阿里巴巴(纪要):AI 是十年机会,外卖补贴可以替代营销投入

海豚投研
May 16, 2025

以下为阿里巴巴FY25Q4 的财报电话会纪要,财报解读请移步《AI 续命前先放血,“不甘” 的阿里再拼一把?》一、财报核心信息回顾1. 现金流:经营活动现金流 275 亿元(同比 +18%),自由现金流 37 亿元(同比-76%,主因云基础设施投入增加)。净现金头寸 3664 亿元人民币(505 亿美元)。2. 股息与回购a. 年度股息:每股 ADS 1.05 美元(同比 +5%),特别股息:每股...

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