Question:
You are tasked with answering the user's question using the provided context, which includes financial statements (Income Statements, Balance Sheets, and Cash Flow Statements) and financial news articles in multiple languages (English, Chinese, Japanese, Spanish, and Greek). Please provide a detailed and well-supported answer based on the information available. Limit your response to 100 words or fewer. If you cannot answer the question or if no relevant evidence is found, write “None”.

Answer Format:
Answer: {Answer using the financial statement.}
News Evidence: {Verify your answer using quote(s) from the financial news. Write “None” if no news evidence is available.}
Context:
Financial Statements:
| Column 1                                              | Column 2   | Column 3      | Column 4   | Column 5      | Column 6   | Column 7   | Column 8   | Column 9   | Column 10   | Column 11   | Column 12   | Column 13   | Column 14   | Column 15   | Column 16   | Column 17   | Column 18   | Column 19   | Column 20   | Column 21   |
|:------------------------------------------------------|:-----------|:--------------|:-----------|:--------------|:-----------|:-----------|:-----------|:-----------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|
|                                                       |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                       |            | September 30, |            | September 30, |            | March 31,  |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                       |            | 2024          |            | 2023          |            | 2024       |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                       |            | (Unaudited)   |            | (Unaudited)   |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| ASSETS                                                |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Current assets                                        |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Cash and cash equivalents                             |            | $             | 80,118     |               |            | $          | 99,683     |            |             | $           | 55,593      |             |             |             |             |             |             |             |             |             |
| Accounts receivable, net                              |            | 537,602       |            |               | 368,924    |            |            | 525,262    |             |             |             |             |             |             |             |             |             |             |             |             |
| Advances to suppliers, net                            |            | 139,766       |            |               | 105,637    |            |            | 139,064    |             |             |             |             |             |             |             |             |             |             |             |             |
| Accounts receivable—unconsolidated affiliates         |            | 66,646        |            |               | 55,409     |            |            | 5,385      |             |             |             |             |             |             |             |             |             |             |             |             |
| Inventories—at lower of cost or net realizable value: |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Tobacco                                               |            | 1,070,655     |            |               | 1,086,240  |            |            | 1,070,580  |             |             |             |             |             |             |             |             |             |             |             |             |
| Other                                                 |            | 211,476       |            |               | 212,268    |            |            | 193,518    |             |             |             |             |             |             |             |             |             |             |             |             |
| Prepaid income taxes                                  |            | 20,771        |            |               | 23,918     |            |            | 19,484     |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                       |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Other current assets                                  |            | 84,884        |            |               | 95,634     |            |            | 93,655     |             |             |             |             |             |             |             |             |             |             |             |             |
| Total current assets                                  |            | 2,211,918     |            |               | 2,047,713  |            |            | 2,102,541  |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                       |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Property, plant and equipment                         |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Land                                                  |            | 25,972        |            |               | 26,262     |            |            | 26,244     |             |             |             |             |             |             |             |             |             |             |             |             |
| Buildings                                             |            | 330,407       |            |               | 316,180    |            |            | 323,969    |             |             |             |             |             |             |             |             |             |             |             |             |
| Machinery and equipment                               |            | 705,246       |            |               | 705,977    |            |            | 693,868    |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                       |            | 1,061,625     |            |               | 1,048,419  |            |            | 1,044,081  |             |             |             |             |             |             |             |             |             |             |             |             |
| Less accumulated depreciation                         |            | (685,883)     |            |               | (691,811)  |            |            | (678,201)  |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                       |            | 375,742       |            |               | 356,608    |            |            | 365,880    |             |             |             |             |             |             |             |             |             |             |             |             |
| Other assets                                          |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Operating lease right-of-use assets                   |            | 32,487        |            |               | 36,318     |            |            | 32,510     |             |             |             |             |             |             |             |             |             |             |             |             |
| Goodwill, net                                         |            | 213,872       |            |               | 213,856    |            |            | 213,869    |             |             |             |             |             |             |             |             |             |             |             |             |
| Other intangibles, net                                |            | 63,263        |            |               | 74,475     |            |            | 68,883     |             |             |             |             |             |             |             |             |             |             |             |             |
| Investments in unconsolidated affiliates              |            | 78,774        |            |               | 70,618     |            |            | 76,289     |             |             |             |             |             |             |             |             |             |             |             |             |
| Deferred income taxes                                 |            | 15,526        |            |               | 16,192     |            |            | 15,181     |             |             |             |             |             |             |             |             |             |             |             |             |
| Pension asset                                         |            | 12,293        |            |               | 10,650     |            |            | 11,857     |             |             |             |             |             |             |             |             |             |             |             |             |
| Other noncurrent assets                               |            | 41,711        |            |               | 35,342     |            |            | 50,229     |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                       |            | 457,926       |            |               | 457,451    |            |            | 468,818    |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                       |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Total assets                                          |            | $             | 3,045,586  |               |            | $          | 2,861,772  |            |             | $           | 2,937,239   |             |             |             |             |             |             |             |             |             |

