<p>阿里巴巴（BABA -2.96%）的股票最近表现火爆。该中国科技巨头公布了截至 2024 年 12 月 31 日的季度业绩，收入增长了 8%，运营收入激增了 83%。</p>
<p>投资者对这一结果表示欢呼，宣布后股价上涨了约 15%。但深入分析阿里巴巴的业绩显示，数据背后还有更多信息，表明阿里巴巴的转型努力终于开始见效。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDg3MDIvc2hvcHBpbmctNC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDg3MDIvc2hvcHBpbmctNC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>阿里巴巴面临一系列挑战</h2>
<p>过去几年是阿里巴巴最具挑战性的时期。它经历了一系列问题，包括蚂蚁集团首次公开募股的取消、中国科技行业的监管打压，以及疫情后艰难的经营环境。</p>
<p>这些挑战影响了其财务表现，导致其旗舰电商和云计算业务的增长乏力/负增长。为了更好地理解，电商和云计算的收入在 2020 财年（截至 2020 年 3 月 31 日）分别增长了 34% 和 62%。然而，在 2024 财年，收入仅分别增长了 5% 和 3%。</p>
<p>投资者担心这家科技巨头已经过了巅峰，缓慢甚至没有增长可能成为其新常态。在此期间，公司进行了最大规模的重组之一，导致高层领导团队的完全改组。这一管理团队的变化为严峻的形势增添了另一层不确定性。</p>
<h2>电商业务最近取得了良好进展</h2>
<p>曾经是中国电商行业无可争议的领导者，阿里巴巴的主导地位如今受到质疑，因为它面临来自年轻竞争对手如拼多多和抖音的竞争。前者针对的是注重性价比的消费者，而后者则吸引了直播购物的消费者。</p>
<p>作为回应，阿里巴巴采取了一些大胆的举措，包括将重点从以商家为中心转向以消费者为中心，提高价格竞争力，并加大对人工智能（AI）的投入，以改善用户体验。特别是，阿里巴巴的重点是使不同消费能力的客户能够在其平台上找到价格合理的最佳产品。</p>
<p>虽然仍处于初期阶段，但阿里巴巴最新的财务数据显示其战略正在见效。例如，电商公司的客户管理收入在截至 2024 年 12 月 31 日的季度增长了 9%，这得益于商品交易总值（GMV）和佣金率的增长。这表明消费者在阿里巴巴的电商平台上花费更多，商家在营销费用上的支出也在增加。</p>
<p>除了本土市场，阿里巴巴正在扩展其国际电商业务，以减少对本土市场的依赖。该部门最近增长迅速，最新季度的收入同比增长了 32%。换句话说，阿里巴巴在恢复其电商业务的增长方面取得了实质性进展。</p>
<h2>云计算业务再次增长</h2>
<p>作为中国云计算行业无可争议的领导者，阿里云曾肩负着维持阿里巴巴高增长轨迹的重大责任。然而，几年的缓慢增长几乎完全破灭了投资者的希望。由于经济环境严峻、竞争加剧以及阿里云 IPO 分拆的取消，该业务面临了一些问题。</p>
<p>幸运的是，在新 CEO 的带领下，阿里云逐渐恢复了势头，最新季度的收入增长率同比加速至 13%。特别是，与 AI 相关的收入连续六个季度以三位数的速度增长。它还推出了最新的大型语言模型 Qwen 2.5，这是全球最先进的模型之一。</p>
<p>阿里云最近的表现表明了几件事。首先，云计算业务正在获得动力，其增长率在未来几个季度可能进一步改善。其次，新领导团队做出了一些出色的决策，例如全力投入 AI，为未来的发展指明了方向。</p>
<p>此外，阿里云正在加大对 AI 基础设施的投资，预计未来三年的投资将超过过去十年的总支出。它还将大力投资于开发 AI 基础模型和 AI 原生应用。这些举措表明，云计算可能迎来多年的增长周期。</p>
<h2>对投资者的意义</h2>
<p>阿里巴巴最近的季度报告如同一缕清新空气，表明这家科技巨头终于找到了新的方向。投资者应关注阿里巴巴在未来几个季度的表现。如果电商和云计算业务能够维持近期的增长轨迹，投资者可以有信心阿里巴巴的最坏时刻可能已经过去。</p>
<p>所有目光都集中在公司未来几个季度的表现上。</p>

阿里巴巴-W

阿里巴巴

<p>阿里巴巴的股票在发布强劲的季度报告后上涨了 15%，收入增长了 8%，运营收入飙升了 83%。在经历了包括监管问题和竞争在内的重大挑战后，阿里巴巴正在调整其战略，专注于消费者需求和人工智能。电子商务部门显示出复苏的迹象，客户管理收入增长了 9%，而阿里巴巴云也在加速发展，收入增长了 13%。投资者对阿里巴巴未来的表现持乐观态度，因为它似乎正走在复苏的道路上</p>

