<p>这是我们对 <strong>阿里巴巴</strong>（BABA 1.85%）2025 财年第四季度财务报告的初步分析。</p>
<h2>关键指标</h2>
<table>
<thead>
<tr>
<th>指标</th>
<th>2024 年第四季度</th>
<th>2025 年第四季度</th>
<th>变化</th>
<th>与预期对比</th>
</tr>
</thead>
<tbody>
<tr>
<td>收入</td>
<td>人民币 2219 亿元</td>
<td>人民币 2365 亿元</td>
<td>7%</td>
<td>未达预期</td>
</tr>
<tr>
<td>调整后每股收益</td>
<td>人民币 10.14</td>
<td>人民币 12.52</td>
<td>23%</td>
<td>未达预期</td>
</tr>
<tr>
<td>自由现金流</td>
<td>人民币 155.8 亿元</td>
<td>人民币 37.4 亿元</td>
<td>-76%</td>
<td>不适用</td>
</tr>
<tr>
<td>云智能集团收入</td>
<td>人民币 256 亿元</td>
<td>人民币 301 亿元</td>
<td>18%</td>
<td>不适用</td>
</tr>
</tbody>
</table>
<h2>阿里巴巴增长但未达预期</h2>
<p>在最新的财季中，阿里巴巴的收入约为 326 亿美元，同比增长约 7%，尽管这未能满足分析师的预期。在底线方面，阿里巴巴的调整后收益显著增加，但也未达到预期。</p>
<p>在业务方面，阿里巴巴的增长相对强劲。旗舰平台淘宝和天猫的客户管理收入因提成率改善而增长了 12%。阿里巴巴国际数字商务集团在强劲的跨境业务推动下增长了 22%。而云智能集团，包括公司的人工智能（AI）业务，收入增长了 18%。</p>
<p>在本季度，阿里巴巴在美国回购股票的支出约为 6 亿美元，使其过去 12 个月的总支出达到 119 亿美元。因此，阿里巴巴的流通股数量较去年下降了超过 5%。</p>
<h2>市场即时反应</h2>
<p>市场对阿里巴巴财报的初步反应是负面的。截至东部时间周四上午 6:45，阿里巴巴的股价当天下跌了 5%。考虑到收入和收益均未达预期，同时资本支出较高，这并不令人惊讶。</p>
<h2>关注事项</h2>
<p>展望未来，值得关注的是美中之间持续的贸易紧张关系是否会对国家经济产生直接或间接的影响。毕竟，请记住，这个季度发生在特朗普政府大规模互征关税公告之前。</p>
<p>阿里巴巴在人工智能方面的投资也将是一个重要关注点，因为该公司最近推出了最新版本的 Qwen 大型语言模型。您会注意到，上述图表中阿里巴巴的自由现金流同比下降了 76%，主要原因是对云基础设施的投资增加。</p>
<h2>有用资源</h2>
<ul>
<li>完整财报</li>
<li>投资者关系页面</li>
</ul>

阿里巴巴-W

阿里巴巴

<p>阿里巴巴 2025 财年第四季度报告显示，收入增长 7%，达到 2365 亿元人民币，但未达到分析师预期。调整后的每股收益增长 23%，达到 12.52 元人民币，同样未能满足预期。由于在云基础设施上的大量投资，自由现金流暴跌 76%，降至 37.4 亿元人民币。尽管客户管理和国际商务增长强劲，但报告发布后，股价下跌了 5%。未来的关注点包括美中贸易紧张局势的影响以及阿里巴巴在人工智能方面的投资</p>