---

| Column 1                                                                                | Column 2   | Column 3      | Column 4   | Column 5      | Column 6   | Column 7   | Column 8   | Column 9   | Column 10   | Column 11   | Column 12   | Column 13   | Column 14   | Column 15   | Column 16   | Column 17   | Column 18   | Column 19   | Column 20   | Column 21   |
|:--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-----------|:--------------|:-----------|:--------------|:-----------|:-----------|:-----------|:-----------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|
|                                                                                |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            | September 30, |            | September 30, |            | March 31,  |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            | 2024          |            | 2023          |            | 2024       |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            | (Unaudited)   |            | (Unaudited)   |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Current liabilities                                                                                |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Notes payable and overdrafts                                                                                |            | $             | 579,132    |               |            | $          | 301,379    |            |             | $           | 417,217     |             |             |             |             |             |             |             |             |             |
| Accounts payable                                                                                |            | 87,106        |            |               | 70,737     |            |            | 108,727    |             |             |             |             |             |             |             |             |             |             |             |             |
| Accounts payable—unconsolidated affiliates                                                                                |            | 174           |            |               | 166        |            |            | 1,621      |             |             |             |             |             |             |             |             |             |             |             |             |
| Customer advances and deposits                                                                                |            | 6,837         |            |               | 166,505    |            |            | 17,179     |             |             |             |             |             |             |             |             |             |             |             |             |
| Accrued compensation                                                                                |            | 29,266        |            |               | 26,772     |            |            | 39,766     |             |             |             |             |             |             |             |             |             |             |             |             |
| Income taxes payable                                                                                |            | 7,948         |            |               | 4,494      |            |            | 7,477      |             |             |             |             |             |             |             |             |             |             |             |             |
| Current portion of operating lease liabilities                                                                                |            | 10,325        |            |               | 10,469     |            |            | 10,356     |             |             |             |             |             |             |             |             |             |             |             |             |
| Accrued expenses and other current liabilities                                                                                |            | 128,634       |            |               | 120,623    |            |            | 109,015    |             |             |             |             |             |             |             |             |             |             |             |             |
| Current portion of long-term debt                                                                                |            | —             |            |               | —          |            |            | —          |             |             |             |             |             |             |             |             |             |             |             |             |
| Total current liabilities                                                                                |            | 849,422       |            |               | 701,145    |            |            | 711,358    |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Long-term debt                                                                                |            | 617,641       |            |               | 617,086    |            |            | 617,364    |             |             |             |             |             |             |             |             |             |             |             |             |
| Pensions and other postretirement benefits                                                                                |            | 36,734        |            |               | 42,378     |            |            | 43,251     |             |             |             |             |             |             |             |             |             |             |             |             |
| Long-term operating lease liabilities                                                                                |            | 19,038        |            |               | 22,804     |            |            | 19,302     |             |             |             |             |             |             |             |             |             |             |             |             |
| Other long-term liabilities                                                                                |            | 28,425        |            |               | 15,769     |            |            | 27,902     |             |             |             |             |             |             |             |             |             |             |             |             |
| Deferred income taxes                                                                                |            | 36,322        |            |               | 45,082     |            |            | 39,139     |             |             |             |             |             |             |             |             |             |             |             |             |
| Total liabilities                                                                                |            | 1,587,582     |            |               | 1,444,264  |            |            | 1,458,316  |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Shareholders’ equity                                                                                |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Universal Corporation:                                                                                |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Preferred stock:                                                                                |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Series A Junior Participating Preferred Stock, no par value,500,000shares authorized,noneissued or outstanding                                                                        |            | —             |            |               | —          |            |            | —          |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Common stock, no par value,100,000,000shares authorized24,715,625shares issued and outstanding at September 30, 2024 (24,558,493at September 30, 2023 and24,573,408at March 31, 2024) |            | 349,064       |            |               | 339,241    |            |            | 345,596    |             |             |             |             |             |             |             |             |             |             |             |             |
| Retained earnings                                                                                |            | 1,158,658     |            |               | 1,119,615  |            |            | 1,173,196  |             |             |             |             |             |             |             |             |             |             |             |             |
| Accumulated other comprehensive loss                                                                                |            | (87,156)      |            |               | (74,667)   |            |            | (81,585)   |             |             |             |             |             |             |             |             |             |             |             |             |
| Total Universal Corporation shareholders' equity                                                                                |            | 1,420,566     |            |               | 1,384,189  |            |            | 1,437,207  |             |             |             |             |             |             |             |             |             |             |             |             |
| Noncontrolling interests in subsidiaries                                                                                |            | 37,438        |            |               | 33,319     |            |            | 41,716     |             |             |             |             |             |             |             |             |             |             |             |             |
| Total shareholders' equity                                                                                |            | 1,458,004     |            |               | 1,417,508  |            |            | 1,478,923  |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            |               |            |               |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |
| Total liabilities and shareholders' equity                                                                                |            | $             | 3,045,586  |               |            | $          | 2,861,772  |            |             | $           | 2,937,239   |             |             |             |             |             |             |             |             |             |

---

| Column 1                                                                             | Column 2   | Column 3                       | Column 4   | Column 5   | Column 6   | Column 7   | Column 8   | Column 9   | Column 10   | Column 11   | Column 12   | Column 13   | Column 14   | Column 15   |
|:-------------------------------------------------------------------------------------|:-----------|:-------------------------------|:-----------|:-----------|:-----------|:-----------|:-----------|:-----------|:------------|:------------|:------------|:------------|:------------|:------------|
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            | Six Months Ended September 30, |            |            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            | 2024                           |            | 2023       |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            | (Unaudited)                    |            |            |            |            |            |            |             |             |             |             |             |             |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Net income (loss)                                                                    |            | $                              | 31,145     |            |            | $          | 25,627     |            |             |             |             |             |             |             |
| Adjustments to reconcile net income (loss) to net cash used by operating activities: |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Depreciation and amortization                                                        |            | 29,420                         |            |            | 29,009     |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Net provision for losses (recoveries) on advances to suppliers                       |            | (5,562)                        |            |            | 3,835      |            |            |            |             |             |             |             |             |             |
| Inventory writedowns                                                                 |            | 5,231                          |            |            | 2,870      |            |            |            |             |             |             |             |             |             |
| Stock-based compensation expense                                                     |            | 6,583                          |            |            | 5,711      |            |            |            |             |             |             |             |             |             |
| Foreign currency remeasurement (gain) loss, net                                      |            | 1,334                          |            |            | 7,528      |            |            |            |             |             |             |             |             |             |
| Foreign currency exchange contracts                                                  |            | 3,225                          |            |            | 2,563      |            |            |            |             |             |             |             |             |             |
| Deferred income taxes                                                                |            | 153                            |            |            | (3,560)    |            |            |            |             |             |             |             |             |             |
| Equity in net loss (income) of unconsolidated affiliates, net of dividends           |            | 404                            |            |            | 3,135      |            |            |            |             |             |             |             |             |             |
| Restructuring and impairment costs                                                   |            | 10,573                         |            |            | 2,599      |            |            |            |             |             |             |             |             |             |
| Restructuring payments                                                               |            | (350)                          |            |            | (806)      |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Other, net                                                                           |            | (217)                          |            |            | 1,012      |            |            |            |             |             |             |             |             |             |
| Changes in operating assets and liabilities, net:                                    |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Accounts and notes receivable                                                        |            | (63,420)                       |            |            | 46,724     |            |            |            |             |             |             |             |             |             |
| Inventories                                                                          |            | (21,682)                       |            |            | (269,422)  |            |            |            |             |             |             |             |             |             |
| Other assets                                                                         |            | 9,029                          |            |            | 10,235     |            |            |            |             |             |             |             |             |             |
| Accounts payable                                                                     |            | (22,066)                       |            |            | (18,874)   |            |            |            |             |             |             |             |             |             |
| Accrued expenses and other current liabilities                                       |            | (19,970)                       |            |            | 4,680      |            |            |            |             |             |             |             |             |             |
| Income taxes                                                                         |            | (1,238)                        |            |            | (5,995)    |            |            |            |             |             |             |             |             |             |
| Customer advances and deposits                                                       |            | (10,005)                       |            |            | 163,663    |            |            |            |             |             |             |             |             |             |
| Net cash provided (used) by operating activities                                     |            | (47,413)                       |            |            | 10,534     |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Purchase of property, plant and equipment                                            |            | (38,796)                       |            |            | (32,630)   |            |            |            |             |             |             |             |             |             |
| Proceeds from sale of business, net of cash held by the business                     |            | —                              |            |            | 3,757      |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Proceeds from sale of property, plant and equipment                                  |            | 1,412                          |            |            | 713        |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Net cash used by investing activities                                                |            | (37,384)                       |            |            | (28,160)   |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Issuance of short-term debt, net                                                     |            | 161,611                        |            |            | 105,649    |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Dividends paid to noncontrolling interests                                           |            | (8,960)                        |            |            | (5,845)    |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Repurchase of common stock                                                           |            | —                              |            |            | (4,744)    |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Dividends paid on common stock                                                       |            | (39,646)                       |            |            | (39,108)   |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Other                                                                                |            | (3,716)                        |            |            | (2,963)    |            |            |            |             |             |             |             |             |             |
| Net cash provided (used) by financing activities                                     |            | 109,289                        |            |            | 52,989     |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Effect of exchange rate changes on cash, restricted cash and cash equivalents        |            | 33                             |            |            | (370)      |            |            |            |             |             |             |             |             |             |
| Net increase (decrease) in cash, restricted cash and cash equivalents                |            | 24,525                         |            |            | 34,993     |            |            |            |             |             |             |             |             |             |
| Cash, restricted cash and cash equivalents at beginning of year                      |            | 55,593                         |            |            | 64,690     |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
| Cash, restricted cash and cash equivalents at end of period                          |            | $                              | 80,118     |            |            | $          | 99,683     |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                                |            |            |            |            |            |            |             |             |             |             |             |             |

