核心观点:(备注:本文如无特别说明,数据来源均为公司财报、Earnings Call 记录及演示材料等官方公开信息) 25Q1 收入稳健增长,盈利继续提升,资本开支环比略降。根据25Q1 财报,25Q1 实现营收同比+8.6%,净利润同比+64.2%,净利率升至11.0%(YoY+3.7pct,QoQ+0.4pct)。25Q1 现金资本开支为243 亿美元,同比+74.8%,环比-6.9%。电商...
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