<p><strong>亚马逊</strong>(AMZN 0.92%) 有一个明确的面向公众的业务——其零售网站。该公司的几乎无处不在的送货卡车每天都在提醒人们，通过这个电子商务网站完成了多少购物。</p>
<p>但这实际上只是一个表象，一旦你深入研究公司的财报，就会开始看到这一点。在你购买亚马逊股票之前，这里有你需要了解的内容。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkwNDAvMjVfMDVfMTktYW4tYW1hem9uLWZsZXgtZHJpdmVyLWRlbGl2ZXJpbmctcGFja2FnZS10by1kb29yLXN0ZXAtX21mLWRsb2FkLWltYWdlLXNvdXJjZS1hbWF6b24ucG5nJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkwNDAvMjVfMDVfMTktYW4tYW1hem9uLWZsZXgtZHJpdmVyLWRlbGl2ZXJpbmctcGFja2FnZS10by1kb29yLXN0ZXAtX21mLWRsb2FkLWltYWdlLXNvdXJjZS1hbWF6b24ucG5nJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>亚马逊销售大量商品</h2>
<p>在 2025 年第一季度，亚马逊记录了近 640 亿美元的产品销售。这是一个无论如何都算得上巨大的数字。该公司显然是一家零售商，而且是一个重要的零售商。但当你查看其收入报表时，一些有趣的数字开始浮现。</p>
<p>具体来说，该公司的销售成本数据包括 “消费品的购买价格、进出货运成本，包括与分拣和配送中心相关的费用，以及我们作为运输服务提供商的费用，还有我们记录收入的数字媒体内容成本，包括视频和音乐。” 这里有很多内容需要深入挖掘。</p>
<p>首先，销售成本基本上包括亚马逊销售的产品成本。这是合理的。它还包括移动和分拣这些产品所涉及的费用，这同样看起来很合逻辑。但然后还有其数字媒体内容成本——将这些费用纳入这个指标似乎有些奇怪。</p>
<p>然而，媒体业务是围绕亚马逊的 Prime 服务建立的，该服务将免费送货与流媒体结合在一起。在这种情况下，将其成本与产品销售一起计算是合理的。问题在于，第一季度的销售成本接近 770 亿美元，比其产品销售多出超过 100 亿美元。</p>
<p>从这个角度来看，亚马逊是一家大型零售商，但它也是一家相当糟糕的零售商。</p>
<h2>亚马逊擅长的事情</h2>
<p>好在产品销售只是公司两大主要收入来源之一。另一个是服务，在第一季度产生了 920 亿美元的收入。服务是一个广泛的类别，包括 “第三方卖家费用，包括佣金和任何相关的履行和运输费用、AWS 销售、广告服务、亚马逊 Prime 会员费用以及某些数字媒体内容订阅。”</p>
<p>这里有几个关键点需要注意。首先，亚马逊通过成为其他人的销售平台获得了显著的利润。其次，其云业务是其整体收入流的重要组成部分。第三，它将会员费用的收益记录在服务销售中，但将成本计入销售成本，这与产品收入更为紧密相关。</p>
<p>如果不这样做，其零售业务的指标可能会看起来更好，但其服务业务则会看起来更糟。而服务最终成为主要驱动力，因为这些业务使亚马逊能够一次性构建某些东西，然后向多个客户收取使用费用。这种一对多的设计是该公司在零售和技术领域如此重要的原因。</p>
<p>亚马逊的电子商务网站就是一个例子，外部卖家利用亚马逊现有的基础设施，为公司创造额外的服务收入。但 AWS，即其云基础设施业务，是一个更好的例子。亚马逊的云服务被许多客户使用，但在其成本得到覆盖后，每个新客户的收入几乎是免费的。</p>
<p>说公司的零售业务不重要是不公平的。然而，亚马逊实际上是一家围绕面向公众的零售公司构建的服务公司。</p>
<h2>亚马逊的数字非常庞大</h2>
<p>总的来说，亚马逊在第一季度的收入约为 1560 亿美元，其中服务贡献了近 60% 的总额。其运营成本为 1370 亿美元，其中超过 55% 的数字代表了产品成本。运营收入高达 180 亿美元。</p>
<p>虽然亚马逊显然是基于零售销售建立其业务的，但公司的聪明才智和真正的实力在于其向服务的扩展。考虑到服务收入对总收入的贡献远远超过其生产成本，这将成为其长期表现的更重要驱动力。换句话说，作为投资者，你可能不应该将亚马逊视为一家零售商。</p>