---

| Column 1                                                                          | Column 2   | Column 3                         | Column 4   | Column 5                       | Column 6   | Column 7   | Column 8   | Column 9   | Column 10   | Column 11   | Column 12   | Column 13   | Column 14   | Column 15   | Column 16   | Column 17   | Column 18   | Column 19   | Column 20   | Column 21   | Column 22   | Column 23   | Column 24   | Column 25   | Column 26   | Column 27   |
|:----------------------------------------------------------------------------------|:-----------|:---------------------------------|:-----------|:-------------------------------|:-----------|:-----------|:-----------|:-----------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|
|                                                                                |            |                                  |            |                                |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            | Three Months Ended September 30, |            | Six Months Ended September 30, |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            | 2024                             |            | 2023                           |            | 2024       |            | 2023       |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            | (Unaudited)                      |            | (Unaudited)                    |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Sales and other operating revenues                                                |            | $                                | 710,762    |                                |            | $          | 638,484    |            |             | $           | 1,307,812   |             |             | $           | 1,156,206   |             |             |             |             |             |             |             |             |             |             |             |
| Costs and expenses                                                                |            |                                  |            |                                |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Cost of goods sold                                                                |            | 567,617                          |            |                                | 506,767    |            |            | 1,068,746  |             |             | 937,977     |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Selling, general and administrative expenses                                      |            | 63,836                           |            |                                | 73,806     |            |            | 142,532    |             |             | 149,283     |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            |                                  |            |                                |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Restructuring and impairment costs                                                |            | 10,573                           |            |                                | 2,599      |            |            | 10,573     |             |             | 2,599       |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            |                                  |            |                                |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Operating income                                                                  |            | 68,736                           |            |                                | 55,312     |            |            | 85,961     |             |             | 66,347      |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Equity in pretax earnings (loss) of unconsolidated affiliates                     |            | (642)                            |            |                                | (713)      |            |            | (502)      |             |             | (4,879)     |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Other non-operating income (expense)                                              |            | 461                              |            |                                | 728        |            |            | 925        |             |             | 1,453       |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Interest income                                                                   |            | 295                              |            |                                | 953        |            |            | 1,103      |             |             | 2,318       |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Interest expense                                                                  |            | 21,273                           |            |                                | 17,053     |            |            | 42,007     |             |             | 32,596      |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Income (loss) before income taxes and other items                                 |            | 47,577                           |            |                                | 39,227     |            |            | 45,480     |             |             | 32,643      |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Income taxes                                                                      |            | 13,608                           |            |                                | 8,439      |            |            | 14,335     |             |             | 7,016       |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Net income (loss)                                                                 |            | 33,969                           |            |                                | 30,788     |            |            | 31,145     |             |             | 25,627      |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Less:  net loss (income) attributable to noncontrolling interests in subsidiaries |            | (8,029)                          |            |                                | (2,660)    |            |            | (5,075)    |             |             | 437         |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Net income (loss) attributable to Universal Corporation                           |            | $                                | 25,940     |                                |            | $          | 28,128     |            |             | $           | 26,070      |             |             | $           | 26,064      |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            |                                  |            |                                |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            |                                  |            |                                |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            |                                  |            |                                |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            |                                  |            |                                |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Earnings per share:                                                               |            |                                  |            |                                |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Basic                                                                             |            | $                                | 1.04       |                                |            | $          | 1.13       |            |             | $           | 1.05        |             |             | $           | 1.05        |             |             |             |             |             |             |             |             |             |             |             |
| Diluted                                                                           |            | $                                | 1.03       |                                |            | $          | 1.12       |            |             | $           | 1.04        |             |             | $           | 1.04        |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            |                                  |            |                                |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Weighted average common shares outstanding:                                       |            |                                  |            |                                |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Basic                                                                             |            | 24,946,632                       |            |                                | 24,869,697 |            |            | 24,911,681 |             |             | 24,855,974  |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Diluted                                                                           |            | 25,135,973                       |            |                                | 25,015,369 |            |            | 25,101,295 |             |             | 24,997,899  |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            |                                  |            |                                |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Total comprehensive income (loss), net of income taxes                            |            | $                                | 33,531     |                                |            | $          | 28,549     |            |             | $           | 25,181      |             |             | $           | 27,754      |             |             |             |             |             |             |             |             |             |             |             |
| Less: comprehensive (income) loss attributable to noncontrolling interests        |            | (8,026)                          |            |                                | (2,541)    |            |            | (4,682)    |             |             | 700         |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Comprehensive income (loss) attributable to Universal Corporation                 |            | $                                | 25,505     |                                |            | $          | 26,008     |            |             | $           | 20,499      |             |             | $           | 28,454      |             |             |             |             |             |             |             |             |             |             |             |
|                                                                                |            |                                  |            |                                |            |            |            |            |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Dividends declared per common share                                               |            | $                                | 0.81       |                                |            | $          | 0.80       |            |             | $           | 1.62        |             |             | $           | 1.60        |             |             |             |             |             |             |             |             |             |             |             |

