17%，15%……从腾讯京东阿里百度四大平台Q4广告营收增速，看懂广告行业发展趋势

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在互联网行业步入存量竞争深水区的当下，广告业务作为互联网平台的核心变现渠道，其营收增速始终是行业发展的“晴雨表”。2025年第四季度，腾讯、京东、阿里、百度四大互联网巨头相继交出广告业务成绩单，腾讯17%、京东15% 的稳健增长，与阿里、百度的增速放缓和承压，通过他们在广告收入的变化，也能勾勒出行业未来发展的方向。四大平台广告业务的差异化答卷腾讯腾讯发布2025年第四季度及全年业绩报告显示，腾讯...

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Understand the development trend of advertising industry from the growth rate of advertising revenue in Q4 of four platforms of Tencent, JD.COM, Ali and Baidu","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89618":0.6,"BABU":0.6,"09888":1.91,"BABO":0.6,"BABX":0.6,"BIDU":1.91,"BIDG":0.6,"09988":1.93,"BBYY":0.6,"HTCD.SI":0.6,"09618":1.94,"KBAB":0.6,"KBDU":0.6,"TCEHY":1.96,"KJD":0.6,"00700":1.96,"JD":1.94,"BABA":1.93,"BABW":0.6},"content_text":"在互联网行业步入存量竞争深水区的当下，广告业务作为互联网平台的核心变现渠道，其营收增速始终是行业发展的“晴雨表”。2025年第四季度，腾讯、京东、阿里、百度四大互联网巨头相继交出广告业务成绩单，腾讯17%、京东15% 的稳健增长，与阿里、百度的增速放缓和承压，通过他们在广告收入的变化，也能勾勒出行业未来发展的方向。四大平台广告业务的差异化答卷腾讯腾讯发布2025年第四季度及全年业绩报告显示，腾讯全年营收7517.7亿元，其中，营销服务业务2025年度的收入同比增长19%至人民币1,450亿元，主要得益于广告单价及广告曝光量增长。营销服务业务2025年第四季的收入为人民币411亿元，同比增长17%。对AI驱动的广告精准定向能力的优化，以及对微信生态系统内闭环营销能力的扩展，推动了广告表现改善和广告单价提升，构成收入增长的主要驱动力。由于用户参与度提高及广告加载率的小幅提升，广告曝光也略有增长。腾讯升级了广告技术的基础模型，并推出了智能投放产品矩阵腾讯广告AIM+，保持广告加载率远低于同业的同时，亦取得高于行业的收入增长。阿里根据阿里巴巴2025年第四季度（截至2025年12月31日）财报数据，客户管理收入为102.64亿元人民币（约合14.681亿美元），较上年同期增长1%。客户管理收入主要由广告费和佣金构成，是阿里电商业务的核心收入来源之一。本季度增速较此前季度明显放缓，主要受宏观消费环境、春节时间差异及平台对用户权益投入增加等因素影响。阿里核心电商广告受行业竞争、用户消费习惯变迁等因素影响，增长步入平稳期，但依托AI技术的营销工具“全站推广”持续渗透，中小商家广告投放需求逐步释放，为广告业务带来复苏动力；同时，阿里云的高速增长与即时零售业务的拓展，成为阿里生态的新增长点，广告业务正从传统电商营销，向全域、全场景营销转型，短期增速承压的背后，是长期商业价值的重构。京东根据京东2025年财报及相关数据，京东平台及广告服务收入情况如下：2025年全年：平台及广告服务收入达1071亿元，同比增长18.9%，占京东总收入的约8.2%。2025年第四季度：平台及广告服务收入为306亿元，同比增长15%，环比增长约12.6%。京东广告业务的增长，依托于零售生态的精细化运营与全域流量整合：一方面，3P第三方商家生态持续完善，付费卖家数量与单个商家广告支出同步提升，电商广告的转化价值愈发凸显；另一方面，京东外卖等新业务与零售业务形成协同，为广告业务带来增量流量，同时AI广告工具优化流量分配效率，让广告投放更贴合用户消费需求，在电商广告竞争日趋激烈的背景下，凭借“消费+营销”的深度绑定，走出了独有的稳健增长路径。