an increase in short-term investments and other treasury investments by RMB59,135 million (US$8,307 million) and capital expenditures of RMB31,501 million (US$4,425 million), partly offset by net cash inflow of RMB20,682 million (US$2,905 million) for investment and acquisition activities.

Net cash provided by financing activities

During the quarter ended September 30, 2025, net cash provided by financing activities of RMB10,902 million (US$1,531 million) primarily reflected cash provided by net proceeds from issuance of convertible unsecured senior notes and payments for capped call transactions of RMB20,994 million (US$2,949 million), net proceeds from bank borrowings of RMB14,517 million (US$2,039 million), and net proceeds from issuance of exchangeable bonds of RMB10,986 million (US$1,543 million), partly offset by dividend payment of RMB33,313 million (US$4,679 million) and repurchase of ordinary shares of RMB1,798 million (US$253 million).

Employees

As of September 30, 2025, we had a total of 126,661 employees, compared to 123,711 as of June 30, 2025.

SIX MONTHS ENDED SEPTEMBER SUMMARY FINANCIAL RESULTS

Six months ended September 30,

2024

2025

RMB

RMB

US$

YoY %

Change

(in millions, except percentages and per share amounts)

Revenue

479,739

495,447

69,595

3%

Income from operations

71,235

40,353

5,668

(43)%(2)

Operating margin

15%

8%

Adjusted EBITDA(1)

98,488

62,991

8,848

(36)%(3)

Adjusted EBITDA margin(1)

21%

13%

Adjusted EBITA(1)

85,596

47,917

6,731

(44)%(3)

Adjusted EBITA margin(1)

18%

10%

Net income

67,569

62,994

8,849

(7)%(4)

Net income attributable to ordinary shareholders

68,143

64,106

9,005

(6)%(4)

Non-GAAP net income(1)

77,209

43,862

6,161

(43)%(3)

Diluted earnings per share(5)

3.50

3.34

0.47

(5)%(4)(6)

Diluted earnings per ADS(5)

28.00

26.73

3.75

(5)%(4)(6)

Non-GAAP diluted earnings per share(1)(5)

3.94

2.39

0.34

(39)%(3)(6)

Non-GAAP diluted earnings per ADS(1)(5)

31.50

19.10

2.68

(39)%(3)(6)

(1)

See the sections entitled “Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures to the Nearest Comparable U.S. GAAP Measures” for more information about the non-GAAP measures referred to within this results announcement.

(2)

The year-over-year decrease was primarily due to the decrease in adjusted EBITA, partly offset by a one-time provision in the same period last year (See the section entitled “Six Months Ended September Other Financial Results” for more information).

(3)

The year-over-year decreases were mainly attributable to the investment in quick commerce, user experiences, and technology, partly offset by double-digit revenue growth in Alibaba China E-commerce Group, the improved operating results supported by continued growth in Cloud business, as well as enhanced operating efficiencies across various businesses.

(4)

The year-over-year decreases were mainly attributable to the decrease in income from operations, partly offset by the mark-to-market changes from our equity investments, gain from the disposal of local consumer service business of Trendyol, and the decrease in both the impairment of our investments and net exchange loss, while net income attributable to ordinary shareholders and earnings per share/ADS would further take into account the net loss (income) attributable to noncontrolling interests and (accretion) reversal of accretion of mezzanine equity. We excluded non-cash share-based compensation expense, gains/losses of investments, impairment of goodwill and intangible assets, and certain other items from our non-GAAP measurements.

(5)

Each ADS represents eight ordinary shares.

(6)

The year-over-year percentages as stated are calculated based on the exact amount and there may be minor differences from the year-over-year percentages calculated based on the RMB amounts after rounding.

SIX MONTHS ENDED SEPTEMBER SEGMENT RESULTS

Revenue for the six months ended September 30, 2025 was RMB495,447 million (US$69,595 million), an increase of 3% year-over-year compared to RMB479,739 million in the same period of 2024. Excluding revenue from the disposed businesses of Sun Art and Intime, revenue on a like-for-like basis would have grown by 12% year-over-year.

The following table sets forth a breakdown of our revenue by segment for the periods indicated:

Six months ended September 30,

2024

2025

RMB

RMB

US$

YoY %

Change

(in millions, except percentages)

Alibaba China E-commerce Group:

E-commerce

- Customer management

152,755

168,179

23,624

10%

- Direct sales, logistics and others(2)

50,233

53,331

7,492

6%

202,988

221,510

31,116

9%

Quick commerce(3)

27,517

37,690

5,294

37%

China commerce wholesale

11,938

13,450

1,889

13%

Total Alibaba China E-commerce Group

242,443

272,650

38,299

12%

Alibaba International Digital Commerce Group:

International commerce retail

49,309

56,463

7,931

15%

International commerce wholesale

11,656

13,077

1,837

12%

Total Alibaba International Digital Commerce Group

60,965

69,540

9,768

14%

Cloud Intelligence Group

56,159

73,222

10,285

30%

All others(4)

165,837

121,568

17,077

(27)%

Unallocated

888

1,096

154

Inter-segment elimination

(46,553)

(42,629)

(5,988)

Consolidated revenue

479,739

495,447

69,595

3%

(1)

To advance our “user first” strategy and enhance user experience, during the quarter ended June 30, 2025, we undertook a strategic combination of Taobao and Tmall Group, Ele.me and Fliggy into Alibaba China E-commerce Group. We simplified the financial reporting structure by reclassifying Cainiao, Amap and Digital Media and Entertainment Group (rebranded to Hujing Digital Media and Entertainment Group) into “All others”. The above presentation has been updated to conform with the new reporting structure, as reviewed by our chief operating decision maker.

(2)

Direct sales, logistics and others revenue under Alibaba China E-commerce Group primarily represents direct sales businesses of Tmall Supermarket, Tmall Global and other businesses, where revenue and cost of inventory are recorded on a gross basis within the business group, as well as revenue from logistics services and value-added services.

(3)

Quick commerce revenue represents quick commerce business revenue, including revenue generated through “Taobao Instant Commerce” and the Ele.me app. Quick commerce revenue is net of subsidies that are contra revenue.

(4)

All others include Freshippo, Cainiao, Alibaba Health, Hujing Digital Media and Entertainment Group, Amap, Intelligent Information Platform (which mainly consists of UCWeb and Quark businesses), Lingxi Games, DingTalk and other businesses. The majority of revenue within All others consists of direct sales, where revenue and cost of inventory are recorded on a gross basis, and revenue from logistics services. The decrease was primarily due to the revenue decrease as a result of the disposal of Sun Art and Intime businesses, as well as the decrease in revenue from Cainiao, partly offset by the increase in revenue from Freshippo, Alibaba Health and Amap.

The following table sets forth a breakdown of our adjusted EBITA by segment for the periods indicated:

Six months ended September 30,

2024

2025

RMB

RMB

US$

YoY %

Change(3)

(in millions, except percentages)

Alibaba China E-commerce Group

93,080

48,886

6,867

(47)%

Alibaba International Digital Commerce Group

(6,611)

103

14

N/A

Cloud Intelligence Group

4,998

6,558

921

31%

All others

(2,910)

(4,785)

(672)

(64)%

Unallocated(2)

(2,142)

(1,640)

(230)

Inter-segment elimination

(819)

(1,205)

(169)

Consolidated adjusted EBITA

85,596

47,917

6,731

(44)%

Less: Non-cash share-based compensation expense

(7,775)

(6,076)

(854)

Less: Amortization and impairment of intangible assets, and others

(3,441)

(1,488)

(209)

Less: Provision for the shareholder class action lawsuits

(3,145)

–

–

Income from operations

71,235

40,353

5,668

(43)%

Alibaba China E-commerce Group

(i) Segment revenue

E-commerce Business
Revenue from our E-commerce business in the six months ended September 30, 2025 was RMB221,510 million (US$31,116 million), an increase of 9% compared to RMB202,988 million in the same period of 2024.

Customer management revenue increased by 10% year-over-year, primarily due to the improvement of take rate.

Direct sales, logistics and others revenue under E-commerce business in the six months ended September 30, 2025 was RMB53,331 million (US$7,492 million), an increase of 6% compared to RMB50,233 million in the same period of 2024, primarily driven by the increase in revenue from logistics services and value-added services, partly offset by the decrease in revenue from certain direct sales businesses.

Quick Commerce Business
Revenue from our Quick commerce business in the six months ended September 30, 2025 was RMB37,690 million (US$5,294 million), an increase of 37% compared to RMB27,517 million in the same period of 2024, mainly due to order growth as a result of the rollout of “Taobao Instant Commerce” at the end of April 2025.

China Commerce Wholesale Business
Revenue from our China commerce wholesale business in the six months ended September 30, 2025 was RMB13,450 million (US$1,889 million), an increase of 13% compared to RMB11,938 million in the same period of 2024, primarily due to an increase in revenue from value-added services provided to paying members.

(ii) Segment adjusted EBITA

Alibaba China E-commerce Group adjusted EBITA decreased by 47% to RMB48,886 million (US$6,867 million) in the six months ended September 30, 2025, compared to RMB93,080 million in the same period of 2024, primarily due to the investment in quick commerce, user experiences, and technology, partly offset by double-digit revenue growth in Alibaba China E-commerce Group.

Alibaba International Digital Commerce Group

(i) Segment revenue

International Commerce Retail Business
Revenue from our International commerce retail business in the six months ended September 30, 2025 was RMB56,463 million (US$7,931 million), an increase of 15% compared to RMB49,309 million in the same period of 2024, primarily driven by the increase in revenue contributed by AliExpress and other international businesses. As certain of our international businesses generate revenue in local currencies while our reporting currency is Renminbi, AIDC’s revenue is affected by exchange rate fluctuations.

International Commerce Wholesale Business
Revenue from our International commerce wholesale business in the six months ended September 30, 2025 was RMB13,077 million (US$1,837 million), an increase of 12% compared to RMB11,656 million in the same period of 2024, primarily due to an increase in revenue generated by cross-border related value-added services.

