<p><strong>阿里巴巴</strong>(BABA -0.43%) 的股票在 2025 年开局良好，但在其财年第四季度的财报未能令投资者满意后，部分收益回吐。截至目前，该股票今年仍上涨约 45%。</p>
<p>尽管如此，结果清楚地表明公司电子商务业务的转型正在推进，同时其云计算部门在人工智能（AI）方面的强劲增长也在持续。</p>
<p>让我们仔细看看阿里巴巴最近的财报，以判断投资者是否应该趁机买入。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg0OTQvZ2V0dHlpbWFnZXMtMTU4MjY1MzQ4OC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg0OTQvZ2V0dHlpbWFnZXMtMTU4MjY1MzQ4OC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>转型持续进行中</h2>
<p>阿里巴巴最大的、最重要的业务仍然是电子商务，其中包括其领先的天猫和淘宝平台。天猫类似于 <strong>亚马逊</strong> 的市场业务，是知名品牌销售商品的地方。淘宝更像是 <strong>eBay</strong>，但没有拍卖形式，任何人都可以在上面销售商品。</p>
<p>在过去几年中，公司的电子商务业务受到中国经济疲软和 <strong>拼多多</strong> 等竞争对手的强大压力。然而，公司一直在投资其电子商务业务，以提高竞争力，其努力在本财年开始显现，首先体现在商品交易总额（GMV）的增长，随后是收入和息税折旧摊销前利润（EBITA）的增长。</p>
<p>在 2025 财年第四季度（截至 2025 年 3 月 31 日），电子商务部门的收入同比增长 9%，达到 140 亿美元，其中第三方业务增长 12%。阿里巴巴将这一增长归因于其早前实施的新软件服务费的提高和新 AI 营销工具 “全展推” 的使用增加。</p>
<p>重要的是，其部门 EBITA 增长 8%，达到 58 亿美元。这表明其电子商务业务不仅在增长，而且在盈利。公司表示，继续看到新客户的强劲增长以及订单的持续增加。其 88VIP 会员持续以两位数增长，会员人数超过 5000 万。</p>
<p>阿里巴巴计划在 “即时商务” 上进行大量投资，使客户能够在一小时内收到在淘宝平台上购买的商品。管理层认为这可能成为一个 10 亿消费者的市场机会。它还与社交媒体平台 Rednote（类似于 Instagram）延长了合作协议，以便在其帖子中直接嵌入淘宝链接。</p>
<p>其云智能集团或云计算部门的收入增长在本季度加速至 18%，收入达到 42 亿美元。公司表示，其 AI 产品在各行业的采用率正在提高，帮助实现了连续第七个季度的三位数 AI 相关增长。与此同时，该部门的调整后 EBITA 飙升 69%，达到 3.33 亿美元。</p>
<p>公司预计在接下来的几个季度将看到显著的云计算收入增长。</p>
<p>公司的其他业务也普遍显示出强劲的收入增长，尽管它们大多仍处于亏损状态。其国际商务部门（AIDC），包括 AliExpress，再次领跑，收入增长 22%，达到 46 亿美元。然而，其部门 EBITA 为负 4.92 亿美元。尽管面临关税，公司仍希望该部门在今年实现盈利。</p>
<p>总体而言，阿里巴巴的收入增长 7%，达到 326 亿美元，而调整后的 EBITA 跃升 36%，达到 45 亿美元。其每个美国存托股份（ADS）的调整后收益增长 23%，达到 1.73 美元。</p>
<p>其经营现金流增长 18%，达到 38 亿美元，但自由现金流暴跌 76%，降至 5.16 亿美元，因为公司在数据中心基础设施上进行了大量投资。尽管如此，公司在其财年仍能够产生 102 亿美元的自由现金流。</p>
<p>阿里巴巴在本季度末拥有 516 亿美元的现金和短期投资，以及 318 亿美元的债务。其资产负债表上还有 566 亿美元的股权和其他投资。</p>
<h2>现在是买入的好时机吗？</h2>
<p>尽管投资者希望阿里巴巴能有更好的表现，但公司在转型方面继续显示出强劲的进展。其国内电子商务业务确实取得了一些良好的进展，重新回到增长轨道。即时商务可能成为一个重要的差异化因素，而与 Rednote 的合作看起来也是一个明智的举措。同时，其 “全展推” AI 营销工具的采用率持续上升。</p>
<p>公司的云计算业务正在实现强劲增长和良好的经营杠杆。尽管中国的 AI 竞争激烈，阿里巴巴已成为该国领先的 AI 参与者之一。</p>
<p>此外，如果公司能够使其 AIDC 业务实现盈利，这将成为本财年的一个重要盈利驱动因素。目前，它有许多亏损的初创项目正在努力发展。</p>
<p>以大约 12 倍 2026 财年分析师预估的前瞻市盈率（P/E）交易，该股票仍然便宜，尽管不如去年大部分时间便宜。但在其持续转型和估值之间，这看起来是一个在回调时买入的好机会。</p>

