Dear shareholders:  

尊敬的股东们：

As I sit down to write my second annual shareholder letter as CEO, I find myself optimistic and energized by what lies ahead for Amazon. Despite 2022 being one of the harder macroeconomic years in recent memory, and with some of our own operating challenges to boot, we still found a way to grow demand (on top of the unprecedented growth we experienced in the first half of the pandemic). We innovated in our largest businesses to meaningfully improve customer experience short and long term. And, we made important adjustments in our investment decisions and the way in which we’ll invent moving forward, while still preserving the long-term investments that we believe can change the future of Amazon for customers, shareholders, and employees.

当我坐下来撰写作为首席执行官的第二封年度股东信时，我对亚马逊的未来感到乐观并充满活力。尽管 2022 年是近年来宏观经济环境较为艰难的一年，我们自身也面临一些运营挑战，但我们仍然设法实现了需求增长（而此前我们在疫情初期经历了前所未有的增长）。我们在最大的业务领域进行了创新，以显著改善客户的短期和长期体验。此外，我们对投资决策和未来创新方式做出了重要调整，同时仍然保留了我们认为能够为客户、股东和员工改变亚马逊未来的长期投资。

While there were an unusual number of simultaneous challenges this past year, the reality is that if you operate in large, dynamic, global market segments with many capable and well-funded competitors (the conditions in which Amazon operates all of its businesses), conditions rarely stay stagnant for long.

尽管过去一年同时出现了异常多的挑战，但现实是，如果你在一个庞大、动态且全球化的市场领域运营，并拥有众多实力雄厚且资金充足的竞争对手（亚马逊所有业务所处的环境），市场状况很少会长期停滞不前。

In the 25 years I’ve been at Amazon, there has been constant change, much of which we’ve initiated ourselves. When I joined Amazon in 1997, we had booked $15M in revenue in 1996, were a books-only retailer, did not have a third-party marketplace, and only shipped to addresses in the US. Today, Amazon sells nearly every physical and digital retail item you can imagine, with a vibrant third-party seller ecosystem that accounts for 60% of our unit sales, and reaches customers in virtually every country around the world. Similarly, building a business around a set of technology infrastructure services in the cloud was not obvious in 2003 when we started pursuing AWS, and still wasn’t when we launched our first services in 2006. Having virtually every book at your fingertips in 60 seconds, and then being able to store and retrieve them on a lightweight digital reader was not “a thing” yet when we launched Kindle in 2007, nor was a voice-driven personal assistant like Alexa (launched in 2014) that you could use to access entertainment, control your smart home, shop, and retrieve all sorts of information.

在我加入亚马逊的 25 年里，公司一直在不断变化，其中很多变化都是我们自己发起的。1997 年我加入亚马逊时，公司在 1996 年的收入为 1500 万美元，当时我们只销售书籍，没有第三方市场，并且只向美国境内地址发货。如今，亚马逊销售几乎所有你能想象到的实体和数字零售商品，拥有一个充满活力的第三方卖家生态系统，占我们单位销量的 60%，并且几乎覆盖全球每个国家的客户。同样地，2003 年我们开始探索 AWS 时，围绕一系列云技术基础设施服务建立业务并不明显，即使在 2006 年我们推出首批服务时也并非如此。2007 年我们推出 Kindle 时，能在 60 秒内获得几乎所有书籍并在轻便的数字阅读器上存储和检索它们还不是一种“潮流”；2014 年推出的 Alexa 这种语音驱动的个人助手也不是一种“潮流”，它可以用来获取娱乐内容、控制智能家居、购物以及检索各种信息。

There have also been times when macroeconomic conditions or operating inefficiencies have presented us with new challenges. For instance, in the 2001 dot-com crash, we had to secure letters of credit to buy inventory for the holidays, streamline costs to deliver better profitability for the business, yet still prioritized the long-term customer experience and business we were trying to build (if you remember, we actually lowered prices in most of our categories during that tenuous 2001 period). You saw this sort of balancing again in 2008-2009 as we endured the recession provoked by the mortgage-backed securities financial crisis. We took several actions to manage the cost structure and efficiency of our Stores business, but we also balanced this streamlining with investment in customer experiences that we believed could be substantial future businesses with strong returns for shareholders. In 2008, AWS was still a fairly small, fledgling business. We knew we were on to something, but it still required substantial capital investment. There were voices inside and outside of the company questioning why Amazon (known mostly as an online retailer then) would be investing so much in cloud computing. But, we knew we were inventing something special that could create a lot of value for customers and Amazon in the future. We had a head start on potential competitors; and if anything, we wanted to accelerate our pace of innovation. We made the long-term decision to continue investing in AWS. Fifteen years later, AWS is now an $85B annual revenue run rate business, with strong profitability, that has transformed how customers from start-ups to multinational companies to public sector organizations manage their technology infrastructure. Amazon would be a different company if we’d slowed investment in AWS during that 2008-2009 period.