(ii) Segment adjusted EBITA

Alibaba International Digital Commerce Group adjusted EBITA was a profit of RMB103 million (US$14 million) in the six months ended September 30, 2025, compared to a loss of RMB6,611 million in the same period of 2024, primarily due to significant improvement in AliExpress’ operating efficiency, and enhanced efficiency across various businesses.

Cloud Intelligence Group

(i) Segment revenue

Revenue from Cloud Intelligence Group was RMB73,222 million (US$10,285 million) in the six months ended September 30, 2025, an increase of 30% compared to RMB56,159 million in the same period of 2024. Overall revenue excluding Alibaba-consolidated subsidiaries increased by 28% year-over-year, primarily driven by public cloud revenue growth, including the increasing adoption of AI-related products.

(ii) Segment adjusted EBITA

Cloud Intelligence Group adjusted EBITA increased by 31% to RMB6,558 million (US$921 million) in the six months ended September 30, 2025, compared to RMB4,998 million in the same period of 2024, primarily due to revenue growth and improving operating efficiency, partly offset by the increasing investments in customer growth and technology innovation.

All Others

(i) Segment revenue

Revenue from All others segment was RMB121,568 million (US$17,077 million) in the six months ended September 30, 2025, a decrease of 27% compared to RMB165,837 million in the same period of 2024, primarily due to the revenue decrease as a result of the disposal of Sun Art and Intime businesses, as well as the decrease in revenue from Cainiao, partly offset by the increase in revenue from Freshippo, Alibaba Health and Amap.

(ii) Segment adjusted EBITA

Adjusted EBITA from All others segment in the six months ended September 30, 2025 was a loss of RMB4,785 million (US$672 million), compared to a loss of RMB2,910 million in the same period of 2024, primarily due to the increased investment in technology businesses, partly offset by the improved operating results of Freshippo, Hujing Digital Media and Entertainment Group and Alibaba Health.

SIX MONTHS ENDED SEPTEMBER OTHER FINANCIAL RESULTS

Costs and Expenses

The following tables set forth a breakdown of our costs and expenses, share-based compensation expense, and costs and expenses excluding share-based compensation expense by function for the periods indicated:

Six months ended September 30,

% of

Revenue

YoY

change

2024

2025

RMB

% of

Revenue

RMB

US$

% of

Revenue

(in millions, except percentages)

Costs and expenses:

Cost of revenue

290,135

60.5%

287,210

40,344

58.0%

(2.5)%

Product development expenses

27,555

5.7%

32,096

4,509

6.5%

0.8%

Sales and marketing expenses

65,167

13.6%

119,674

16,811

24.2%

10.6%

General and administrative expenses

23,057

4.8%

14,778

2,076

3.0%

(1.8)%

Amortization and impairment of intangible assets

3,441

0.7%

1,633

229

0.3%

(0.4)%

Total costs and expenses

409,355

455,391

63,969

Share-based compensation expense:

Cost of revenue

1,205

0.3%

913

128

0.2%

(0.1)%

Product development expenses

3,560

0.7%

2,862

402

0.6%

(0.1)%

Sales and marketing expenses

948

0.2%

958

135

0.2%

0.0%

General and administrative expenses

2,564

0.5%

2,137

300

0.4%

(0.1)%

Total share-based compensation expense(1)

8,277

6,870

965

Costs and expenses excluding share-based compensation expense:

Cost of revenue

288,930

60.2%

286,297

40,216

57.8%

(2.4)%

Product development expenses

23,995

5.0%

29,234

4,107

5.9%

0.9%

Sales and marketing expenses

64,219

13.4%

118,716

16,676

24.0%

10.6%

General and administrative expenses

20,493

4.3%

12,641

1,776

2.6%

(1.7)%

Amortization and impairment of intangible assets

3,441

0.7%

1,633

229

0.3%

(0.4)%

Total costs and expenses excluding share-based compensation expense

401,078

448,521

63,004

Cost of revenue – Cost of revenue in the six months ended September 30, 2025 was RMB287,210 million (US$40,344 million), or 58.0% of revenue, compared to RMB290,135 million, or 60.5% of revenue, in the same period of 2024. Without the effect of share-based compensation expense, cost of revenue as a percentage of revenue would have decreased from 60.2% in the same period of 2024 to 57.8% in the six months ended September 30, 2025, primarily due to the disposal of Sun Art and Intime businesses, decrease in scale of low margin direct sales businesses, improvement in monetization and operating efficiency, partly offset by higher logistics cost driven by the growth in our quick commerce business.

Product development expenses – Product development expenses in the six months ended September 30, 2025 were RMB32,096 million (US$4,509 million), or 6.5% of revenue, compared to RMB27,555 million, or 5.7% of revenue, in the same period of 2024. Without the effect of share-based compensation expense, product development expenses as a percentage of revenue would have increased from 5.0% in the same period of 2024 to 5.9% in the six months ended September 30, 2025, primarily attributable to our increased investment in technology development.

Sales and marketing expenses – Sales and marketing expenses in the six months ended September 30, 2025 were RMB119,674 million (US$16,811 million), or 24.2% of revenue, compared to RMB65,167 million, or 13.6% of revenue, in the same period of 2024. Without the effect of share-based compensation expense, sales and marketing expenses as a percentage of revenue would have increased from 13.4% in the same period of 2024 to 24.0% in the six months ended September 30, 2025, primarily attributable to the investment in user experiences of Alibaba China E-commerce Group.

General and administrative expenses – General and administrative expenses in the six months ended September 30, 2025 were RMB14,778 million (US$2,076 million), or 3.0% of revenue, compared to RMB23,057 million, or 4.8% of revenue, in the same period of 2024. Without the effect of share-based compensation expense, general and administrative expenses as a percentage of revenue would have decreased from 4.3% in the same period of 2024 to 2.6% in the six months ended September 30, 2025, primarily due to a one-time provision for the shareholder class action lawsuits in the same period last year and our improved cost control measures.

Share-based compensation expense – Total share-based compensation expense included in the cost and expense items above in the six months ended September 30, 2025 was RMB6,870 million (US$965 million), compared to RMB8,277 million in the same period of 2024.

The following table sets forth our analysis of share-based compensation expense for the quarters indicated by type of share-based awards:

Six months ended September 30,

2024

2025

RMB

RMB

US$

YoY %

Change

(in millions, except percentages)

By type of awards:

Alibaba Group share-based awards(1)

5,877

4,664

655

(21)%

Others(2)

2,400

2,206

310

(8)%

Total share-based compensation expense(3)

8,277

6,870

965

(17)%

Share-based compensation expense decreased in the six months ended September 30, 2025 compared to the same period of 2024. This decrease was primarily due to the decrease in the number of Alibaba Group share-based awards granted as we have increased the proportion of long-term cash incentives granted after considering the macroeconomic environment and the general trends in the talent market.

We expect that our share-based compensation expense will continue to be affected by changes in the fair value of the underlying awards and the quantity of awards we grant in the future.

Amortization and impairment of intangible assets – Amortization and impairment of intangible assets in the six months ended September 30, 2025 was RMB1,633 million (US$229 million), a decrease of 53% from RMB3,441 million in the same period of 2024, primarily due to full amortization of certain intangible assets.

Income from operations and operating margin

Income from operations in the six months ended September 30, 2025 was RMB40,353 million (US$5,668 million), or 8% of revenue, a decrease of 43% compared to RMB71,235 million, or 15% of revenue, in the same period of 2024, primarily due to the decrease in adjusted EBITA, partly offset by a one-time provision in the same period last year.

Adjusted EBITDA and Adjusted EBITA

Adjusted EBITDA decreased 36% year-over-year to RMB62,991 million (US$8,848 million) in the six months ended September 30, 2025, compared to RMB98,488 million in the same period of 2024. Adjusted EBITA decreased 44% year-over-year to RMB47,917 million (US$6,731 million) in the six months ended September 30, 2025, compared to RMB85,596 million in the same period of 2024, primarily attributable to the investment in quick commerce, user experiences, and technology, partly offset by double-digit revenue growth in Alibaba China E-commerce Group, the improved operating results supported by continued growth in Cloud business, as well as enhanced operating efficiencies across various businesses. A reconciliation of net income to adjusted EBITDA and adjusted EBITA is included at the end of this results announcement.

Adjusted EBITA by segment

Adjusted EBITA by segment as well as a reconciliation of income from operations to adjusted EBITA are set forth in the section entitled “Six Months Ended September Segment Results” above.

Interest and investment income, net

Interest and investment income, net in the six months ended September 30, 2025 was RMB37,468 million (US$5,263 million), an increase of 119% compared to RMB17,129 million in the same period of 2024, primarily due to mark-to-market changes from our equity investments, gain from the disposal of local consumer service business of Trendyol, and the decrease in impairment of our investments.

The above-mentioned investment gains and losses were excluded from our non-GAAP net income.

Other (expense) income, net

Other (expense) income, net in the six months ended September 30, 2025 was an income of RMB1,329 million (US$187 million), compared to expense of RMB1,221 million in the same period of 2024, was primarily due to the decrease in net exchange loss in the six months ended September 30, 2025 compared to the same period last year, arising from the exchange rate fluctuation between Renminbi and U.S. dollar.

Income tax expenses

Income tax expenses in the six months ended September 30, 2025 were RMB14,415 million (US$2,024 million), compared to RMB17,442 million in the same period of 2024.

Share of results of equity method investees

Share of results of equity method investees in the six months ended September 30, 2025 was RMB3,254 million (US$457 million), an increase of 31% compared to RMB2,483 million in the same period of 2024. The following table sets forth a breakdown of share of results of equity method investees for the periods indicated:

Six months ended September 30,

2024

2025

RMB

RMB

US$

(in millions)

Share of profit (loss) of equity method investees

- Ant Group

6,395

4,280

601

- Others

(1,334)

1,126

158

Impairment loss

(2,157)

(5)

(1)

Others(1)

(421)

(2,147)

(301)

Total

2,483

3,254

457

We record our share of results of all equity method investees one quarter in arrears. The share of net profit of other equity method investees recorded in the six months ended September 30 2025, compared to the share of net losses in the same period last year, was primarily attributable to the overall improvement in the financial performance of our equity method investees. This was partly offset by the decrease in share of profit of Ant Group, which was mainly attributable to investments in new growth initiatives and technologies.