<p>Here's our initial take on <strong>Alibaba</strong>'s (BABA 1.85%) fiscal 2025 fourth-quarter financial report.</p>
<div class="lb-trans"><p>这是我们对 <strong>阿里巴巴</strong>（BABA 1.85%）2025 财年第四季度财务报告的初步分析。</p>
</div><h2>Key Metrics</h2>
<div class="lb-trans"><h2>关键指标</h2>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q4 2024</th>
<th>Q4 2025</th>
<th>Change</th>
<th>vs. Expectations</th>
</tr>
</thead>
<tbody>
<tr>
<td>Revenue</td>
<td>RMB 221.9 billion</td>
<td>RMB 236.5 billion</td>
<td>7%</td>
<td>Missed</td>
</tr>
<tr>
<td>Adjusted EPS</td>
<td>RMB 10.14</td>
<td>RMB 12.52</td>
<td>23%</td>
<td>Missed</td>
</tr>
<tr>
<td>Free cash flow</td>
<td>RMB 15.58 billion</td>
<td>RMB 3.74 billion</td>
<td>-76%</td>
<td>n/a</td>
</tr>
<tr>
<td>Cloud Intelligence Group revenue</td>
<td>RMB 25.6 billion</td>
<td>RMB 30.1 billion</td>
<td>18%</td>
<td>n/a</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2024 年第四季度</th>
<th>2025 年第四季度</th>
<th>变化</th>
<th>与预期对比</th>
</tr>
</thead>
<tbody>
<tr>
<td>收入</td>
<td>人民币 2219 亿元</td>
<td>人民币 2365 亿元</td>
<td>7%</td>
<td>未达预期</td>
</tr>
<tr>
<td>调整后每股收益</td>
<td>人民币 10.14</td>
<td>人民币 12.52</td>
<td>23%</td>
<td>未达预期</td>
</tr>
<tr>
<td>自由现金流</td>
<td>人民币 155.8 亿元</td>
<td>人民币 37.4 亿元</td>
<td>-76%</td>
<td>不适用</td>
</tr>
<tr>
<td>云智能集团收入</td>
<td>人民币 256 亿元</td>
<td>人民币 301 亿元</td>
<td>18%</td>
<td>不适用</td>
</tr>
</tbody>
</table>
</div><h2>Alibaba grows but misses expectations</h2>
<div class="lb-trans"><h2>阿里巴巴增长但未达预期</h2>
</div><p>In its latest fiscal quarter, Alibaba generated the U.S. dollar equivalent of about $32.6 billion in revenue, up about 7% year over year, although this failed to meet the expectations of analysts. On the bottom line, Alibaba's adjusted earnings increased significantly but also fell short of estimates.</p>
<div class="lb-trans"><p>在最新的财季中，阿里巴巴的收入约为 326 亿美元，同比增长约 7%，尽管这未能满足分析师的预期。在底线方面，阿里巴巴的调整后收益显著增加，但也未达到预期。</p>
</div><p>Within the business, Alibaba's growth was relatively strong. Customer management revenue in the flagship Taobao and Tmall Group China e-commerce platforms grew by 12% on improved take rates. The Alibaba International Digital Commerce Group grew by 22% on strong cross-border business. And the Cloud Intelligence Group, which includes the company's artificial intelligence (AI) efforts, saw revenue grow by 18%.</p>
<div class="lb-trans"><p>在业务方面，阿里巴巴的增长相对强劲。旗舰平台淘宝和天猫的客户管理收入因提成率改善而增长了 12%。阿里巴巴国际数字商务集团在强劲的跨境业务推动下增长了 22%。而云智能集团，包括公司的人工智能（AI）业务，收入增长了 18%。</p>
</div><p>During the quarter, Alibaba spent about $600 million on buybacks of shares traded in the U.S., which makes its trailing-12-month total spending $11.9 billion. As a result, Alibaba's outstanding shares have declined by more than 5% compared with a year ago.</p>
<div class="lb-trans"><p>在本季度，阿里巴巴在美国回购股票的支出约为 6 亿美元，使其过去 12 个月的总支出达到 119 亿美元。因此，阿里巴巴的流通股数量较去年下降了超过 5%。</p>
</div><h2>Immediate Market Reaction</h2>
<div class="lb-trans"><h2>市场即时反应</h2>
</div><p>The initial market reaction to Alibaba's earnings report was negative. As of 6:45 a.m. EDT on Thursday, Alibaba stock was down 5% for the day. This isn't surprising considering the misses on the top and bottom lines while capex is elevated.</p>
<div class="lb-trans"><p>市场对阿里巴巴财报的初步反应是负面的。截至东部时间周四上午 6:45，阿里巴巴的股价当天下跌了 5%。考虑到收入和收益均未达预期，同时资本支出较高，这并不令人惊讶。</p>
</div><h2>What to Watch</h2>
<div class="lb-trans"><h2>关注事项</h2>
</div><p>Looking ahead, it will be worth watching if the ongoing trade tensions between the U.S. and China have any effect on the nation's economy, either directly or indirectly. After all, keep in mind that this quarter took place before the Trump administration's big reciprocal-tariff announcement.</p>
<div class="lb-trans"><p>展望未来，值得关注的是美中之间持续的贸易紧张关系是否会对国家经济产生直接或间接的影响。毕竟，请记住，这个季度发生在特朗普政府大规模互征关税公告之前。</p>
</div><p>Alibaba's AI investments will also be important to keep an eye on, as the company recently launched the newest version of its Qwen large language model. You'll notice in the chart above that Alibaba's free cash flow declined by 76% year over year, and the primary reason was increased investment in cloud infrastructure.</p>
<div class="lb-trans"><p>阿里巴巴在人工智能方面的投资也将是一个重要关注点，因为该公司最近推出了最新版本的 Qwen 大型语言模型。您会注意到，上述图表中阿里巴巴的自由现金流同比下降了 76%，主要原因是对云基础设施的投资增加。</p>
</div><h2>Helpful Resources</h2>
<div class="lb-trans"><h2>有用资源</h2>
</div><ul>
<li>Full earnings report</li>
<li>Investor relations page</li>
</ul>
<div class="lb-trans"><ul>
<li>完整财报</li>
<li>投资者关系页面</li>
</ul>
</div>

Alibaba Doesn't Meet Lofty Expectations

- 阿里巴巴 2025 财年第四季度营收为 2365 亿元人民币，同比增长 7%。  
- 调整后每股收益为 12.52 元，未达预期。  
- 自由现金流下降 76%，主要因云基础设施投资增加。  

阿里巴巴未能满足高企的期望