<p>最近的抛售使得很少有股票未受影响，包括 &#34;七大巨头&#34; 股票，如 <strong>亚马逊</strong>(AMZN 11.98%)。截至四月初，该股票自年初以来下跌了 20%，并且比二月初创下的历史高点低了近 30%。</p>
<p>这些早期结果可能会对 2025 年股票的表现产生影响。让我们更仔细地看看亚马逊的业务和财务，以了解该股票今年是否仍然有可能获胜。</p>
<h2>今日的亚马逊</h2>
<p>一些投资者可能会感到惊讶的是，在线销售企业可能并不是购买亚马逊股票的有力理由。尽管其电子商务业务是公司最大的收入来源，但零售业务的利润率较低，可能作为一种亏损引导，支持更高利润率的软件业务。</p>
<p>其中包括第三方卖家服务和数字广告。得益于其销售网站的强大，亚马逊通过与独立零售商合作获利。独立零售商在亚马逊网站上发布商品，作为回报，亚马逊在销售完成后获得一部分收入。亚马逊还通过在其网站上发布广告获得收入，这一策略为 <strong>Alphabet</strong> 和 <strong>Meta Platforms</strong> 等科技巨头带来了可观的利润。</p>
<p>然而，其利润率最高的业务——亚马逊网络服务（AWS）与零售业务关系不大。AWS 开创了云计算业务。尽管现在有几家其他科技巨头在云计算领域竞争，但亚马逊仍然是领先的云公司。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTM5NjYvc2NyZWVuc2hvdC0yMDI1LTA0LTA4LWF0LTgwMTQ4YW0ucG5nJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTM5NjYvc2NyZWVuc2hvdC0yMDI1LTA0LTA4LWF0LTgwMTQ4YW0ucG5nJnc9NzAw"/></p>
<p>图片来源：Statista。</p>
<p>随着对生成性人工智能的需求增加，亚马逊也处于良好的位置来提供并从这一技术中获利。该业务的成功使其在 2024 年实现了 37% 的营业利润率，高于 2023 年的 26%。</p>
<h2>亚马逊的财务状况</h2>
<p>亚马逊的云计算和软件业务能否在 2025 年推动公司发展？在 2024 年，亚马逊的净销售额为 3870 亿美元，同比增长 10%。这导致其营业收入达到 690 亿美元，同比增长 86%，主要由 AWS 贡献的 400 亿美元推动。考虑到非营业收入和支出，亚马逊的净收入为 590 亿美元，比 2023 年增长了 95%。</p>
<p>尽管亚马逊不发布年度指导，但分析师预测 2025 年收入将每年增长 10%。这应该有利于其营业收入的持续扩张。不幸的是，对于亚马逊的股东来说，同样的分析师预见到利润增长将显著放缓，预计 2025 年仅增长 15%。投资者往往对净收入增长放缓持不利态度，因此这可能对今年的股票产生负面影响。</p>
<p>亚马逊目前的估值变得越来越有利，股票的市盈率为 32。你可以将估值下降归因于公司的成熟（其市值接近 1.9 万亿美元）。尽管如此，亚马逊的市盈率常常超过 50 倍，即使盈利增长放缓至 15% 的范围，投资者仍可能将当前的盈利倍数视为购买的理由，尽管收入增长放缓。</p>
<h2>2025 年的亚马逊</h2>
<p>尽管市场动荡，亚马逊股票在 2025 年仍具有巨大的潜力，尽管估值下降和盈利增长放缓可能对公司的股票表现不佳。</p>
<p>亚马逊的第三方卖家和广告业务继续实现两位数的收入增长，而 AWS 的营业收入也在迅速上升。这些成功可能促使投资者询问估值是否过于 <em>低</em>，这是亚马逊不寻常的情况，可能会引起更多的关注。</p>
<p>亚马逊已经成为适应能力的典范，因为这家在线零售商作为科技巨头蓬勃发展。考虑到其更成功的业务和折扣的市盈率，现在是增加持股的绝佳时机。</p>