Net income and Non-GAAP net income

Our net income in the six months ended September 30, 2025 was RMB62,994 million (US$8,849 million), compared to RMB67,569 million in the same period of 2024, primarily attributable to the decrease in income from operations, partly offset by the mark-to-market changes from our equity investments, gain from the disposal of local consumer service business of Trendyol and the decrease in both the impairment of our investments and net exchange loss.

Excluding non-cash share-based compensation expense, gains/losses of investments, impairment of goodwill and intangible assets, and certain other items, non-GAAP net income in the six months ended September 30, 2025 was RMB43,862 million (US$6,161 million), a decrease of 43% compared to RMB77,209 million in the same period of 2024, primarily attributable to the investment in quick commerce, user experiences, and technology, partly offset by double-digit revenue growth in Alibaba China E-commerce Group, the improved operating results supported by continued growth in Cloud business, as well as enhanced operating efficiencies across various businesses. A reconciliation of net income to non-GAAP net income is included at the end of this results announcement.

Net income attributable to ordinary shareholders

Net income attributable to ordinary shareholders in the six months ended September 30, 2025 was RMB64,106 million (US$9,005 million), compared to RMB68,143 million in the same period of 2024, primarily attributable to the decrease in income from operations, partly offset by the mark-to-market changes from our equity investments, gain from the disposal of local consumer service business of Trendyol and the decrease in both the impairment of our investments and net exchange loss.

Diluted earnings per ADS/share and non-GAAP diluted earnings per ADS/share

Diluted earnings per ADS in the six months ended September 30, 2025 was RMB26.73 (US$3.75), compared to RMB28.00 in the same period of 2024. Excluding non-cash share-based compensation expense, gains/losses of investments, impairment of goodwill and intangible assets, and certain other items, non-GAAP diluted earnings per ADS in the six months ended September 30, 2025 was RMB19.10 (US$2.68), a decrease of 39% compared to RMB31.50 in the same period of 2024.

Diluted earnings per share in the six months ended September 30, 2025 was RMB3.34 (US$0.47 or HK$3.66), compared to RMB3.50 in the same period of 2024. Excluding non-cash share-based compensation expense, gains/losses of investments, impairment of goodwill and intangible assets, and certain other items, non-GAAP diluted earnings per share in the six months ended September 30, 2025 was RMB2.39 (US$0.34 or HK$2.62), a decrease of 39% compared to RMB3.94 in the same period of 2024.

A reconciliation of diluted earnings per ADS/share to non-GAAP diluted earnings per ADS/share is included at the end of this results announcement. Each ADS represents eight ordinary shares.

Cash and cash equivalents, short-term investments and other treasury investments

As of September 30, 2025, cash and cash equivalents, short-term investments and other treasury investments included in equity securities and other investments on the consolidated balance sheets, of which that are unrestricted for withdrawal and use, were RMB573,889 million (US$80,614 million), compared to RMB597,132 million as of March 31, 2025. Other treasury investments consist of fixed deposits, certificate of deposits and marketable debt securities with original maturities over one year for treasury purposes. The decrease in cash and cash equivalents, short-term investments and other treasury investments of RMB23,243 million during the six months ended September 30, 2025, was primarily due to (i) free cash flow outflow of RMB40,655 million (US$5,711 million), (ii) dividend payment of RMB33,621 million (US$4,723 million), (iii) cash used in repurchase of ordinary shares of RMB7,638 million (US$1,073 million), partly offset by (iv) net proceeds from issuance of convertible unsecured senior notes and payments for capped call transactions of RMB20,994 million (US$2,949 million), (v) net proceeds from bank borrowings of RMB17,804 million (US$2,501 million), (vi) net proceeds from issuance of exchangeable bonds of RMB10,986 million (US$1,543 million) and (vii) proceeds of RMB12,026 million (US$1,689 million) from the disposal of Intime and local consumer service business of Trendyol.

Net cash provided by operating activities and free cash flow

During the six months ended September 30, 2025, net cash provided by operating activities was RMB30,771 million (US$4,322 million), a decrease of 53% compared to RMB65,074 million in the same period of 2024. Free cash flow, a non-GAAP measurement of liquidity, was an outflow of RMB40,655 million (US$5,711 million), compared to an inflow of RMB31,107 million in the same period of 2024. The decrease in free cash flow was mainly attributed to the increase in our cloud infrastructure expenditure and the investment in quick commerce. A reconciliation of net cash provided by operating activities to free cash flow is included at the end of this results announcement.

Net cash used in investing activities

During the six months ended September 30, 2025, net cash used in investing activities of RMB51,324 million (US$7,209 million) primarily reflected capital expenditures of RMB70,177 million (US$9,858 million) and net increase in short-term investments and other treasury investments by RMB11,119 million (US$1,562 million), partly offset by net cash inflow of RMB29,710 million (US$4,173 million) for investment and acquisition activities.

Net cash provided by financing activities

During the six months ended September 30, 2025, net cash provided by financing activities of RMB8,171 million (US$1,148 million) primarily reflected cash provided by net proceeds from issuance of convertible unsecured senior notes and payments for capped call transactions of RMB20,994 million (US$2,949 million), net proceeds from bank borrowings of RMB17,804 million (US$2,501 million), and net proceeds from issuance of exchangeable bonds of RMB10,986 million (US$1,543 million), partly offset by dividend payment of RMB33,621 million (US$4,723 million), and cash used in repurchase of ordinary shares of RMB7,638 million (US$1,073 million).

Employees

As of September 30, 2025, we had a total of 126,661 employees, compared to 124,320 as of March 31, 2025.

WEBCAST AND CONFERENCE CALL INFORMATION

Alibaba Group’s management will hold a conference call to discuss the financial results at 7:30 a.m. U.S. Eastern Time (8:30 p.m. Hong Kong Time) on Tuesday, November 25, 2025.

All participants must pre-register to join this conference call using the Participant Registration link below:

English: https://s1.c-conf.com/diamondpass/10051211-a7c56v.html

Chinese: https://s1.c-conf.com/diamondpass/10051210-8u7y6t.html

Upon registration, each participant will receive details for the conference call, including dial-in numbers, conference call passcode and a unique access PIN. To join the conference, please dial the number provided, enter the passcode followed by your PIN, and you will join the conference.

A live webcast of the earnings conference call can be accessed at https://www.alibabagroup.com/en/ir/earnings. An archived webcast will be available through the same link following the call. A replay of the conference call will be available for one week from the date of the conference (Dial-in number: +1 855 883 1031; English conference PIN 10051211; Chinese conference PIN 10051210).

Please visit Alibaba Group’s Investor Relations website at https://www.alibabagroup.com/en/ir/home on November 25, 2025 to view the earnings release and accompanying slides prior to the conference call.

ABOUT ALIBABA GROUP

Alibaba Group is a global technology company focused on e-commerce and cloud computing. We enable merchants, brands and retailers to market, sell and engage with consumers by providing digital and logistics infrastructure, efficiency tools and vast marketing reach. We empower enterprises with our leading cloud infrastructure, services and work collaboration capabilities to facilitate their digital transformation and grow their businesses.

EXCHANGE RATE INFORMATION

This results announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) and Hong Kong dollars (“HK$”) for the convenience of the reader. Unless otherwise stated, all translations of RMB into US$ were made at RMB7.119 to US$1.00, the exchange rate on September 30, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board, and all translations of RMB into HK$ were made at RMB0.91298 to HK$1.00, the middle rate on September 30, 2025 as published by the People’s Bank of China. The percentages stated in this results announcement are calculated based on the RMB amounts and there may be minor differences due to rounding.

SAFE HARBOR STATEMENTS

This results announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “future,” “aim,” “estimate,” “intend,” “seek,” “plan,” “believe,” “potential,” “continue,” “ongoing,” “target,” “guidance,” “is/are likely to” and similar statements. In addition, statements that are not historical facts, including statements about Alibaba’s strategies and business and operational plans, Alibaba’s beliefs, expectations and guidance regarding the growth of its business, its operating and financial results, return on investments, strategic investments and dispositions and share repurchases, and the business outlook and quotations from management in this results announcement, are or contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to: Alibaba’s ability to compete, innovate and maintain or grow its business; risks associated with sustained investments in Alibaba’s businesses; risks related to strategic transactions; fluctuations in general economic and business conditions in China and globally; uncertainties arising from competition among countries and geopolitical tensions, including national trade, investment, protectionist or other policies and export control, economic or trade sanctions; changes to our shareholder return initiatives; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Alibaba’s filings with the U.S. Securities and Exchange Commission and announcements on the website of The Stock Exchange of Hong Kong Limited. All information provided in this results announcement is as of the date of this results announcement and are based on assumptions that we believe to be reasonable as of this date, and Alibaba does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

NON-GAAP FINANCIAL MEASURES

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: for our consolidated results, adjusted EBITDA (including adjusted EBITDA margin), adjusted EBITA (including adjusted EBITA margin), non-GAAP net income, non-GAAP diluted earnings per share/ADS and free cash flow. For more information on these non-GAAP financial measures, please refer to the table captioned “Reconciliations of Non-GAAP Measures to the Nearest Comparable U.S. GAAP Measures” in this results announcement.

We believe that adjusted EBITDA, adjusted EBITA, non-GAAP net income and non-GAAP diluted earnings per share/ADS help identify underlying trends in our business that could otherwise be distorted by the effect of certain income or expenses that we include in income from operations, net income and diluted earnings per share/ADS. We believe that these non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. We present three different income measures, namely adjusted EBITDA, adjusted EBITA and non-GAAP net income in order to provide more information and greater transparency to investors about our operating results.

We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by our business that can be used for strategic corporate transactions, including investing in our new business initiatives, making strategic investments and acquisitions and strengthening our balance sheet.

