Investment Rating - The report does not explicitly state an investment rating for Amazon, but it highlights strong performance and growth potential in various segments, suggesting a positive outlook for the company. Core Insights - Amazon's Q2 FY25 revenue increased by 12% YoY to $167.7 billion, exceeding market expectations, with operating income rising by 31% to $19.2 billion [16][17] - The company achieved record sales during Prime Day, indicating robust consumer engagement and platform strength [17] - Concerns were raised regarding the impact of U.S. tariffs on e-commerce and a significant decline in AWS operating margin [16][19] Summary by Sections Retail Performance - North America 1P retail revenue reached $100.1 billion, growing 11% YoY, while international revenue was $36.8 billion, also up 11% YoY [17] - The restructuring of logistics improved efficiency, with package transportation distance down 12% and handling per unit reduced by 15% [17] - Everyday Essentials accounted for one-third of unit sales, driven by stable pricing and faster delivery [17] Advertising and Third-Party Ecosystem - Third-party seller product sales reached a record 62% of total sales, reflecting a healthy ecosystem [18] - Advertising revenue grew by 22% YoY to $15.7 billion, supported by partnerships with Disney and Roku [18] - Amazon Pharmacy saw a 50% increase YoY, indicating strong growth in the online prescription market [18] AWS Performance - AWS revenue was $30.9 billion, up 17.5% YoY, with an annualized run rate exceeding $123 billion [19] - Operating margin fell to 32.9%, down 670bps QoQ, primarily due to increased costs from stock-based compensation and depreciation [19] - AWS backlog reached $195 billion, up 25% YoY, indicating strong demand despite supply constraints [19] Capital Expenditure and Cash Flow - Capital expenditures in Q2 were $31.4 billion, with significant investments in AWS data centers and infrastructure [20] - Free cash flow declined to $18.2 billion, reflecting a decrease in cash return rates [21] - Guidance for Q3 revenue is set between $174 billion and $179.5 billion, with operating income expected to be between $15.5 billion and $20.5 billion [21]

如今，亚马逊几乎销售从A到Z的所有商品。它还已成为基础设施领域的重要参与者，涵盖云计 算、人工智能、广告和电子医疗等诸多领域。 然而，投资者今年似乎变得更加挑剔。AWS 的增长正在放缓，人们对关税问题感到担忧，而人 工智能的增长似乎主要局限于微软、谷歌和 OpenAI。亚马逊在人工智能领域的增长是否为时已 晚？还是他们正在悄悄地构建更大的事业？ 作 者 | Apollonian Research 编译 | 华尔街大事件 2000年，当亚马逊（ NASDAQ： AMZN ）仍在苦苦挣扎于盈利，许多分析师将其贬低为"一家 成本过高的在线书店"时，杰夫·贝佐斯曾打趣道："我们不着眼于短期 ，我们播下一片森林的种 子。" 25年后，这片森林依然生机勃勃。这是一个很好的例子，说明长远思维如何胜过短期思 维。 亚马逊目前仍然是 美国 最大的电商平台，市场份额超过40%，其在线销售额分别是 沃尔玛 和 塔吉特的 6倍和19倍。亚马逊在物流、丰富的商品种类和Prime会员方面拥有强大的规模经济， 这在同行中难以匹敌。Prime会员在全球拥有超过2亿会员，他们不仅购物，还会使用流媒体和 Alexa。亚马逊使用智能建议来留住用户 ...