<p><strong>阿里巴巴集团</strong>(BABA -0.62%) 在过去两年中经历了一场转型之旅，为下一阶段的增长做准备。在这个过程中，这家中国电子商务巨头几乎完全重组了其高管团队（包括首席执行官），加大了对核心业务的投入，并更加关注为股东创造价值。</p>
<p>尽管其转型工作仍在进行中，但已有早期迹象表明这一努力开始带来积极成果。让我们深入探讨一下。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkwNDUvbG9naXN0aWMtMi5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkwNDUvbG9naXN0aWMtMi5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>电子商务业务恢复健康增长</h2>
<p>曾经是中国电子商务行业无可争议的领导者，阿里巴巴似乎在过去几年中迷失了方向，年轻的竞争对手如拼多多和抖音逐渐扩大了市场份额，侵蚀了其市场地位。</p>
<p>但自从吴泳铭接任阿里巴巴首席执行官以来，他通过加大对业务核心方面——客户满意度和人工智能（AI）的关注，同时剥离不相关的公司（如线下超市），为公司带来了新的焦点。例如，今年早些时候，这家科技巨头出售了其在实体超市永辉超市的股份，以专注于其核心电子商务平台业务。</p>
<p>到目前为止，这些努力已经为业务带来了积极的结果。例如，在截至 3 月 31 日的季度中，中国电子商务业务的客户管理收入增长了 12%，相比于截至 12 月 31 日的季度的 9% 增长有所加速。相比之下，截至 2024 年 3 月 31 日的财政年度，客户管理收入的增长率仅为 4%。值得一提的是，88VIP 这一最高消费客户群体同比增长了两位数，超过 5000 万。</p>
<p>除了中国电子商务业务外，阿里巴巴的国际电子商务业务在最新报告的季度中增长了 22%。该业务在地区（欧洲、亚洲和海湾地区）和平台（Aliexpress、Trendyol 等）上高度多样化，为未来几年提供了巨大的增长机会。</p>
<h2>云计算业务正在加速发展</h2>
<p>曾被誉为阿里巴巴集团的明日之星，阿里云在 2024 财政年度经历了一段困难时期，收入仅增长了 3%，原因是需求疲软和竞争加剧。阿里云取消计划中的首次公开募股也进一步影响了投资者情绪。</p>
<p>幸运的是，最近情况有所好转，业务再次增长，借助人工智能趋势。在最新的季度中，收入激增 18%，达到 300 亿元，主要得益于公共云收入的快速增长。特别是，AI 相关收入持续保持三位数增长，这是连续第七个季度的三位数增长率。</p>
<p>AI 相关收入的稳固增长涵盖了互联网、零售、制造和媒体等多个垂直领域。换句话说，企业越来越多地采用云计算和人工智能产品来改善其运营，这表明 AI 的采用趋势在可预见的未来可能会持续。</p>
<p>在内部，阿里云继续投资最新技术，以确保其在人工智能竞争中保持领先地位。例如，它推出了 Qwen 3 模型，&#34;一种新一代混合推理模型，将快速、简单的响应能力与更深层次的思维推理结合为一个模型。&#34;这一新模型旨在以更低的成本提供更强的性能，使其对企业和开发者具有很大的吸引力。</p>
<p>此外，阿里巴巴承诺在未来三年内重金投入基础设施建设，以满足未来预计的 AI 需求增长，计划支出超过 500 亿美元。简而言之，阿里云在未来几年内有良好的增长势头。</p>
<h2>阿里巴巴正在回馈股东</h2>
<p>在最新的财政年度，阿里巴巴回购了 119 亿美元的股票（占流通股的 5.1%），并批准分配 46 亿美元的年度和特别股息，向股东返还 165 亿美元现金。而这还在 2024 财政年度向投资者返还 165 亿美元之后。</p>
<p>阿里巴巴持续回馈股东的努力对于建立信任至关重要，尤其是在经历了多年的监管压力、增长放缓和领导层变动后，它希望重建信心。这也将有助于吸引投资者，特别是来自西方市场的投资者，长期持有该股票。</p>
<p>此外，向投资者返还现金也表明这家科技巨头的财务状况良好，能够同时进行增长投资和回馈股东。</p>
<h2>这对投资者意味着什么？</h2>
<p>阿里巴巴近期的表现表明，其转型努力正在获得动力，这家科技巨头今天的定位远比过去几年要好。如果它能够在未来几个季度保持增长势头，投资者可以相信最糟糕的时期已经过去。</p>
<p>所有的目光都集中在接下来的几个季度。</p>

阿里巴巴

阿里巴巴-W

<p>阿里巴巴集团正在进行转型，专注于核心业务和股东价值。最近的指标显示出积极的结果，包括客户管理收入增长 12% 和国际电子商务增长 22%。阿里云也在复苏，收入激增 18%，这得益于人工智能的采用。公司回购了 119 亿美元的股票，并分配了 46 亿美元的股息，显示出财务健康。这些发展表明阿里巴巴的扭转努力正在获得动力，为未来的增长和投资者信心奠定了良好的基础</p>