Adjusted EBITDA, adjusted EBITA, non-GAAP net income, non-GAAP diluted earnings per share/ADS and free cash flow should not be considered in isolation or construed as an alternative to income from operations, net income, diluted earnings per share/ADS, cash flows or any other measure of performance or as an indicator of our operating performance. These non-GAAP financial measures presented here do not have standardized meanings prescribed by U.S. GAAP and may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data.

Adjusted EBITDA represents net income before interest and investment income, net, interest expense, other income (expense), net, income tax expenses, share of results of equity method investees, certain non-cash expenses, consisting of share-based compensation expense, amortization and impairment of intangible assets, impairment of goodwill, depreciation and impairment of property and equipment, and operating lease cost relating to land use rights, and others (including provision in relation to matters outside the ordinary course of business), which we do not believe are reflective of our core operating performance during the periods presented.

Adjusted EBITA represents net income before interest and investment income, net, interest expense, other income (expense), net, income tax expenses, share of results of equity method investees, certain non-cash expenses, consisting of share-based compensation expense, amortization and impairment of intangible assets, impairment of goodwill, and others (including provision in relation to matters outside the ordinary course of business), which we do not believe are reflective of our core operating performance during the periods presented.

Non-GAAP net income represents net income before non-cash share-based compensation expense, amortization and impairment of intangible assets, gain or loss on deemed disposals/disposals/revaluation of investments, impairment of goodwill and investments, and others (including provision in relation to matters outside the ordinary course of business), and adjustments for the tax effects.

Non-GAAP diluted earnings per share represents non-GAAP net income attributable to ordinary shareholders divided by the weighted average number of outstanding ordinary shares for computing non-GAAP diluted earnings per share on a diluted basis. Non-GAAP diluted earnings per ADS represents non-GAAP diluted earnings per share after adjusting for the ordinary share-to-ADS ratio.

Free cash flow represents net cash provided by operating activities as presented in our consolidated cash flow statement less purchases of property and equipment (excluding acquisition of land use rights and construction in progress relating to office campuses) and intangible assets (excluding those acquired through acquisitions), as well as adjustments to exclude from net cash provided by operating activities the buyer protection fund deposits from merchants on our marketplaces. We deduct certain items of cash flows from investing activities in order to provide greater transparency into cash flow from our revenue-generating business operations. We exclude “acquisition of land use rights and construction in progress relating to office campuses” because the office campuses are used by us for corporate and administrative purposes and are not directly related to our revenue-generating business operations. We also exclude buyer protection fund deposits from merchants on our marketplaces because these deposits are restricted for the purpose of compensating buyers for claims against merchants.

The table captioned “Reconciliations of Non-GAAP Measures to the Nearest Comparable U.S. GAAP Measures” in this results announcement has more details on the non-GAAP financial measures that are most directly comparable to GAAP financial measures and the related reconciliations between these financial measures.

ALIBABA GROUP HOLDING LIMITED

UNAUDITED CONSOLIDATED INCOME STATEMENTS

Three months ended September 30,

Six months ended September 30,

2024

2025

2024

2025

RMB

RMB

US$

RMB

RMB

US$

(in millions, except per share data)

(in millions, except per share data)

Revenue

236,503

247,795

34,808

479,739

495,447

69,595

Cost of revenue

(144,029)

(150,781)

(21,180)

(290,135)

(287,210)

(40,344)

Product development expenses

(14,182)

(17,095)

(2,401)

(27,555)

(32,096)

(4,509)

Sales and marketing expenses

(32,471)

(66,496)

(9,341)

(65,167)

(119,674)

(16,811)

General and administrative expenses

(9,777)

(7,380)

(1,037)

(23,057)

(14,778)

(2,076)

Amortization and impairment of intangible assets

(1,649)

(826)

(116)

(3,441)

(1,633)

(229)

Other gains, net

851

148

21

851

297

42

Income from operations

35,246

5,365

754

71,235

40,353

5,668

Interest and investment income, net

18,607

20,092

2,822

17,129

37,468

5,263

Interest expense

(2,427)

(2,517)

(354)

(4,615)

(4,995)

(702)

Other (expense) income, net

(1,478)

981

138

(1,221)

1,329

187

Income before income tax and share of results of equity method investees

49,948

23,921

3,360

82,528

74,155

10,416

Income tax expenses

(7,379)

(5,550)

(780)

(17,442)

(14,415)

(2,024)

Share of results of equity method investees

978

2,241

315

2,483

3,254

457

Net income

43,547

20,612

2,895

67,569

62,994

8,849

Net loss (income) attributable to noncontrolling interests

486

407

58

854

(1,326)

(187)

Net income attributable to Alibaba Group Holding Limited

44,033

21,019

2,953

68,423

61,668

8,662

(Accretion) Reversal of accretion of mezzanine equity

(159)

(29)

(5)

(280)

2,438

343

Net income attributable to ordinary shareholders

43,874

20,990

2,948

68,143

64,106

9,005

Earnings per share attributable to ordinary shareholders(1)

Basic

2.34

1.13

0.16

3.58

3.45

0.49

Diluted

2.27

1.09

0.15

3.50

3.34

0.47

Earnings per ADS attributable to ordinary shareholders(1)

Basic

18.71

9.05

1.27

28.62

27.63

3.88

Diluted

18.17

8.75

1.23

28.00

26.73

3.75

Weighted average number of shares used in calculating earnings per ordinary share (million shares) (1)

Basic

18,761

18,555

19,045

18,562

Diluted

19,322

19,168

19,459

19,154

ALIBABA GROUP HOLDING LIMITED

UNAUDITED CONSOLIDATED BALANCE SHEETS

As of March 31,

As of September 30,

2025

2025

RMB

RMB

US$

(in millions)

Assets

Current assets:

Cash and cash equivalents

145,487

135,069

18,973

Short-term investments

228,826

193,246

27,145

Restricted cash and escrow receivables

43,781

40,374

5,671

Equity securities and other investments

53,780

45,257

6,357

Prepayments, receivables and other assets

202,175

232,673

32,684

Total current assets

674,049

646,619

90,830

Equity securities and other investments

356,818

411,953

57,867

Prepayments, receivables and other assets

83,431

96,927

13,615

Investment in equity method investees

210,169

206,862

29,058

Property and equipment, net

203,348

246,539

34,631

Intangible assets, net

20,911

19,429

2,729

Goodwill

255,501

255,551

35,897

Total assets

1,804,227

1,883,880

264,627

Liabilities, Mezzanine Equity and Shareholders’ Equity

Current liabilities:

Current bank borrowings

22,562

26,288

3,693

Income tax payable

11,638

5,588

785

Accrued expenses, accounts payable and other liabilities

332,537

340,769

47,868

Merchant deposits

274

251

35

Deferred revenue and customer advances

68,335

71,241

10,007

Total current liabilities

435,346

444,137

62,388

 

ALIBABA GROUP HOLDING LIMITED

UNAUDITED CONSOLIDATED BALANCE SHEETS (CONTINUED)

As of March 31,

As of September 30,

2025

2025

RMB

RMB

US$

(in millions)

Deferred revenue

4,536

4,496

632

Deferred tax liabilities

48,454

46,802

6,574

Non-current bank borrowings

49,909

63,566

8,929

Non-current unsecured senior notes

122,398

120,504

16,927

Non-current convertible unsecured senior notes

35,834

57,481

8,074

Non-current exchangeable bonds

–

13,755

1,932

Other liabilities

17,644

21,354

3,000

Total liabilities

714,121

772,095

108,456

Commitments and contingencies

Mezzanine equity

11,713

9,884

1,388

Shareholders’ equity:

Ordinary shares

1

1

–

Additional paid-in capital

381,379

387,147

54,382

Treasury shares at cost

(36,329)

(36,162)

(5,080)

Statutory reserves

15,936

16,286

2,288

Accumulated other comprehensive income (loss)

3,393

(1,561)

(219)

Retained earnings

645,478

666,784

93,663

Total shareholders’ equity

1,009,858

1,032,495

145,034

Noncontrolling interests

68,535

69,406

9,749

Total equity

1,078,393

1,101,901

154,783

Total liabilities, mezzanine equity and equity

1,804,227

1,883,880

264,627

 

ALIBABA GROUP HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three months ended September 30,

Six months ended September 30,

2024

2025

2024

2025

RMB

RMB

US$

RMB

RMB

US$

(in millions)

(in millions)

Net cash provided by operating activities

31,438

10,099

1,419

65,074

30,771

4,322

Net cash provided by (used in) investing activities

964

(69,652)

(9,784)

(34,865)

(51,324)

(7,209)

Net cash (used in) provided by financing activities

(66,782)

10,902

1,531

(86,364)

8,171

1,148

Effect of exchange rate changes on cash and cash equivalents, restricted cash and escrow receivables

(2,456)

(485)

(68)

(1,797)

(1,443)

(203)

Decrease in cash and cash equivalents, restricted cash and escrow receivables

(36,836)

(49,136)

(6,902)

(57,952)

(13,825)

(1,942)

Cash and cash equivalents, restricted cash and escrow receivables at beginning of period

265,308

224,579

31,546

286,424

189,268

26,586

Cash and cash equivalents, restricted cash and escrow receivables at end of period

228,472

175,443

24,644

228,472

175,443

24,644

 

ALIBABA GROUP HOLDING LIMITED

RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE U.S. GAAP MEASURES

The table below sets forth a reconciliation of our net income to adjusted EBITA and adjusted EBITDA for the periods indicated:

Three months ended September 30,

Six months ended September 30,

2024

2025

2024

2025

RMB

RMB

US$

RMB

RMB

US$

(in millions)

(in millions)

Net income

43,547

20,612

2,895

67,569

62,994

8,849

Adjustments to reconcile net income to adjusted EBITA and adjusted EBITDA:

Interest and investment income, net

(18,607)

(20,092)

(2,822)

(17,129)

(37,468)

(5,263)

Interest expense

2,427

2,517

354

4,615

4,995

702

Other expense (income), net

1,478

(981)

(138)

1,221

(1,329)

(187)

Income tax expenses

7,379

5,550

780

17,442

14,415

2,024

Share of results of equity method investees

(978)