亚马逊

<p>亚马逊的股票在 2023 年下跌了 20%，交易价格几乎比历史最高点低 30%。尽管其电子商务部门面临挑战，亚马逊的云计算服务 AWS 仍然是强劲的收入驱动因素，对其营业收入贡献显著。分析师预测 2025 年的收入增长为 10%，但利润增长可能放缓至 15%。目前，亚马逊的市盈率为 32，尽管对盈利放缓存在担忧，但仍显示出投资潜力。该公司的适应能力以及在第三方销售和广告方面的强劲表现可能会吸引寻求价值的投资者在 2025 年进行投资</p>

<p>The recent sell-off has left few stocks unscathed, including &#34;Magnificent Seven&#34; stocks such as <strong>Amazon</strong>(AMZN 11.98%). As of early April, the stock is down 20% since the beginning of the year and sells at nearly 30% below the all-time high it achieved in early February.</p>
<div class="lb-trans"><p>最近的抛售使得很少有股票未受影响，包括 &#34;七大巨头&#34; 股票，如 <strong>亚马逊</strong>(AMZN 11.98%)。截至四月初，该股票自年初以来下跌了 20%，并且比二月初创下的历史高点低了近 30%。</p>
</div><p>These early results could have implications for the stock's performance in 2025. Let's take a closer look at Amazon's businesses and financials to see if the stock could still be a winner this year.</p>
<div class="lb-trans"><p>这些早期结果可能会对 2025 年股票的表现产生影响。让我们更仔细地看看亚马逊的业务和财务，以了解该股票今年是否仍然有可能获胜。</p>
</div><h2>Amazon today</h2>
<div class="lb-trans"><h2>今日的亚马逊</h2>
</div><p>It may surprise some investors to learn that the online sales enterprise is likely <em>not</em> a compelling reason to buy Amazon stock. Although its e-commerce operation is the company's largest revenue generator, retailing is a low-margin business and likely serves as a loss leader that supports higher-margin software businesses.</p>
<div class="lb-trans"><p>一些投资者可能会感到惊讶的是，在线销售企业可能并不是购买亚马逊股票的有力理由。尽管其电子商务业务是公司最大的收入来源，但零售业务的利润率较低，可能作为一种亏损引导，支持更高利润率的软件业务。</p>
</div><p>Among these are third-party seller services and digital advertising. Thanks to the power of its sales site, Amazon profits by partnering with independent retailers. They post on Amazon's site, and in return, Amazon receives a cut of the revenue after the sale is made. Amazon also derives revenue by posting ads on its site, a strategy that has brought significant margins to tech giants such as <strong>Alphabet</strong> and <strong>Meta Platforms</strong>.</p>
<div class="lb-trans"><p>其中包括第三方卖家服务和数字广告。得益于其销售网站的强大，亚马逊通过与独立零售商合作获利。独立零售商在亚马逊网站上发布商品，作为回报，亚马逊在销售完成后获得一部分收入。亚马逊还通过在其网站上发布广告获得收入，这一策略为 <strong>Alphabet</strong> 和 <strong>Meta Platforms</strong> 等科技巨头带来了可观的利润。</p>
</div><p>However, its highest-margin business, Amazon Web Services (AWS), has little to do with retailing. AWS pioneered the cloud computing business. Although several other tech giants now compete in the cloud, Amazon remains the leading cloud company.</p>
<div class="lb-trans"><p>然而，其利润率最高的业务——亚马逊网络服务（AWS）与零售业务关系不大。AWS 开创了云计算业务。尽管现在有几家其他科技巨头在云计算领域竞争，但亚马逊仍然是领先的云公司。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTM5NjYvc2NyZWVuc2hvdC0yMDI1LTA0LTA4LWF0LTgwMTQ4YW0ucG5nJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F813966%2Fscreenshot-2025-04-08-at-80148am.png&amp;op=resize&amp;w=700"/></p>
<p>Image source: Statista.</p>
<div class="lb-trans"><p>图片来源：Statista。</p>
</div><p>With the demand for generative AI, Amazon is also well positioned to deliver and profit from that technology. So successful is this business that it returned a 37% operating margin in 2024, up from 26% in 2023.</p>
<div class="lb-trans"><p>随着对生成性人工智能的需求增加，亚马逊也处于良好的位置来提供并从这一技术中获利。该业务的成功使其在 2024 年实现了 37% 的营业利润率，高于 2023 年的 26%。</p>
