Alibaba Group Holding（BABA）株式概要
アリババ・グループ・ホールディング・リミテッドは、その子会社を通じて、中華人民共和国および国際的な商人、ブランド、小売業者、その他のビジネスを支援するテクノロジー・インフラとマーケティング・リーチを提供している。 詳細
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Alibaba Group Holding Limited 競合他社
価格と性能
| 過去の株価 | |
|---|---|
| 現在の株価 | US$119.34 |
| 52週高値 | US$192.67 |
| 52週安値 | US$91.99 |
| ベータ | 0.51 |
| 1ヶ月の変化 | 6.42% |
| 3ヶ月変化 | -7.82% |
| 1年変化 | -4.03% |
| 3年間の変化 | 29.38% |
| 5年間の変化 | -26.47% |
| IPOからの変化 | 27.11% |
最新ニュース
Recent updates
Seeking Alpha • Aug 21
Alibaba: AI Transformation Offsets E-Commerce Drag, Reiterate Buy
Summary Alibaba delivered in-line revenue but missed on EPS due to aggressive AI investment and negative free cash flow. BABA’s AI and cloud business posted +45% y/y growth, with AI-related product revenue growing triple-digit for the 12th consecutive quarter. Quick Commerce drove China ecommerce EBITA improvement, but core CMR revenue remains pressured by weak macro and competitive headwinds. We reiterate a bullish view with a $128–$148/share valuation, contingent on sustained AI momentum and ecommerce stability. Read the full article on Seeking Alpha
新しいナラティブ • Aug 01
One of the Most Mispriced Technology Ecosystems in the Market
Alibaba is one of the few large-cap companies in the world where there appears to be a meaningful gap between market perception and the underlying value of its assets. At current prices, many investors still view Alibaba primarily as a Chinese e-commerce company.
ナラティブ更新 • Jul 17
BABA: Cloud And AI Partnerships Will Define Future Re Rating Potential
Alibaba Group Holding's updated analyst price target framework points to a lower fair value estimate of about $240, reflecting a higher discount rate alongside stronger modeled revenue growth, profit margins, and a reduced future P/E, as analysts factor in recent cloud and AI developments as well as shifting views on China e-commerce demand. Analyst Commentary Recent research on Alibaba Group Holding highlights a mix of higher conviction on the cloud and AI opportunity alongside more cautious views on China e-commerce demand.
ナラティブ更新 • Jul 03
BABA: Cloud And AI Expansion Will Reshape Long-Term Earnings Profile
Analysts have trimmed their fair value estimate for Alibaba Group Holding to about $140.59 from $146.95 as they factor in softer revenue growth assumptions, lower profit margins and a higher discount rate, while also acknowledging continued support from higher expected future P/E multiples and ongoing interest in the company's cloud and AI businesses. Analyst Commentary Recent Street research on Alibaba Group Holding shows a mix of optimism around cloud and AI alongside more cautious views on core e-commerce and broader China consumer trends.
