In the third quarter of fiscal year 2025, Alibaba Cloud generated RMB 31.742 billion in revenue, marking a 13% year-on-year increase. Revenue from AI-related products has achieved triple-digit growth for six consecutive quarters. Alibaba plans to aggressively invest in AI infrastructure, with expected investments over the next three years surpassing the total of the past decade. This includes a significant boost in AI basic model research and development, fostering the advancement of AI-native applications. Additionally, the company will continue to enhance investments in AI application R&D and computing power, leveraging AI to profoundly transform and upgrade various business sectors. The Alibaba Cloud industry chain encompasses various links: upstream (chip manufacturers, hardware suppliers, operating systems, and software developers), midstream (cloud computing infrastructure providers, IoT and edge computing service providers, cloud computing service and solution integrators), and downstream (vertical SaaS providers, AI technology partners, and application customers across industries).

This article is part of the [Growth Capacity] series on enterprise value, featuring 36 Alibaba Cloud-related enterprises as research samples. Evaluation metrics include revenue compound growth, non-deducted net profit compound growth, and operating net cash flow compound growth. The data is based on historical figures and intended for static analysis, not indicative of future trends or investment advice.

Top Ten Enterprises with the Strongest Growth Capacity in Alibaba Cloud:

No. 10 Visual China, Industry Segment: Image Media, Growth Capacity: Revenue Compound Growth 9.03%, Non-deducted Net Profit Compound Growth -6.62%, Operating Net Cash Flow Compound Growth 29.95%, Performance Forecast: Average latest net profit forecast is RMB 142 million, with an average growth rate of -2.7%. Main Products: Visual content and services, contributing 100.00% of profit with a gross margin of 46.81%. Company Highlights: Visual China provides compliance data services to large enterprises like Alibaba for model training, and the payment for high-quality copyright data resources is emerging as an industrial trend for generative AI.

No. 9 Yuncai Zhilian, Industry Segment: Vertical Application Software, Growth Capacity: Revenue Compound Growth 2.68%, Non-deducted Net Profit Compound Growth -10.99%, Operating Net Cash Flow Compound Growth 72.09%, Performance Forecast: Average latest net profit forecast is RMB 224 million, with an average growth rate of 16.14%. Main Products: Cloud computing and big data, accounting for 49.66% of profit with a gross margin of 18.49%. Company Highlights: Yuncai Zhilian has forged a strategic partnership with Alibaba Cloud, collaborating in areas such as cloud computing, big data, IoT, AI, data centers, and industry applications.

No. 8 Yada Co., Ltd., Industry Segment: Electrical Measuring Instruments, Growth Capacity: Revenue Compound Growth -1.56%, Non-deducted Net Profit Compound Growth -10.81%, Operating Net Cash Flow Compound Growth -1.87%, Performance Forecast: Average latest net profit forecast is RMB 42 million, with an average growth rate of 7.37%. Main Products: Power measurement and control products, contributing 92.09% of profit with a gross margin of 36.11%. Company Highlights: Yada Co., Ltd. specializes in intelligent power measurement and control products and power monitoring system integration services, with products widely used in data centers, including customers like Alibaba.

No. 7 Runjian Co., Ltd., Industry Segment: Telecommunications Engineering and Services, Growth Capacity: Revenue Compound Growth 15.62%, Non-deducted Net Profit Compound Growth 13.41%, Operating Net Cash Flow Compound Growth -29.20%, Performance Forecast: Average latest net profit forecast is RMB 388 million, with an average growth rate of -11.45%. Main Products: Communication network business, accounting for 56.26% of profit with a gross margin of 20.08%. Company Highlights: Runjian Co., Ltd.'s subsidiary Wuxiang Cloud Valley plans to jointly invest with Alibaba Cloud in the "China-ASEAN Smart Computing Cloud" and "Digital Economy Innovation Center" projects.

No. 6 Ruijie Networks, Industry Segment: Communication Network Equipment and Components, Growth Capacity: Revenue Compound Growth 12.07%, Non-deducted Net Profit Compound Growth -7.36%, Operating Net Cash Flow Compound Growth (Negative), Performance Forecast: Average latest net profit forecast is RMB 528 million, with an average growth rate of 31.54%. Main Products: Network equipment, contributing 81.90% of profit with a gross margin of 37.29%. Company Highlights: Ruijie Networks is a leading supplier of data center switches to top internet companies, including Alibaba.

No. 5 Data Harbor, Industry Segment: Communication Application Value-Added Services, Growth Capacity: Revenue Compound Growth 11.29%, Non-deducted Net Profit Compound Growth 0.50%, Operating Net Cash Flow Compound Growth 29.23%, Performance Forecast: Average latest net profit forecast is RMB 151 million, with an average growth rate of 22.91%. Main Products: IDC services, contributing 98.92% of profit with a gross margin of 27.27%. Company Highlights: Data Harbor has long provided data center infrastructure services to Alibaba Cloud, offering physical and computational support for its operations.

No. 4 Eurotech, Industry Segment: Other Power Supply Equipment, Growth Capacity: Revenue Compound Growth 5.63%, Non-deducted Net Profit Compound Growth -8.27%, Operating Net Cash Flow Compound Growth 55.56%, Performance Forecast: Average latest net profit forecast is RMB 222 million, with an average growth rate of 13.57%. Main Products: Power adapters, contributing 40.70% of profit with a gross margin of 17.59%. Company Highlights: Eurotech's customized immersion liquid-cooled centralized power supply for Alibaba was showcased at the Cloud Town Conference, applied to the Panjiu server power supply system.

No. 3 Afly Data, Industry Segment: Communication Application Value-Added Services, Growth Capacity: Revenue Compound Growth 5.26%, Non-deducted Net Profit Compound Growth -8.89%, Operating Net Cash Flow Compound Growth 30.43%, Performance Forecast: Average latest net profit forecast is RMB 175 million, with an average growth rate of 23.96%. Main Products: IDC services, contributing 65.37% of profit with a gross margin of 26.40%. Company Highlights: Afly Data signed a cooperation memorandum with Alibaba, utilizing the agreed data center site to collaborate on the construction of data center cabinet resources and oversee the entire data center project.

No. 2 Runze Technology, Industry Segment: Communication Application Value-Added Services, Growth Capacity: Revenue Compound Growth 60.26%, Non-deducted Net Profit Compound Growth 50.18%, Operating Net Cash Flow Compound Growth -30.43%, Performance Forecast: Average latest net profit forecast is RMB 2.206 billion, with an average growth rate of 25.24%. Main Products: IDC business, contributing 63.19% of profit with a gross margin of 51.36%. Company Highlights: Runze Technology's core business involves developing and operating park-level, high-end computing power centers, serving clients including Alibaba.

No. 1 Faben Information, Industry Segment: Vertical Application Software, Growth Capacity: Revenue Compound Growth 12.16%, Non-deducted Net Profit Compound Growth -11.64%, Operating Net Cash Flow Compound Growth (Negative), Performance Forecast: Average latest net profit forecast is RMB 188 million, with an average growth rate of 66.21%. Main Products: Development and programming services, contributing 44.41% of profit with a gross margin of 19.21%. Company Highlights: Faben Information specializes in providing professional software technology and solution services to clients. The company has established ecological partnerships with leading large model companies such as Alibaba.

Top Ten Enterprises with the Strongest Growth Capacity in Alibaba Cloud, Revenue Compound Growth, Non-deducted Net Profit Compound Growth, and Operating Net Cash Flow Compound Growth in the Past Three Years: