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PDD Holdings Inc. (NASDAQ:PDD) meldete im zweiten Quartal einen Umsatz von 112,4 Milliarden RMB, 8 % mehr als im Vorjahr, aber unter der Konsensschätzung von 116,35 Milliarden RMB. Der den Stammaktionären zurechenbare GAAP-Nettogewinn sank um 12 % auf 27,2 Milliarden RMB, während die gesamten Betriebskosten um 13 % auf 36,6 Milliarden RMB stiegen.

Die Aktien legten im vorbörslichen Handel nach den Ergebnissen um etwa 3 % zu. PDD Holdings Inc. schloss am 24. August bei 87,07 US-Dollar, 1,5 % niedriger im regulären Handel.

Der vom Unternehmen definierte verwässerte Non-GAAP-Gewinn betrug 19,33 RMB je American Depositary Share und lag damit über den Konsensschätzungen, sank jedoch um 12,4 % gegenüber 22,07 RMB im Vorjahr. Der Wert schließt aktienbasierte Vergütungsaufwendungen aus. Der verwässerte GAAP-Gewinn fiel von 20,75 RMB auf 18,45 RMB je ADS.

PDD Holdings blieb trotz Wettbewerbs-, Handels- und Regulierungsdrucks hochprofitabel. Der GAAP-Betriebsgewinn stieg um 8 % auf 27,8 Milliarden RMB, während die GAAP-Betriebsmarge mit etwa 24,7 % gegenüber 24,8 % im Vorjahr weitgehend stabil blieb. Der vom Unternehmen definierte Non-GAAP-Betriebsgewinn stieg um 5 % auf 29,1 Milliarden RMB.

Der operative Cashflow erhöhte sich um 19 % auf 25,7 Milliarden RMB. Zahlungsmittel, Zahlungsmitteläquivalente und kurzfristige Anlagen erreichten Ende Juni 456,4 Milliarden RMB. Der Umsatz aus Transaktionsdienstleistungen stieg um 13 % auf 54,7 Milliarden RMB.

Das Umsatzwachstum verlangsamte sich vom ersten Quartal mit 11 % auf 8 % im zweiten Quartal. Die Umsätze aus Online-Marketingdienstleistungen und sonstigen Aktivitäten stiegen nur um 3,5 % auf 57,6 Milliarden RMB. Die Vertriebs- und Marketingkosten erhöhten sich um 9 % auf 29,7 Milliarden RMB, Forschungs- und Entwicklungskosten um 27 % auf 4,6 Milliarden RMB und allgemeine Verwaltungskosten um 53 % auf 2,3 Milliarden RMB.

Der Rückgang des GAAP-Nettogewinns um 12 % resultierte nicht aus einem schwächeren Betriebsgewinn. Sonstige Erträge wandelten sich von 119 Millionen RMB in einen Verlust von 7,4 Milliarden RMB, während der Ertragsteueraufwand von 4,8 Milliarden RMB auf 6,1 Milliarden RMB stieg. Die Datenbank von Insider Monkey zeigte 52 Hedgefonds mit PDD-Beteiligungen am Ende des zweiten Quartals 2026 gegenüber 66 Fonds drei Monate zuvor.

PDD Holdings bleibt hochprofitabel und cash-generativ, doch die Ergebnisse des zweiten Quartals zeigen noch keine überzeugende Rendite der höheren Ökosystemausgaben. Eine weitgehend stabile GAAP-Betriebsmarge und ein stärkerer Cashflow stützen das Unternehmen, während das verlangsamte Umsatzwachstum und die begrenzte Offenlegung zu Temu und den Händlerprogrammen die Transparenz einschränken.

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Alibaba BABA is scheduled to report first-quarter fiscal 2027 results on Aug. 20.

For the fiscal first quarter, the Zacks Consensus Estimate for revenues is pegged at $38.63 billion, suggesting an 11.74% rise from the year-ago quarter's reported figure.

The Zacks Consensus Estimate for earnings is pinned at $1.94 per share, indicating a decline of 5.83% from the prior-year quarter's reported figure.

Alibaba has a negative earnings surprise history. In the last reported quarter, the company delivered a negative earnings surprise of 92.62%. Its earnings missed the Zacks Consensus Estimate in each of the trailing four quarters, the average negative surprise being 37.65%.Zacks Investment Research

Image Source: Zacks Investment Research

Earnings Whispers for BABA

Our proven model does not conclusively predict an earnings beat for Alibaba this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. This is not the case here. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.

BABA has an Earnings ESP of 0.00% and a Zacks Rank #3 at present. You can see the complete list of today's Zacks #1 Rank stocks here.

Alibaba Group Holding Limited Price and EPS SurpriseAlibaba Group Holding Limited Price and EPS Surprise

Alibaba Group Holding Limited price-eps-surprise | Alibaba Group Holding Limited Quote

Factors to Note for BABA Ahead of Q1 Results

Alibaba enters its first-quarter fiscal 2027 results, covering April through June 2026, against a backdrop of accelerating cloud momentum but continued margin compression from aggressive AI and quick commerce investment. Management guided that Cloud Intelligence Group's external revenue growth, which reached 40% in the March quarter, was expected to remain a key growth engine, with AI-related product revenues targeting a 12th consecutive quarter of triple-digit expansion. Customer management revenues, which grew 8% year over year on a like-for-like basis excluding the new merchant subsidy program, were likely to have continued benefiting from improved take rates, even as reported CMR growth stayed muted due to the contra-revenue accounting change.