ナラティブ更新 • Jun 19
BABA: Cloud And AI Reinvention Will Drive Future Multiple Repricing
Alibaba Group Holding’s updated analyst price target edges slightly higher as analysts factor in ongoing heavy investment, a modestly lower fair value estimate near $191.56, and a somewhat richer future P/E of about 23x, supported by continued strength in the cloud and AI businesses. Analyst Commentary Recent Street research around Alibaba Group Holding highlights a cluster of upward price target revisions following the latest quarterly results, with analysts weighing heavy reinvestment in cloud and AI against near term pressure on profitability.ナラティブ更新 • Jun 03
BABA: Agentic AI Cloud And Domestic Chips Will Drive Future Repricing
Alibaba Group Holding's updated analyst price target has moved higher to reflect a fair value estimate of about $192 per share, as analysts highlight stronger modeled revenue growth and profit margins supported by accelerating cloud and AI momentum, even as they assume a higher discount rate and a more conservative future P/E multiple. Analyst Commentary Bullish Takeaways Bullish analysts are lifting price targets into the US$185 to US$205 range, which reflects stronger confidence in Alibaba's ability to execute on its cloud and AI roadmap despite a higher discount rate and more conservative P/E assumptions in some models.ナラティブ更新 • Apr 23
BABA: Agentic AI And Chip Access Will Drive Future Cloud Monetization
The analyst price target for Alibaba Group Holding has been trimmed by about $1 in response to recent Street research, which reflects slightly lower assumed profit margins and a modestly higher discount rate, while revenue growth expectations and future P/E inputs have been adjusted only marginally. Analyst Commentary Recent Street research on Alibaba shows a mix of optimism and caution, with several firms adjusting price targets and ratings in different directions.ナラティブ更新 • Apr 09
BABA: AI Agents And Chips Will Drive Future Cloud Monetization
Alibaba Group Holding's fair value estimate has been adjusted slightly higher to about $189.70 per share, as analysts factor in updated assumptions on growth, margins, and future P/E, while also incorporating a recent wave of mixed price target changes across the Street. Analyst Commentary Recent research on Alibaba Group Holding points to a split view, with several firms revising price targets and ratings while reassessing execution, growth priorities, and balance sheet trends.ナラティブ更新 • Mar 25
BABA: AI Cloud And Chip Investments Will Drive Future Earnings Power
The updated analyst price target for Alibaba Group Holding edges lower to reflect slightly softer margin assumptions and a reduced fair value estimate of about $190. Analysts are balancing optimism around higher modeled revenue growth and a modestly higher future P/E with recent target cuts and downgrades across several research desks.ナラティブ更新 • Mar 11
BABA: AI Cloud And Chip Investments Will Support Long Term Upside
The analyst price target for Alibaba Group Holding has inched higher to $199.61 from $198.28, with analysts pointing to Alibaba's focus on AI driven cloud monetization, its inclusion on a major APAC conviction list, and ongoing debates around margins and capital intensity as key factors shaping their updated view. Analyst Commentary Recent research on Alibaba highlights a split view, with some firms adding the stock to high conviction lists while others move to more cautious ratings.ナラティブ更新 • Feb 25
BABA: AI Cloud Monetization And Chips Will Support Long Term Upside
Analysts have nudged their fair value estimate for Alibaba Group Holding slightly higher to about $198 per share. This reflects updated assumptions for AI focused cloud investment, modest tweaks to revenue growth and profit margin expectations, and a mix of recent rating downgrades and upgrades that highlight both rising capital intensity and ongoing monetization efforts.ナラティブ更新 • Feb 09
BABA: AI And Cloud Expansion Will Drive Future Earnings Power
Analysts have nudged their price target framework for Alibaba Group Holding slightly higher to about $198 per share, reflecting updated assumptions that include modestly adjusted revenue growth, profit margin expectations, discount rate and future P/E, informed by mixed but generally constructive recent analyst commentary on the stock. Analyst Commentary Recent research on Alibaba reflects a mix of optimism and caution, with analysts reassessing both growth drivers and execution risks across the cloud and core retail businesses.ナラティブ更新 • Jan 25
BABA: Cloud And AI Execution Will Drive Stronger Long-Term Earnings Power
Alibaba's fair value estimate edges higher to about $196.46, with analysts pointing to stronger modeled cloud and AI demand, along with updated price targets that reflect both rising capital expenditure in cloud and more moderate growth in retail revenue. Analyst Commentary Recent research on Alibaba highlights a split view, with some bullish analysts focusing on cloud and AI execution, while more cautious voices focus on spending levels and retail trends.ナラティブ更新 • Jan 11
BABA: Cloud AI And Consumer Apps Will Build Stronger Long-Term Earnings Power