拼多多财报，一站看懂！

阿里巴巴

阿里巴巴-W

<p>阿里巴巴的股票在 2025 年上涨了 45%，但在第四季度财报令人失望后下跌。电子商务部门同比增长 9%，主要得益于新的软件服务费用和人工智能营销工具。云收入加速增长 18%，人工智能产品获得了市场关注。整体收入增长 7%，达到 326 亿美元，而调整后的 EBITA 增长了 36%。尽管进行了大量投资，自由现金流下降了 76%。分析师建议，阿里巴巴的股票以 12 倍的前瞻市盈率交易，仍然是一个潜在的买入机会，因为阿里巴巴在扭转局面和人工智能增长方面显示出进展</p>

<p><strong>Alibaba</strong>(BABA -0.43%) stock has had a good start to 2025, but it was giving back some of its gains after its fiscal fourth-quarter earnings report disappointed investors. The stock is still up about 45% on the year, as of this writing.</p>
<div class="lb-trans"><p><strong>阿里巴巴</strong>(BABA -0.43%) 的股票在 2025 年开局良好，但在其财年第四季度的财报未能令投资者满意后，部分收益回吐。截至目前，该股票今年仍上涨约 45%。</p>
</div><p>That said, the results clearly showed that the turnaround at the company's e-commerce business is progressing, while it continued to demonstrate strong artificial intelligence (AI) growth within its cloud-computing segment.</p>
<div class="lb-trans"><p>尽管如此，结果清楚地表明公司电子商务业务的转型正在推进，同时其云计算部门在人工智能（AI）方面的强劲增长也在持续。</p>
</div><p>Let's take a closer look at Alibaba's most recent earnings to see if investors should buy the dip.</p>
<div class="lb-trans"><p>让我们仔细看看阿里巴巴最近的财报，以判断投资者是否应该趁机买入。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg0OTQvZ2V0dHlpbWFnZXMtMTU4MjY1MzQ4OC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818494%2Fgettyimages-1582653488.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>The turnaround continued</h2>
<div class="lb-trans"><h2>转型持续进行中</h2>
</div><p>Alibaba's largest and most important business by far remains e-commerce, which consists of its leading Tmall and Taobao platforms. Tmall is similar to <strong>Amazon's</strong> marketplace business and is where established brands sell their merchandise. Taobao is more akin to <strong>eBay</strong>, but without the auction format, where anyone can sell their goods.</p>
<div class="lb-trans"><p>阿里巴巴最大的、最重要的业务仍然是电子商务，其中包括其领先的天猫和淘宝平台。天猫类似于 <strong>亚马逊</strong> 的市场业务，是知名品牌销售商品的地方。淘宝更像是 <strong>eBay</strong>，但没有拍卖形式，任何人都可以在上面销售商品。</p>
</div><p>In the past few years, the company's e-commerce business has been under pressure from a weak Chinese economy and heavy competition led by <strong>PDD</strong>'s popular Pinduoduo platform. However, the company has been investing in its e-commerce business to make it more competitive, and its efforts began to show up this fiscal year, first through gross merchandise value (GMV) growth and then later with revenue and earnings before interest, taxes, and amortization (EBITA) growth.</p>
<div class="lb-trans"><p>在过去几年中，公司的电子商务业务受到中国经济疲软和 <strong>拼多多</strong> 等竞争对手的强大压力。然而，公司一直在投资其电子商务业务，以提高竞争力，其努力在本财年开始显现，首先体现在商品交易总额（GMV）的增长，随后是收入和息税折旧摊销前利润（EBITA）的增长。</p>
