<p>阿里巴巴（BABA -2.96%）的股票最近表現火爆。該中國科技巨頭公佈了截至 2024 年 12 月 31 日的季度業績，收入增長了 8%，運營收入激增了 83%。</p>
<p>投資者對這一結果表示歡呼，宣佈後股價上漲了約 15%。但深入分析阿里巴巴的業績顯示，數據背後還有更多信息，表明阿里巴巴的轉型努力終於開始見效。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDg3MDIvc2hvcHBpbmctNC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDg3MDIvc2hvcHBpbmctNC5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>阿里巴巴面臨一系列挑戰</h2>
<p>過去幾年是阿里巴巴最具挑戰性的時期。它經歷了一系列問題，包括螞蟻集團首次公開募股的取消、中國科技行業的監管打壓，以及疫情後艱難的經營環境。</p>
<p>這些挑戰影響了其財務表現，導致其旗艦電商和雲計算業務的增長乏力/負增長。為了更好地理解，電商和雲計算的收入在 2020 財年（截至 2020 年 3 月 31 日）分別增長了 34% 和 62%。然而，在 2024 財年，收入僅分別增長了 5% 和 3%。</p>
<p>投資者擔心這家科技巨頭已經過了巔峯，緩慢甚至沒有增長可能成為其新常態。在此期間，公司進行了最大規模的重組之一，導致高層領導團隊的完全改組。這一管理團隊的變化為嚴峻的形勢增添了另一層不確定性。</p>
<h2>電商業務最近取得了良好進展</h2>
<p>曾經是中國電商行業無可爭議的領導者，阿里巴巴的主導地位如今受到質疑，因為它面臨來自年輕競爭對手如拼多多和抖音的競爭。前者針對的是注重性價比的消費者，而後者則吸引了直播購物的消費者。</p>
<p>作為回應，阿里巴巴採取了一些大膽的舉措，包括將重點從以商家為中心轉向以消費者為中心，提高價格競爭力，並加大對人工智能（AI）的投入，以改善用户體驗。特別是，阿里巴巴的重點是使不同消費能力的客户能夠在其平台上找到價格合理的最佳產品。</p>
<p>雖然仍處於初期階段，但阿里巴巴最新的財務數據顯示其戰略正在見效。例如，電商公司的客户管理收入在截至 2024 年 12 月 31 日的季度增長了 9%，這得益於商品交易總值（GMV）和佣金率的增長。這表明消費者在阿里巴巴的電商平台上花費更多，商家在營銷費用上的支出也在增加。</p>
<p>除了本土市場，阿里巴巴正在擴展其國際電商業務，以減少對本土市場的依賴。該部門最近增長迅速，最新季度的收入同比增長了 32%。換句話説，阿里巴巴在恢復其電商業務的增長方面取得了實質性進展。</p>
<h2>雲計算業務再次增長</h2>
<p>作為中國雲計算行業無可爭議的領導者，阿里雲曾肩負着維持阿里巴巴高增長軌跡的重大責任。然而，幾年的緩慢增長几乎完全破滅了投資者的希望。由於經濟環境嚴峻、競爭加劇以及阿里雲 IPO 分拆的取消，該業務面臨了一些問題。</p>
<p>幸運的是，在新 CEO 的帶領下，阿里雲逐漸恢復了勢頭，最新季度的收入增長率同比加速至 13%。特別是，與 AI 相關的收入連續六個季度以三位數的速度增長。它還推出了最新的大型語言模型 Qwen 2.5，這是全球最先進的模型之一。</p>
<p>阿里雲最近的表現表明了幾件事。首先，雲計算業務正在獲得動力，其增長率在未來幾個季度可能進一步改善。其次，新領導團隊做出了一些出色的決策，例如全力投入 AI，為未來的發展指明瞭方向。</p>
<p>此外，阿里雲正在加大對 AI 基礎設施的投資，預計未來三年的投資將超過過去十年的總支出。它還將大力投資於開發 AI 基礎模型和 AI 原生應用。這些舉措表明，雲計算可能迎來多年的增長週期。</p>
<h2>對投資者的意義</h2>
<p>阿里巴巴最近的季度報告如同一縷清新空氣，表明這家科技巨頭終於找到了新的方向。投資者應關注阿里巴巴在未來幾個季度的表現。如果電商和雲計算業務能夠維持近期的增長軌跡，投資者可以有信心阿里巴巴的最壞時刻可能已經過去。</p>
<p>所有目光都集中在公司未來幾個季度的表現上。</p>

阿里巴巴-W

阿里巴巴

<p>阿里巴巴的股票在發佈強勁的季度報告後上漲了 15%，收入增長了 8%，運營收入飆升了 83%。在經歷了包括監管問題和競爭在內的重大挑戰後，阿里巴巴正在調整其戰略，專注於消費者需求和人工智能。電子商務部門顯示出復甦的跡象，客户管理收入增長了 9%，而阿里巴巴雲也在加速發展，收入增長了 13%。投資者對阿里巴巴未來的表現持樂觀態度，因為它似乎正走在復甦的道路上</p>