Analysts have trimmed their fair value estimate for Alibaba Group Holding to $195 from about $198, as slightly higher discount rates, marginally softer long term growth and profit assumptions, and a modestly lower future P/E expectation are weighed against mixed but generally constructive Street price target revisions that reflect both rising cloud investment needs and more measured retail momentum. Analyst Commentary Street research on Alibaba has become more mixed, with both bullish and bearish analysts adjusting their price targets and assumptions in response to recent results, cloud trends, and spending plans.ナラティブ更新 • Dec 21
BABA: Cloud AI Monetization Will Drive Stronger Long-Term Earnings Power
Analysts made a marginal upward revision to their fair value estimate for Alibaba Group Holding to approximately $198 per share, reflecting slightly stronger long term cloud and artificial intelligence monetization prospects that more than offset modestly reduced revenue and profit forecasts tied to quick commerce and customer management headwinds. Analyst Commentary Street research on Alibaba remains broadly constructive, with a series of upward price target revisions anchored in improving cloud and artificial intelligence monetization, partly offset by concerns around near term profitability in quick commerce and customer management revenue.ナラティブ更新 • Dec 07
BABA: Cloud And AI Expansion Will Drive Higher Quality Earnings Ahead
Analysts have nudged our Alibaba fair value estimate slightly higher to approximately $198 per share, reflecting expectations for faster revenue growth driven by strengthening cloud and AI demand. These expectations more than offset modestly lower margin assumptions and a marginally higher discount rate.ナラティブ更新 • Nov 23
BABA: Accelerating Cloud And AI Expansion Will Support Meaningful Medium-Term Upside
Alibaba Group Holding's analyst price target has been raised modestly to approximately $196.83, reflecting growing confidence from analysts as well as broad optimism over accelerating cloud revenue and continued advancements in artificial intelligence offerings. Analyst Commentary Recent research activity on Alibaba Group Holding reveals a blend of optimism around core business strength and innovation, alongside measured caution regarding valuation levels and competitive challenges.ナラティブ更新 • Nov 08
BABA: AI Cloud Momentum Will Drive Sustained Upside Over Coming Quarters
Alibaba Group Holding’s fair value estimate has been raised slightly to $196.82 per share from $195.74. Analysts cite continued momentum in AI-driven cloud revenue growth and expanding valuations across its core businesses.ナラティブ更新 • Oct 25
Cloud, AI And Quick Commerce Expansion Will Drive Next Phase Forward
Alibaba Group Holding's fair value estimate has been raised slightly to $195.74 from $193.43. Analysts cite accelerating cloud and AI-driven growth, along with an improved profit outlook, as key reasons for higher price targets across the Street.ナラティブ更新 • Oct 11
AI, Cloud And Quick Commerce Will Power Digital Progress
Alibaba Group Holding's analyst price target has been raised from approximately $180 to $193, as analysts point to robust progress in AI and cloud segments, improved company guidance, and increasing investor optimism as reasons for the upward revision. Analyst Commentary Recent analyst coverage of Alibaba Group Holding reflects building optimism around the company’s growth trajectory, particularly in its cloud and artificial intelligence businesses.
ナラティブ更新 • Oct 02
Alibaba's 5-year outlook points to a fair value of $254-$318 in the market
“Deeply Undervalued Tech Giant” → Reflects Alibaba’s strong fundamentals, scale, and profitability, contrasted with its current price well below intrinsic estimates ($318 fair value, $254 risk-adjusted).ナラティブ更新 • Sep 27
AI, Cloud And Quick Commerce Will Power Digital Progress
Analysts have raised Alibaba’s price target from $165.48 to $179.82, citing accelerating AI cloud demand, robust cloud and e-commerce segment growth, and strengthening new initiatives as key drivers. Analyst Commentary Bullish analysts are raising cloud revenue and capex forecasts in response to strong traffic and activity observed at Alibaba's Apsara Conference, alongside management’s expectations for a tenfold increase in data center capacity to serve accelerating AI cloud demand.分析記事 • Sep 24
Alibaba Group Holding Limited's (NYSE:BABA) Shares Climb 33% But Its Business Is Yet to Catch Up
Despite an already strong run, Alibaba Group Holding Limited ( NYSE:BABA ) shares have been powering on, with a gain of...ナラティブ更新 • Sep 12
AI, Cloud And Quick Commerce Will Power Digital Progress
Analysts have raised Alibaba’s price target to $165.48, citing accelerating cloud and AI-driven revenue growth, improved execution and synergies in quick commerce, margin expansion, and diversification into new verticals, all underpinning stronger long-term fundamentals. Analyst Commentary Bullish analysts cite accelerating cloud revenue growth, particularly with robust AI-related and external revenue contributions, solidifying Alibaba’s position as China’s leading GenAI and cloud infrastructure provider.
