AI军备赛，阿里的刺眼代价：单季砸677亿元资本开支，利润暴跌75％

华夏时报网08-21 20:11

大幅增加的资本开支和大幅下滑的利润，描绘出阿里最新财报的粗略轮廓。　　8月20日，阿里发布2027财年第一季度（截至今年6月30日）成绩单：当期营收2690亿元，同比增长9%；净利润104.44亿元，同比下降75%；资本性支出676.78亿元，同比增长75%。　　在这份财报背后，眼下这场由AI引发的“基建军备赛”已改变科技公司的估值逻辑。资本性支出早已不仅是财务术语，更是衡量一家公司“All in...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohunote.com/m/news/2661298113?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-08-21 20:11","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2661298113","market":"hk","top_or_hot":-1,"title":"AI军备赛，阿里的刺眼代价：单季砸677亿元资本开支，利润暴跌75％","media":"华夏时报网","content":"<div>\n<p>大幅增加的资本开支和大幅下滑的利润，描绘出阿里最新财报的粗略轮廓。　　8月20日，阿里发布2027财年第一季度（截至今年6月30日）成绩单：当期营收2690亿元，同比增长9%；净利润104.44亿元，同比下降75%；资本性支出676.78亿元，同比增长75%。　　在这份财报背后，眼下这场由AI引发的“基建军备赛”已改变科技公司的估值逻辑。资本性支出早已不仅是财务术语，更是衡量一家公司“All in...</p>\n\n<a href=\"http://finance.eastmoney.com/a/202608213849534493.html\">网页链接</a>\n\n</div>\n","source":"stock_eastmoney","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AI军备赛，阿里的刺眼代价：单季砸677亿元资本开支，利润暴跌75％</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAI军备赛，阿里的刺眼代价：单季砸677亿元资本开支，利润暴跌75％\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-08-21 20:11 北京时间&nbsp;&nbsp;&nbsp;<a href=http://finance.eastmoney.com/a/202608213849534493.html><strong>华夏时报网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>大幅增加的资本开支和大幅下滑的利润，描绘出阿里最新财报的粗略轮廓。　　8月20日，阿里发布2027财年第一季度（截至今年6月30日）成绩单：当期营收2690亿元，同比增长9%；净利润104.44亿元，同比下降75%；资本性支出676.78亿元，同比增长75%。　　在这份财报背后，眼下这场由AI引发的“基建军备赛”已改变科技公司的估值逻辑。资本性支出早已不仅是财务术语，更是衡量一家公司“All in...</p>\n\n<a href=\"http://finance.eastmoney.com/a/202608213849534493.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0348816934.USD","symbol_name":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","start_time":0,"source_url":"http://finance.eastmoney.com/a/202608213849534493.html","article_id":"2661298113","we_media_id":null,"thumbnails":[],"rights":{"source":"stock_eastmoney","url":"http://finance.eastmoney.com/a/202608213849534493.html","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2661298113","pubTimestamp":1787314269,"columns":[],"sourceInfo":{"source_id":"stock_eastmoney","name":"东方财富"},"weMediaInfo":null,"summary":"大幅增加的资本开支和大幅下滑的利润，描绘出阿里最新财报的粗略轮廓。8月20日，阿里发布2027财年第一季度（截至今年6月30日）成绩单：当期营收2690亿元，同比增长9%；净利润104.44亿元，同比下降75%；资本性支出676.78亿元，同比增长75%。在这份财报背后，眼下这场由AI引发的“基建军备赛”已改变科技公司的估值逻辑。","collect":0,"end_time":0,"defaultTopTitle":"eastmoney.