<p><strong>Alibaba Group</strong>(BABA -0.62%) has been on a journey of transformation over the past two years as it prepares for the next growth phase. In this process, the Chinese e-commerce giant almost completely reshuffled its senior leadership team (including its CEO), doubled down on core businesses, and paid more attention to delivering shareholder value.</p>
<div class="lb-trans"><p><strong>阿里巴巴集团</strong>(BABA -0.62%) 在过去两年中经历了一场转型之旅，为下一阶段的增长做准备。在这个过程中，这家中国电子商务巨头几乎完全重组了其高管团队（包括首席执行官），加大了对核心业务的投入，并更加关注为股东创造价值。</p>
</div><p>While its turnaround work is ongoing, there are early indicators that this effort has begun to deliver positive outcomes. Let's dive in and take a closer look.</p>
<div class="lb-trans"><p>尽管其转型工作仍在进行中，但已有早期迹象表明这一努力开始带来积极成果。让我们深入探讨一下。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkwNDUvbG9naXN0aWMtMi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819045%2Flogistic-2.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 e-commerce business is back to healthy growth</h2>
<div class="lb-trans"><h2>电子商务业务恢复健康增长</h2>
</div><p>Once the undisputed leader in the Chinese e-commerce industry, Alibaba seems to have lost its way in the last few years as younger peers like Pinduoduo and Douyin gradually expanded their market share at the expense of the incumbent.</p>
<div class="lb-trans"><p>曾经是中国电子商务行业无可争议的领导者，阿里巴巴似乎在过去几年中迷失了方向，年轻的竞争对手如拼多多和抖音逐渐扩大了市场份额，侵蚀了其市场地位。</p>
</div><p>But since Eddie Wu took over as Alibaba's CEO, he has brought new focus to the company by doubling down on core aspects of the business -- customer delight and artificial intelligence (AI) -- while axing unrelated companies, such as offline supermarkets. For instance, early this year, the tech conglomerate disposed of its shares in Sun Art, a brick-and-mortar supermarket, to focus on its core e-commerce platform business.</p>
<div class="lb-trans"><p>但自从吴泳铭接任阿里巴巴首席执行官以来，他通过加大对业务核心方面——客户满意度和人工智能（AI）的关注，同时剥离不相关的公司（如线下超市），为公司带来了新的焦点。例如，今年早些时候，这家科技巨头出售了其在实体超市永辉超市的股份，以专注于其核心电子商务平台业务。</p>
</div><p>So far, these efforts have already brought positive results to the business. For example, the Chinese e-commerce business reported 12% growth in customer management revenue in the quarter ended March 31, an acceleration from the 9% growth reported in the quarter ended Dec. 31, 2024. Comparatively, the customer management revenue growth rate was just 4% in the fiscal year ended March 31, 2024. It is also worth mentioning that 88VIP, the highest-spending customer group, grew by double digits year over year to more than 50 million.</p>
<div class="lb-trans"><p>到目前为止，这些努力已经为业务带来了积极的结果。例如，在截至 3 月 31 日的季度中，中国电子商务业务的客户管理收入增长了 12%，相比于截至 12 月 31 日的季度的 9% 增长有所加速。相比之下，截至 2024 年 3 月 31 日的财政年度，客户管理收入的增长率仅为 4%。值得一提的是，88VIP 这一最高消费客户群体同比增长了两位数，超过 5000 万。</p>
</div><p>Beyond its Chinese e-commerce business, Alibaba's international e-commerce business grew 22% for the latest reported quarter. This business is highly diversified in regions (Europe, Asia, and the Gulf Region) and platforms (Aliexpress, Trendyol, etc.), providing enormous growth opportunities in the coming years.</p>
<div class="lb-trans"><p>除了中国电子商务业务外，阿里巴巴的国际电子商务业务在最新报告的季度中增长了 22%。该业务在地区（欧洲、亚洲和海湾地区）和平台（Aliexpress、Trendyol 等）上高度多样化，为未来几年提供了巨大的增长机会。</p>
</div><h2>The cloud computing business is picking up steam</h2>
<div class="lb-trans"><h2>云计算业务正在加速发展</h2>
</div><p>Once dubbed the rising star within Alibaba Group, Alibaba Cloud experienced a difficult period in fiscal 2024, when revenue grew at just 3% amid weak demand and competition. It didn't help that Alibaba Cloud cancelled its planned initial public offering, further impacting investor sentiment.</p>
<div class="lb-trans"><p>曾被誉为阿里巴巴集团的明日之星，阿里云在 2024 财政年度经历了一段困难时期，收入仅增长了 3%，原因是需求疲软和竞争加剧。阿里云取消计划中的首次公开募股也进一步影响了投资者情绪。</p>
</div><p>Fortunately, things have turned for the better lately, as the business is growing again, leveraging the AI trend. In the latest quarter, revenue surged 18% to 30 billion yuan, driven mainly by faster public cloud revenue growth. In particular, AI-related revenue sustained triple-digit growth, the seventh consecutive quarter of triple-digit growth rates.</p>