也曾有一些时候，宏观经济环境或运营效率低下给我们带来了新的挑战。例如，在 2001 年的互联网泡沫破裂期间，我们不得不通过信用证来购买假日季的库存，精简成本以提高业务盈利能力，但仍然优先考虑我们试图建立的长期客户体验和业务（如果你还记得的话，在 2001 年那个不稳定的时期，我们实际上降低了大部分品类的价格）。在 2008-2009 年，由抵押贷款支持证券引发的金融危机导致经济衰退期间，你再次看到了这种平衡。我们采取了一些措施来管理门店业务的成本结构和效率，但同时也在精简的同时投资于我们认为可能成为未来重要业务并为股东带来丰厚回报的客户体验。2008 年，AWS 仍然是一个相当小的初创业务。我们知道自己找到了正确的方向，但它仍然需要大量的资本投入。 公司内外都有声音质疑，为什么当时主要以在线零售商著称的亚马逊会在云计算领域投入如此之多。但我们知道，我们正在创造一些特别的东西，未来能为客户和亚马逊带来巨大价值。我们比潜在竞争对手抢占了先机；如果可能的话，我们希望进一步加快创新步伐。我们做出了长期决策，继续投资于 AWS。十五年后的今天，AWS 已成为年收入规模达 850 亿美元、盈利能力强劲的业务，彻底改变了从初创企业到跨国公司再到公共部门组织管理技术基础设施的方式。如果我们在 2008-2009 年期间放缓了对 AWS 的投资，亚马逊将会是一家截然不同的公司。

Change is always around the corner. Sometimes, you proactively invite it in, and sometimes it just comes a-knocking. But, when you see it’s coming, you have to embrace it. And, the companies that do this well over a long period of time usually succeed. I’m optimistic about our future prospects because I like the way our team is responding to the changes we see in front of us.

变化总是近在眼前。有时，你会主动迎接它，有时它却主动找上门来。但当你看到变化来临时，你必须拥抱它。而那些长期以来善于做到这一点的公司通常都会取得成功。我对我们未来的前景感到乐观，因为我喜欢我们团队应对眼前变化的方式。

Over the last several months, we took a deep look across the company, business by business, invention by invention, and asked ourselves whether we had conviction about each initiative’s long-term potential to drive enough revenue, operating income, free cash flow, and return on invested capital. In some cases, it led to us shuttering certain businesses. For instance, we stopped pursuing physical store concepts like our Bookstores and 4 Star stores, closed our Amazon Fabric and Amazon Care efforts, and moved on from some newer devices where we didn’t see a path to meaningful returns. In other cases, we looked at some programs that weren’t producing the returns we’d hoped (e.g. free shipping for all online grocery orders over $35) and amended them. We also reprioritized where to spend our resources, which ultimately led to the hard decision to eliminate 27,000 corporate roles. There are a number of other changes that we’ve made over the last several months to streamline our overall costs, and like most leadership teams, we’ll continue to evaluate what we’re seeing in our business and proceed adaptively.

在过去几个月里，我们深入审视了整个公司，逐个业务、逐项创新地进行评估，并自问我们是否确信每个项目在长期内有足够的潜力来推动收入、营业利润、自由现金流和投资资本回报。在某些情况下，这导致我们关闭了一些业务。例如，我们停止了实体店概念，如书店和 4 星店，关闭了 Amazon Fabric 和 Amazon Care 项目，并放弃了一些我们认为无法获得有意义回报的新设备。在其他情况下，我们审视了一些未达到预期回报的项目（例如所有超过 35 美元的在线杂货订单免费送货），并对其进行了调整。我们还重新确定了资源投入的优先级，这最终导致我们做出了艰难的决定，裁减了 27,000 个公司职位。在过去几个月里，我们还进行了许多其他调整，以精简整体成本。与大多数领导团队一样，我们将继续评估业务情况，并灵活地做出相应调整。