百度根据百度2025年财报及相关数据显示，2025年全年传统广告收入：约593亿元，同比下降15%。2025年第四季度传统广告收入：123亿元，同比下降26.2%。传统广告业务主要包括搜索广告和信息流广告，是百度过去的核心收入来源，但近年来受市场竞争、用户行为变化及AI技术冲击等因素影响，收入持续下滑。需注意，百度2025年财报中已将业务结构调整为“百度一般性业务”，包含传统广告、AI新业务等板块，传统广告收入占比从2024年的约58%降至2025年的约39%。百度广告业务的压力，主要来自传统搜索广告市场的竞争加剧，以及用户注意力向短视频、社交场景的转移，但百度正加速通过AI原生营销服务破局，将文心大模型与广告业务深度融合，打造智能营销解决方案，发力AI搜索、智能推荐等新场景，试图通过技术创新重塑广告业务的核心竞争力。广告行业三大核心发展趋势从四大平台的增速差异与业务布局中，我们能够清晰洞察到，互联网广告行业早已告别粗放式增长，迈入技术驱动、场景精细化、价值实效化的全新发展阶段，三大核心趋势愈发清晰。趋势一：流量格局重构，私域+闭环生态成增长核心引擎过去，互联网广告依赖公域流量的粗放投放，而如今流量红利见顶，私域流量与生态闭环成为广告业务增长的核心抓手。腾讯凭借微信生态的社交、内容、交易全场景覆盖，构建起独一无二的闭环营销体系，用户在生态内完成从浏览、互动到购买的全流程，广告的触达率、转化率大幅提升，这也是其广告业务连续十个季度保持15%以上增速的关键。京东依托电商消费场景，打造“购物+营销”的闭环，广告直接对接消费需求，实现“品效合一”；阿里也在加速整合电商、本地生活、云服务等场景，打破流量壁垒，构建全域营销生态。反观单纯依赖单一公域流量场景的平台，广告业务增长明显受限，这充分说明，未来广告行业的竞争，不再是流量规模的竞争，而是生态闭环的完整性、流量运营的精细化程度的竞争，能够为广告主提供全链路、可闭环的营销服务，才能持续抢占市场份额。趋势二：AI技术全面渗透，广告行业进入智能增效时代四大平台的广告业务表现，无一不印证了AI技术已成为广告行业的核心增长的重要引擎。腾讯通过AI优化广告定向、素材生成与投放策略，让eCPM（每千次曝光收益）显著增长；京东利用AI大模型提升流量分配效率，精准匹配商家广告与用户需求；阿里通过AI营销工具降低中小商家投放门槛，提升广告货币化率；百度则依托大模型打造AI原生营销服务，试图扭转传统广告业务的颓势。AI对广告行业的改造，是全方位、深层次的：从前端的用户画像分析、广告素材智能生成，到中端的精准投放、实时优化，再到后端的效果复盘、数据归因，AI全面替代传统人工操作，大幅降低广告投放成本，提升投放效率与转化效果。对于广告主而言，AI让营销投放更精准、更高效；对于平台而言，AI成为广告业务提质增效、突破增长瓶颈的核心技术支撑，无AI不营销，将成为行业未来发展的标配。趋势三：广告主需求回归实效，品效合一成行业主流宏观经济环境的变化，让广告主的营销预算愈发谨慎，追求实效、注重转化成为广告投放的核心诉求，彻底告别了过去单纯追求品牌曝光的粗放模式，这也直接影响了各大平台广告业务的增长逻辑。电商平台凭借“广告直接带动交易”的优势，成为广告主预算倾斜的重点，京东、阿里的电商广告业务始终保持韧性；社交内容平台通过闭环生态，实现品牌曝光与销售转化的结合，腾讯视频号广告、朋友圈广告的品效协同价值持续凸显；而传统搜索广告，若无法实现转化闭环，仅靠曝光难以满足广告主需求，增速自然承压。同时，中小商家成为广告投放的新生力量，他们预算有限、更看重即时转化，倒逼平台推出轻量化、高性价比的AI营销工具，进一步推动行业向实效化、普惠化转型。（转载自广告市场观察）\n\n\n海量资讯、精准解读，尽在新浪财经APP","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.40.0","shortVersion":"4.40.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2622426360","isCrawlerRequest":true}