3 6 Ke·2025-08-06 06:10Core Insights - The focus of the upcoming Q2 earnings reports for Chinese internet giants will be on AI and food delivery services, with expectations of a mixed performance across companies [1][2] - Goldman Sachs predicts a 10% year-over-year decline in overall profits for the sector, marking the first drop since Q2 2022, primarily due to e-commerce and local service platform pressures [1][3] AI Cloud Business Growth - The AI cloud business is expected to see significant acceleration in growth, with Alibaba Cloud's revenue growth forecasted to increase from 18% in Q1 to 23% in Q2, although still below Google Cloud's 32% and Microsoft Azure's 39% [3] - This growth is driven by a surge in AI inference demand, with ByteDance processing 15 trillion tokens daily in June, compared to Alibaba's 4-5 trillion [3] - Major tech firms showcased advancements in AI at the World Artificial Intelligence Conference, which are anticipated to translate into revenue growth in the latter half of the year [3] Impact of Food Delivery Competition - Intense competition in the food delivery market is significantly impacting platform profits, with Alibaba's EBITA expected to decline by 16%, and Meituan and JD's EBIT forecasted to drop by 58% and 70%, respectively [1][5] - Alibaba's food delivery business is projected to incur losses of 11 billion yuan in Q2, increasing to 19 billion yuan in Q3, while JD's food delivery losses are expected to exceed 10 billion yuan [5] - The competition extends beyond traditional food delivery to instant shopping, with Alibaba and Meituan reporting peak order volumes of 15 million and 20 million, respectively [5] Performance Disparities Among Companies - Despite overall profit pressures, segments like gaming and ride-hailing are expected to show resilience, with Tencent projected to achieve an 11% revenue growth and a 15% adjusted EBIT increase [6][7] - Alibaba faces greater challenges, with a forecasted revenue growth of only 3% in Q1 and a 16% decline in adjusted EBIT, although customer management revenue is expected to grow by 11% [6] - Meituan anticipates a 16% revenue growth but a 58% drop in adjusted EBIT, while JD expects a 16% revenue increase but a 70% decline in adjusted EBIT [6] Stable Growth in Ride-Hailing - Didi is expected to maintain growth in a stable market environment, with a projected 8% revenue increase and a 32% rise in adjusted EBIT, reflecting operational leverage in the ride-hailing business [7]