亚马逊

<p>亚马逊的零售业务虽然重要，但被其服务收入所掩盖，后者在 2025 年第一季度产生了 920 亿美元，而产品销售为 640 亿美元。公司的销售成本超过了产品销售超过 100 亿美元，显示出零售方面的低效。然而，亚马逊的优势在于其服务，包括第三方卖家费用和 AWS，这些都为更高的盈利能力做出了贡献。总体而言，亚马逊的总收入达到了 1560 亿美元，服务收入占近 60%，突显了公司从零售商向服务导向型企业的转变</p>

<p><strong>Amazon.com</strong>(AMZN 0.92%) has a clear public-facing business -- its retail website. The company's nearly ubiquitous delivery trucks provide a daily reminder of just how much shopping gets done through the e-commerce site.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>(AMZN 0.92%) 有一个明确的面向公众的业务——其零售网站。该公司的几乎无处不在的送货卡车每天都在提醒人们，通过这个电子商务网站完成了多少购物。</p>
</div><p>But this is really just a facade, and you'll start to see that once you dig into the company's earnings statement. Here's what you need to know about Amazon before you buy its stock.</p>
<div class="lb-trans"><p>但这实际上只是一个表象，一旦你深入研究公司的财报，就会开始看到这一点。在你购买亚马逊股票之前，这里有你需要了解的内容。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkwNDAvMjVfMDVfMTktYW4tYW1hem9uLWZsZXgtZHJpdmVyLWRlbGl2ZXJpbmctcGFja2FnZS10by1kb29yLXN0ZXAtX21mLWRsb2FkLWltYWdlLXNvdXJjZS1hbWF6b24ucG5nJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819040%2F25_05_19-an-amazon-flex-driver-delivering-package-to-door-step-_mf-dload-image-source-amazon.png&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>Amazon sells a massive amount of stuff</h2>
<div class="lb-trans"><h2>亚马逊销售大量商品</h2>
</div><p>In the first quarter of 2025, Amazon recorded nearly $64 billion worth of product sales. That's a massive figure by any stretch of the imagination. The company is clearly a retailer and an important one. But when you move down its income statement, some interesting numbers start to show up.</p>
<div class="lb-trans"><p>在 2025 年第一季度，亚马逊记录了近 640 亿美元的产品销售。这是一个无论如何都算得上巨大的数字。该公司显然是一家零售商，而且是一个重要的零售商。但当你查看其收入报表时，一些有趣的数字开始浮现。</p>
</div><p>Specifically, the company's cost of sales figure, which includes &#34;the purchase price of consumer products, inbound and outbound shipping costs, including costs related to sortation and delivery centers and where we are the transportation service provider, and digital media content costs where we record revenue gross, including video and music.&#34; There's a lot in there to dig through.</p>
<div class="lb-trans"><p>具体来说，该公司的销售成本数据包括 “消费品的购买价格、进出货运成本，包括与分拣和配送中心相关的费用，以及我们作为运输服务提供商的费用，还有我们记录收入的数字媒体内容成本，包括视频和音乐。” 这里有很多内容需要深入挖掘。</p>
</div><p>First off, cost of sales basically includes the costs of the products Amazon sells. That makes sense. It also includes the expenses involved in moving and sorting those products, which again seems pretty logical. But then there are its digital media content costs -- rolling those up into this metric seems odd.</p>
<div class="lb-trans"><p>首先，销售成本基本上包括亚马逊销售的产品成本。这是合理的。它还包括移动和分拣这些产品所涉及的费用，这同样看起来很合逻辑。但然后还有其数字媒体内容成本——将这些费用纳入这个指标似乎有些奇怪。</p>
</div><p>However, the media business was built around Amazon's Prime offering, which pairs free shipping with streaming. Streaming is, in this case, an enticement to consumers, luring them to pay Amazon those annual subscription fees for its loyalty program. In that context, including its costs along with product sales makes sense. The problem here is that the cost of sales in the first quarter was nearly $77 billion, more than $10 billion more than its product sales.</p>
<div class="lb-trans"><p>然而，媒体业务是围绕亚马逊的 Prime 服务建立的，该服务将免费送货与流媒体结合在一起。在这种情况下，将其成本与产品销售一起计算是合理的。问题在于，第一季度的销售成本接近 770 亿美元，比其产品销售多出超过 100 亿美元。</p>
</div><p>From this perspective, Amazon is a big retailer, but it is also a pretty terrible retailer.</p>
<div class="lb-trans"><p>从这个角度来看，亚马逊是一家大型零售商，但它也是一家相当糟糕的零售商。</p>
</div><h2>What Amazon does well</h2>
<div class="lb-trans"><h2>亚马逊擅长的事情</h2>