(2,241)

(315)

(2,483)

(3,254)

(457)

Income from operations

35,246

5,365

754

71,235

40,353

5,668

Non-cash share-based compensation expense

3,666

2,882

404

7,775

6,076

854

Amortization and impairment of intangible assets, and others

1,649

826

116

3,441

1,488

209

Provision for the shareholder class action lawsuits

–

–

–

3,145

–

–

Adjusted EBITA

40,561

9,073

1,274

85,596

47,917

6,731

Depreciation and impairment of property and equipment, and operating lease cost relating to land use rights

6,766

8,183

1,150

12,892

15,074

2,117

Adjusted EBITDA

47,327

17,256

2,424

98,488

62,991

8,848

 

ALIBABA GROUP HOLDING LIMITED

RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE U.S. GAAP MEASURES (CONTINUED)

The table below sets forth a reconciliation of our net income to non-GAAP net income for the periods indicated:

Three months ended September 30,

Six months ended September 30,

2024

2025

2024

2025

RMB

RMB

US$

RMB

RMB

US$

(in millions)

(in millions)

Net income

43,547

20,612

2,895

67,569

62,994

8,849

Adjustments to reconcile net income to non-GAAP net income:

Non-cash share-based compensation expense

3,666

2,882

404

7,775

6,076

854

Amortization and impairment of intangible assets

1,649

826

116

3,441

1,633

229

Provision for the shareholder class action lawsuits

–

–

–

3,145

–

–

Gain on deemed disposals/disposals/revaluation of investments

(12,697)

(16,192)

(2,274)

(8,116)

(29,320)

(4,119)

Impairment of investments, and others

756

1,442

203

5,067

2,455

345

Tax effects(1)

(403)

782

110

(1,672)

24

3

Non-GAAP net income

36,518

10,352

1,454

77,209

43,862

6,161

ALIBABA GROUP HOLDING LIMITED

RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE U.S. GAAP MEASURES (CONTINUED)

The table below sets forth a reconciliation of our diluted earnings per share/ADS to non-GAAP diluted earnings per share/ADS for the periods indicated:

Three months ended September 30,

Six months ended September 30,

2024

2025

2024

2025

RMB

RMB

US$

RMB

RMB

US$

(in millions, except per share data)

(in millions, except per share data)

Net income attributable to ordinary shareholders – basic

43,874

20,990

2,948

68,143

64,106

9,005

Dilution effect on earnings arising from non-cash share-based awards operated by equity method investees and subsidiaries

(56)

(96)

(13)

(131)

(258)

(36)

Adjustments for interest expense attributable to convertible unsecured senior notes

69

72

10

95

143

20

Net income attributable to ordinary shareholders – diluted

43,887

20,966

2,945

68,107

63,991

8,989

Non-GAAP adjustments to net income attributable to ordinary shareholders(1)

(7,524)

(10,516)

(1,477)

8,521

(18,250)

(2,564)

Non-GAAP net income attributable to ordinary shareholders for computing non-GAAP diluted earnings per share/ADS

36,363

10,450

1,468

76,628

45,741

6,425

Weighted average number of shares on a diluted basis for computing non-GAAP diluted earnings per share/ADS (million shares)(2)

19,322

19,168

19,459

19,154

Diluted earnings per share(2)(3)

2.27

1.09

0.15

3.50

3.34

0.47

Non-GAAP diluted earnings per share(2)(4)

1.88

0.55

0.08

3.94

2.39

0.34

Diluted earnings per ADS(2)(3)

18.17

8.75

1.23

28.00

26.73

3.75

Non-GAAP diluted earnings per ADS(2)(4)

15.06

4.36

0.61

31.50

19.10

2.68

(1)

Non-GAAP adjustments excluding the attributions to the noncontrolling interests. See the table above for items regarding the reconciliation of net income to non-GAAP net income (before excluding the attributions to the noncontrolling interests).

(2)

Each ADS represents eight ordinary shares.

(3)

Diluted earnings per share is derived from dividing net income attributable to ordinary shareholders by the weighted average number of outstanding ordinary shares, on a diluted basis. Diluted earnings per ADS is derived from the diluted earnings per share after adjusting for the ordinary share-to-ADS ratio.

(4)

Non-GAAP diluted earnings per share is derived from dividing non-GAAP net income attributable to ordinary shareholders by the weighted average number of outstanding ordinary shares for computing non-GAAP diluted earnings per share, on a diluted basis. Non-GAAP diluted earnings per ADS is derived from the non-GAAP diluted earnings per share after adjusting for the ordinary share-to-ADS ratio.

 

ALIBABA GROUP HOLDING LIMITED

RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE U.S. GAAP MEASURES (CONTINUED)

The table below sets forth a reconciliation of net cash provided by operating activities to free cash flow for the periods indicated:

Three months ended September 30,

Six months ended September 30,

2024

2025

2024

2025

RMB

RMB

US$

RMB

RMB

US$

(in millions)

(in millions)

Net cash provided by operating activities

31,438

10,099

1,419

65,074

30,771

4,322

Less: Purchase of property and equipment (excluding land use rights and construction in progress relating to office campuses)

(16,977)

(31,428)

(4,415)

(28,916)

(70,057)

(9,841)

Less: Changes in the buyer protection fund deposits

(726)

(511)

(72)

(5,051)

(1,369)

(192)

Free cash flow

13,735

(21,840)

(3,068)

31,107

(40,655)

(5,711)

Chinese e-commerce giant Alibaba , beat analysts' estimates for quarterly revenue on Tuesday, as investments in one-hour delivery helped drive more users to its shopping apps, while its cloud division reported strong growth.

Nio’s revenue rose 17% to 21.79 billion yuan, slightly below the market consensus of 22.14 billion yuan. jade gao/Agence France-Presse/Getty ImagesChinese electric-vehicle maker NIO NIO 3.05%increase; green up pointing triangle reported a smaller net loss in the third quarter, reversing a recent widening trend, as sales and margins improved significantly despite stiff competition in the world’s largest auto market.

The Shanghai-based company on Tuesday said its net loss narrowed to 3.66 billion yuan, equivalent to $515.3 million, from 5.14 billion yuan a year earlier. That was better than the 3.71 billion yuan estimate of analysts polled by Visible Alpha.

Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Analyst’s Disclosure:I/we have a beneficial long position in the shares of FRO either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

NIO posts a loss in the third quarter of 3.66 billion yuan, versus a year-earlier loss of 5.14 billion yuan.

Investors would need around $300,000 invested in this premier dividend ETF.

It's one thing to work for your income, but the real beauty comes when you can earn money without lifting a finger -- otherwise known as passive income. There are many forms of passive income, but one of the most straightforward forms in the stock market comes via dividends.

Dividends are a way for companies to reward their investors for simply owning their stock. And regardless of the stock's price movement, you can expect your dividend payments to keep flowing (in most cases).

If the idea of earning $10,000 in passive income sounds enticing, there is one dividend exchange-traded fund (ETF) well-equipped to make it happen. It likely won't be overnight, but with a little patience, it's absolutely attainable.

Image source: Getty Images.

A high-quality dividend ETF that has stood the test of time
The Schwab U.S. Dividend Equity ETF (SCHD 0.55%) is one of the top dividend exchange-traded funds (ETFs) on the market. It has been around since October 2011 and is known for holding high-quality companies. This is largely because of the criteria companies must meet to be included.

A company must have 10 consecutive years of dividend payouts, strong cash flow, and a healthy balance sheet to be eligible. That eliminates many companies that may seem attractive strictly because of a high dividend yield or an unsustainable dividend.

In the past five years, SCHD's average dividend yield has been 3.35%. If we assume this continues (though it will inevitably fluctuate because dividend yields move inversely to stock prices), you would need to have $298,508 invested in SCHD to generate $10,000 in annual passive income.

Data by YCharts.

At the time of this writing, SCHD's price is around $27, meaning you'd need to purchase 11,056 shares if you were starting from scratch.

It all comes down to consistency
In reality, few people have close to $300,000 in cash lying around that they can instantly invest to make the above scenario happen. However, with time, consistency, and the power of compound earnings, it's much easier to accomplish than one may initially believe.

Today's Change

(

-0.55

%) $

-0.15

Current Price

$

26.95

Over the past decade, SCHD has averaged 11.2% annual total returns. Past performance doesn't guarantee future performance, but if we assume this continues for the sake of illustration, you could cross the $300,000 mark in 20 years by investing $400 monthly into the ETF. If you upped the monthly contributions to $750, you could hit the mark in 15 years.

In either case, you would have personally invested much less than the actual $300,000. The key is to start early and let time do a lot of the heavy lifting.

LONDON, Nov. 25, 2025 (GLOBE NEWSWIRE) -- Autolus Therapeutics plc (Nasdaq: AUTL), an early commercial-stage biopharmaceutical company developing, manufacturing and delivering next-generation programmed T cell therapies, announces that the National Institute for Health and Care Excellence (NICE) has published draft guidance1 recommending AUCATZYL® (obecabtagene autoleucel, or “obe-cel”)2 for use in the National Health Service (NHS) in England and Wales as a treatment option for adult patients (≥26 years) with relapsed or refractory B-cell precursor acute lymphoblastic leukemia (r/r B-ALL). AUCATZYL will be available through routine commissioning by the NHS.

About Ian Lyall
Ian Lyall, a seasoned journalist and editor, brings over three decades of experience to his role as Managing Editor at Proactive. Overseeing Proactive's editorial and broadcast operations across six offices on three continents, Ian is responsible for quality control, editorial policy, and content production. He directs the creation of 50,000 pieces of real-time news, feature articles, and filmed interviews annually.
Prior to Proactive, Ian helped lead the business output at the Daily... Read more

About the publisher
Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists.

Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth.

We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors.

The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies.

Use of technology
Proactive has always been a forward looking and enthusiastic technology adopter.

Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows.

Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation.