新しいナラティブ • Jun 02
Alibaba's Fair Value may Suggests Growth Despite Trade and Regulatory Risks but...
Base FCF: $15B (normalized annual free cash flow)新しいナラティブ • May 01
AI, Cloud And Quick Commerce Will Power Digital Progress
Key Takeaways Investment in AI, cloud, and quick commerce aims to drive long-term revenue and margin growth despite near-term profit pressure from elevated spending. Enhanced integration and partnerships are expanding Alibaba's enterprise footprint, boosting user engagement, and strengthening its competitive position in digital services.Seeking Alpha • Apr 29
Alibaba Could Be In Trouble (Rating Downgrade)
Summary Alibaba's 2025 AI-driven share price surge is overshadowed by the mushrooming U.S. vs. China trade war, risking a Chinese recession and impacting financial results. Bearish technical indicators, like declining Accumulation/Distribution Line and Ease of Movement readings, suggest large investors are selling and buying interest is waning. The outside risk of a U.S. delisting further complicates BABA's outlook, making a Sell/Avoid rating prudent until clearer economic signals emerge. Read the full article on Seeking AlphaSeeking Alpha • Apr 22
Alibaba: The Tariff War Can Deliver Surprising Benefits
Summary Alibaba stock has seen major swings in YTD but it is still up by almost 30%. Alibaba could see tailwinds due to a better regulatory and fiscal environment as Chinese government tries to counter challenges due to tariffs. Rapid international expansion could increase the revenue share from outside China to over 40% by 2030, which should reduce geopolitical risks and increase the growth runway. Alibaba continues to develop AI tools at a rapid pace and Alibaba Cloud could corner a big chunk of the AI business within China. The Wall Street ratings for Alibaba continue to be very strong and the stock is trading at only 10.7 times the earnings estimate for fiscal year ending Mar 2026. Read the full article on Seeking AlphaSeeking Alpha • Apr 14
Delisting Deja Vu: Tariffs Are Putting Alibaba's Valuation At Risk Again
Summary The escalating U.S.-China tariff standoff, which has pushed reciprocal levies to an unprecedented 145%, poses immediate and material risks to Alibaba's growth and earnings outlook. Beyond the fundamentals, non-quantifiable risks are re-emerging, including the specter of being delisted from the NYSE - a threat thought to be resolved, but now back in focus. The combination threatens both fundamental deterioration and risk premium expansion, which could further compress Alibaba's valuation prospects from current levels. Read the full article on Seeking AlphaSeeking Alpha • Mar 20
Alibaba: I Was Wrong About Tariffs And AI (Rating Upgrade)
Summary I am upgrading Alibaba stock from sell to buy due to its strong appreciation and reevaluation of trade war and AI market challenges. Despite initial concerns, Alibaba's AI and cloud investments, along with China's protective stance, present significant growth opportunities in the domestic market. Alibaba's latest earnings exceeded expectations, with notable growth in cloud and digital commerce, driven by AI-related products. Financially, Alibaba boasts the highest EBITDA and net income margins among peers, with a PEG ratio suggesting a 35% upside potential. Read the full article on Seeking AlphaSeeking Alpha • Mar 05
Alibaba's Bullish Momentum Could Accelerate