---

English News:
**State Street Corp Increases Stake in Universal Corp Despite Stock Decline** State Street Corp has strategically bolstered its investment in Universal Corp by acquiring an additional 71,773 shares, thus increasing its total shareholding to 1,218,793 shares. This move underscores State Street's confidence in Universal Corp's long-term prospects despite the company's stock experiencing a year-to-date decline of 24.74%. The decision to expand their holdings comes in the wake of Universal Corp's latest financial performance report for the six months ending September 30, 2024. The company posted a net income of $26.07 million, a slight increase from $25.63 million during the same period last year. However, the report also highlighted potential liquidity issues, with Universal Corp registering a negative cash flow from operating activities totaling $47.41 million. Despite these operational cash flow concerns, Universal Corp's balance sheet demonstrates resilience and growth. As of September 30, 2024, the company reported total assets of $3.045 billion, up from $2.862 billion a year earlier, with current assets representing approximately $2.212 billion. Furthermore, with an equity base of $1.458 billion, the company's robust asset and equity positions paint a picture of financial stability. State Street Corp's increased stake and Universal Corp's asset growth may signal potential recovery and growth opportunities ahead, despite the recent stock decline and cash flow challenges. Investors will likely be monitoring upcoming financial disclosures closely to assess if these strategic investments will yield the anticipated positive outcomes.

Chinese News:
美股财报 | 环球烟草发布Q3财报 前三季度累计净利润同比增长13.84% 环球烟草(UVV)发布Q3财报，2025财年前三财季累计收入22.45亿美元，去年同期累计收入为19.78亿美元，同比增长13.52%。 2025财年前三财季累计净利润9894.10万美元，去年同期累计净利润为8691.40万美元，同比增长13.84%。 本财年累计基本每股收益为3.44美元，去年同期为3.19美元。 公司所属行业为烟草。 Universal Corporation是一家领先的烟叶烟草供应商。它在5大洲超过30个国家都有业务。自其1918年建立后烟草业就成了其主要业务。它业务的最大部分就是为消费性烟草产品生产商收集处理烤烟和白肋烟叶，两种烟的业务部门主要在北美和其它地区。它还有第三个业务部门，即它的东方烟草合资企业以及一些与烟草有关的服务。

Japanese News:
ユニバーサル（UVV）は、2025年度第2四半期（7月～9月）の業績を発表し、増収・営業増益を達成しました。 2024年4月21日に公開された10-Q（四半期報告書）によると、第2四半期の売上高は前年同期比11.3％増の7億1076万ドルに達しました。営業利益は24.3％増の6873万ドルとなり、営業利益率は9.7％に向上しました。前年同期の営業利益率は8.7％でした。 調整後の1株利益（EPS）は1.03ドルで、前年同期の1.12ドルから減少しました。加えて、同社は四半期配当を増配し、前年同期より0.01ドル多い0.81ドルの配当を実施しました。

Spanish News:
Universal Corporation ha informado de los resultados financieros correspondientes al primer trimestre finalizado el 30 de junio de 2024. En este periodo, la compañía reportó ventas de 597,05 millones de dólares, frente a los 517,72 millones de dólares del año anterior. Los ingresos netos fueron de 0,13 millones de dólares, comparado con las pérdidas netas de 2,06 millones de dólares registradas en el mismo trimestre de 2023. Resultados clave del primer trimestre: Beneficio básico por acción de operaciones continuadas: 0,01 dólares, frente a la pérdida de 0,08 dólares por acción en el mismo trimestre del año anterior. Beneficio diluido por acción de operaciones continuadas: 0,01 dólares, en comparación con la pérdida diluida por acción de 0,08 dólares del año anterior.