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","BK4585":"ETF&股票定投概念","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","BK4558":"双十一","BK4587":"ChatGPT概念","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU0072462343.USD":"贝莱德亚洲巨龙基金","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","BK4588":"碎股","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","BK4565":"NFT概念","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","CLIX":"ProShares Long Online/Short Stores ETF","BK4503":"景林资产持仓","BK4502":"阿里概念","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","BABC":"Corgi BABA 2x Daily ETF","BK4505":"高瓴资本持仓","BABO":"BABA期权收益策略ETF-YieldMax","BK4504":"桥水持仓","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","BABU":"Direxion Daily BABA Bull 2X ETF","IE00BF5LJ272.USD":"Legg Mason Martin Currie - Global Emerging Markets A Acc USD","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","BABW":"Roundhill BABA WeeklyPay ETF","BABX":"2倍做多BABA ETF-GraniteShares","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","BK4607":"DeepSeek概念股","BK4524":"宅经济概念","BK4220":"综合零售","BABA":"阿里巴巴","BK4527":"明星科技股","LU0251143458.SGD":"Fidelity Emerging Markets A-SGD","LU1046421795.USD":"富达环球科技A-ACC","BK4526":"热门中概股","BK4122":"互联网与直销零售","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","ONLN":"ProShares Online Retail ETF","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0651946864.USD":"贝莱德新兴市场股票收益A2","BK4575":"芯片概念","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","KBAB":"2倍做多BABA ETF-KraneShares","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","09988":"阿里巴巴-W","BK4614":"Manus概念股","BK4579":"人工智能","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU0456842615.SGD":"JPMorgan Funds - Emerging Markets Equity A (acc) SGD","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","BBYY":"GraniteShares YieldBOOST BABA ETF","BK4581":"高盛持仓","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","BK4543":"AI","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","LU1046422090.SGD":"Fidelity Pacific A-SGD","BK4531":"中概回港概念","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","BK4534":"瑞士信贷持仓","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4535":"淡马锡持仓","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","LU1688375341.USD":"贝莱德中国灵活股票基金","LU2148611432.USD":"AZ ALLOCATION BALANCED BRAVE \"AAZ\" (USDHDG) ACC","BK4538":"云计算","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","BK4548":"巴美列捷福持仓","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","DRAG":"中国龙ETF-Roundhill","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) ACC","BK4554":"元宇宙及AR概念","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC"},"translate_title":"AI arms race, Ali's dazzling price: 67.7 billion yuan of capital expenditure in a single quarter, profits plunged 75%","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/25dca44e0077d6a60129c15c54131149","symbols_score_info":{"BABO":0.6,"ALBmain":0.6,"BBYY":0.6,"BABX":0.6,"BABU":0.6,"CLIX":0.6,"DRAG":0.6,"BABC":0.6,"09988":1.98,"KBAB":0.6,"BABW":0.6,"BABA":1.98,"ONLN":0.6},"content_text":"大幅增加的资本开支和大幅下滑的利润，描绘出阿里最新财报的粗略轮廓。　　