<p>作者：Christine Ji</p>
<p>根据 Needham 分析师的说法，亚马逊盈利丰厚的广告部门是公司未来增长的关键。</p>
<p>根据 Needham 的数据，亚马逊的广告业务贡献了公司总运营收入的一半以上。</p>
<p>亚马逊公司以其零售和云计算部门而闻名，但它的广告业务呢？</p>
<p>在亚马逊（AMZN）总销售额的不到 10% 中，广告常常被投资者忽视——这是一个重大错误，Needham 分析师 Laura Martin 在周四的报告中称亚马逊的广告业务是其 “皇冠上的明珠”。</p>
<p>在被称为 “七大巨头” 的大型科技股中，亚马逊是今年表现最差的股票，2025 年股价仅上涨了微不足道的 0.5%。但亚马逊的空头们忽视了大局，Martin 认为广告业务在短期内将成为比亚马逊网络服务或电子商务更重要的增长来源。</p>
<p>Martin 指出，自 2019 年以来，亚马逊的广告业务年增长率达到了 20%，是公司整体销售增长率的两倍。快速的扩张使亚马逊的广告业务成为全球第三大，仅次于 Alphabet Inc.（GOOGL）（GOOG）的谷歌和 Meta Platforms Inc.（META）。这一成就令人印象深刻，尤其是考虑到亚马逊是在 2019 年推出其广告业务，而谷歌和 Meta 都在广告领域拥有超过二十年的经验。</p>
<p>建立强大的广告业务对大型科技公司来说越来越重要，因为广告通常是所有收入来源中利润率最高的，Martin 表示。随着这些公司加大对人工智能的资本支出，它们可以通过广告部门抵消部分现金消耗。</p>
<p>根据 Needham 的数据，亚马逊的广告业务每个季度都记录了公司整体最高的运营利润率。Martin 的分析显示，亚马逊的广告利润是 AWS 的两倍，运营利润率约为 70%。此外，亚马逊的广告业务贡献了公司总运营收入的 50% 以上。</p>
<p>亚马逊广告成功的关键部分在于其将零售业务的专有第一方购物数据整合到广告购买中的能力。由于大多数美国消费者在亚马逊上开始产品搜索，该公司能够在购买时针对高意向购物者投放广告。亚马逊对用户过去活动的广泛数据也使其在广告定位方面具有优势。</p>
<p>这些特性帮助亚马逊将 “浏览转化为交易的比率远高于 Meta 或谷歌搜索，” Martin 写道。</p>
<p>AWS 将是亚马逊长期增长的关键，但扩展云计算能力是一项昂贵的事业，短期内不会立即见效。根据 Needham 的估计，AWS 负责亚马逊预计 2025 年 1000 亿美元资本支出的 80% 以上，其利润率远低于广告收入，并面临激烈的全球竞争。</p>
<p>“这些负面因素在 [广告] 业务中都不成立，” Martin 说，这使得广告业务成为亚马逊未来整体战略的关键部分。</p>
<p>另请阅读：亚马逊下一个股票催化剂不是人工智能，而是在线杂货。</p>
<p>-Christine Ji</p>
<p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>

亚马逊

亚马逊每日 2 倍做多 ETF - Direxion

<p>亚马逊的广告部门被 Needham 分析师 Laura Martin 称为其 “皇冠上的明珠”，对公司的营业收入贡献显著，超过 50%。尽管广告业务占总销售额的比例不到 10%，但自 2019 年以来，该业务年增长率达 20%，使其成为全球第三大广告业务。该部门的营业利润率约为 70%，在盈利能力上超过了亚马逊网络服务（AWS）。Martin 强调了这一部门对亚马逊未来增长的重要性，特别是在其整合零售数据以进行精准广告投放的背景下</p>