Greek News:
Η Universal Corporation (UVV), μία από τις κορυφαίες εταιρείες στον τομέα του καπνού φύλλων, διατηρεί συνεπή προσήλωση σε μια στρατηγική κατανομής κεφαλαίων που στοχεύει στην ενίσχυση της αποδοτικότητας και τη διατήρηση μελλοντικής αναπτυξιακής δυναμικής. Βασικοί άξονες της στρατηγικής αυτής είναι η ενίσχυση της κύριας δραστηριότητάς της, η αύξηση των μερισμάτων, η ανάπτυξη του τομέα συστατικών και η επιστροφή πλεονάζοντος κεφαλαίου στους μετόχους. Κατά το πρώτο εξάμηνο του οικονομικού έτους που έληξε στις 30 Σεπτεμβρίου 2024, η εταιρεία επένδυσε περίπου 38,8 εκατομμύρια δολάρια σε πάγια περιουσιακά στοιχεία, έναντι 32,6 εκατομμυρίων την αντίστοιχη περίοδο του 2023. Οι κεφαλαιουχικές δαπάνες της UVV παραμένουν στοχευμένες, επικεντρωμένες σε έργα που ενισχύουν την παραγωγικότητα, εξασφαλίζουν τη συντήρηση και αντικατάσταση εξοπλισμού και υποστηρίζουν την οργανική επέκταση. Παράλληλα, η UVV επιδεικνύει ευελιξία στον σχεδιασμό της, αναλαμβάνοντας επιλεκτικά έργα που σχετίζονται με βιωσιμότητα, βελτίωση της αποδοτικότητας και εξυπηρέτηση των πελατών της. Για τους επόμενους δώδεκα μήνες, προβλέπεται ότι οι επενδύσεις σε έργα συντήρησης και ανάπτυξης θα κυμανθούν μεταξύ 50 και 60 εκατομμυρίων δολαρίων. Η διαχείριση του κεφαλαίου κίνησης αποτελεί κρίσιμο στοιχείο της λειτουργικής στρατηγικής της UVV. Το πρώτο εξάμηνο του οικονομικού έτους αποτελεί συνήθως περίοδο σημαντικών επενδύσεων στις γεωργικές αγορές της Αφρικής, της Νότιας Αμερικής και των Ηνωμένων Πολιτειών. Στο πλαίσιο αυτό, η εταιρεία προχώρησε σε επιτάχυνση των αγορών καπνού στη Βραζιλία εντός του πρώτου τριμήνου του 2024, μεταφέροντας μέρος της δαπάνης που θα είχε καταγραφεί το 2025. Οι απαιτήσεις κεφαλαίου κίνησης χρηματοδοτήθηκαν μέσω ενός συνδυασμού διαθέσιμων μετρητών, βραχυπρόθεσμου δανεισμού, προκαταβολών πελατών και θετικών ταμειακών ροών. Επιπλέον, οι πωλήσεις καπνού εκτιμάται ότι θα ενταθούν κατά το δεύτερο εξάμηνο του οικονομικού έτους 2025, γεγονός που αναμένεται να ενισχύσει περαιτέρω τη ρευστότητα και τα έσοδα της εταιρείας.

Question:
What is the company's R&D ratio (R&D divided by revenue)? Please provide only the final result(s); do not include any calculation steps. Please quote the piece(s) of news aligned with the finding(s), if any.

Answer:

Question: What is the company's R&D ratio (R&D divided by revenue)? Please provide only the final result(s); do not include any calculation steps. Please quote the piece(s) of news aligned with the finding(s), if any.


Question:
You are tasked with answering the user's question using the provided context, which includes financial statements (Income Statements, Balance Sheets, and Cash Flow Statements) and financial news articles in multiple languages (English, Chinese, Japanese, Spanish, and Greek). Please provide a detailed and well-supported answer based on the information available. Limit your response to 100 words or fewer. If you cannot answer the question or if no relevant evidence is found, write “None”.

Answer Format:
Answer: {Answer using the financial statement.}
News Evidence: {Verify your answer using quote(s) from the financial news. Write “None” if no news evidence is available.}
Context:
Financial Statements:
### 阿里巴巴集團控股有限公司
未經審計合併資產負債表
於 3 月 31 日（以百萬計）

| 項目 | 2024 人民幣 | 2025 人民幣 | 2025 美元 |
|------|------------|------------|-----------|
| **資產** | | | |
| **流動資產：** | | | |
| 現金及現金等價物 | 248,125 | 145,487 | 20,049 |
| 短期投資 | 262,955 | 228,826 | 31,533 |
| 受限制現金及應收託管資金 | 38,299 | 43,781 | 6,033 |
| 股權證券及其他投資 | 59,949 | 53,780 | 7,411 |
| 預付款項、應收款項及其他資產 | 143,536 | 202,175 | 27,860 |
| **流動資產總額** | **752,864** | **674,049** | **92,886** |
| 股權證券及其他投資 | 220,942 | 356,818 | 49,171 |
| 預付款項、應收款項及其他資產 | 116,102 | 83,431 | 11,497 |
| 權益法核算的投資 | 203,131 | 210,169 | 28,962 |
| 物業及設備（淨值） | 185,161 | 203,348 | 28,022 |
| 無形資產（淨值） | 26,950 | 20,911 | 2,882 |
| 商譽 | 259,679 | 255,501 | 35,209 |
| **資產總額** | **1,764,829** | **1,804,227** | **248,629** |
| | | | |
| **負債、夥屬權益及股東權益** | | | |
| **流動負債：** | | | |
| 短期銀行借款 | 12,749 | 22,562 | 3,109 |
| 短期無擔保優先票據 | 16,252 | – | – |
| 應付所得稅 | 9,068 | 11,638 | 1,604 |
| 預提費用、應付款項及其他負債 | 297,883 | 332,537 | 45,825 |
| 商家保證金 | 12,737 | 274 | 37 |
| 遞延收入和客戶預付款 | 72,818 | 68,335 | 9,417 |
| **流動負債總額** | **421,507** | **435,346** | **59,992** |

---

### 阿里巴巴集團控股有限公司
未經審計合併資產負債表（續）
於 3 月 31 日（以百萬計）

| 項目 | 2024 人民幣 | 2025 人民幣 | 2025 美元 |
|------|------------|------------|-----------|
| 遞延收入 | 4,069 | 4,536 | 625 |
| 遞延所得稅負債 | 53,012 | 48,454 | 6,677 |
| 長期銀行借款 | 55,686 | 49,909 | 6,878 |
| 長期無擔保優先票據 | 86,089 | 122,398 | 16,867 |
| 長期可轉換無擔保優先票據 | – | 35,834 | 4,938 |
| 其他負債 | 31,867 | 17,644 | 2,432 |
| **負債總額** | **652,230** | **714,121** | **98,409** |
| | | | |
| 承諾及或有事項 | – | – | – |
| | | | |
| 夥屬權益 | 10,728 | 11,713 | 1,613 |
| | | | |
| **股東權益：** | | | |
| 普通股 | 1 | 1 | – |
| 資本公積 | 397,999 | 381,379 | 52,555 |
| 庫存股（按成本計） | (27,684) | (36,329) | (5,006) |
| 法定儲備 | 14,733 | 15,936 | 2,196 |
| 累計其他綜合收益 | 3,598 | 3,393 | 468 |
| 未分配利潤 | 597,897 | 645,478 | 88,949 |
| **股東權益總額** | **986,544** | **1,009,858** | **139,162** |
| 非控制性權益 | 115,327 | 68,535 | 9,445 |
| **權益總額** | **1,101,871** | **1,078,393** | **148,607** |
| **負債、夥屬權益及權益總額** | **1,764,829** | **1,804,227** | **248,629** |