</div><p>This continued in fiscal 2025's Q4 (ended March 31, 2025), with the e-commerce segment growing its revenue 9% year over year to $14 billion, including 12% growth in its important third-party business. Alibaba credited the growth to a higher take rate from an earlier new software service fee it implemented and increasing uptake of its new AI marketing tool, Quanzhantui.</p>
<div class="lb-trans"><p>在 2025 财年第四季度（截至 2025 年 3 月 31 日），电子商务部门的收入同比增长 9%，达到 140 亿美元，其中第三方业务增长 12%。阿里巴巴将这一增长归因于其早前实施的新软件服务费的提高和新 AI 营销工具 “全展推” 的使用增加。</p>
</div><p>Importantly, its segment EBITA climbed 8% to $5.8 billion. This shows its e-commerce business is not just growing but growing profitably. It said it continues to see strong new customer growth along with continuous increases in orders. Its 88VIP premium memberships continued to grow by double digits, topping 50 million members.</p>
<div class="lb-trans"><p>重要的是，其部门 EBITA 增长 8%，达到 58 亿美元。这表明其电子商务业务不仅在增长，而且在盈利。公司表示，继续看到新客户的强劲增长以及订单的持续增加。其 88VIP 会员持续以两位数增长，会员人数超过 5000 万。</p>
</div><p>Alibaba plans to invest heavily in &#34;instant commerce&#34; whereby customers can get items purchased on its Taobao platform delivered within an hour. Management thinks this can become a 1 billion consumer market opportunity. It also extended a deal with social media platform Rednote (akin to Instagram) to have Taobao links directly embedded in its posts.</p>
<div class="lb-trans"><p>阿里巴巴计划在 “即时商务” 上进行大量投资，使客户能够在一小时内收到在淘宝平台上购买的商品。管理层认为这可能成为一个 10 亿消费者的市场机会。它还与社交媒体平台 Rednote（类似于 Instagram）延长了合作协议，以便在其帖子中直接嵌入淘宝链接。</p>
</div><p>Its cloud-intelligence group, or cloud-computing segment, saw revenue growth accelerate to 18% in the quarter, as revenue came in at $4.2 billion. It said its AI products were seeing broader adoption across industries, helping lead to its seventh consecutive quarter of triple-digit, AI-related growth. The segment's adjusted EBITA, meanwhile, soared 69% to $333 million.</p>
<div class="lb-trans"><p>其云智能集团或云计算部门的收入增长在本季度加速至 18%，收入达到 42 亿美元。公司表示，其 AI 产品在各行业的采用率正在提高，帮助实现了连续第七个季度的三位数 AI 相关增长。与此同时，该部门的调整后 EBITA 飙升 69%，达到 3.33 亿美元。</p>
</div><p>The company is expecting to see significant cloud-computing revenue growth over the next few quarters.</p>
<div class="lb-trans"><p>公司预计在接下来的几个季度将看到显著的云计算收入增长。</p>
</div><p>The company's other businesses also generally showed strong revenue growth, although they largely remain unprofitable. Its international commerce segment (AIDC), which includes AliExpress, once again led the way, with revenue climbing 22% to $4.6 billion. However, its segment EBITA came in at negative $492 million. The company is still looking for the unit to become profitable this year despite tariffs.</p>
<div class="lb-trans"><p>公司的其他业务也普遍显示出强劲的收入增长，尽管它们大多仍处于亏损状态。其国际商务部门（AIDC），包括 AliExpress，再次领跑，收入增长 22%，达到 46 亿美元。然而，其部门 EBITA 为负 4.92 亿美元。尽管面临关税，公司仍希望该部门在今年实现盈利。</p>
</div><p>Overall, Alibaba's revenue increased 7% to $32.6 billion, while adjusted EBITA jumped 36% to $4.5 billion. Its adjusted earnings per American depositary share (ADS) climbed 23% to $1.73.</p>