<div class="lb-trans"><p>幸运的是，最近情况有所好转，业务再次增长，借助人工智能趋势。在最新的季度中，收入激增 18%，达到 300 亿元，主要得益于公共云收入的快速增长。特别是，AI 相关收入持续保持三位数增长，这是连续第七个季度的三位数增长率。</p>
</div><p>The solid improvements in AI-related revenue were across a wide range of verticals, such as the internet, retail, manufacturing, and media. In other words, businesses are increasingly adopting cloud computing and AI offerings to improve their operations, suggesting that the AI adoption trend could continue for the foreseeable future.</p>
<div class="lb-trans"><p>AI 相关收入的稳固增长涵盖了互联网、零售、制造和媒体等多个垂直领域。换句话说，企业越来越多地采用云计算和人工智能产品来改善其运营，这表明 AI 的采用趋势在可预见的未来可能会持续。</p>
</div><p>Internally, Alibaba Cloud continues to invest in the latest technology to ensure that it remains a leading contender in the AI race. For instance, it launched the Qwen 3 model, &#34;a new generation of hybrid reasoning models that combine the capabilities of fast, simple responses and deeper chain-of-thought reasoning into a single model.&#34; This new model aims to deliver stronger performance at lower costs, making it highly appealing to enterprises and developers.</p>
<div class="lb-trans"><p>在内部，阿里云继续投资最新技术，以确保其在人工智能竞争中保持领先地位。例如，它推出了 Qwen 3 模型，&#34;一种新一代混合推理模型，将快速、简单的响应能力与更深层次的思维推理结合为一个模型。&#34;这一新模型旨在以更低的成本提供更强的性能，使其对企业和开发者具有很大的吸引力。</p>
</div><p>Besides, Alibaba has committed to spending heavily on building the infrastructure needed to accommodate the expected increase in AI demand in the future, aiming to spend more than $50 billion in the next three years. In short, Alibaba Cloud is well-positioned to sustain its growth momentum in the coming years.</p>
<div class="lb-trans"><p>此外，阿里巴巴承诺在未来三年内重金投入基础设施建设，以满足未来预计的 AI 需求增长，计划支出超过 500 亿美元。简而言之，阿里云在未来几年内有良好的增长势头。</p>
</div><h2>Alibaba is rewarding its shareholders</h2>
<div class="lb-trans"><h2>阿里巴巴正在回馈股东</h2>
</div><p>For the latest fiscal year, Alibaba repurchased $11.9 billion of its stock (5.1% of the outstanding shares) and approved the distribution of $4.6 billion of annual and special dividends, returning $16.5 billion in cash to shareholders. And that's after returning $16.5 billion to investors in fiscal 2024.</p>
<div class="lb-trans"><p>在最新的财政年度，阿里巴巴回购了 119 亿美元的股票（占流通股的 5.1%），并批准分配 46 亿美元的年度和特别股息，向股东返还 165 亿美元现金。而这还在 2024 财政年度向投资者返还 165 亿美元之后。</p>
</div><p>Alibaba's ongoing efforts to reward its shareholders are essential to building trust, especially as it seeks to rebuild confidence following years of regulatory pressure, slowing growth, and leadership transitions. It will also help attract investors, especially those from the Western markets, to hold the stock for the long term.</p>
<div class="lb-trans"><p>阿里巴巴持续回馈股东的努力对于建立信任至关重要，尤其是在经历了多年的监管压力、增长放缓和领导层变动后，它希望重建信心。这也将有助于吸引投资者，特别是来自西方市场的投资者，长期持有该股票。</p>
</div><p>Moreover, returning cash to investors also signals that the tech giant is in good financial shape, so much so that it can invest in growth and reward shareholders simultaneously.</p>
<div class="lb-trans"><p>此外，向投资者返还现金也表明这家科技巨头的财务状况良好，能够同时进行增长投资和回馈股东。</p>
</div><h2>What does it mean for investors?</h2>
<div class="lb-trans"><h2>这对投资者意味着什么？</h2>
</div><p>Alibaba's recent performance suggests that its turnaround efforts are gaining momentum and that the tech giant is much better positioned today than it was in the last few years. If it can sustain its growth momentum in the coming quarters, investors can be confident that the worst is over.</p>
<div class="lb-trans"><p>阿里巴巴近期的表现表明，其转型努力正在获得动力，这家科技巨头今天的定位远比过去几年要好。如果它能够在未来几个季度保持增长势头，投资者可以相信最糟糕的时期已经过去。</p>
</div><p>All eyes are on for the next few quarters.</p>
<div class="lb-trans"><p>所有的目光都集中在接下来的几个季度。</p>
</div>

3 Signs That Alibaba's Turnaround Effort Is Bearing Fruit

- 阿里巴巴在过去两年进行了高管重组，专注于核心业务。  
- 其中国电商业务在 2025 年第一季度实现 12% 增长，国际电商增长 22%。  
- 阿里云收入增长 18%，AI 相关收入持续三位数增长，展现出强劲势头。

阿里巴巴的转型努力正在取得成效的三个迹象