Alibaba will shock the market when it posts 15%+ YoY growth in Q1-26.

The market isn’t pricing this in and still believe Alibaba's growth is slowing. It isn’t.

Alibaba sold Inmut and Sun Art Q4-24, two businesses that generating roughly RMB 20B per quarter. Their removal from revenues makes this year’s growth look softer simply because comps include businesses that no longer exist in the group.

Adjusted for those, Alibaba growth has actually been accelerating over the last three quarters: 10% → 10.7% → 15%

It’s not obvious in the numbers, but it will be once Q1-26 is compared against the first fully post-selling quarter.

Just wait for the market’s reaction.