We also looked hard at how we were working together as a team and asked our corporate employees to come back to the office at least three days a week, beginning in May. During the pandemic, our employees rallied to get work done from home and did everything possible to keep up with the unexpected circumstances that presented themselves. It was impressive and I’m proud of the way our collective team came together to overcome unprecedented challenges for our customers, communities, and business. But, we don’t think it’s the best long-term approach. We’ve become convinced that collaborating and inventing is easier and more effective when we’re working together and learning from one another in person. The energy and riffing on one another’s ideas happen more freely, and many of the best Amazon inventions have had their breakthrough moments from people staying behind after a meeting and working through ideas on a whiteboard, or continuing the conversation on the walk back from a meeting, or just popping by a teammate’s office later that day with another thought. Invention is often messy. It wanders and meanders and marinates. Serendipitous interactions help it, and there are more of those in-person than virtually. It’s also significantly easier to learn, model, practice, and strengthen our culture when we’re in the office together most of the time and surrounded by our colleagues. Innovation and our unique culture have been incredibly important in our first 29 years as a company, and I expect it will be comparably so in the next 29.

我们也认真审视了团队的合作方式，并要求公司员工从五月起每周至少回办公室工作三天。在疫情期间，我们的员工积极适应居家办公，竭尽所能应对突如其来的状况。这令人印象深刻，我为我们的团队齐心协力克服前所未有的挑战，为客户、社区和业务做出贡献而感到自豪。但我们认为，这并非最佳的长期方式。我们确信，当我们面对面工作并相互学习时，协作和创新会更容易、更有效。面对面交流时，彼此的想法更容易碰撞出火花，亚马逊许多最好的发明都是在会议结束后有人留下来在白板上继续探讨想法，或在返回途中继续交流，或当天晚些时候顺便到同事办公室进一步讨论时取得突破的。创新往往是混乱的，它会徘徊、曲折并逐渐酝酿成熟。 偶然的互动对其有帮助，而面对面的互动比虚拟互动更多。当我们大部分时间一起在办公室并被同事们围绕时，学习、塑造、实践和强化我们的文化也会变得更加容易。在公司过去 29 年的发展中，创新和我们独特的文化一直极为重要，我预计在未来 29 年也将同样如此。

A critical challenge we’ve continued to tackle is the rising cost to serve in our Stores fulfillment network (i.e. the cost to get a product from Amazon to a customer)—and we’ve made several changes that we believe will meaningfully improve our fulfillment costs and speed of delivery.

我们持续应对的一项关键挑战是门店配送网络中不断上升的服务成本（即将产品从亚马逊送达客户的成本）——我们已做出了一些改变，相信这些改变将显著改善我们的配送成本和交付速度。

During the early part of the pandemic, with many physical stores shut down, our consumer business grew at an extraordinary clip, with annual revenue increasing from $245B in 2019 to $434B in 2022. This meant that we had to double the fulfillment center footprint that we’d built over the prior 25 years and substantially accelerate building a last-mile transportation network that’s now the size of UPS (along with a new sortation center network to assist with efficiency and speed when items needed to traverse long distances)—all in the span of about two years. This was no easy feat, and hundreds of thousands of Amazonians worked very hard to make this happen. However, not surprisingly, with that rate and scale of change, there was a lot of optimization needed to yield the intended productivity. Over the last several months, we’ve scrutinized every process path in our fulfillment centers and transportation network and redesigned scores of processes and mechanisms, resulting in steady productivity gains and cost reductions over the last few quarters. There’s more work to do, but we’re pleased with our trajectory and the meaningful upside in front of us.

在疫情初期，由于许多实体店关闭，我们的消费业务以惊人的速度增长，年收入从 2019 年的 2450 亿美元增加到 2022 年的 4340 亿美元。这意味着我们必须将过去 25 年建立的配送中心规模扩大一倍，并大幅加快建设一个如今规模与 UPS 相当的最后一公里运输网络（以及一个新的分拣中心网络，以提高物品长途运输时的效率和速度）——所有这些都在大约两年内完成。这并非易事，数十万亚马逊员工为此付出了巨大努力。然而，毫不意外的是，在如此快速和大规模的变化下，我们需要进行大量优化，以实现预期的生产力。在过去几个月里，我们仔细审视了配送中心和运输网络中的每个流程路径，重新设计了大量流程和机制，使过去几个季度的生产力稳步提高，成本持续降低。尽管还有更多工作要做，但我们对目前的发展轨迹以及未来的巨大潜力感到满意。

