<p><strong>阿里巴巴</strong>(BABA 2.63%) 的股价在这家中国公司继续显示出复苏迹象后大幅上涨，主要得益于其电子商务和云计算部门的强劲增长。截至目前，该股今年已上涨近 60%。</p>
<p>让我们更仔细地看看阿里巴巴最近的财报和未来前景，以了解该股是否能继续保持势头。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE1ODUvZ2V0dHlpbWFnZXMtMTMyMjAxNzI2MS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE1ODUvZ2V0dHlpbWFnZXMtMTMyMjAxNzI2MS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>人工智能的兴奋</h2>
<p>阿里巴巴的云计算业务引起了广泛关注，季度收入增长加速至 26%，达到近 47 亿美元。这一增长得益于人工智能（AI），AI 产品收入连续第八个季度翻倍。与此同时，该部门的调整后 EBITA（息税折旧摊销前利润）也增长了 26%，达到 4.12 亿美元。</p>
<p>公司强调与 <strong>SAP</strong> 的新合作关系，SAP 客户将能够在阿里巴巴的基础设施上运行他们的系统。阿里巴巴还在开发一款专门用于推理的新 AI 芯片。阿里巴巴计划在未来三年内投资高达 530 亿美元用于人工智能。</p>
<p>尽管其 AI 努力备受关注，但公司的电子商务业务仍然是其最大业务。这与其美国同行 <strong>亚马逊</strong> 形成对比，亚马逊的云服务（AWS）已成为其盈利能力最大的业务。阿里巴巴的两个主要电子商务平台是天猫，类似于亚马逊的市场业务，以及淘宝，类似于没有拍卖形式的 <strong>eBay</strong>。</p>
<p>由于竞争加剧和中国消费者疲软，阿里巴巴的电子商务业务在过去几年面临压力。然而，公司积极投资以帮助提升其商品交易总额（GMV），并增加了一项新的软件服务费和 AI 营销工具——全展推，以推动收入和利润增长。</p>
<p>这一投资在本季度得到了回报，其电子商务部门的收入同比增长 10%，达到 196 亿美元。其第三方业务收入也增长了 10%，而快速消费品收入增长了 13%。然而，其在快速消费品上的投资对盈利能力造成了压力，部门 EBITA 下降 21%，至 54 亿美元。其 88VIP 会员再次以两位数增长，会员总数超过 5300 万。</p>
<p>阿里巴巴正在快速消费品（或 “即时消费”）领域进行大规模投资，买家可以在一小时内从其淘宝平台获取商品。该部门的月活跃用户已达到 3 亿，自 4 月以来增长了 200%。公司表示，该服务的推出推动了淘宝日活跃用户增加 20%，并导致每用户平均购买量大幅增加。现在，它还将其天猫超市业务转型为快速消费模式。</p>
<p>公司的国际商务部门（AIDC），包括 AliExpress，也在本季度表现强劲。收入增长 19%，达到 49 亿美元。重要的是，其部门 EBITA 为负 800 万美元，这比过去几个季度经历的更大亏损有了显著改善。</p>
<p>总体而言，阿里巴巴的收入增长了 2%，达到 346 亿美元，但在剔除处置后增长了 10%。调整后的 EBITA 下降 14%，至 54 亿美元，而调整后的每美国存托股份（ADS）收益下降 10%，至 2.06 美元。</p>
<p>其经营现金流下降 39%，至 29 亿美元，而自由现金流为 26 亿美元的流出，因为公司在数据中心基础设施上进行了大量投资。</p>
<p>阿里巴巴在本季度结束时拥有 523 亿美元的现金和短期投资，以及 323 亿美元的债务。其资产负债表上还有 510 亿美元的股权和其他投资。</p>
<h2>该股仍然值得购买吗？</h2>
<p>尽管整体数字并不令人印象深刻，但阿里巴巴强劲的电子商务和云计算收入势头让投资者感到兴奋。公司显然正在成为中国 AI 领域的领导者，而推出的新 AI 推理芯片可能进一步巩固其地位。</p>
<p>尽管其电子商务业务开始恢复活力，但公司也在积极投资于业务，以抓住快速消费品的增长机会。尽管这将对盈利能力造成压力，但如果能够推动长期增长并在竞争激烈的中国电子商务市场中为公司提供优势，这将是正确的举措。同时，其 AIDC 业务在本季度向盈利能力迈出了重要一步，这对未来盈利能力增长应有积极影响。</p>
<p>在估值方面，该股的前瞻市盈率约为 2026 财年分析师预期的 13 倍。尽管该股今年表现强劲，但仍然相对便宜。</p>
<p>考虑到阿里巴巴日益增长的 AI 势头、电子商务的复苏、快速消费品投资和 AIDC 盈利能力的改善，我认为该股在当前估值下仍然看起来是一个不错的买入机会。</p>