Summary Alibaba stock has shown a strong bullish momentum in YTD as many other big tech companies in US falter. The new AI tools launched by Alibaba might be impressive, but the real impact will be when they are adequately monetized on Alibaba’s platform. The Cloud segment has reported 33% YoY growth in EBITA with annualized EBITDA of over $1.5 billion, but there is still room for more margin expansion in this segment. The international segment showed 32% YoY growth and its revenue share is 14%, which increases the geographic diversification of the company. Alibaba is expected to deliver 12%-14% EPS growth in the next two fiscal years, which is quite good when we look at the modest forward PE multiple of 11.6 for fiscal year ending Mar 2027. Read the full article on Seeking AlphaSeeking Alpha • Feb 26
Alibaba's Time Is Finally Here
Summary Alibaba's Q3 FY 2025 earnings exceeded expectations, with net income of 48.945 billion yuan and operating income margins reaching 16.91%, indicating strong financial performance. The Cloud Intelligence Group and AI segment saw significant growth, driven by continually increasing AI adoption in China, positioning Alibaba to benefit from this trend. Alibaba's international segment (AIDC) continues to be a key driver of revenue growth. It is likely to turn profitable in two quarters, from an adjusted EBITDA margin of -13%. Valuation analysis suggests Alibaba is undervalued, with a potential upside of 18% to 20%, supported by historical and comparative metrics, and technical analysis indicates a breakout. I recommend a strong buy for Alibaba with a price target of $153, expecting the stock to reach this within 6-9 months, driven by AI and cloud investments. Read the full article on Seeking AlphaSeeking Alpha • Feb 20
Alibaba Stock: The Rally Has Just Begun
Summary Alibaba's Q3 earnings show an 8% YoY sales growth and a significant 83% YoY EBIT margin increase, driving a 17% stock price rise. Strong performance in AIDC (+32% YoY) and Cloud Intelligence (+13% YoY) segments, with AI-related products showing triple-digit growth for six consecutive quarters. Despite a 31% YoY drop in FCF due to high CapEx, Alibaba repurchased ~$1.3 billion in shares, indicating confidence in future growth. Alibaba's recently published Q3 earnings further support my previous upgrade to "Buy": BABA is turning itself around now the way I see it. Risks include geopolitical tensions and potential overvaluation, but I maintain a "Buy" rating with a price target of $183.4/share, expecting a 37.4% upside. Read the full article on Seeking AlphaSeeking Alpha • Feb 13
Alibaba Stock Is Breaking Out (Technical Analysis)
Summary Alibaba Group Holding Limited stock is staging another attempt to overtake the $120 level. I see good reasons – both technical and fundamental – for it to succeed this time and thus open up more room for further upward movements. Consensus anticipates strong sequential growth in the upcoming earnings report (scheduled on Feb. 20), which can be an immediate catalyst. BABA stock's low valuation, with a FWD P/E ratio of ~13.7 and a PEG ratio close to 1x, further skews the risk/reward profile. Read the full article on Seeking AlphaSeeking Alpha • Feb 06
Alibaba Said Its AI Outperformed DeepSeek: This Is Why The Stock Is A Buy