<p><strong>Alibaba</strong>'s (BABA -2.96%) stock has been on fire lately. The Chinese tech giant reported a commendable result for the quarter ended Dec. 31, 2024, with revenue growing by 8% and income from operations surging by 83%.</p>
<div class="lb-trans"><p>阿里巴巴（BABA -2.96%）的股票最近表现火爆。该中国科技巨头公布了截至 2024 年 12 月 31 日的季度业绩，收入增长了 8%，运营收入激增了 83%。</p>
</div><p>Investors cheered the results, sending the stock up by around 15% after the announcement. But digging further into Alibaba's results indicates much more than the headline numbers, suggesting that Alibaba's turnaround effort is finally bearing fruit.</p>
<div class="lb-trans"><p>投资者对这一结果表示欢呼，宣布后股价上涨了约 15%。但深入分析阿里巴巴的业绩显示，数据背后还有更多信息，表明阿里巴巴的转型努力终于开始见效。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDg3MDIvc2hvcHBpbmctNC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F808702%2Fshopping-4.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Alibaba was facing a series of challenges</h2>
<div class="lb-trans"><h2>阿里巴巴面临一系列挑战</h2>
</div><p>The last few years have been the most challenging period for Alibaba. It has experienced a series of issues, which included the cancellation of Ant Group's initial public offering, regulatory crackdowns on the tech sector in China, and a challenging operating environment post-COVID-19 lockdowns.</p>
<div class="lb-trans"><p>过去几年是阿里巴巴最具挑战性的时期。它经历了一系列问题，包括蚂蚁集团首次公开募股的取消、中国科技行业的监管打压，以及疫情后艰难的经营环境。</p>
</div><p>These challenges affected its financial performance, leading to muted/negative growth in its flagship e-commerce and cloud computing businesses. To put it into perspective, e-commerce and cloud computing revenue grew at 34% and 62%, respectively, for its fiscal 2020, which ended March 31, 2020. However, in fiscal 2024, revenue rose by just 5% and 3%, respectively.</p>
<div class="lb-trans"><p>这些挑战影响了其财务表现，导致其旗舰电商和云计算业务的增长乏力/负增长。为了更好地理解，电商和云计算的收入在 2020 财年（截至 2020 年 3 月 31 日）分别增长了 34% 和 62%。然而，在 2024 财年，收入仅分别增长了 5% 和 3%。</p>
</div><p>Investors were concerned that the tech giant had passed its prime, and slow to no growth could be the new normal for it. It didn't help that the company made one of its biggest restructurings during this period, which resulted in a complete overhaul of the senior leadership team. The change in management team added another layer of uncertainty to the dire situation.</p>
<div class="lb-trans"><p>投资者担心这家科技巨头已经过了巅峰，缓慢甚至没有增长可能成为其新常态。在此期间，公司进行了最大规模的重组之一，导致高层领导团队的完全改组。这一管理团队的变化为严峻的形势增添了另一层不确定性。</p>
</div><h2>The e-commerce business has been making good progress lately</h2>
<div class="lb-trans"><h2>电商业务最近取得了良好进展</h2>
</div><p>Once the undisputed leader in the Chinese e-commerce sector, Alibaba's dominance is now in question as it faces competition from younger rivals like <strong>Pinduoduo</strong> and Douying. The former targets cost-conscious consumers, while the latter attracts live-streaming shoppers.</p>
<div class="lb-trans"><p>曾经是中国电商行业无可争议的领导者，阿里巴巴的主导地位如今受到质疑，因为它面临来自年轻竞争对手如拼多多和抖音的竞争。前者针对的是注重性价比的消费者，而后者则吸引了直播购物的消费者。</p>
</div><p>In response, Alibaba has made some bold moves, including shifting its focus from merchant-centered to consumer-centered, improving price competitiveness, and doubling down on artificial intelligence (AI) to improve user experience. In particular, Alibaba's focus is on enabling customers of different levels of spending power to find the best products at affordable prices on its platforms.</p>
<div class="lb-trans"><p>作为回应，阿里巴巴采取了一些大胆的举措，包括将重点从以商家为中心转向以消费者为中心，提高价格竞争力，并加大对人工智能（AI）的投入，以改善用户体验。特别是，阿里巴巴的重点是使不同消费能力的客户能够在其平台上找到价格合理的最佳产品。</p>
</div><p>While it's still in its early days, Alibaba's latest financials demonstrate that its strategy is paying off. For instance, the e-commerce company's customer management revenue grew by 9% in the quarter ended Dec. 31, 2024, driven by growth in gross merchandise value (GMV) and take-rate. This demonstrates that consumers are spending more on Alibaba's e-commerce platforms, and merchants are spending more on marketing fees.</p>