<p><strong>Alibaba</strong>'s (BABA -2.96%) stock has been on fire lately. The Chinese tech giant reported a commendable result for the quarter ended Dec. 31, 2024, with revenue growing by 8% and income from operations surging by 83%.</p>
<div class="lb-trans"><p>阿里巴巴（BABA -2.96%）的股票最近表現火爆。該中國科技巨頭公佈了截至 2024 年 12 月 31 日的季度業績，收入增長了 8%，運營收入激增了 83%。</p>
</div><p>Investors cheered the results, sending the stock up by around 15% after the announcement. But digging further into Alibaba's results indicates much more than the headline numbers, suggesting that Alibaba's turnaround effort is finally bearing fruit.</p>
<div class="lb-trans"><p>投資者對這一結果表示歡呼，宣佈後股價上漲了約 15%。但深入分析阿里巴巴的業績顯示，數據背後還有更多信息，表明阿里巴巴的轉型努力終於開始見效。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDg3MDIvc2hvcHBpbmctNC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F808702%2Fshopping-4.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Alibaba was facing a series of challenges</h2>
<div class="lb-trans"><h2>阿里巴巴面臨一系列挑戰</h2>
</div><p>The last few years have been the most challenging period for Alibaba. It has experienced a series of issues, which included the cancellation of Ant Group's initial public offering, regulatory crackdowns on the tech sector in China, and a challenging operating environment post-COVID-19 lockdowns.</p>
<div class="lb-trans"><p>過去幾年是阿里巴巴最具挑戰性的時期。它經歷了一系列問題，包括螞蟻集團首次公開募股的取消、中國科技行業的監管打壓，以及疫情後艱難的經營環境。</p>
</div><p>These challenges affected its financial performance, leading to muted/negative growth in its flagship e-commerce and cloud computing businesses. To put it into perspective, e-commerce and cloud computing revenue grew at 34% and 62%, respectively, for its fiscal 2020, which ended March 31, 2020. However, in fiscal 2024, revenue rose by just 5% and 3%, respectively.</p>
<div class="lb-trans"><p>這些挑戰影響了其財務表現，導致其旗艦電商和雲計算業務的增長乏力/負增長。為了更好地理解，電商和雲計算的收入在 2020 財年（截至 2020 年 3 月 31 日）分別增長了 34% 和 62%。然而，在 2024 財年，收入僅分別增長了 5% 和 3%。</p>
</div><p>Investors were concerned that the tech giant had passed its prime, and slow to no growth could be the new normal for it. It didn't help that the company made one of its biggest restructurings during this period, which resulted in a complete overhaul of the senior leadership team. The change in management team added another layer of uncertainty to the dire situation.</p>
<div class="lb-trans"><p>投資者擔心這家科技巨頭已經過了巔峯，緩慢甚至沒有增長可能成為其新常態。在此期間，公司進行了最大規模的重組之一，導致高層領導團隊的完全改組。這一管理團隊的變化為嚴峻的形勢增添了另一層不確定性。</p>
</div><h2>The e-commerce business has been making good progress lately</h2>
<div class="lb-trans"><h2>電商業務最近取得了良好進展</h2>
</div><p>Once the undisputed leader in the Chinese e-commerce sector, Alibaba's dominance is now in question as it faces competition from younger rivals like <strong>Pinduoduo</strong> and Douying. The former targets cost-conscious consumers, while the latter attracts live-streaming shoppers.</p>
<div class="lb-trans"><p>曾經是中國電商行業無可爭議的領導者，阿里巴巴的主導地位如今受到質疑，因為它面臨來自年輕競爭對手如拼多多和抖音的競爭。前者針對的是注重性價比的消費者，而後者則吸引了直播購物的消費者。</p>
</div><p>In response, Alibaba has made some bold moves, including shifting its focus from merchant-centered to consumer-centered, improving price competitiveness, and doubling down on artificial intelligence (AI) to improve user experience. In particular, Alibaba's focus is on enabling customers of different levels of spending power to find the best products at affordable prices on its platforms.</p>
<div class="lb-trans"><p>作為回應，阿里巴巴採取了一些大膽的舉措，包括將重點從以商家為中心轉向以消費者為中心，提高價格競爭力，並加大對人工智能（AI）的投入，以改善用户體驗。特別是，阿里巴巴的重點是使不同消費能力的客户能夠在其平台上找到價格合理的最佳產品。</p>
</div><p>While it's still in its early days, Alibaba's latest financials demonstrate that its strategy is paying off. For instance, the e-commerce company's customer management revenue grew by 9% in the quarter ended Dec. 31, 2024, driven by growth in gross merchandise value (GMV) and take-rate. This demonstrates that consumers are spending more on Alibaba's e-commerce platforms, and merchants are spending more on marketing fees.</p>