---

### 阿里巴巴集團控股有限公司
未經審計簡明合併現金流量表

截至 3 月 31 日止三個月及截至 3 月 31 日止年度
（以百萬計）

| 項目 | 2024 人民幣（三個月） | 2025 人民幣（三個月） | 2025 美元（三個月） | 2024 人民幣（年度） | 2025 人民幣（年度） | 2025 美元（年度） |
|------|------------------------|------------------------|----------------------|----------------------|----------------------|----------------------|
| 經營活動產生的現金流量淨額 | 23,340 | 27,520 | 3,792 | 182,593 | 163,509 | 22,532 |
| 投資活動產生（所用）的現金流量淨額 | 20,267 | (39,547) | (5,450) | (21,824) | (185,415) | (25,551) |
| 融資活動所用的現金流量淨額 | (54,012) | (4,102) | (565) | (108,244) | (76,215) | (10,502) |
| 匯率變動對現金及現金等價物、受限制現金及應收託管資金的影響 | 1,900 | (569) | (78) | 4,389 | 965 | 133 |
| 現金及現金等價物、受限制現金及應收託管資金的（減少）增加 | (8,505) | (16,698) | (2,301) | 56,914 | (97,156) | (13,388) |
| 期初現金及現金等價物、受限制現金及應收託管資金 | 294,929 | 205,966 | 28,383 | 229,510 | 286,424 | 39,470 |
| 期末現金及現金等價物、受限制現金及應收託管資金 | **286,424** | **189,268** | **26,082** | **286,424** | **189,268** | **26,082** |

---

### 阿里巴巴集團控股有限公司
未經審計合併利潤表

截至 3 月 31 日止三個月及截至 3 月 31 日止年度
（以百萬計，每股數據除外）

| 項目 | 2024 人民幣（三個月） | 2025 人民幣（三個月） | 2025 美元（三個月） | 2024 人民幣（年度） | 2025 人民幣（年度） | 2025 美元（年度） |
|------|------------------------|------------------------|----------------------|----------------------|----------------------|----------------------|
| **收入** | | | | | | |
| 營業收入 | 221,874 | 236,454 | 32,584 | 941,168 | 996,347 | 137,300 |
| 營業成本 | (148,098) | (145,626) | (20,068) | (586,323) | (598,285) | (82,446) |
| 產品開發費用 | (14,085) | (14,934) | (2,058) | (52,256) | (57,151) | (7,876) |
| 銷售和市場費用 | (28,826) | (36,179) | (4,985) | (115,141) | (144,021) | (19,847) |
| 一般及行政費用 | (14,019) | (10,331) | (1,423) | (41,985) | (44,239) | (6,096) |
| 無形資產攤銷及減值 | (2,081) | (833) | (115) | (21,592) | (6,336) | (873) |
| 商譽減值 | – | – | – | (10,521) | (6,171) | (850) |
| 其他淨（損失）收益 | – | (86) | (12) | – | 761 | 105 |
| **經營利潤** | **14,765** | **28,465** | **3,923** | **113,350** | **140,905** | **19,417** |
| 利息收入和投資淨收益 | (5,702) | (7,516) | (1,036) | (9,964) | 20,759 | 2,861 |
| 利息費用 | (2,177) | (2,496) | (344) | (7,947) | (9,596) | (1,323) |
| 其他淨收入 | 2,963 | 20 | 3 | 6,157 | 3,387 | 467 |
| **扣除所得稅及權益法核算的投資損益前的利潤** | **9,849** | **18,473** | **2,546** | **101,596** | **155,455** | **21,422** |
| 所得稅費用 | (5,722) | (6,854) | (945) | (22,529) | (35,445) | (4,884) |
| 權益法核算的投資損益 | (3,208) | 354 | 49 | (7,735) | 5,966 | 822 |
| **淨利潤** | **919** | **11,973** | **1,650** | **71,332** | **125,976** | **17,360** |
| 歸屬於非控制性權益的淨虧損 | 2,446 | 586 | 81 | 8,677 | 4,133 | 569 |
| 歸屬於阿里巴巴集團股東的淨利潤 | 3,365 | 12,559 | 1,731 | 80,009 | 130,109 | 17,929 |
| 夥屬權益的增值 | (95) | (177) | (25) | (268) | (639) | (88) |
| **歸屬於普通股股東的淨利潤** | **3,270** | **12,382** | **1,706** | **79,741** | **129,470** | **17,841** |
| | | | | | | |
| **歸屬於普通股股東的每股收益¹** | | | | | | |
| 基本 | 0.17 | 0.67 | 0.09 | 3.95 | 6.89 | 0.95 |
| 攤薄 | 0.16 | 0.65 | 0.09 | 3.91 | 6.70 | 0.92 |
| **歸屬於普通股股東的每股美國存託股收益¹** | | | | | | |
| 基本 | 1.32 | 5.36 | 0.74 | 31.61 | 55.12 | 7.60 |
| 攤薄 | 1.30 | 5.17 | 0.71 | 31.24 | 53.59 | 7.38 |
| **用於計算每股收益的加權平均股數（百萬股）¹** | | | | | | |
| 基本 | 19,763 | 18,487 | – | 20,182 | 18,791 | – |
| 攤薄 | 19,980 | 19,153 | – | 20,359 | 19,318 | – |

---

English News:
Alibaba Shares Drop After Revenue Falls Short of Expectations Despite Profit Growth Alibaba reported solid profit growth on Thursday, but its latest quarterly sales came in weaker than expected, prompting a pullback in the stock. The Chinese tech giant posted a 22% increase in adjusted fiscal fourth-quarter profit, reaching 29.85 billion yuan ($4.11 billion). Adjusted earnings were $1.73 per American depositary receipt, just under the $1.74 forecast from analysts surveyed by FactSet. Revenue rose 7% to 236 billion yuan ($32.58 billion), below analyst expectations of $33.24 billion. Alibaba shares fell 5% in premarket trading, despite having gained 58% year-to-date. The company said it delivered a strong quarter, supported by an 18% increase in cloud intelligence revenue and continued triple-digit AI-related product growth for the seventh straight quarter. Its Taobao and Tmall Group ecommerce segment posted 9% revenue growth, the company added.