About Jamie Ashcroft
Jamie Ashcroft, the News Editor for Proactive UK, has developed an impressive career in financial journalism, focusing on the small-cap sector for over fourteen years. Before joining the Proactive team, he was a stockbroker during the global financial crisis, a role that complemented his educational background - a first-class degree in Business and Economics and qualifications in software design and development.
As one of the early external hires at Proactive in 2009, Jamie contributed... Read more

About the publisher
Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists.

Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth.

We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors.

The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies.

Use of technology
Proactive has always been a forward looking and enthusiastic technology adopter.

Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows.

Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation.

Novartis said on Tuesday up to 550 full-time jobs could be cut by the end of 2027 at the Swiss pharmaceutical company's Stein facility near Basel in northern Switzerland.

Brett Kelly
Founder, Executive Chairman & CEO

[Technical Difficulty] 2025 AGM for Kelly Partners Group Holdings Limited.

I am Brett Kelly, Founder and CEO of KPG. It is now 9:02 a.m. Sydney time, and there being a quorum present, I declare the meeting open for business. I confirm that the meeting has been properly constituted. The company considers it appropriate to hold the 2025 AGM as a virtual meeting in a manner that is consistent with the Corporations Act 2001 and the company's constitution.

In opening the 2025 AGM, I would like to introduce the Board of Kelly Partners Group Holdings Limited and other individuals who are in attendance: Mr. Stephen Rouvray, Non-Executive Director; Mr. Ryan Macnamee, Non-Executive Director; Mr. Paul Kuchta, Executive Director; Ms. Ada Poon, Executive Director; Mr. Kenneth Ko, CFO; Mr. Jeshan Velupillai, Partner of BDO; Mr. Ron van Driel, Director of BDO; and Mr. Tim Aman, Partner of BDO. There are no apologies for today's meeting.

Being a virtual meeting, I would like to thank you for joining us via the Zoom webinar platform. You will see at the bottom of your screens that the Zoom webinar contains a Q&A function. The function can be used to submit questions or comments. When you submit a question or comment, please start with which resolution it relates to so that it can be addressed at the appropriate time. Questions which relate to the general business of the company will be collated and addressed after the close of the formal business of the meeting.

The agenda for today's meeting will be as follows: Kenneth Ko and myself will provide

Nvidia shares fell on Tuesday after The Information reported that Meta is considering using chips designed by Google.

Shares of Nvidia were 3.6% lower in premarket trade. Google-parent Alphabet was trading 2.6% higher.

On Monday, The Information reported that Meta is considering using Google's tensor processing units (TPUs) in its data centers in 2027. Meta may also rent TPUs from Google's cloud unit next year, the publication reported.

Google launched its first-generation TPU in 2018 and it was initially designed for its own internal use for its cloud computing business. Since then, Google has launched more advanced versions of its chip that are designed to handle artificial intelligence workloads.

TPUs are a customized chip and experts say this gives Google an advantage over rivals as it can offer customers a highly efficient product for AI.

If Meta uses the TPUs, it would be big win for Google and potential validation of the technology.

watch now

Nvidia remains the market leader with its graphics processing units (GPUs) that have become the main piece of hardware underpinning the huge AI infrastructure buildout. While Nvidia's dominance is unlikely to be dislodged in the near term, Google's TPUs add further competition into the AI semiconductor market.

Companies building AI infrastructure have been searching for a more diversified supply of chips to reduce reliance on Nvidia.

Meta is among the biggest spenders on AI infrastructure, with the company projecting its capital expenditure to stand between $70 billion to $72 billion this year.

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

TOKYO, JP / ACCESS Newswire / November 25, 2025 / Harrison Global Holdings Inc. (Nasdaq:BLMZ) announced key strategic updates following the successful completion of its investor Zoom webinar, Inside Harrison Global Holdings Inc.: Discover the Vision, Strategy & Growth Ahead. The event, led by Co-CEO Mr.

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in IPAR over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

November 25, 2025 4:30 AM EST | Source: Sitka Gold Corp.
Drill hole DDRCCC-25-099 intersected 310.0 m of 0.61 g/t Au, including 172.4 m of 0.90 g/t Au, 26.8 m of 1.04 g/t Au, and 33.4 m of 2.40 g/t Au further expanding the Blackjack Deposit.

Drill hole DDRCCC-25-102 intersected 191.8 m of 0.65 g/t Au including 119.9 m of 0.87 g/t Au and 24.3 m of 2.33 g/t Au southwest of the current Mineral Resource Estimate ("MRE") margin.

Drill hole DDRCCC-25-104 intersected 44.4 m of 1.33 g/t Au from surface further extending the known mineralization at Saddle Zone.

Drill hole DDRCCC-25-110 intersected 44.5 m of 0.70 g/t gold, including 8.8 m of 1.18 g/t gold, suggesting a new zone of mineralization at the Blackjack South target area, which lies approximately 300 m south of the Blackjack MRE limit and within the proposed Blackjack pit limits.

Additional results pending for 42 drill holes completed at Eiger, Pukelman, Contact, Rhosgobel, Bearpaw, and May-Qu.

Vancouver, British Columbia--(Newsfile Corp. - November 25, 2025) - Sitka Gold Corp. (TSXV: SIG) (FSE: 1RF) (OTCQB: SITKF) ("Sitka" or the "Company") is pleased to announce additional analytical results from drilling completed at its 100% owned, road accessible RC Gold Project ("RC Gold" or the "Project") within the Yukon's prolific Tombstone Gold Belt. Drilling at the Blackjack area has expanded the known mineralized envelope at the Blackjack Gold Deposit, expanded the Saddle Zone gold mineralization, identified a deeper zone of strong gold mineralization at Saddle, and discovered a new area of gold mineralization at Blackjack South located approximately 300 metres south of the current Blackjack deposit and within the current proposed pit limits.

At the Blackjack Deposit, drill hole DDRCCC-25-099 intersected 310.0 m of 0.61 g/t gold, including 172.4 m of 0.90 g/t gold and 26.8 m of 1.04 g/t gold, and 33.4 m of 2.40 g/t gold at the edge of the current MRE extending the known mineralization further to the southwest (see Figure 1). DDRCCC-25-102 returned 191.8 metres of 0.65 g/t gold including 24.3 m of 2.33 g/t gold, highlighting the presence of strong gold mineralization outside the southwest margin of the current MRE (see Figure 1).

At the Saddle Zone DDRCCC-25-104 intersected 44.4 metres of 1.33 g/t gold from 4.6 metres extending the near surface mineralization at the Saddle Zone further to the west (see Figure 1). The Saddle Zone is within the pit limits of the Blackjack Deposit but is not included in the current MRE and drilling has extended the strike of mineralization at Saddle to approximately 300 metres. Drilling at Blackjack South (holes DDRCCC-25-105, -108, -110) has intersected a new quartz monzonite dyke within the proposed pit limits at Blackjack, adding a new mineralized target approximately 300 metres south of the current MRE boundary where drillhole DDRCCC-25-110 intersected 44.5 m of 0.70 g/t gold including 8.8 metres of 1.18 g/t gold. Mineralization at Blackjack south consists of sheeted quartz veins cutting the feldspar megacrystic quartz monzonite and adjacent metasediments.

"Drilling at the Blackjack and Saddle zones continues to reinforce the potential for significant ounces to be added within the conceptual pit shell of our Blackjack gold deposit," stated Cor Coe, CEO and Director of Sitka Gold. "While the long, robust drill intercepts returned this season continue to expand the mineralized envelope at Blackjack, which remains open in all directions, we are quite excited with what we are seeing at Saddle, where results such as 44.4 metres of 1.33 g/t gold beginning at surface in hole 104 highlight the potential to add near surface higher-grade gold mineralization within the proposed pit limits. Furthermore, results such as the 4.0 metres of 3.90 g/t gold beginning at 142.0 metres in hole 098 suggest that a deeper zone of higher-grade mineralization is also beginning to emerge at Saddle. In addition, a new zone of gold mineralization has been discovered about 300 metres south of the Blackjack resource envelope where step out drilling has intercepted strong gold values such as 44.5 metres of 0.70 g/t gold in hole 110, which included 8.8 metres of 1.18 g/t gold and a separate interval of 2.0 metres of 4.07 g/t gold. We look forward to following up on these latest drill results as we continue to unlock the potential at the Blackjack deposit, which is just one of our many exciting targets within what is quickly becoming a district-scale, multi-deposit gold camp at RC Gold."

Figure 1: A drill plan map of the Blackjack and Saddle zones with the newly discovered Blackjack South area all within the conceptual pit outline for the Blackjack gold deposit.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6144/275848_ed41703d74ea7b6f_003full.jpg

Figure 2: Examples of visible gold (VG) observed in drill core at the Blackjack Deposit (DDRCCC-25-099 and DDRCCC-25-102), the Saddle Zone (DDRCCC-25-104), and the Blackjack South Zone (DDRCCC-25-110). Click the following links to see additional images of VG from the BLACKJACK, BLACKJACK SOUTH and SADDLE zones.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6144/275848_ed41703d74ea7b6f_004full.jpg

Figure 3a: Core from DDRCCC-25-099 of sheeted veins in metasediments (darker rock at top and middle of photo) and strongly altered and silicified megacrystic quartz monzonite showing the 10.2 m interval of 6.15 g/t Au from 499.9 m, including 1.6 m of 26.9 g/t Au from 505.0 m. These results continue to demonstrate the presence of significant gold mineralization in the metasedimentary rock within and adjacent to the megacrystic quartz monzonite.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6144/275848_ed41703d74ea7b6f_005full.jpg

Figure 3b: Core from DDRCCC-25-104 of sheeted quartz veinlets in megacraystic quartz monzonite showing part of 44.4 m interval of 1.33 g/t Au from 4.6 m, including 10.m of 2.14 g/t Au from 20.0 m.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6144/275848_ed41703d74ea7b6f_006full.jpg

Figure 3c: Drill core from DDRCCC-25-110 of sheeted quartz veins in strongly altered metasediments on the margins of a megacrystic quartz monzanite dyke (darker rock at the bottom right of the photo) showing the 44.5 m interval of 0.70 g/t Au from 152.0 m, including 8.8 m of 1.18 g/t gold from 152.0 m. This intersection also demonstrates the presence of gold mineralization in the metasediments adjacent to the intrusive megacrystic quartz monzonite.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6144/275848_ed41703d74ea7b6f_007full.jpg

Blackjack Drilling

Drilling at Blackjack in 2025 which included 26 holes for approximately 10,494 m was successful in extending the known mineralization at the Blackjack deposit as well as extending the strike length of known mineralization at the Saddle zone, identifying new deeper mineralization at Saddle, and identifying new mineralization at Blackjack South. The three holes drilled at Blackjack South were successful at identifying a new zone of mineralization within the proposed Blackjack pit outline.

