Amazon(US:AMZN) Wind万得·2025-08-01 12:27Core Analysis - The company's main business revenue reached $323.369 billion in the first half of 2025, a year-on-year increase of 11% [1] - North America contributed 60% of the revenue, international business accounted for 22%, and AWS business made up 18% [1] - International business turned profitable, with operating profit shifting from a loss to positive growth compared to the same period last year [1] - AWS operating profit continued to grow but at a significantly slower rate [1] - Gross margin is under pressure, and operating expenses are on the rise, particularly with technology and infrastructure costs accounting for 15.5% of total operating costs [1] Financial Status - Total revenue for the first half of 2025 was $323.369 billion, up 11% year-on-year [2] - International business revenue grew by 10%, while AWS business revenue increased by 17% [2] - Operating profit was $37.576 billion, a 30% increase year-on-year, and net profit reached $35.291 billion, up 33% [2] - International business operating profit rose from $1.176 billion to $2.511 billion, achieving a year-on-year increase of 113.52% [2] Driving Factors - AWS business growth has slowed, with a 9% year-on-year increase in operating profit for Q2, attributed to intensified market competition and rising service costs [3] - North American business saw a 9% year-on-year revenue growth and a 33% increase in operating profit, benefiting from regional channel optimization and stable service revenue growth [3] Anomalous Indicators - AWS operating profit margin decreased from 35.5% to 32.9% year-on-year, primarily due to rapid growth in operating expenses, especially a 27% increase in technology and infrastructure costs [4] - Cash flow from investment activities worsened, with a net outflow of $69.227 billion in the first half of 2025, a 69% year-on-year increase, mainly due to higher capital expenditures, particularly for long-term debt repayment and equipment procurement [4] Product Segments - AWS business net sales reached $30.9 billion in Q2 2025, a 17% year-on-year increase, with a trailing twelve months (TTM) net sales of $116.4 billion, up 30% [5] - Online store business net sales for Q2 2025 were $61.5 billion, an 11% year-on-year increase, with TTM net sales of $255.9 billion [5] - Third-party seller services net sales for Q2 2025 were $40.3 billion, also an 11% year-on-year increase, with TTM net sales of $162.2 billion [6] - Advertising services net sales for the quarter were $15.7 billion, a 23% year-on-year increase, with TTM net sales of $46.7 billion [6] - Subscription services net sales for Q2 2025 were $12.2 billion, a 12% year-on-year increase, with TTM net sales of $46.7 billion [6] Regional Segments - North America net sales for Q2 2025 were $100.1 billion, an 11% year-on-year increase, contributing over 60% of the company's net sales [7] - International net sales for Q2 2025 were $36.8 billion, a 16% year-on-year increase, with a 11% increase after excluding currency effects [7] Future Guidance - Q3 revenue guidance is expected to be between $174 billion and $179.5 billion, driven by record performance during Prime Day 2025 and improvements in delivery speed and inventory distribution [10] - International business operating profit margin improved by 320 basis points year-on-year to 4.1%, with nearly 700 basis points improvement over the past 10 quarters [10] Performance Growth - The company achieved $165.7 billion in revenue in Q1 2025, a 10% year-on-year increase, with operating income of $18.4 billion, up 20% [11] - The company reported $25.9 billion in free cash flow over the past 12 months, indicating strong performance in capital management [11] Industry Trends - The global economic environment is complex, with significant impacts from supply chain issues and demand fluctuations [14] - The company is taking measures to ensure product supply stability and price competitiveness, including early inventory procurement and optimizing inventory management [14] Strategic Outlook - The company focuses on customer experience and technological innovation, with plans to increase investment in cloud computing and AI [15] - AWS will continue to expand market share and enhance service offerings, while operational efficiency will be improved through digital transformation and automation [15]