Chinese News:
阿里巴巴继续押注AI 菜鸟却成了“拖累” 阿里巴巴确认找到了新增长引擎。 5月15日，当阿里巴巴发布2025财年四季度及全年业绩时，市场首先关注的是财年间阿里巴巴赚了多少。 截至2025年3月31日止季度，阿里巴巴收入2364.54亿元，同比增长7%。经营利润284.65亿元，对比2024年同期，大幅增长93%；经调整EBITA同比增长36%至326.16亿元。 截至2025年3月31日止财务年度，阿里巴巴收入9963.47亿元，同比增长6%。经营利润1409.05亿元，同比增长24%；经调整EBITA同比增长5%至人民币1730.65亿元。 放出财报后一小时，阿里巴巴董事会主席蔡崇信、首席执行官吴泳铭、集团首席财务官徐宏等管理层准时出席业绩会直播。 “本季度业绩强劲增长，集团整体收入同比增长7%。我们对业务前景充满信心，将坚定加大投入核心业务，巩固业务优势。” 谈话间，首席财务官徐宏不忘重点提及派息数据：“我们持续践行提升股东回报的承诺，2025财年已回购119亿美元股份，使到流通股净减少5.1%。同时，董事会已批准派发年度和特别股息合共46亿美元。” 46亿美元派息下的业务增长线 截至2025年3月31日止季度，阿里巴巴以6亿美元总价回购总计5100万股普通股，相当于600万股美国存托股，这些回购根据阿里的股份回购计划在美国市场进行。 “截至2025年3月31日止财年，我们以119亿美元的总价回购总计11.97亿股普通股，使到普通股净减少9.95亿股，净减少比例为5.1%。” 目前，阿里巴巴董事会已批准向普通股持有人和美国存托股持有人分别派发总计每股普通股0.25美元或每股美国存托股2.00美元的两部分股息，其中2025财年年度定期现金股息，金额分别为每股普通股0.13125美元或每股美国存托股1.05美元；一次性特别现金股息作为处置某些业务和财务投资的收益的分配，金额分别为每股普通股0.11875美元或每股美国存托股0.95美元。 46亿美元的股息总额，较上年同期多出整整6亿美元。 时间回到2023年12月，阿里巴巴彼时为“火拼”拼多多保卫股价，宣布派发总额约25亿美元的2023财年股息。这是该公司有史以来第三次、也是彼时最大金额的一次分红。 自此开始，阿里巴巴为增强投资者信心不断加码，2024年派息金额涨至40亿美元，如今又达到46亿美元。 这或许是阿里巴巴企业内部变革的又一次直观体现。 回到这家企业宣布派息25亿美元的前一个月，新官上任的吴泳铭抛出“时代在变，阿里必须变”的slogan。 首次作为CEO参加业绩电话会时，他又具体阐释了阿里巴巴新发展阶段的战略优先级方向，包括技术驱动的互联网平台业务，全球化的商业网络，以及AI驱动的科技业务。 变革方向落地，吴泳铭给出了一份与战略紧密结合的业绩答卷。 “我们正以更快的执行力和更高的精准度，把握AI时代带来的重大机遇。”当前阿里巴巴基本形成了AI+云、电商、其他互联网平台业务的发展阵形，2025年一季度阿里云智能集团营收达到301.27亿元，同比增长18%。 “目前全球AI供应链存在一些不确定性，但我们看到客户对于云和AI的需求在持续增长，这是未来10-20年的历史性机会，不会因为短期供应链的波动而变化。” 业绩会上，吴泳铭还分享了AI领域的两大最新趋势，即大中型企业AI应用开始从内部系统向用户侧场景渗透；以及使用AI产品的客户已经从大中型企业延展到大量中小企业。 “除了比较快使用AI产品的互联网、智能汽车、金融、在线教育外，很多传统行业如养殖业、传统制造业等，也在积极探索AI应用。” 事实上，阿里巴巴对于AI的探索已经衍生至集团的大部分业务之中。 以阿里国际站为例，推出了覆盖外贸全流程的AIAgent，以及全球首个B2B领域的AI搜索引擎Accio，目前海外企业用户约合达到100万。 剥离非核心业务亏损 在吴泳铭的计划中，未来三年阿里巴巴将围绕AI这个战略核心，在AI基础设施、基础模型平台及AI原生应用、现有业务的AI转型等三方面加大投入，将斥资超3800亿元用于建设云和AI硬件基础设施，总额超过去十年的总和。 但不断强调加码AI业务之外，近年阿里也同步收缩调整了旗下部分业务。 2023年-2024年间，陆续减持了快狗打车、B站、陌陌、网易云音乐等亏损非核心业务，另还折价出售了银泰百货、大润发母公司高鑫零售等业务。 此前于2017年及2020年，阿里巴巴前后合计斥资约64亿美元（503亿港元）持有高鑫零售70.94%的股份。而在2025年高鑫零售易主时，德弘资本从阿里手中接下股份的交易价格仅69亿港元，剩下34.53亿港元还需另找时间交付。 银泰百货出售价亏损稍少一些，对比2014年-2017年阿里巴巴以53.7亿港元投资加177亿港元私有化价格，就银泰出售所得款项总额约为人民币74亿元，计算下来亏损约合人民币90亿元。 值得注意的是，高鑫零售还影响了阿里巴巴2025财年的分布收入数据，所有其他分部收入约合2062.69亿元，相较2024财年增长7%，主要是由于盒马和阿里健康的收入增加所致，而部分被高鑫零售于2025年2月的出售及终止合并而导致的收入下降所抵销。 因出售非核心业务所致亏损并未造成阿里巴巴财报的巨大负面影响，实际“拖累”业绩的分部业务，是2025年3月撤回上市申请的菜鸟。 对比淘天集团2025年第一季度营收增长9%、阿里国际数字商业集团增长22%、阿里大文娱2025年第一季度营收增长12%的成绩，菜鸟2025年第一季度营收约合215.73亿元，较2024年同期下降12%。 “一季度营收下降由于菜鸟的电商业务承担部分物流平台职责而导致的国内物流服务收入下降所致。”此外，菜鸟集团在2025财年的经调整EBITA为人民币3.02亿元，相较2024财年的人民币大幅下降78%。 阿里巴巴解释称，菜鸟的营收波动反映了电商业务进一步整合物流服务的结果，但事实上这与菜鸟在跨境物流履约解决方案的利润下降息息相关。 正如市场猜测所言，短期内阿里巴巴或将持续应对菜鸟营收数据下滑、业绩不佳的压力，还要源源不断为菜鸟的业务运营提供资金支持。 仅从数据来看，担任阿里巴巴长期增长的业务重任已不在菜鸟肩头。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。