Summary DeepSeek's AI model claims led to significant stock drops for Microsoft and Nvidia, while Alibaba's shares rose due to its AI advancements and Qwen 2.5 model. Alibaba's long-term AI investments, including generative AI tools for e-commerce, position it for growth in cloud services and global expansion. Alibaba's financials show promising growth, with expected EPS increase and attractive valuation metrics, suggesting significant upside potential for the stock. Risks include U.S.-China tariff wars and regulatory challenges in China, but AI integration could drive long-term revenue growth, making BABA a compelling buy-and-hold opportunity. Read the full article on Seeking Alpha株主還元
| BABA | US Multiline Retail | US 市場 | |
|---|---|---|---|
| 7D | -4.3% | -0.8% | -1.2% |
| 1Y | -4.0% | 5.0% | 18.3% |
業界別リターン: BABA過去 1 年間で5 % の収益を上げたUS Multiline Retail業界を下回りました。
リターン対市場: BABAは、過去 1 年間で18.3 % のリターンを上げたUS市場を下回りました。
価格変動
| BABA volatility | |
|---|---|
| BABA Average Weekly Movement | 6.4% |
| Multiline Retail Industry Average Movement | 6.9% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.4% |
| 10% least volatile stocks in US Market | 3.1% |
安定した株価: BABA 、 US市場と比較して、過去 3 か月間で大きな価格変動はありませんでした。
時間の経過による変動: BABAの 週次ボラティリティ ( 6% ) は過去 1 年間安定しています。
会社概要
| 設立 | 従業員 | CEO（最高経営責任者 | ウェブサイト |
|---|---|---|---|
| 1999 | 132,165 | Eddie Wu | www.alibabagroup.com |
アリババ・グループ・ホールディング・リミテッドは、子会社を通じて、中国国内および海外の事業者、ブランド、小売業者、その他の企業を支援するための技術インフラとマーケティングリーチを提供しています。同社の事業は、「アリババ中国Eコマースグループ」、「アリババ国際デジタルコマースグループ」、「クラウド・インテリジェンス・グループ」、および「その他」の各セグメントで構成されています。 「アリババ中国Eコマースグループ」セグメントは、デジタル小売プラットフォームである「タオバオ（Taobao）」および「Tmall」、ローカルサービスおよびオンデマンド配送プラットフォームである「タオバオ・インスタントコマース（Taobao Instant Commerce）」、国内卸売マーケットプレイスである「1688.com」、および個人間（C2C）のコミュニティ兼中古品マーケットプレイスである「Xianyu」を運営しています。 「アリババ中国Eコマースグループ」セグメントには、グローバルEコマースプラットフォームのAliExpress、トルコのEコマースプラットフォームであるTrendyol、東南アジアのEコマースプラットフォームであるLazada、主にパキスタンとバングラデシュを拠点とする南アジアのEコマースプラットフォームであるDaraz、および統合型国際オンライン卸売マーケットプレイスであるAlibaba.comが含まれます。 クラウド・インテリジェンス・グループ部門は、IaaS（Infrastructure-as-a-Service）、PaaS（Platform-as-a-Service）、MaaS（Model-as-a-Service）に基づく一連のクラウドサービスを提供している。その他部門には、中国におけるモバイルデジタル地図、ナビゲーション、リアルタイム交通情報プロバイダーであるAmap、 物流ソリューションを提供する「Cainiao」、中国のオンライン長編動画プラットフォーム「Youku」、食料品および生鮮食品の小売プラットフォーム「Freshippo」、ならびに医薬品・ヘルスケアサービスプラットフォーム「Alibaba Health」で構成されています。アリババ・グループ・ホールディング・リミテッドは1999年に設立され、中国・杭州に本社を置いています。
Alibaba Group Holding Limited 基礎のまとめ
| BABA 基礎統計学 | |
|---|---|
| 時価総額 | US$272.23b |
| 収益（TTM） | US$10.91b |
| 売上高(TTM) | US$155.44b |
25.0x
PER（株価収益率1.8x
P/SレシオBABA は割高か？
公正価値と評価分析を参照収益と収入
| BABA 損益計算書（TTM） | |
|---|---|
| 収益 | CN¥1.04t |
| 売上原価 | CN¥645.80b |
| 売上総利益 | CN¥399.17b |
| その他の費用 | CN¥325.84b |
| 収益 | CN¥73.33b |
直近の収益報告
Jun 30, 2026
次回決算日
該当なし
| 一株当たり利益（EPS） | 32.14 |
| グロス・マージン | 38.20% |
| 純利益率 | 7.02% |
| 有利子負債／自己資本比率 | 23.9% |
BABA の長期的なパフォーマンスは？
過去の実績と比較を見る配当金
0.9%
現在の配当利回り23%
配当性向企業分析と財務データの現状
| データ | 最終更新日（UTC時間） |
|---|---|
| 企業分析 | 2026/08/24 03:51 |
| 終値 | 2026/08/21 00:00 |
| 収益 | 2026/06/30 |
| 年間収益 | 2026/03/31 |
データソース
企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。
| パッケージ | データ | タイムフレーム | 米国ソース例 |
|---|---|---|---|
| 会社財務 | 10年 |
| |
| アナリストのコンセンサス予想 | +プラス3年 |
|
|
| 市場価格 | 30年 |
| |
| 所有権 | 10年 |
| |
| マネジメント | 10年 |
| |
| 主な進展 | 10年 |
|
* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。
特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。
分析モデルとスノーフレーク
このレポートを生成するために使用した分析モデルの詳細は、当社のGitHubページでご覧いただけます。また、レポートの活用方法に関するガイドやYouTubeのチュートリアルも用意しています。
シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。
業界およびセクターの指標
私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。
アナリスト筋
Alibaba Group Holding Limited 42 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。80
| アナリスト | 機関 |
|---|---|
| Tianli Wen | Aletheia Analyst Network Limited |
| Zixiao Yang | Arete Research Services LLP |
| James Kelleher | Argus Research Company |