计算机行业点评报告：亚马逊（AMZN.O）：电商筑基云智跃迁：全域AI驱动生态扩容与资本优配

Investment Rating - The report does not provide a specific investment rating for Amazon (AMZN.O) but emphasizes the potential for AI and cloud computing collaboration opportunities [9]. Core Insights - Amazon's first-quarter revenue reached $155.67 billion, a year-on-year increase of 9%, with net profit significantly rising by 64% to $17.13 billion [1][3]. - The introduction of the "Vulcan" robot has automated 75% of warehouse order sorting, enhancing operational safety and creating new maintenance positions, although it poses challenges in skill transformation [2]. - AWS revenue grew by 16.9% year-on-year, reaching $29.23 billion, while operating profit margin improved to 39.45% [3][4][7]. - The advertising business generated $13.92 billion in revenue, up 18% year-on-year, and subscription services reached $11.72 billion, a 9% increase [7]. - The report highlights the importance of supply chain efficiency and global logistics network upgrades in supporting Amazon's low-price strategy [8]. Summary by Sections Revenue and Profitability - In Q1 2025, Amazon's net sales were $155.67 billion, slightly exceeding analyst expectations, with operating profit rising 20.2% to $18.41 billion, marking a record operating margin of 11.8% [3]. - AWS's operating profit increased by 23% to $11.55 billion, with a year-on-year revenue growth of 17% [4][7]. Automation and Workforce Transformation - The deployment of the "Vulcan" robot in warehouses has led to a significant increase in automation, although it has also resulted in a decline in low-skill job demand [2][8]. Strategic Focus Areas - The report suggests that the ongoing acceleration of intelligent upgrades and the deepening application of automation technology present future growth opportunities [9].