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, -2.52% is still expected to be spending up on more emerging areas such as international expansion and logistics, which could weigh on margins. In...