Alibaba Group Holding Limited (9988.HK) Margin Analysis

Alibaba Group Holding Limited

9988.HK (HKSE)

Models
Alibaba Group Holding Limited Margin Analysis

# --- Years and Quarters
assumptions.set({
    "timeseries": "annual",
    "data": {
        "#years": """
            4
        """,
        "#quarters": """
            8
        """,
    },
    "titles": {
        "#years": "Years",
        "#quarters": "Quarters",
    },
    "properties": {
        "width": "responsive",
        "title": "Years and Quarters",
        "id": "component-1",
        "bindTo": None
    },
    "descriptions": {
        "#years": r"""
The number of historical years used to render the annual chart and tables.
        """,
        "#quarters": r"""
The number of historical quarters used to render the quarterly chart and tables.
        """,
    }
})

# Render description block
model.render_description({
    "data": r"""
## Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.
""",
    "properties": {
        "width": "responsive"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Annual Section

The annual section uses annual data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

# --- Income Statement Margins
data.compute({
    "user:%revenueGrowthRate": """
        ( income:revenue / income:revenue:-1 ) - 1
    """,
    "user:%grossMargin": """
        income:grossProfit / income:revenue
    """,
    "user:%operatingMargin": """
        income:operatingIncome / income:revenue
    """,
    "user:%netMargin": """
        income:netIncome / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

# --- Cash Flow Statement Margins
data.compute({
    "user:%cashFromOperatingActivitiesMargin": """
        flow:netCashProvidedByOperatingActivities / income:revenue
    """,
    "user:%freeCashFlowMargin": """
        flow:freeCashFlow / income:revenue
    """,
    "user:%depreciationAndAmortizationMargin": """
        flow:depreciationAndAmortization / income:revenue
    """,
    "user:%capitalExpenditureMargin": """
        flow:capitalExpenditure / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "annual",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Annual Chart",
        "include_ltm": False,
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "quarterly",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Quarterly Chart",
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

Years and Quarters

Years Years The number of historical years used to render the annual chart and tables.	#
Quarters Quarters The number of historical quarters used to render the quarterly chart and tables.	#

Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.

Annual Section

The annual section uses annual data to calculate margins and growth rates.

Income Statement Margins

Monetary values in HKD amounts except #	LTM Mar 13	2025 Mar 31	2024 Mar 31	2023 Mar 31	2022 Mar 31
Revenue	1,150,980	1,067,885	1,019,567	992,562	1,053,190
Revenue Growth Rate	7.78%	4.74%	2.72%	-5.76%	23.8%
Cost of Revenue	677,085	641,242	635,164	628,082	666,005
Gross Profit	473,895	426,643	384,404	364,480	387,185
Gross Margin	41.17%	39.95%	37.7%	36.72%	36.76%
Operating Income	125,126	151,022	122,792	114,661	85,975
Operating Margin	10.87%	14.14%	12.04%	11.55%	8.16%
Net Income	140,287	139,451	86,674	83,162	76,853
Net Margin	12.19%	13.06%	8.5%	8.38%	7.3%

Cash Flow Statement Margins

Monetary values in HKD amounts except #	LTM Mar 13	2025 Mar 31	2024 Mar 31	2023 Mar 31	2022 Mar 31
Revenue	1,150,980	1,067,885	1,019,567	992,562	1,053,190
Cash from Operating Activities	145,837	176,654	199,335	228,406	173,323
Cash from Operating Activities Margin	12.67%	16.54%	19.55%	23.01%	16.46%
Free Cash Flow	2,745	83,771	163,386	189,126	108,582
Free Cash Flow Margin	0.238%	7.85%	16.03%	19.05%	10.31%
Depreciation and Amortization	40,912	33,331	49,056	43,632	55,517
Depreciation and Amortization Margin	3.55%	3.12%	4.81%	4.4%	5.27%
Capital Expenditure	-143,092	-92,884	-35,948	-39,280	-64,740
Capital Expenditure Margin	-12.43%	-8.7%	-3.53%	-3.96%	-6.15%

Annual Chart

Monetary values in HKD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Annual Chart", "timeseries": "annual", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2022", "x": "2022-03-31", "y": 36.76}, {"l": "2023", "x": "2023-03-31", "y": 36.72}, {"l": "2024", "x": "2024-03-31", "y": 37.7}, {"l": "2025", "x": "2025-03-31", "y": 39.95}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2022", "x": "2022-03-31", "y": 8.16}, {"l": "2023", "x": "2023-03-31", "y": 11.55}, {"l": "2024", "x": "2024-03-31", "y": 12.04}, {"l": "2025", "x": "2025-03-31", "y": 14.14}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2022", "x": "2022-03-31", "y": 7.3}, {"l": "2023", "x": "2023-03-31", "y": 8.38}, {"l": "2024", "x": "2024-03-31", "y": 8.5}, {"l": "2025", "x": "2025-03-31", "y": 13.06}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2022", "x": "2022-03-31", "y": 10.31}, {"l": "2023", "x": "2023-03-31", "y": 19.05}, {"l": "2024", "x": "2024-03-31", "y": 16.03}, {"l": "2025", "x": "2025-03-31", "y": 7.84}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}

Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.

Income Statement Margins

Monetary values in HKD amounts except #	2026 (Q2) Sep 30	2026 (Q1) Jun 30	2025 (Q4) Mar 31	2025 (Q3) Dec 31	2025 (Q2) Sep 30	2025 (Q1) Jun 30
Revenue	270,790	271,278	253,431	298,028	261,856	261,284
Revenue Growth Rate	-0.18%	7.04%	-14.96%	13.81%	0.219%
Cost of Revenue	164,773	149,444	156,082	172,893	159,469	156,947
Gross Profit	106,017	121,834	97,349	125,135	102,387	104,337
Gross Margin	39.15%	44.91%	38.41%	41.99%	39.1%	39.93%
Operating Income	5,863	38,326	30,509	43,834	39,024	38,659
Operating Margin	2.17%	14.13%	12.04%	14.71%	14.9%	14.8%
Net Income	22,970	44,527	13,461	52,261	48,753	26,200
Net Margin	8.48%	16.41%	5.31%	17.54%	18.62%	10.03%

Cash Flow Statement Margins

Monetary values in HKD amounts except #	2026 (Q2) Sep 30	2026 (Q1) Jun 30	2025 (Q4) Mar 31	2025 (Q3) Dec 31	2025 (Q2) Sep 30	2025 (Q1) Jun 30
Revenue	270,790	271,278	253,431	298,028	261,856	261,284
Cash from Operating Activities	11,317	22,287	27,776	76,186	34,450	36,280
Cash from Operating Activities Margin	4.18%	8.22%	10.96%	25.56%	13.16%	13.89%
Free Cash Flow	-23,628	-19,411	-29,821	74,019	15,340	23,236
Free Cash Flow Margin	-8.73%	-7.16%	-11.77%	24.84%	5.86%	8.89%
Depreciation and Amortization	9,842	8,300	10,699	10,009	9,143	8,540
Depreciation and Amortization Margin	3.64%	3.06%	4.22%	3.36%	3.49%	3.27%
Capital Expenditure	-34,945	-41,698	-57,597	-2,168	-19,109	-13,045
Capital Expenditure Margin	-12.9%	-15.37%	-22.73%	-0.727%	-7.3%	-4.99%

Quarterly Chart

Monetary values in HKD

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