<div class="lb-trans"><p>总体而言，阿里巴巴的收入增长 7%，达到 326 亿美元，而调整后的 EBITA 跃升 36%，达到 45 亿美元。其每个美国存托股份（ADS）的调整后收益增长 23%，达到 1.73 美元。</p>
</div><p>Its operating cash flow rose 18% to $3.8 billion, but its free cash flow plunged 76% to $516 million as it invested heavily in data center infrastructure. It was still able to generate $10.2 billion in free cash flow for its fiscal year.</p>
<div class="lb-trans"><p>其经营现金流增长 18%，达到 38 亿美元，但自由现金流暴跌 76%，降至 5.16 亿美元，因为公司在数据中心基础设施上进行了大量投资。尽管如此，公司在其财年仍能够产生 102 亿美元的自由现金流。</p>
</div><p>Alibaba ended the quarter with $51.6 billion in cash and short-term investments and $31.8 billion in debt. It also had $56.6 billion in equity and other investments on its balance sheet.</p>
<div class="lb-trans"><p>阿里巴巴在本季度末拥有 516 亿美元的现金和短期投资，以及 318 亿美元的债务。其资产负债表上还有 566 亿美元的股权和其他投资。</p>
</div><h2>Is it time to buy the dip?</h2>
<div class="lb-trans"><h2>现在是买入的好时机吗？</h2>
</div><p>While investors were hoping for even more from Alibaba, the company continued to show strong progress in its turnaround. It's really made some nice strides with its domestic e-commerce business to return it to growth. Instant commerce could become a big differentiator, while its partnership with Rednote looks like a smart move. Meanwhile, its Quanzhantui AI marketing tool continues to gain adoption.</p>
<div class="lb-trans"><p>尽管投资者希望阿里巴巴能有更好的表现，但公司在转型方面继续显示出强劲的进展。其国内电子商务业务确实取得了一些良好的进展，重新回到增长轨道。即时商务可能成为一个重要的差异化因素，而与 Rednote 的合作看起来也是一个明智的举措。同时，其 “全展推” AI 营销工具的采用率持续上升。</p>
</div><p>The company's cloud-computing business is seeing strong growth and nice operating leverage. While AI competition is fierce in China, Alibaba has become one of the country's leading AI players.</p>
<div class="lb-trans"><p>公司的云计算业务正在实现强劲增长和良好的经营杠杆。尽管中国的 AI 竞争激烈，阿里巴巴已成为该国领先的 AI 参与者之一。</p>
</div><p>In addition, if the company can turn its AIDC business profitable, that will be a big profitability driver this fiscal year. Currently, it has a lot of money-losing emerging ventures it is trying to develop.</p>
<div class="lb-trans"><p>此外，如果公司能够使其 AIDC 业务实现盈利，这将成为本财年的一个重要盈利驱动因素。目前，它有许多亏损的初创项目正在努力发展。</p>
</div><p>Trading at a forward price-to-earnings (P/E) ratio of around 12 times fiscal 2026 analyst estimates, the stock remains cheap, albeit not as cheap as it was much of last year. But between its continued turnaround and valuation, this looks like a good opportunity to buy on the dip.</p>
<div class="lb-trans"><p>以大约 12 倍 2026 财年分析师预估的前瞻市盈率（P/E）交易，该股票仍然便宜，尽管不如去年大部分时间便宜。但在其持续转型和估值之间，这看起来是一个在回调时买入的好机会。</p>
</div>

Alibaba Shares Fall Despite Accelerating AI Growth. Is It Time to Buy the Dip?

- 阿里巴巴 2025 财年第四季度财报未达预期，股价回落。  
- 电商业务收入同比增长 9%，云计算收入增长 18%。  
- 公司持续投资于即时电商和 AI 工具，展现出强劲的增长潜力。

阿里巴巴股价下跌，尽管其人工智能业务增长加速。现在是否是逢低买入的好时机？