$阿里巴巴(BABA.US) 阿里的财报，利润这块对一般人来说，是挺难看懂的，因为给出了 N 个指标，比如经营利润，净利润，调整后 ebita 等等，如果看核心经营业务，或者要跟腾讯对比的话，最合理的是看经营利润，这是实打实的业务赚的钱。调整后的利润加上了利息收入，投资公允值变动收益，还有蚂蚁金服按权益法计算的投资收益，这三块大概 200 亿。腾讯的利润投资收益很少，投资部分基本按成本法入账，投资公司的股价变动不影响利润。$阿里巴巴-SW(09988.HK) $腾讯控股(00700.HK)
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