8月20日，阿里发布2027财年第一季度（截至今年6月30日）成绩单：当期营收2690亿元，同比增长9%；净利润104.44亿元，同比下降75%；资本性支出676.78亿元，同比增长75%。　　在这份财报背后，眼下这场由AI引发的“基建军备赛”已改变科技公司的估值逻辑。资本性支出早已不仅是财务术语，更是衡量一家公司“All in AI”决心的关键维度，而更上层的AI应用更是竞争激烈。　　重资产投入的“回本账”　　不只是资本性支出高增长，财报显示，阿里当季自由现金流也变为净流出446.7亿元，约是上年同期流出的2.4倍。　　AI云基础设施支出增加是阿里当期自由现金流减少的主因。阿里巴巴CEO吴泳铭在当晚财报会中表示，本季度677亿元确实略高，源于硬件设备交付的波动性，同时本季度阿里还增加了对CPU的采购，此外还包括芯片组件价格上涨的因素。　　据《华夏时报》记者了解，阿里去年2月发布三年3800亿元的AI基建投资计划。吴泳铭当晚还宣布，截至今年6月季度末，阿里已累计投入1900亿元，“希望今年的投入建设还是维持在一个更积极的态度上。”　　阿里在AI基建上的大举投入，源于算力需求的快速增长。　　财报显示，当期阿里云与算力服务板块收入484.37亿元，占阿里总收入的18%，同比增长45%；经调整EBITA为56.28亿元，同比增长133%。这两项财务指标在阿里内部均排名第一。作为对比，阿里的压舱石业务电商集团当期收入同比增长4%，经调整EBITA同比下降1%。　　一边是传统电商步入慢车道，一边是AI云算力在狂奔。吴泳铭当天详解了阿里全栈式AI平台服务的商业模式。他表示，本质上所有AI服务的变现都需要建立在AI算力中心这个基础上，这是一个非常明确的重资产商业模式，而重资产商业模式要获得高速增长的前提，就需要在CAPEX（资本开支）投入上进行前置。　　吴泳铭还给市场算了一笔账：目前的行业共识是，2030年之前还看不到AI算力紧缺会有非常大的改变，按照阿里现在的AI产品平均毛利水平，CAPEX可以在三年之内回本，而随着AI产品毛利润的提升，回报周期未来还会持续缩短。　　AI实验室与应用“单飞”　　如果说算力是AI时代的“水电煤”，那么阿里旗下的千问App、通义千问大模型就是直接触达用户的“电器”。阿里新一期财报的另一个关键变化，是将此前在“所有其他”中的AI模型与实验室，以及千问消费者事业群和千问办公，整合成新的AI实验室与应用板块。　　对于重新组合新版块的原因，阿里方面在与《华夏时报》记者交流时表示，这些业务属于不同的细分领域，不适合放在一起来讲。但在业内看来，这意味着阿里将AI上层应用摆到了与底层算力同等重要的战略位置。　　深度科技研究院院长张孝荣对此分析认为，云和算力是纯B端底座，实验室与应用板块则是“C端+B端”混合的上层应用，两者是协同关系。他对《华夏时报》记者表示：“整合以后，有助于AI技术快速往下推，也能用前端反馈反哺模型，形成循环。新的业务划分说明阿里想把‘算力—模型—应用’这条链彻底捋顺，不再让AI当试验品。”　　然而，走向台前也意味着要直面盈利的拷问。财报显示，当期AI实验室与应用板块收入33.38亿元，同比增长16%，但经调整EBITA录得亏损138.61亿元，亏损额同比扩大330%。阿里在财报中直言，亏损扩大主要是由于AI能力的投入及与千问App相关的推理成本增加。　　成本增加的背后，有着来自上游的压力。一个直接的例子是，今年3月，阿里云宣布自4月18日起，平头哥真武810E等算力卡产品价格上涨5%至34%；文件存储产品CPFS（智算版）价格上涨30%。　　但更大的压力来自下游AI用户扩张带来的“烧钱”需求。　　据记者了解，今年二季度，千问App面向用户仍提供免费服务。这虽然带来了巨大的用户流量，但也意味着每一个Token的处理都产生大量的算力成本。据阿里方面公布的数据，在消费端，通过淘宝接入的“Qwen购物助理”用户量已达到2.5亿。直到8月11日，千问App才开始面向专业用户推出付费服务。有业内人士认为，千问此举是在庞大用户和沉重成本之间寻求平衡。　　此外，今年8月阿里旗下企业级Agent产品千问办公开启公测。公测期间，新用户注册“千问办公”即可获得2000积分，个人用户每日登录还可免费领取积分。本报记者从阿里方面了解到，这些积分就是用户使用千问办公各项AI功能的“算力货币”。　　一边把重金砸向算力基建，一边把AI应用高调推向台前，高资本开支与利润大幅下滑同时压在阿里新财报的账面上。但AGI（通用人工智能）什么时候到来，没人能回答，阿里这场AI豪赌的前半场，才刚刚吹响哨声。（文章来源：华夏时报网）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"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,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","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/2661298113","isCrawlerRequest":true}