</div><h2>Amazon's financials</h2>
<div class="lb-trans"><h2>亚马逊的财务状况</h2>
</div><p>Can Amazon's cloud and software businesses boost the company in 2025? In 2024, Amazon's $387 billion in net sales grew by 10%. That led to $69 billion in operating income, which was up 86% yearly and was mostly driven by the $40 billion contributed by AWS. When accounting for non-operating income and expenses, Amazon earned a net income of $59 billion, 95% more than in 2023.</p>
<div class="lb-trans"><p>亚马逊的云计算和软件业务能否在 2025 年推动公司发展？在 2024 年，亚马逊的净销售额为 3870 亿美元，同比增长 10%。这导致其营业收入达到 690 亿美元，同比增长 86%，主要由 AWS 贡献的 400 亿美元推动。考虑到非营业收入和支出，亚马逊的净收入为 590 亿美元，比 2023 年增长了 95%。</p>
</div><p>Although Amazon doesn't publish annual guidance, analysts forecast that revenue will grow by 10% annually in 2025. That should bode well for a continued expansion in its operating income. Unfortunately for Amazon shareholders, the same analysts foresee a dramatic slowdown in profit growth, which is on track to rise by only 15% in 2025. Investors tend to look unfavorably on slowing net income increases, so this could have a negative effect on shares this year.</p>
<div class="lb-trans"><p>尽管亚马逊不发布年度指导，但分析师预测 2025 年收入将每年增长 10%。这应该有利于其营业收入的持续扩张。不幸的是，对于亚马逊的股东来说，同样的分析师预见到利润增长将显著放缓，预计 2025 年仅增长 15%。投资者往往对净收入增长放缓持不利态度，因此这可能对今年的股票产生负面影响。</p>
</div><p>The one area that has become increasingly favorable for Amazon is valuation, with the stock currently selling at a P/E ratio of 32. You can attribute the falling valuation to the company maturing (its market cap is almost $1.9 trillion). Still, Amazon often sold for more than 50 times earnings, and even if earnings growth slows to the 15% range, investors could see the current earnings multiple as a reason to buy despite slowing revenue increases.</p>
<div class="lb-trans"><p>亚马逊目前的估值变得越来越有利，股票的市盈率为 32。你可以将估值下降归因于公司的成熟（其市值接近 1.9 万亿美元）。尽管如此，亚马逊的市盈率常常超过 50 倍，即使盈利增长放缓至 15% 的范围，投资者仍可能将当前的盈利倍数视为购买的理由，尽管收入增长放缓。</p>
</div><h2>Amazon in 2025</h2>
<div class="lb-trans"><h2>2025 年的亚马逊</h2>
</div><p>Despite the market turmoil, Amazon stock holds tremendous potential to perform well in 2025, although the falling valuation and slowing earnings growth may not reflect well on the company's stock.</p>
<div class="lb-trans"><p>尽管市场动荡，亚马逊股票在 2025 年仍具有巨大的潜力，尽管估值下降和盈利增长放缓可能对公司的股票表现不佳。</p>
</div><p>Amazon's third-party seller and ad businesses continue to post double-digit revenue growth, and AWS' operating income is rapidly surging higher. These successes may prompt investors to ask whether the valuation is too <em>low</em>, an unusual situation for Amazon and one that could draw additional interest.</p>
<div class="lb-trans"><p>亚马逊的第三方卖家和广告业务继续实现两位数的收入增长，而 AWS 的营业收入也在迅速上升。这些成功可能促使投资者询问估值是否过于 <em>低</em>，这是亚马逊不寻常的情况，可能会引起更多的关注。</p>
</div><p>Amazon has become a model for adaptability as the online retailer has prospered as a tech giant. Considering its more successful businesses and discounted P/E ratio, now is an excellent time to add shares.</p>
<div class="lb-trans"><p>亚马逊已经成为适应能力的典范，因为这家在线零售商作为科技巨头蓬勃发展。考虑到其更成功的业务和折扣的市盈率，现在是增加持股的绝佳时机。</p>
</div>

Is Amazon Stock a Buy, Sell, or Hold in 2025?

- 亚马逊股价自年初下跌 20%，接近历史高点下跌 30%。  
- 2024 年净销售额为 3870 亿美元，运营收入增长 86%。  
- 尽管盈利增长放缓，亚马逊的云计算和广告业务仍具增长潜力。  

亚马逊股票在 2025 年应该买入、卖出还是持有？