阿里巴巴集团控股公司预计，其云智人工智能业务在9月季度将实现50%的收入增长，主要受益于其在人工智能领域的激进投资取得强劲回报，据分析人士称。
Alibaba Group Holding is expected to report a 50 per cent revenue surge for its cloud and artificial intelligence unit for the September quarter, driven by strong returns on its aggressive AI investments, according to analysts.
多家金融机构的分析师预计，中国科技巨头阿里巴巴的人工智能云与计算服务部在截至9月30日的三个月内收入增长有所加速，增幅从上一季度的45%上升。
Analysts across several financial institutions projected revenue growth for the Chinese tech giant’s AI Cloud and Compute Services unit to have accelerated in the three months ended September 30, up from the 45 per cent growth seen in the preceding quarter.
该部门的利润率也有所上升，标志着阿里巴巴在实现其庞大人工智能投资盈利方面取得了进展。
The unit’s profit margins are also expected to rise, signalling progress in Alibaba’s efforts to monetise its massive AI investments.
杰富瑞证券预计，该部门第四季度的利润率将达到12.3%，而新加坡的经纪公司龙桥证券则预测，EBITA（息税折旧摊销前利润）利润率约为15%，较6月季度的12%有所上升。
Jefferies projected the segment’s profit margin to reach 12.3 per cent for the quarter, while Singapore-based brokerage Longbridge Securities forecast an EBITA (earnings before interest, taxes and amortisation) margin of about 15 per cent, up from 12 per cent in the June quarter.
这份业绩预览紧随6月季度的强劲表现。在6月季度，阿里巴巴的人工智能云业务（该季度已纳入T-Head芯片业务）实现了484亿元人民币（约72亿美元）的收入，增速为22个季度以来的最快。
The earnings preview followed a strong showing in the June quarter, when Alibaba’s AI cloud segment – which began including the T-Head chip business that quarter – posted 48.4 billion yuan (US$7.2 billion) in revenue, its fastest growth rate in 22 quarters.
龙桥证券估计，阿里巴巴人工智能实验室及应用业务的收入同比增长20%，较上一季度的16%有所加速。值得注意的是，该部门独立于人工智能云业务之外，涵盖了公司的人工智能模型实验室、Qwen消费事业部以及工作平台QwenWork。
Revenue for Alibaba’s AI Lab and Applications segment was projected to grow 20 per cent year on year, accelerating from a 16 per cent expansion in the previous quarter, Longbridge estimated. The unit – which is separate from the AI cloud business – encompasses the company’s AI model labs, the Qwen Consumer Business Group and workplace platform QwenWork.
该经纪公司预计，该部门在本报告期内的亏损将收窄至100亿至110亿元人民币之间。
The brokerage expected losses for the unit to narrow to between 10 billion and 11 billion yuan for the period.
整体集团业绩也有所好转。杰富瑞证券估计，阿里巴巴9月季度的总收入将同比增长9.6%，较上一季度录得的9%增长略有改善。
Overall group performance was also expected to pick up. Jefferies estimated that Alibaba’s total September-quarter revenue would rise 9.6 per cent year on year, marking a slight improvement from the 9 per cent revenue growth recorded in the previous quarter.
尽管阿里巴巴投入了大量资本支出，但据Jefferies分析师托马斯·钟和宗泉玉指出，到12月底，集团云业务的利润有望抵消人工智能实验室和应用板块的季度亏损。
Despite Alibaba’s heavy capital expenditure, profits from the group’s cloud business are expected to offset the quarterly losses from the AI Lab and Applications segment by the end of December, according to Jefferies analysts Thomas Chong and Zoe Zong.
这些预测紧随阿里巴巴9月份举行的年度阿波罗会上一系列公告。会上，公司正式发布了“至强中国AI芯片”的声誉——斌悟V900处理器，并透露计划训练一款拥有多达10万亿参数的AI模型。
The forecasts follow a slew of announcements at Alibaba’s annual Apsara Conference in September. During the event, the company debuted the Zhenwu V900 processor, billing it as “the most powerful AI chip in China today”, and teased plans to train an AI model with up to 10 trillion parameters.
杭州的这家公司还表示，其阿里云全球数据中心容量目标将在2032年前扩大至超过20吉瓦。
The Hangzhou-based company also outlined ambitions to scale its Alibaba Cloud global data centre capacity to more than 20 gigawatts by 2032.
为推动AI战略，阿里巴巴于8月份发行了800亿港元（约合102亿美元）的新股，这是该公司自2019年在香港上市以来的首次股份增发。公司计划将所得资金用于提升全栈能力，包括扩建AI基础设施。
To fuel its AI ambitions, Alibaba issued HK$80 billion (US$10.2 billion) worth of new shares in August, with the firm planning to invest the proceeds to boost its full-stack capabilities, including by expanding its AI infrastructure. It was the company’s first share placement since its Hong Kong listing in 2019.
阿里巴巴董事长蔡崇嘉周三在意大利举行的年度Wave科技活动上强调了公司在全栈AI能力方面的战略布局。
Alibaba chairman Joe Tsai highlighted the company’s bet on full-stack AI capabilities at the annual Wave tech event in Italy on Wednesday.
“我们拥有强大的分发能力，这得益于我们庞大的电商生态系统，我们可以在其中将AI应用于惠及用户和企业客户，”他表示，补充道，未来五年AI将“渗透到我们业务的每一个方面”。
“We have distribution capability because of our very large e-commerce ecosystem, where we can apply AI to benefit our users and also our corporate clients,” he said, adding that AI would “be infused in every aspect of our business” over the next five years.
与此同时，阿里巴巴的核心电商业务仍处于转型阶段，面临激烈的国内竞争。Jefferies预计，其速卖通单元的季度亏损将收窄至约98亿元。
Meanwhile, Alibaba’s core e-commerce business remains in a transition phase amid fierce domestic competition. Jefferies expected quarter-on-quarter losses for its quick-commerce unit to narrow to about 9.8 billion yuan.
周三，阿里巴巴股价下跌1%，至104.30港元，同时香港的中国科技股普体下跌。该公司预计将于11月公布9月季度财报。阿里巴巴拥有《南华早报》。
Alibaba shares dropped 1 per cent to HK$104.30 on Wednesday, amid a broader retreat of Chinese tech stocks in Hong Kong. The company is expected to report its September-quarter earnings in November. Alibaba owns the South China Morning Post.