<div class="lb-trans"><p>雖然仍處於初期階段，但阿里巴巴最新的財務數據顯示其戰略正在見效。例如，電商公司的客户管理收入在截至 2024 年 12 月 31 日的季度增長了 9%，這得益於商品交易總值（GMV）和佣金率的增長。這表明消費者在阿里巴巴的電商平台上花費更多，商家在營銷費用上的支出也在增加。</p>
</div><p>Beyond its home turf, Alibaba is expanding its international e-commerce businesses to diversify away from its reliance on its home market. This segment has been growing rapidly lately, with revenue up by 32% year over year in the latest quarter. In other words, Alibaba is making solid strides in rejuvenating the growth of its e-commerce businesses.</p>
<div class="lb-trans"><p>除了本土市場，阿里巴巴正在擴展其國際電商業務，以減少對本土市場的依賴。該部門最近增長迅速，最新季度的收入同比增長了 32%。換句話説，阿里巴巴在恢復其電商業務的增長方面取得了實質性進展。</p>
</div><h2>The cloud computing business is growing again</h2>
<div class="lb-trans"><h2>雲計算業務再次增長</h2>
</div><p>As the undisputed leader in China's cloud computing industry with a 39% market share, Alibaba Cloud once held the biggest responsibility in sustaining Alibaba's high growth trajectory. However, a few years of slow growth almost shattered investors' hopes altogether. Weak enterprise demand due to challenging economic conditions, competition, and the cancellation of Alibaba Cloud's IPO spin-off are some of the issues that the business has faced.</p>
<div class="lb-trans"><p>作為中國雲計算行業無可爭議的領導者，阿里雲曾肩負着維持阿里巴巴高增長軌跡的重大責任。然而，幾年的緩慢增長几乎完全破滅了投資者的希望。由於經濟環境嚴峻、競爭加劇以及阿里雲 IPO 分拆的取消，該業務面臨了一些問題。</p>
</div><p>Fortunately, with the new CEO at the helm, Alibaba Cloud is gradually gaining momentum, evident in its accelerating revenue growth rate of 13% year over year in the latest quarter. In particular, AI-related revenue grew at triple-digit rates for six consecutive quarters. It also launched its latest large language model, Qwen 2.5, which is among the most advanced models globally.</p>
<div class="lb-trans"><p>幸運的是，在新 CEO 的帶領下，阿里雲逐漸恢復了勢頭，最新季度的收入增長率同比加速至 13%。特別是，與 AI 相關的收入連續六個季度以三位數的速度增長。它還推出了最新的大型語言模型 Qwen 2.5，這是全球最先進的模型之一。</p>
</div><p>Alibaba Cloud's recent performance indicates a few things. First, the cloud computing business is gaining momentum, and its growth rates could improve further in the coming quarters. Second, the new leadership team has made some great decisions, such as going all-in into AI, setting the business in the right direction for the future.</p>
<div class="lb-trans"><p>阿里雲最近的表現表明了幾件事。首先，雲計算業務正在獲得動力，其增長率在未來幾個季度可能進一步改善。其次，新領導團隊做出了一些出色的決策，例如全力投入 AI，為未來的發展指明瞭方向。</p>
</div><p>Besides, Alibaba Cloud is doubling down on investment in AI infrastructure, with expected investments in the next three years to exceed what it has spent over the past decade. It will also invest heavily in developing AI foundation models and AI-native applications. These moves suggest that cloud computing could have a multi-year growth cycle ahead.</p>
<div class="lb-trans"><p>此外，阿里雲正在加大對 AI 基礎設施的投資，預計未來三年的投資將超過過去十年的總支出。它還將大力投資於開發 AI 基礎模型和 AI 原生應用。這些舉措表明，雲計算可能迎來多年的增長週期。</p>
</div><h2>What it means for investors</h2>
<div class="lb-trans"><h2>對投資者的意義</h2>
</div><p>Alibaba's recent quarterly report is a breath of fresh air, suggesting that the tech giant has finally found its new direction. Investors should monitor Alibaba's performance in the coming quarters. If the e-commerce and cloud computing businesses can sustain their recent trajectory, investors can be confident that the worst could be over for Alibaba.</p>
<div class="lb-trans"><p>阿里巴巴最近的季度報告如同一縷清新空氣，表明這家科技巨頭終於找到了新的方向。投資者應關注阿里巴巴在未來幾個季度的表現。如果電商和雲計算業務能夠維持近期的增長軌跡，投資者可以有信心阿里巴巴的最壞時刻可能已經過去。</p>
</div><p>All eyes are on the company's performance in the next few quarters.</p>
<div class="lb-trans"><p>所有目光都集中在公司未來幾個季度的表現上。</p>
</div>

Alibaba Investors Could Finally Be Seeing Light at the End of the Tunnel

- 阿里巴巴在 2024 年第四季度實現收入增長 8%，運營收入激增 83%。  
- 該公司正面臨來自競爭對手的壓力，積極調整戰略以恢復增長。  
- 雲計算業務也在逐步回暖，年增長率達到 13%，顯示出良好前景。

阿里巴巴的投資者終於可能看到隧道盡頭的曙光