According to QuestMobile, the daily average DAU of Taobao App continued to grow steadily in the second quarter of 2024. Multiple institutions such as Morgan Stanley and Goldman Sachs have released research reports stating that Alibaba's e-commerce market share is stable, user investment is effective, and it is expected to usher in a positive cycle of scale growth and commercialization improvement.
On August 16th, Da Mo pointed out in a research report that Alibaba's e-commerce strategy of focusing on core businesses has begun to show significant results. In recent quarters, due to a firm investment in improving user experience, Alibaba's e-commerce market share has remained stable. With the full launch of "full site promotion" and other measures, multiple engines will promote the improvement of Alibaba's e-commerce monetization level.
Goldman Sachs also emphasized in its research report that with the stable market share of Taobao's GMV in the past two quarters, it has raised its expectations for GMV growth in the 2025 fiscal year, and believes that with the comprehensive implementation of "full site promotion" on the platform, it is expected to drive a stable increase in Taobao's monetization rate in the future.
On August 15th, Alibaba Group released its first quarter performance for the fiscal year 2025, with stable market share in Taobao, accelerated growth in Alibaba Cloud driven by public cloud and AI, and significant efficiency and loss reduction in other multiple businesses. During the analyst conference call, the management stated that it is expected that CMR growth will gradually align with GMV growth in the coming quarters. They reiterated the double-digit growth of external cloud revenue in the second half of the 2025 fiscal year, revealed that AI and computing power demand are accelerating, and stated that most other businesses outside of e-commerce and cloud will gradually achieve breakeven within 1-2 years and begin to contribute to the group's scaled profits.
Da Mo and Goldman Sachs are also paying attention to Alibaba's progress in promoting dual major listings and its prospects for inclusion in the Hong Kong Stock Connect, both of which have raised Alibaba's target price.