<div class="lb-trans"><p>虽然仍处于初期阶段，但阿里巴巴最新的财务数据显示其战略正在见效。例如，电商公司的客户管理收入在截至 2024 年 12 月 31 日的季度增长了 9%，这得益于商品交易总值（GMV）和佣金率的增长。这表明消费者在阿里巴巴的电商平台上花费更多，商家在营销费用上的支出也在增加。</p>
</div><p>Beyond its home turf, Alibaba is expanding its international e-commerce businesses to diversify away from its reliance on its home market. This segment has been growing rapidly lately, with revenue up by 32% year over year in the latest quarter. In other words, Alibaba is making solid strides in rejuvenating the growth of its e-commerce businesses.</p>
<div class="lb-trans"><p>除了本土市场，阿里巴巴正在扩展其国际电商业务，以减少对本土市场的依赖。该部门最近增长迅速，最新季度的收入同比增长了 32%。换句话说，阿里巴巴在恢复其电商业务的增长方面取得了实质性进展。</p>
</div><h2>The cloud computing business is growing again</h2>
<div class="lb-trans"><h2>云计算业务再次增长</h2>
</div><p>As the undisputed leader in China's cloud computing industry with a 39% market share, Alibaba Cloud once held the biggest responsibility in sustaining Alibaba's high growth trajectory. However, a few years of slow growth almost shattered investors' hopes altogether. Weak enterprise demand due to challenging economic conditions, competition, and the cancellation of Alibaba Cloud's IPO spin-off are some of the issues that the business has faced.</p>
<div class="lb-trans"><p>作为中国云计算行业无可争议的领导者，阿里云曾肩负着维持阿里巴巴高增长轨迹的重大责任。然而，几年的缓慢增长几乎完全破灭了投资者的希望。由于经济环境严峻、竞争加剧以及阿里云 IPO 分拆的取消，该业务面临了一些问题。</p>
</div><p>Fortunately, with the new CEO at the helm, Alibaba Cloud is gradually gaining momentum, evident in its accelerating revenue growth rate of 13% year over year in the latest quarter. In particular, AI-related revenue grew at triple-digit rates for six consecutive quarters. It also launched its latest large language model, Qwen 2.5, which is among the most advanced models globally.</p>
<div class="lb-trans"><p>幸运的是，在新 CEO 的带领下，阿里云逐渐恢复了势头，最新季度的收入增长率同比加速至 13%。特别是，与 AI 相关的收入连续六个季度以三位数的速度增长。它还推出了最新的大型语言模型 Qwen 2.5，这是全球最先进的模型之一。</p>
</div><p>Alibaba Cloud's recent performance indicates a few things. First, the cloud computing business is gaining momentum, and its growth rates could improve further in the coming quarters. Second, the new leadership team has made some great decisions, such as going all-in into AI, setting the business in the right direction for the future.</p>
<div class="lb-trans"><p>阿里云最近的表现表明了几件事。首先，云计算业务正在获得动力，其增长率在未来几个季度可能进一步改善。其次，新领导团队做出了一些出色的决策，例如全力投入 AI，为未来的发展指明了方向。</p>
</div><p>Besides, Alibaba Cloud is doubling down on investment in AI infrastructure, with expected investments in the next three years to exceed what it has spent over the past decade. It will also invest heavily in developing AI foundation models and AI-native applications. These moves suggest that cloud computing could have a multi-year growth cycle ahead.</p>
<div class="lb-trans"><p>此外，阿里云正在加大对 AI 基础设施的投资，预计未来三年的投资将超过过去十年的总支出。它还将大力投资于开发 AI 基础模型和 AI 原生应用。这些举措表明，云计算可能迎来多年的增长周期。</p>
</div><h2>What it means for investors</h2>
<div class="lb-trans"><h2>对投资者的意义</h2>
</div><p>Alibaba's recent quarterly report is a breath of fresh air, suggesting that the tech giant has finally found its new direction. Investors should monitor Alibaba's performance in the coming quarters. If the e-commerce and cloud computing businesses can sustain their recent trajectory, investors can be confident that the worst could be over for Alibaba.</p>
<div class="lb-trans"><p>阿里巴巴最近的季度报告如同一缕清新空气，表明这家科技巨头终于找到了新的方向。投资者应关注阿里巴巴在未来几个季度的表现。如果电商和云计算业务能够维持近期的增长轨迹，投资者可以有信心阿里巴巴的最坏时刻可能已经过去。</p>
</div><p>All eyes are on the company's performance in the next few quarters.</p>
<div class="lb-trans"><p>所有目光都集中在公司未来几个季度的表现上。</p>
</div>

Alibaba Investors Could Finally Be Seeing Light at the End of the Tunnel

- 阿里巴巴在 2024 年第四季度实现收入增长 8%，运营收入激增 83%。  
- 该公司正面临来自竞争对手的压力，积极调整战略以恢复增长。  
- 云计算业务也在逐步回暖，年增长率达到 13%，显示出良好前景。

阿里巴巴的投资者终于可能看到隧道尽头的曙光