At the Saddle Zone, 11 holes for a total 2,918 meters have been completed in 2025. Received results continue to define the presence of dykes and sills with strong gold mineralization hosted both within the dykes and sills and the host metasedimentary rock. The near surface gold mineralization defined to date at the Saddle Zone is within the current proposed pit outline for the Blackjack Deposit resource, but is approximately 300 metres east of the current Mineral Resource Estimate (MRE) outline. This mineralization therefore has the potential to expand and add ounces to the current MRE. In addition, drill holes at Saddle have intersected a deeper zone of mineralization such as drillhole DDRCCC-25-086 which intersected a second deeper zone of 4.1 m of 1.45 g/t gold and DDRCCC-25-089 which intersected a second deeper zone of 4.0 m of 4.52 g/t gold from 236.0 m within mineralized dykes and sills (see news release dated September 4, 2025).

* While visible gold observations are very encouraging and confirm the presence of gold mineralization, they are not intended to imply potential gold grades. Gold assays will be published after they are received from the lab for mineralized intervals in which visible gold particles were noted.

Figure 4: A plan map of the Clear Creek Intrusive Complex (CCIC) showing the updated resource areas at Blackjack and Eiger, along with the newly discovered Rhosgoble zone and several other high-priority drill targets and multiple exploration targets. . The map highlights the numerous drill targets that Sitka has outlined within the CCIC which all are connected by the road network on the project and occur in an area measuring five (5) km north-south and twelve (12) km east-west. Additional areas highlighted by strong gold in soil anomalies are being advanced to the drill ready stage with additional geological work in 2025.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6144/275848_ed41703d74ea7b6f_010full.jpg

Figure 5*: A plan map of the Clear Creek Intrusive Complex (CCIC) showing the updated resource areas at Blackjack and Eiger, and the six additional areas that have drill targets indicated by the mauve hatched areas. The map highlights the numerous drill targets that Sitka has outlined within the CCIC which all are connected by the road network on the project and occur in an area measuring five (5) km north-south and twelve (12) km east-west. Additional areas highlighted by strong gold in soil anomalies are being advanced to the drill ready stage with additional geological work in 2025.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6144/275848_ed41703d74ea7b6f_011full.jpg

* References for Figure 7 drilling intervals:
Rhosgobel Intervals: Sitka Gold News Release dated November 25, 2024
Pukelman Intervals: Sitka Gold News Release dated January 7, 2025
Contact Intervals: O'Brien, 2010; Assessment Report, 2010 Diamond Drilling Program, Clear Creek Property (Assessment report 095539)

Shutty, 2011; Assessment Report, 2011 Exploration Program, Clear Creek Property (Assessment Report 095984)
Bear Paw Intervals: Shutty, 2011; Assessment Report, 2011 Exploration Program, Clear Creek Property (Assessment Report 095984)

Figure 6: Regional map of the RC Gold Project located in the western portion of Yukon's prolific Tombstone Gold Belt.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6144/275848_ed41703d74ea7b6f_012full.jpg

Quality Assurance/Quality Control

On receipt from the drill site, the HTW/NTW-sized drill core was systematically logged for geological attributes, photographed and sampled at Sitka's core logging facility. Sample lengths as small as 0.3 m were used to isolate features of interest, otherwise a default 2 m downhole sample length was used. Each sample is identified by a unique sample tag number which is placed in the bag containing the core to be assayed. Core was cut in half lengthwise along a predetermined line, with one-half (same half, consistently) collected for analysis and one-half stored as a record. Standard reference materials, blanks and duplicate samples were inserted by Sitka personnel at regular intervals into the sample stream. Bagged samples were placed in secure bins to ensure integrity during transport. They were delivered by Sitka personnel or a contract expeditor to ALS Laboratories' preparatory facility in Whitehorse, Yukon, with analyses completed in North Vancouver.

ALS is accredited to ISO 17025:2005 UKAS ref. 4028 for its laboratory analysis. Samples were crushed by ALS to over 70 per cent passing below two millimetres and split using a riffle splitter. One-thousand-gram splits were pulverized to over 85 per cent passing below 75 microns. Gold determinations are by fire assay with an inductively coupled plasma mass spectroscopy (ICP-AES) finish on 50 g subsamples of the prepared pulp (ALS code: Au-ICP-22). Any sample returning over 10 g/t gold was re-analyzed by fire assay with a gravimetric finish on a 50 g subsample (ALS code: Au-GRA21). In addition, a 51-element analysis was performed on a 0.5 g subsample of the prepared pulps by an aqua regia digestion followed by an inductively coupled plasma mass spectroscopy (ICP-MS) finish (ALS code: ME-MS41).

About Sitka's Flagship RC Gold Project

Sitka's 100% owned RC Gold Project consists of a 431 square kilometre contiguous district-scale land package located in the heart of Yukon's Tombstone Gold Belt. The project is located approximately 100 kilometres east of Dawson City, which has a 5,000 foot paved runway, and is accessed via a secondary gravel road from the Klondike Highway which is usable year-round and is an approximate 2 hour drive from Dawson City. It is the largest consolidated land package strategically positioned mid-way between the Eagle Gold Mine and the past producing Brewery Creek Gold Mine.

The RC Gold Project now has pit-constrained mineral resources that are contained in two zones: the Blackjack and Eiger gold deposits with 1,291,000 ounces of gold in 39,962,000 tonnes grading 1.01 g/t gold in an indicated category and 1,044,000 ounces of gold in 34,603,000 tonnes grading 0.94 g/t in an inferred category at Blackjack and 440,000 ounces of gold in 27,362,000 tonnes grading 0.50 g/t gold in an inferred category at Eiger. These resource estimate numbers are supported by the recently updated technical report for RC Gold, prepared in accordance with NI 43-101 standards, entitled "Clear Creek Property, RC Gold Project NI 43-101 Technical Report Dawson Mining District, Yukon Territory", prepared by Ronald G. Simpson, P. Geo., of GeoSim Services Inc. with an effective date of January 21, 2025. This report is available on SEDAR+ (http://www.sedarplus.ca) and on the Company's website (www.sitkagoldcorp.com).

Both of these deposits begin at surface, are potentially open pit minable and Initial bottle roll metallurgical testing confirmed the non-refractory characteristics of the gold mineralization and returned gold extraction rates averaging around 85%. Further metallurgical testwork in 2024 returned recoveries ranging from 77.6 to 93% for gravity followed by cyanidation.

For the purposes of the current resource model, it is assumed that a likely mill flowsheet would consist of a gravimetric, flotation, and cyanidation circuit.

The company has now completed 165 diamond drill holes for a total of 59,770 metres across the Clear Creek Intrusive Complex (CCIC), and an additional 3 holes for 858 metres in the May-Qu Intrusion. Drilling continues to outline higher grade mineralization at all zones including hole DDRCCC-24-068 at Blackjack which intersected 678.1 metres of 1.04 g/t gold starting from surface (see news release dated October 21, 2024), and hole DDRCCC-25-075 which intersected 352.8 metres of 1.55 g/t gold including 108.9 metres of 3.27 g/t gold and 45.0 metres of 4.52 g/t gold (see news release dated April 22, 2025). Drilling in 2024/2025 has resulted in the discovery of a new higher grade zone at Rhosggobel including hole DDRCRG-25-010 at Rhosgobel which intersected 235.9 metres of 1.11 g/t gold, including 40.0 m of 2.01 g/t gold and 10.0 m of 5.29 g/t gold, from surface (see news release dated September 18, 2025).

RC Gold Deposit Model

Exploration on the Property has mainly focused on identifying an intrusion-related gold system ("IRGS"). The property is within the Tombstone Gold Belt which is the prominent host to IRGS deposits within the Tintina Gold Province in Yukon and Alaska. Notable deposits from the belt include: Fort Knox Mine in Alaska with current Proven and Probable Reserves of 230 million tonnes at 0.3 g/t Au (2.471 million ounces; Sims 2018)(1); Eagle Gold Mine with current Measured and Indicated Resources of 233 million tonnes at a grade of 0.57 g/t Au at the Eagle Main Zone (4.303 million ounces; Harvey et al, 2022)(2); the Brewery Creek deposit with current Indicated Mineral Resource of 22.2 million tonnes at a gold grade of 1.11 g/t (0.789 million ounces; Hulse et al. 2020)(3); the AurMac Project with an Indicated Mineral Resource of 112.5 million tonnes grading 0.63 gram per tonne gold (2.274 million ounces)(4) plus an Inferred resource of 280.6 million tonnes grading 0.60 g/t gold (5.454 million ounces)(4), the Valley Deposit, with a current Measured and Indicated Mineral Resource of 7.94 million oz gold at 1.21 g/t and an additional Inferred Mineral Resource of 0.89 million oz at 0.62 g/t gold(5), and the Raven deposit with an inferred mineral resource of 1.1 million oz (19.96 million tonnes at 1.67 g/t gold)(6). The QP has been unable to verify the information regarding the above resource estimations and the information is not necessarily indicative of the mineralization on the property that is the subject of the disclosure.