</div><p>It's a good thing that product sales is just one of the company's two main lines of revenue. The other is services, where it generated $92 billion in income in the first quarter. Services is a broad category that includes &#34;third-party seller fees, which includes commissions and any related fulfillment and shipping fees, AWS sales, advertising services, Amazon Prime membership fees, and certain digital media content subscriptions.&#34;</p>
<div class="lb-trans"><p>好在产品销售只是公司两大主要收入来源之一。另一个是服务，在第一季度产生了 920 亿美元的收入。服务是一个广泛的类别，包括 “第三方卖家费用，包括佣金和任何相关的履行和运输费用、AWS 销售、广告服务、亚马逊 Prime 会员费用以及某些数字媒体内容订阅。”</p>
</div><p>There are a couple of key points to take away from this. First, Amazon profits significantly from being a sales platform for others. Second, its cloud business is a big part of its overall revenue stream. And third, it records the benefits from its membership fees under service sales, but counts the costs in its cost of sales, which pairs up more closely with product revenue.</p>
<div class="lb-trans"><p>这里有几个关键点需要注意。首先，亚马逊通过成为其他人的销售平台获得了显著的利润。其次，其云业务是其整体收入流的重要组成部分。第三，它将会员费用的收益记录在服务销售中，但将成本计入销售成本，这与产品收入更为紧密相关。</p>
</div><p>The metrics for its retail business would likely look better if it didn't do that, but then its services business would look worse. And services end up being the big driving force in the end because these businesses allow Amazon to spend once to build something and then charge multiple customers fees for using what was built. That one-to-many design is why the company is so important in the retail and technology spaces.</p>
<div class="lb-trans"><p>如果不这样做，其零售业务的指标可能会看起来更好，但其服务业务则会看起来更糟。而服务最终成为主要驱动力，因为这些业务使亚马逊能够一次性构建某些东西，然后向多个客户收取使用费用。这种一对多的设计是该公司在零售和技术领域如此重要的原因。</p>
</div><p>Amazon's e-commerce site is an example, with outside sellers using Amazon's existing infrastructure and generating additional services income for the company. But AWS, its cloud infrastructure business, is an even better example. Amazon's cloud service is used by many customers, but after its costs are covered, the revenue from each new customer is practically free.</p>
<div class="lb-trans"><p>亚马逊的电子商务网站就是一个例子，外部卖家利用亚马逊现有的基础设施，为公司创造额外的服务收入。但 AWS，即其云基础设施业务，是一个更好的例子。亚马逊的云服务被许多客户使用，但在其成本得到覆盖后，每个新客户的收入几乎是免费的。</p>
</div><p>It wouldn't be fair to say that the company's retail business isn't important. However, Amazon is really a service company built around a publicly facing retail company.</p>
<div class="lb-trans"><p>说公司的零售业务不重要是不公平的。然而，亚马逊实际上是一家围绕面向公众的零售公司构建的服务公司。</p>
</div><h2>Amazon's numbers are huge</h2>
<div class="lb-trans"><h2>亚马逊的数字非常庞大</h2>
</div><p>All in, Amazon generated revenue of roughly $156 billion in the first quarter, with services providing nearly 60% of the total. Its operating costs came in at $137 billion, with just over 55% of that figure represented by what amount to product costs. Operating income was a huge $18 billion.</p>
<div class="lb-trans"><p>总的来说，亚马逊在第一季度的收入约为 1560 亿美元，其中服务贡献了近 60% 的总额。其运营成本为 1370 亿美元，其中超过 55% 的数字代表了产品成本。运营收入高达 180 亿美元。</p>
</div><p>While Amazon clearly built its business on retail sales, the genius of the company and its real strength has been its expansion into services. And that is going to be the far more important driver of its long-term performance given how much more services revenue adds to the top line than they cost to produce. In other words, as an investor, you probably shouldn't think of Amazon as a retailer.</p>
<div class="lb-trans"><p>虽然亚马逊显然是基于零售销售建立其业务的，但公司的聪明才智和真正的实力在于其向服务的扩展。考虑到服务收入对总收入的贡献远远超过其生产成本，这将成为其长期表现的更重要驱动力。换句话说，作为投资者，你可能不应该将亚马逊视为一家零售商。</p>
</div>

Thinking of Buying Amazon Stock? The Company's Biggest Moneymaker Might Surprise You.

- 亚马逊在 2025 年第一季度的产品销售额接近 640 亿美元。  
- 该公司服务收入达到 920 亿美元，占总收入的近 60%。  
- 亚马逊的真正优势在于其服务业务，而非仅仅是零售。  

在考虑购买亚马逊股票吗？该公司最大的盈利来源可能会让你意想不到