As Alibaba Group Holding Ltd. works through a flurry of challenges, it will once again look to restore investor confidence in its long-term vision when it reports earnings Thursday. The Chinese e-commerce giant cut its full-year forecast in November amid heightened competition and macroeconomic pressures, and analysts seem cautious heading into the company’s fiscal third-quarter report Thursday morning. Pandemic-related restrictions and macro concerns likely impacted the company’s commerce business during the holiday quarter, and Alibaba BABA, is still expected to be spending up on more emerging areas such as international expansion and logistics, which could weigh on margins. In Alibaba’s…