阿里巴巴

阿里巴巴-W

2 倍做多阿里巴巴 ETF - KraneShares

BABO

2 倍做多 BABA ETF - GraniteShares

<p>阿里巴巴的股价今年上涨了近 60%，主要受到其电子商务和云计算部门强劲增长的推动，尤其是人工智能进步的助力。云收入增长了 26%，达到 47 亿美元，人工智能产品收入连续八个季度翻倍。尽管电子商务面临挑战，收入仍增长了 10%，达到 196 亿美元。公司计划在三年内投资 530 亿美元于人工智能，并转型为快速消费品业务。尽管调整后的收益下降，但阿里巴巴的估值仍然具有吸引力，前瞻市盈率为 13，表明它仍可能是一个不错的投资选择</p>

<p><strong>Alibaba</strong>(BABA 2.63%) shares jumped after the Chinese company continued to show signs of a turnaround, led by strong growth in its e-commerce and cloud computing segments. The stock is now up nearly 60% on the year, as of this writing.</p>
<div class="lb-trans"><p><strong>阿里巴巴</strong>(BABA 2.63%) 的股价在这家中国公司继续显示出复苏迹象后大幅上涨，主要得益于其电子商务和云计算部门的强劲增长。截至目前，该股今年已上涨近 60%。</p>
</div><p>Let's take a closer look at Alibaba's most recent earnings and future prospects to see if the stock can continue its momentum.</p>
<div class="lb-trans"><p>让我们更仔细地看看阿里巴巴最近的财报和未来前景，以了解该股是否能继续保持势头。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE1ODUvZ2V0dHlpbWFnZXMtMTMyMjAxNzI2MS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831585%2Fgettyimages-1322017261.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>AI excitement</h2>
<div class="lb-trans"><h2>人工智能的兴奋</h2>
</div><p>Alibaba's cloud computing business grabbed headlines, as revenue growth accelerated to 26% in the quarter to come in at nearly $4.7 billion. The growth was driven by artificial intelligence (AI), with AI product revenue more than doubling for the eighth straight quarter. The segment's adjusted EBITA (earnings before interest, taxes, and amortization), meanwhile, also climbed 26% to $412 million.</p>
<div class="lb-trans"><p>阿里巴巴的云计算业务引起了广泛关注，季度收入增长加速至 26%，达到近 47 亿美元。这一增长得益于人工智能（AI），AI 产品收入连续第八个季度翻倍。与此同时，该部门的调整后 EBITA（息税折旧摊销前利润）也增长了 26%，达到 4.12 亿美元。</p>
</div><p>The company highlighted a new partnership with <strong>SAP</strong>, where SAP customers will be able to run their systems on Alibaba's infrastructure. It is also currently developing a new AI chip specifically designed for inference. Alibaba plans to invest a whopping $53 billion in AI over the next three years.</p>
<div class="lb-trans"><p>公司强调与 <strong>SAP</strong> 的新合作关系，SAP 客户将能够在阿里巴巴的基础设施上运行他们的系统。阿里巴巴还在开发一款专门用于推理的新 AI 芯片。阿里巴巴计划在未来三年内投资高达 530 亿美元用于人工智能。</p>
</div><p>While its AI efforts were in focus, the company's e-commerce business remains its largest business. This is in contrast to its American counterpart, <strong>Amazon</strong>, whose Amazon Web Services (AWS) has become its largest business by profitability. Alibaba's two main e-commerce platforms are Tmall, which is similar to Amazon's marketplace business, and Taobao, which is like <strong>eBay</strong> without the auction format.</p>