<p>By Christine Ji</p>
<div class="lb-trans"><p>作者：Christine Ji</p>
</div><p>Amazon's highly profitable ad division is the key to funding the company's future growth, according to a Needham analyst</p>
<div class="lb-trans"><p>根据 Needham 分析师的说法，亚马逊盈利丰厚的广告部门是公司未来增长的关键。</p>
</div><p>Amazon's ad business contributes over half of the company's total operating income, according to Needham.</p>
<div class="lb-trans"><p>根据 Needham 的数据，亚马逊的广告业务贡献了公司总运营收入的一半以上。</p>
</div><p>Amazon.com Inc. is renowned for its retail and cloud-computing divisions, but what about its advertising business?</p>
<div class="lb-trans"><p>亚马逊公司以其零售和云计算部门而闻名，但它的广告业务呢？</p>
</div><p>At less than 10% of Amazon's (AMZN) total sales, ads are often overlooked by investors - a big mistake, according to Needham analyst Laura Martin, who called Amazon's ad business its &#34;crown jewel&#34; in a note Thursday.</p>
<div class="lb-trans"><p>在亚马逊（AMZN）总销售额的不到 10% 中，广告常常被投资者忽视——这是一个重大错误，Needham 分析师 Laura Martin 在周四的报告中称亚马逊的广告业务是其 “皇冠上的明珠”。</p>
</div><p>The worst performer this year among the group of megacap tech stocks known as the Magnificent Seven, Amazon's stock has gained a paltry 0.5% in 2025. But Amazon bears are missing the big picture, as Martin believes the ad business will be a more important source of upside than Amazon Web Services or e-commerce in the near term.</p>
<div class="lb-trans"><p>在被称为 “七大巨头” 的大型科技股中，亚马逊是今年表现最差的股票，2025 年股价仅上涨了微不足道的 0.5%。但亚马逊的空头们忽视了大局，Martin 认为广告业务在短期内将成为比亚马逊网络服务或电子商务更重要的增长来源。</p>
</div><p>Martin pointed out that Amazon's advertising business has been booking a 20% year-over-year growth rate since 2019, twice the growth rate for the company's overall sales. The fast pace of expansion has made Amazon's ad business the third largest in the world, right after Alphabet Inc.'s (GOOGL) (GOOG) Google and Meta Platforms Inc. (META). It's an impressive feat, especially considering that Amazon launched its ad business in 2019, while Google and Meta both have over two decades of experience in advertising.</p>
<div class="lb-trans"><p>Martin 指出，自 2019 年以来，亚马逊的广告业务年增长率达到了 20%，是公司整体销售增长率的两倍。快速的扩张使亚马逊的广告业务成为全球第三大，仅次于 Alphabet Inc.（GOOGL）（GOOG）的谷歌和 Meta Platforms Inc.（META）。这一成就令人印象深刻，尤其是考虑到亚马逊是在 2019 年推出其广告业务，而谷歌和 Meta 都在广告领域拥有超过二十年的经验。</p>
</div><p>Building a powerful advertising business is increasingly critical for Big Tech companies, as ads tend to have the highest profit margins out of any revenue stream, according to Martin. As these companies ramp up their artificial-intelligence capital expenditures, they can offset some of their cash burn with their ad segments.</p>
<div class="lb-trans"><p>建立强大的广告业务对大型科技公司来说越来越重要，因为广告通常是所有收入来源中利润率最高的，Martin 表示。随着这些公司加大对人工智能的资本支出，它们可以通过广告部门抵消部分现金消耗。</p>
</div><p>Quarter after quarter, Amazon's ad business has always recorded the highest operating margins across the whole company, according to Needham. Martin's analysis shows that Amazon ads are twice as profitable as AWS, with roughly 70% operating margins. Additionally, Amazon's ad business contributes over 50% of the company's total operating income.</p>
<div class="lb-trans"><p>根据 Needham 的数据，亚马逊的广告业务每个季度都记录了公司整体最高的运营利润率。Martin 的分析显示，亚马逊的广告利润是 AWS 的两倍，运营利润率约为 70%。此外，亚马逊的广告业务贡献了公司总运营收入的 50% 以上。</p>
</div><p>A key part of Amazon's success in ads is its ability to integrate the retail business's proprietary first-party shopping data into ad buying. With the majority of U.S. consumers beginning product searches on Amazon, the company is able to target ads at high-intent shoppers at the moment of purchase. Amazon's extensive data on users' past activity also gives it an advantage when it comes to ad targeting.</p>
<div class="lb-trans"><p>亚马逊广告成功的关键部分在于其将零售业务的专有第一方购物数据整合到广告购买中的能力。由于大多数美国消费者在亚马逊上开始产品搜索，该公司能够在购买时针对高意向购物者投放广告。亚马逊对用户过去活动的广泛数据也使其在广告定位方面具有优势。</p>
</div><p>These features help Amazon convert &#34;browsing into transactions at a much higher rate than Meta or Google Search,&#34; Martin wrote.</p>
<div class="lb-trans"><p>这些特性帮助亚马逊将 “浏览转化为交易的比率远高于 Meta 或谷歌搜索，” Martin 写道。</p>
</div><p>AWS will be the key to long-term growth for Amazon, but building out cloud-computing capacity is a costly endeavor that won't immediately pay off. According to Needham estimates, AWS is responsible for over 80% of Amazon's $100 billion estimated 2025 capex, has significantly lower margins than ad revenues and faces fierce global competition.</p>
<div class="lb-trans"><p>AWS 将是亚马逊长期增长的关键，但扩展云计算能力是一项昂贵的事业，短期内不会立即见效。根据 Needham 的估计，AWS 负责亚马逊预计 2025 年 1000 亿美元资本支出的 80% 以上，其利润率远低于广告收入，并面临激烈的全球竞争。</p>
</div><p>&#34;None of these negatives are true for the [advertising] business,&#34; Martin said, making it a critical part of Amazon's overall strategy going forward.</p>
<div class="lb-trans"><p>“这些负面因素在 [广告] 业务中都不成立，” Martin 说，这使得广告业务成为亚马逊未来整体战略的关键部分。</p>
</div><p>Also read: Amazon's next stock catalyst isn't AI - it's online groceries</p>
<div class="lb-trans"><p>另请阅读：亚马逊下一个股票催化剂不是人工智能，而是在线杂货。</p>
</div><p>-Christine Ji</p>
<div class="lb-trans"><p>-Christine Ji</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
</div>

Amazon's 'crown jewel' is this business that doesn't get nearly enough attention

- 亚马逊的广告业务是公司未来增长的关键，贡献超过 50% 的运营收入。  
- 广告业务自 2019 年以来年增长率达 20%，已成为全球第三大广告业务。  
- 该业务的高利润率和整合零售数据的能力使其在亚马逊整体战略中至关重要。  

亚马逊的 “皇冠上的明珠” 是这个未受到足够关注的业务