Japanese News:
［１５日 ロイター］ - 中国の電子商取引大手アリババ(9988.HK), opens new tabが１５日発表した第４・四半期（１─３月）決算は、売上高が２３６４億５０００万元（３２７億９０００万ドル）で、ＬＳＥＧが集計したアナリスト予想の２３７２億４０００万元を下回った。 景気減速で消費者の財布の紐が固くなり、アリババは拼多多や京東集団（ＪＤドット・コム）(9618.HK), opens new tabなどの同業と激しい価格競争を迫られている。 淘宝（タオバオ）や天猫といった国内ＥＣ事業の四半期売上高は、前年比で約９%増加し市場予想を上回った。新規顧客の伸びと継続的な受注増加によるものとしている。 クラウドインテリジェンス部門の売上高は１８％増の３０１億３０００万元となった。

Spanish News:
Alibaba Group cerró el cuarto trimestre de su año fiscal con un sólido crecimiento en ingresos, impulsado por el avance de su negocio de computación en la nube y la adopción de soluciones basadas en inteligencia artificial (IA). La compañía incrementó sus ventas un 7 %, hasta 236.454 millones de yuanes (32.788 millones de dólares, 29.314 millones de euros), según informó a la Bolsa de Hong Kong.

El beneficio neto atribuido a los accionistas ordinarios alcanzó 12.382 millones de yuanes (1.717 millones de dólares, 1.535 millones de euros), muy por encima de los 3.270 millones registrados en el mismo periodo del ejercicio anterior, reflejando una notable mejora en rentabilidad.

Fuerte impulso del negocio en la nube

La división Cloud Intelligence Group destacó como el principal motor del trimestre. Sus ingresos aumentaron un 18 %, hasta 30.130 millones de yuanes (4.178 millones de dólares, 3.735 millones de euros), marcando su ritmo de crecimiento trimestral más rápido desde 2022. Alibaba señaló que los productos vinculados a IA han registrado crecimientos de tres dígitos durante siete trimestres consecutivos, impulsando la demanda en la plataforma.

Resultados anuales

En el conjunto del año fiscal, Alibaba obtuvo un beneficio neto de 129.470 millones de yuanes (17.953 millones de dólares, 16.051 millones de euros), un 62 % más que el año anterior. Los ingresos anuales alcanzaron 996.347 millones de yuanes (138.161 millones de dólares, 123.520 millones de euros), un 6 % interanual más.

Estos resultados se producen en medio del profundo proceso de reestructuración que la compañía lleva acometiendo durante los últimos dos años, orientado a hacer más ágiles sus unidades de negocio y reforzar su competitividad en un entorno digital cada vez más exigente.

Desempeño por segmentos

Comercio electrónico en China (Taobao y Tmall): +3 %

Comercio internacional: +29 %

Servicios locales: +12 %

Medios digitales y entretenimiento: +5 %

Logística a través de Cainiao: +2 %

El trimestre confirma la importancia estratégica de la nube y de la IA en la transformación de Alibaba, mientras la empresa sigue avanzando en su reorganización y en la diversificación de sus fuentes de crecimiento.

Greek News:
Η Alibaba ανακοίνωσε ισχυρή οικονομική επίδοση για το τελευταίο τρίμηνο, παρουσιάζοντας αξιοσημείωτη βελτίωση σε βασικούς δείκτες κερδοφορίας και ανάπτυξης, ενώ παράλληλα αντιμετωπίζει πιέσεις στη ρευστότητα λόγω αυξημένων επενδυτικών δαπανών. Τα έσοδα τριμήνου ανήλθαν σε 236,45 δισ. γουάν, σημειώνοντας αύξηση 7% σε ετήσια βάση, ενώ για το σύνολο της χρήσης ανήλθαν σε 996,35 δισ. γουάν (+6%), γεγονός που αποτυπώνει σταθερή ανάπτυξη, κυρίως μέσω των δραστηριοτήτων ηλεκτρονικού εμπορίου και του κλάδου cloud. Ιδιαίτερα σημαντική ήταν η ενίσχυση της κερδοφορίας, καθώς τα λειτουργικά κέρδη εκτινάχθηκαν κατά 93% σε ετήσια βάση, φτάνοντας τα 28,47 δισ. γουάν. Παράλληλα, το λειτουργικό περιθώριο αυξήθηκε από 7% σε 12%. Σε επίπεδο χρήσης, τα καθαρά κέρδη κατέγραψαν άνοδο 77%, αποτέλεσμα βελτιωμένης επιχειρησιακής αποδοτικότητας και μειωμένων απομειώσεων. Ωστόσο, παρά τη θετική εικόνα σε έσοδα και κέρδη, καταγράφηκε επιδείνωση σε δείκτες ρευστότητας. Οι λειτουργικές ταμειακές ροές αυξήθηκαν κατά 18% και ανήλθαν στα 27,52 δισ. γουάν, όμως οι ελεύθερες ταμειακές ροές υποχώρησαν κατά 76%, στα 3,74 δισ. γουάν. Η σημαντική μείωση αποδίδεται στις αυξημένες επενδύσεις σε υποδομές cloud, υποδηλώνοντας βραχυπρόθεσμη πίεση στη ρευστότητα έναντι μακροπρόθεσμης στρατηγικής τεχνολογικής ανάπτυξης. Συνολικά, τα αποτελέσματα αντανακλούν σταθερή εμπορική δραστηριότητα και επιτυχή έλεγχο κόστους, με την Alibaba να επενδύει επιθετικά σε τεχνολογικές υποδομές για μελλοντική ανάπτυξη.

Question:
What trends can be observed in the company’s revenue amount over the past few years? Please quote the piece(s) of news aligned with the finding(s), if any.

Answer:

Question: What trends can be observed in the company’s revenue amount over the past few years? Please quote the piece(s) of news aligned with the finding(s), if any.