Sims J. Fort Knox Mine Fairbanks North Star Borough, Alaska, USA National Instrument 43-101 Technical Report. June 11, 2018. https://s2.q4cdn.com/496390694/files/doc_downloads/2018/Fort-Knox-June-2018-Technical-Report.pdf

Harvey N., Gray P., Winterton J., Jutras M., Levy M.,Technical Report for the Eagle Gold Mine, Yukon Territory, Canada. Victoria Gold Corp. December 31, 2022. https://vgcx.com/site/assets/files/6534/vgcx_-_2023_eagle_mine_technical_report_final.pdf

Hulse D, Emanuel C, Cook C. NI 43-101 Technical Report on Mineral Resources. Gustavson Associates. May 31, 2020. https://minedocs.com/22/Brewery-Creek-PEA-01182022.pdf

July 8, 2025,Banyan Gold Corp., News Release. https://banyangold.com/news-releases/2025/banyan-announces-first-indicated-mineral-resources-and-identifies-high-grade-continuous-zones-at-its-aurmac-project-yukon-canada/

https://snowlinegold.com/2025/05/15/snowline-gold-expands-measured-and-indicated-gold-ounces-by-96-in-updated-mineral-resource-estimate-at-its-valley-gold-deposit-yukon/

Jutras, M. 2022. Technical Report on the Raven Mineral Deposit, Mayo Mining District Yukon Territory, Canada, prepared for Victoria Gold Corp and filed on SEDAR (www.sedarplus.ca) with an effective date of September 15, 2022

About Sitka Gold Corp.

Sitka Gold Corp. is a well-funded mineral exploration company headquartered in Canada with over $43 million in its treasury and no debt. The Company is managed by a team of experienced industry professionals and is focused on exploring for economically viable mineral deposits with its primary emphasis on gold, silver and copper mineral properties of merit. Sitka is currently advancing its 100% owned, 431 square kilometre flagship RC Gold Project located within the Tombstone Gold Belt in the Yukon Territory. The Company is also advancing the Alpha Gold Project in Nevada and currently has drill permits for its Burro Creek Gold and Silver Project in Arizona and the Coppermine River Project in Nunavut, all of which are 100% owned by Sitka.

*For more detailed information on the Company's properties please visit our website at www.sitkagoldcorp.com

Upcoming Events

Sitka Gold will be attending and/or presenting at the following events*:

121 Mining Investment Conference: Dubai, UAE: November 26-27, 2025

Scotiabank Mining Conference: Toronto, Ontario: December 2-3, 2025

Metal Investors Forum (MIF): Vancouver, BC: January 23 - 24, 2026

Vancouver Resource Investment Conference (VRIC): Vancouver, BC: January 25 - 26, 2026

AME Roundup: Vancouver, BC: January 26 - 29, 2026

*All events are subject to change.

The scientific and technical content of this news release has been reviewed and approved by Gilles Dessureau, P.Geo., V.P. Exploration of the Company, and a Qualified Person (QP) as defined by National Instrument 43-101.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary and Forward-Looking Statements

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions and the Company's anticipated work programs.

These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, market uncertainty and the results of the Company's anticipated work programs.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275848

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

SummarySepterna, Inc. delivered a strong 3Q25, driven by partnership revenue from its transformative collaboration with Novo Nordisk.SEPN's Novo partnership brings $195M upfront, a potential $2.2B in milestones, and full R&D funding, reducing capital burden and boosting strategic position.The incretin-pathway GPCR program is closest to early milestones, with further upside tied to successful target validation and hit-to-lead advancements.Despite elevated valuation multiples, SEPN's robust cash position and pipeline progress support a bullish outlook, though volatility and long timelines remain. kumikomini/E+ via Getty Images

Thesis Septerna, Inc. (SEPN) reported a 3Q25 GAAP EPS of just $0.18, marking a pretty sharp improvement from the losses we’ve seen in prior periods. As you know, this swing was mainly driven by partnership-related revenue. The company

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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, /PRNewswire/ -- UNICEPTA, a global media intelligence provider within The Marketing Cloud, part of Stagwell (NASDAQ: STGW), today announced the launch of an integration with Microsoft 365 Copilot to make its reputation and media intelligence capabilities directly accessible within Copilot. The collaboration enables communications and reputation leaders to access, analyze, and act on real-time insights without leaving their core Microsoft environment – eliminating friction, reducing tool complexity, and improving decision speed.

In an era where communications teams face rising data volumes and unprecedented speed of change, fragmented dashboards and disconnected systems have become a major obstacle to strategic work. The integration directly addresses this challenge: instead of forcing teams to adopt yet another platform, it brings intelligence to the tools they already use every day.

"AI should make complex work feel simple – not the other way around. By embedding UNICEPTA directly into Microsoft 365 Copilot, we're turning everyday workspaces into intelligent command centers for communicators. Teams can ask questions in plain language, get instant insights, and make reputation-critical decisions in the moment. This is what the future of communications looks like: intelligence that's always on, right where the work happens," said Martin Schulze, Head of Product at UNICEPTA.

Chantrelle Nielsen, Director of Product Management for Microsoft 365 Copilot at Microsoft added, "UNICEPTA's deep expertise in media intelligence and its ability to simplify complexity make it possible to turn reputation data into clear, actionable insights within Microsoft 365 Copilot. This integration enables communicators to move from static reporting to real-time, AI-powered reputation management — right where their work happens."

Through the integration, UNICEPTA's AI Agent connects securely to its proprietary, LLM-powered data layer via Microsoft connectors within the client's environment. Clients maintain complete control over how the integration between the agent and connector is deployed across their organization – no information is shared with Microsoft. Access can be configured for specific user groups, and the agent can be embedded directly within Teams, Word, or PowerPoint. This architecture is designed to scale seamlessly across industries and enterprise environments.

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The Marketing Cloud (formerly Stagwell Marketing Cloud) is a data-driven suite of AI-powered SaaS and service solutions built for the modern marketer. Powered by proprietary data and advanced tools spanning research, communications, creative, and media, it enables organizations to achieve measurable business outcomes by making smarter decisions, faster.

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Contact
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[email protected]  
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SOURCE Stagwell Inc.

Despite the current narrative, one bullish Wall Street analyst just doubled their price target on the stock market darling.

The biggest debate on Wall Street these days involves the future potential of artificial intelligence (AI). After several years of blistering returns, some investors have begun to avoid the key players in the space due to concerns about slowing growth and talk of a bubble. Yet the truth is much more nuanced, and the available evidence suggests that AI adoption continues unfettered.

Take AI chipmaker Nvidia (NVDA +1.83%), for example. Its graphics processing units (GPUs) have become the gold standard for AI training and inference in data centers, and while relative growth has slowed, absolute demand is still eye-catching.

Just last week, one Wall Street analyst doubled their five-year price target, positing Nvidia will be a $20 trillion company by 2030. Let's examine Nvidia's recent results, why this analyst is so bullish, and what it would take for the company to achieve a $20 trillion market cap.

Image source: Getty Images.

The AI revolution is alive and well
By any normal measure, Nvidia's results over the past decade have been exemplary: Revenue has grown 3,970%, while its net income has surged 15,320%. That performance, combined with rapid adoption of AI, has driven a blistering rise in its stock price, which has soared 23,490% (as of this writing).

The company's recent results help put the eye-popping numbers into context. In its fiscal 2026 third quarter (ended Oct. 26), Nvidia's results reaccelerated. It delivered record revenue of $57 billion, which jumped 62% year over year and 22% sequentially. This fueled earnings per share (EPS) that rose 67% to $1.30.

Driving the results was the data center segment -- which includes AI chips used for data centers and cloud computing -- as sales soared 66% to $51.2 billion, providing the clearest evidence yet that demand for AI continues.

Management's outlook suggests the best is yet to come. For the fourth quarter, Nvidia's forecast calls for revenue of $65 billion, which would represent year-over-year growth of 66% at the midpoint of its guidance.

Capital expenditures (capex) by the biggest technology companies continues to ramp higher. While projections originally stood at $250 billion for AI-centric capex in 2025, that number has climbed to $405 billion and continues to rise. Furthermore, spending is expected to be higher still in 2026.

Nvidia is the dominant supplier of data center GPUs with an estimated 92% of the market, according to IoT Analytics, so it is well-positioned to profit from this ongoing tidal wave of AI-related spending.

The path to $20 trillion
Nvidia currently boasts a market cap of roughly $4.4 trillion (as of this writing). The company would need to deliver stock price gains of 352% to drive its value to $20 trillion. According to Wall Street, Nvidia is on track to generate revenue of roughly $213 billion for its fiscal 2026 (which ends in January), resulting in a forward price-to-sales (P/S) ratio of 21. Assuming its P/S remains constant, Nvidia would need to grow its revenue to roughly $919 billion annually to support a $20 trillion market cap.

Wall Street is forecasting annual revenue growth of 31% for Nvidia over the coming five years. If the company can achieve that growth rate, it could reach a $20 trillion market cap as early as 2030. Wall Street has a tendency to underestimate chipmakers' results, so I suspect it will cross that threshold even sooner.

Today's Change

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1.83

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3.27

Current Price

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182.15

Don't take my word for it. Beth Kindig, CEO and lead tech analyst for the I/O Fund, recently doubled her price target for Nvidia, and her math supports what might at first seem like a sensational proclamation. Kindig said the company needs to grow its data center revenue by 36% annually over the coming five years to hit a $20 trillion market cap:

This is supported by Nvidia's aggressive 1-year product roadmap, an impenetrable software ecosystem through CUDA [Compute Unified Device Architecture], and its evolution into a full-stack AI systems provider. When these elements are modeled together -- alongside the rapid expansion in global AI infrastructure capex -- the path to $20 trillion becomes less sensational and more a reflection of compounding fundamentals.

Keep in mind that back in 2019 -- when Nvidia had a market cap of just $550 billion -- Kindig made the audacious call that Nvidia would surpass Apple to become the world's most valuable company, a prediction that has since come true. As such, I tend to give her analysis more weight.

Nvidia has been and will likely continue to be a volatile stock, so the path ahead will no doubt be a bumpy ride, with numerous peaks and valleys on the road to new heights.

Nvidia's valuation could be a sticking point for some investors, as the stock is currently selling for 45 times trailing-12-month sales. However, the price-to-earnings (P/E) ratio falls short when assessing high-growth stocks like Nvidia. Using the more appropriate price/earnings-to-growth (PEG) ratio returns a multiple of 0.8, when any number less than 1 is the standard for an undervalued stock.