BABA(US:BABA) 21世纪经济报道·2025-05-16 03:15Core Viewpoint - The article highlights the strategic differences between Chinese tech giants Alibaba and Tencent in the AI race, emphasizing their respective approaches to AI investment and application, which are driving growth in their core businesses [2][5]. Group 1: Financial Performance - Alibaba's Q4 FY2025 revenue reached 236.45 billion yuan, a 7% year-on-year increase, with adjusted EBITA growing 36% to 32.62 billion yuan and net profit rising 22% to 29.84 billion yuan [2]. - Tencent's capital expenditure increased by 91% year-on-year, while Alibaba's capital expenditure surged by 168% [3]. - Alibaba announced a three-year investment plan of 380 billion yuan for AI and cloud infrastructure, while Tencent's capital expenditure is expected to approach 100 billion yuan this year [3][11]. Group 2: AI Strategy and Implementation - Alibaba's AI strategy focuses on "infrastructure + open-source ecosystem," leveraging its leading position in the public cloud market, with Alibaba Cloud's revenue growth accelerating from 3% to 18% [5]. - AI-related product revenue for Alibaba has seen triple-digit growth for seven consecutive quarters, significantly boosting cloud computing demand [5]. - Tencent's AI strategy is more consumer-oriented, with applications like "Yuanbao" rapidly increasing user engagement, achieving over 20 times daily active user growth in a short period [6]. Group 3: Market Trends and Future Outlook - Both companies are experiencing a surge in AI-related applications across various industries, with Alibaba collaborating with major clients like BMW and China Unicom for AI initiatives [6]. - Tencent's AI-driven marketing services have improved advertising precision, leading to a 20% year-on-year increase in marketing service revenue [6]. - The article suggests that the ongoing investments in AI by both companies are not just short-term strategies but are expected to yield significant long-term returns, positioning them for leadership in the next decade [12].