Within the China e-commerce business, quick commerce unit economics are expected to have continued improving sequentially, supported by order-mix optimization and logistics efficiency, with management reiterating confidence that unit economics would turn positive by the end of fiscal 2027. The Qwen consumer app's integration with Taobao and Tmall commerce services, completed in early May, extended AI-driven shopping assistance to a broader user base, while 88VIP membership continued expanding past 62 million. However, heavy subsidy spending and user-acquisition costs for quick commerce and Qwen remained headwinds to near-term adjusted EBITA and free cash flow, which had swung to an outflow in the prior quarter. Intensifying domestic rivalry in instant retail remained a further headwind to monetization.

On the AI and cloud front, Alibaba Cloud continued scaling its Model-as-a-Service platform and proprietary T-Head chip deployments, while capital expenditure was expected to run above the previously stated three-year RMB380 billion AI infrastructure budget, reflecting rising compute demand. This capex intensity, alongside elevated technology and marketing spend, remained a headwind to consolidated adjusted EBITA and non-GAAP net income, both of which had declined sharply in the preceding quarter.

Alibaba International Digital Commerce Group's losses are expected to have kept narrowing toward breakeven, aided by AliExpress' Choice business efficiency gains and the expanding "Brand+" merchant program. Corporate developments during the quarter included the May 20 filing of Alibaba's fiscal 2026 annual report on Form 20-F, and a May 29 multi-year sponsorship partnership with UEFA men's club competitions and EURO 2028, both reinforcing brand visibility. A fiscal 2026 annual dividend of $1.05 per ADS was paid in July.

Overall, the quarter's results, due Aug. 20, are likely to reflect a continuation of the group's trade-off between AI-driven top-line acceleration and near-term profitability pressure, with investors watching capex trajectory and quick commerce breakeven progress.

Story Continues

BABA Price Performance & Stock Valuation

BABA shares have plunged 13.1% year to date, underperforming the Zacks Internet – Commerce industry and the Zacks Retail-Wholesale sector's growth of 6.5% and 4%, respectively.

BABA faces tough competition from Amazon AMZN, PDD Holdings PDD and JD.com JD. Shares of Amazon have returned 12% while JD.com and PDD Holdings have lost 1.2% and 23.9% during the same period.

BABA's Share Price PerformanceZacks Investment Research

Image Source: Zacks Investment Research

BABA has a Value Score of C, which suggests stretched valuation. BABA stock is currently trading at a trailing 12-month Price/Earnings of 39.47X compared with the sector's 29.23X.

BABA's P/E TTM Ratio Depicts Stretched ValuationZacks Investment Research

Image Source: Zacks Investment Research

Investment Thesis

Alibaba's fiscal 2027 first-quarter setup reflects a balanced risk-reward profile ahead of results due Aug. 20. Cloud Intelligence Group's accelerating external revenue growth and 11th-plus consecutive quarter of triple-digit AI product growth support a durable long-term monetization story, while customer management revenues underlying 8% like-for-like growth signal resilient core commerce demand. However, elevated capex likely exceeding the RMB380 billion AI infrastructure budget, persistent quick commerce subsidy spending, and compressed adjusted EBITA margins remain near-term profitability headwinds. Combined with a premium valuation relative to peers and stiff competition in instant retail and cloud, investors may find the risk-reward balanced rather than compelling until unit economics and capex discipline show clearer improvement.

Conclusion

Alibaba's AI and cloud momentum remains encouraging, but elevated capex, subsidy-driven margin pressure and stiff competition warrant caution ahead of the first quarter fiscal 2027 results. Given the stock's premium valuation against near-term earnings uncertainty, existing investors may consider holding positions through the print, while prospective buyers could wait for clearer signs of margin stabilization before establishing a new entry point.

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This article originally published on Zacks Investment Research (zacks.com).

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Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

(Bloomberg) -- Fast-fashion retailer Shein Global Holdings Ltd. is targeting a valuation in the range of $26 billion to $27 billion in its initial public offering in Hong Kong, according to people familiar with the matter, a sharp drop from its peak value.

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The firm will seek to raise about $2 billion in the IPO, the people said, asking not to be identified discussing confidential information. The company had been gauging interest from investors and recently targeted a $30 billion valuation but faced pushback, Bloomberg News has reported. Existing shareholders may take up as much as about half of the deal, people familiar with the matter have said.

Shein is planning to list around the end of the month, the people said. Deliberations are ongoing and details such as size, valuation and timing may change, the people added. A representative for Shein did not immediately respond to a request for comment.

Founded in China but now headquartered in Singapore, Shein is nearing the end of a long journey to go public, after failing to proceed with IPOs in both New York and London. After reaching about $100 billion in 2022, its valuation has plummeted as growth slowed in the wake of tariffs and competition from PDD Holdings Inc.'s Temu.

The firm built a global fast-fashion empire by offering low-priced, trend-driven apparel shipped directly from suppliers. But US tariffs followed by the Middle East war have translated into higher material costs and eventually increased prices for consumers.

Shein posted a loss of $99 million in the first quarter of this year, versus a $395 million profit a year earlier, according to its preliminary prospectus. It also disclosed slowing revenue growth. The business is expected to be impacted further by a new European Union levy on packages worth less than €150 ($173.93).

Backers of the company include IDG Capital, Mubadala Investment Co., Coatue Management and HSG. The company is considering a combination of cash payouts and free additional shares to some investors in its later fundraising rounds to help lower the cost base for them, Bloomberg News reported.

Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co. are arranging Shein's IPO.

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