<div class="lb-trans"><p>尽管其 AI 努力备受关注，但公司的电子商务业务仍然是其最大业务。这与其美国同行 <strong>亚马逊</strong> 形成对比，亚马逊的云服务（AWS）已成为其盈利能力最大的业务。阿里巴巴的两个主要电子商务平台是天猫，类似于亚马逊的市场业务，以及淘宝，类似于没有拍卖形式的 <strong>eBay</strong>。</p>
</div><p>Alibaba's e-commerce business has been under pressure for the past few years due to increasing competition and a weak Chinese consumer. However, the company invested aggressively to help grow its gross merchandise value (GMV), and then added a new software service fee and AI marketing tool, Quanzhantui, to drive revenue and profit growth.</p>
<div class="lb-trans"><p>由于竞争加剧和中国消费者疲软，阿里巴巴的电子商务业务在过去几年面临压力。然而，公司积极投资以帮助提升其商品交易总额（GMV），并增加了一项新的软件服务费和 AI 营销工具——全展推，以推动收入和利润增长。</p>
</div><p>This paid off in the quarter, with its e-commerce segment growing its revenue 10% year over year to $19.6 billion. Its third-party business revenue also rose 10%, while its quick-commerce revenue climbed 13%. However, its investment in quick commerce weighed on profitability, with segment EBITA sinking 21% to $5.4 billion. Its 88VIP premium memberships once again increased by double digits, topping 53 million members.</p>
<div class="lb-trans"><p>这一投资在本季度得到了回报，其电子商务部门的收入同比增长 10%，达到 196 亿美元。其第三方业务收入也增长了 10%，而快速消费品收入增长了 13%。然而，其在快速消费品上的投资对盈利能力造成了压力，部门 EBITA 下降 21%，至 54 亿美元。其 88VIP 会员再次以两位数增长，会员总数超过 5300 万。</p>
</div><p>Alibaba is making a big investment in quick commerce, or &#34;instant commerce,&#34; where buyers can get an item from its Taobao platform delivered in an hour or less. Monthly active users for the segment have already reached 300 million, up 200% since April. It said the introduction of the service drove a 20% increase in Tabao daily users and led to a big increase in average purchase per user. It's now also transitioning its Tmall Supermarket business to a quick commerce model.</p>
<div class="lb-trans"><p>阿里巴巴正在快速消费品（或 “即时消费”）领域进行大规模投资，买家可以在一小时内从其淘宝平台获取商品。该部门的月活跃用户已达到 3 亿，自 4 月以来增长了 200%。公司表示，该服务的推出推动了淘宝日活跃用户增加 20%，并导致每用户平均购买量大幅增加。现在，它还将其天猫超市业务转型为快速消费模式。</p>
</div><p>The company's international commerce segment (AIDC), which includes AliExpress, also had a strong quarter. Revenue jumped 19% to $4.9 billion. Importantly, its segment EBITA came in at negative $8 million, which is a huge improvement over the much larger losses it had been experiencing in past quarters.</p>
<div class="lb-trans"><p>公司的国际商务部门（AIDC），包括 AliExpress，也在本季度表现强劲。收入增长 19%，达到 49 亿美元。重要的是，其部门 EBITA 为负 800 万美元，这比过去几个季度经历的更大亏损有了显著改善。</p>
</div><p>Overall, Alibaba's revenue increased 2% to $34.6 billion, but was up 10% after excluding dispositions. Adjusted EBITA fell 14% to $5.4 billion, while its adjusted earnings per American depositary share (ADS) dropped 10% to $2.06.</p>
<div class="lb-trans"><p>总体而言，阿里巴巴的收入增长了 2%，达到 346 亿美元，但在剔除处置后增长了 10%。调整后的 EBITA 下降 14%，至 54 亿美元，而调整后的每美国存托股份（ADS）收益下降 10%，至 2.06 美元。</p>
</div><p>Its operating cash flow fell 39% to $2.9 billion, while its free cash flow was an outflow of $2.6 billion as it invested heavily in data center infrastructure.</p>
<div class="lb-trans"><p>其经营现金流下降 39%，至 29 亿美元，而自由现金流为 26 亿美元的流出，因为公司在数据中心基础设施上进行了大量投资。</p>
</div><p>Alibaba ended the quarter with $52.3 billion in cash and short-term investments and $32.3 billion in debt. It also had $51 billion in equity and other investments on its balance sheet.</p>
<div class="lb-trans"><p>阿里巴巴在本季度结束时拥有 523 亿美元的现金和短期投资，以及 323 亿美元的债务。其资产负债表上还有 510 亿美元的股权和其他投资。</p>
</div><h2>Is the stock still a buy?</h2>
<div class="lb-trans"><h2>该股仍然值得购买吗？</h2>
</div><p>While its overall numbers were nothing to write home about, Alibaba's strong e-commerce and cloud computing revenue momentum got investors excited. The company is clearly becoming one of the leaders in Chinese AI, and the introduction of a new AI chip for inference could help cement its status even further.</p>
<div class="lb-trans"><p>尽管整体数字并不令人印象深刻，但阿里巴巴强劲的电子商务和云计算收入势头让投资者感到兴奋。公司显然正在成为中国 AI 领域的领导者，而推出的新 AI 推理芯片可能进一步巩固其地位。</p>
</div><p>While its e-commerce business is starting to regain traction, the company is also investing heavily back into the business to capture a growing quick-commerce opportunity. While this will weigh on profitability, if it can drive long-term growth and give the company an edge in the competitive Chinese e-commerce landscape, it will be the right move. Meanwhile, its AIDC business made big strides toward profitability in the quarter, which should bode well for future profitability growth.</p>
<div class="lb-trans"><p>尽管其电子商务业务开始恢复活力，但公司也在积极投资于业务，以抓住快速消费品的增长机会。尽管这将对盈利能力造成压力，但如果能够推动长期增长并在竞争激烈的中国电子商务市场中为公司提供优势，这将是正确的举措。同时，其 AIDC 业务在本季度向盈利能力迈出了重要一步，这对未来盈利能力增长应有积极影响。</p>
</div><p>Turning to valuation, the stock trades at a forward price-to-earnings (P/E) ratio of about 13 times fiscal 2026 analyst estimates. That's still pretty inexpensive despite the stock's strong performance this year.</p>
<div class="lb-trans"><p>在估值方面，该股的前瞻市盈率约为 2026 财年分析师预期的 13 倍。尽管该股今年表现强劲，但仍然相对便宜。</p>
</div><p>Given Alibaba's growing AI momentum, e-commerce turnaround, quick commerce investments, and AIDC profitability improvements, I think the stock still looks like a solid buy at its current valuation.</p>
<div class="lb-trans"><p>考虑到阿里巴巴日益增长的 AI 势头、电子商务的复苏、快速消费品投资和 AIDC 盈利能力的改善，我认为该股在当前估值下仍然看起来是一个不错的买入机会。</p>
</div>

Alibaba Shares Rise on AI Strength. Can the Stock's Momentum Continue?

- 阿里巴巴股价因电商和云计算增长而上涨近 60%。
- 云计算收入增长 26%，AI 产品收入连续八个季度翻倍。
- 电商业务在竞争压力下增长 10%，国际电商收入也增长 19%。

阿里巴巴股价因其人工智能实力而上涨。该股的上涨势头能否持续下去？