We also took this occasion to make larger structural changes that set us up better to deliver lower costs and faster speed for many years to come. A good example was reevaluating how our US fulfillment network was organized. Until recently, Amazon operated one national US fulfillment network that distributed inventory from fulfillment centers spread across the entire country. If a local fulfillment center didn’t have the product a customer ordered, we’d end up shipping it from other parts of the country, costing us more and increasing delivery times. This challenge became more pronounced as our fulfillment network expanded to hundreds of additional nodes over the last few years, distributing inventory across more locations and increasing the complexity of connecting the fulfillment center and delivery station nodes efficiently. Last year, we started rearchitecting our inventory placement strategy and leveraging our larger fulfillment center footprint to move from a national fulfillment network to a regionalized network model. We made significant internal changes (e.g. placement and logistics software, processes, physical operations) to create eight interconnected regions in smaller geographic areas. Each of these regions has broad, relevant selection to operate in a largely self-sufficient way, while still being able to ship nationally when necessary. Some of the most meaningful and hard work came from optimizing the connections between this large amount of infrastructure. We also continue to improve our advanced machine learning algorithms to better predict what customers in various parts of the country will need so that we have the right inventory in the right regions at the right time. We’ve recently completed this regional roll out and like the early results. Shorter travel distances mean lower cost to serve, less impact on the environment, and customers getting their orders faster. On the latter, we’re excited about seeing more next day and same-day deliveries, and we’re on track to have our fastest Prime delivery speeds ever in 2023. Overall, we remain confident about our plans to lower costs, reduce delivery times, and build a meaningfully larger retail business with healthy operating margins.

我们也借此机会进行了更大规模的结构性调整，以便在未来多年内更好地实现更低的成本和更快的速度。一个很好的例子是重新评估我们在美国的配送网络组织方式。直到最近，亚马逊在美国运营着一个全国性的配送网络，从遍布全国各地的配送中心分发库存。如果当地配送中心没有客户订购的产品，我们就不得不从国内其他地区发货，这增加了成本，也延长了配送时间。随着过去几年我们的配送网络扩展到数百个新增节点，这一挑战变得更加突出，库存分布在更多地点，配送中心与配送站节点之间的高效连接也变得更加复杂。去年，我们开始重新设计库存布局策略，利用我们更大规模的配送中心布局，将全国性的配送网络转变为区域化网络模式。 我们进行了重大的内部调整（例如布局和物流软件、流程、实体运营），在更小的地理区域内建立了八个相互连接的区域。这些区域各自拥有广泛且相关的商品选择，能够在很大程度上实现自给自足，同时在必要时仍可进行全国范围的配送。其中一些最重要且最艰巨的工作是优化大量基础设施之间的连接。此外，我们还持续改进先进的机器学习算法，以更好地预测全国各地客户的需求，从而确保在正确的时间将正确的库存放置在正确的区域。我们最近完成了这一区域布局，并对初步成果感到满意。更短的运输距离意味着更低的服务成本、更少的环境影响，以及客户更快地收到订单。在后一点上，我们很高兴看到更多次日达和当日达配送，并有望在 2023 年实现有史以来最快的 Prime 配送速度。总体而言，我们对降低成本、缩短配送时间以及建立一个规模更大、运营利润健康的零售业务的计划充满信心。

AWS has an $85B annualized revenue run rate, is still early in its adoption curve, but at a juncture where it’s critical to stay focused on what matters most to customers over the long-haul. Despite growing 29% year-over-year (“YoY”) in 2022 on a $62B revenue base, AWS faces short-term headwinds right now as companies are being more cautious in spending given the challenging, current macroeconomic conditions. While some companies might obsess over how they could extract as much money from customers as possible in these tight times, it’s neither what customers want nor best for customers in the long term, so we’re taking a different tack. One of the many advantages of AWS and cloud computing is that when your business grows, you can seamlessly scale up; and conversely, if your business contracts, you can choose to give us back that capacity and cease paying for it. This elasticity is unique to the cloud, and doesn’t exist when you’ve already made expensive capital investments in your own on-premises datacenters, servers, and networking gear. In AWS, like all our businesses, we’re not trying to optimize for any one quarter or year. We’re trying to build customer relationships (and a business) that outlast all of us; and as a result, our AWS sales and support teams are spending much of their time helping customers optimize their AWS spend so they can better weather this uncertain economy. Many of these AWS customers tell us that they’re not cost-cutting as much as cost-optimizing so they can take their resources and apply them to emerging and inventive new customer experiences they’re planning. Customers have appreciated this customer-focused, long-term approach, and we think it’ll bode well for both customers and AWS.

AWS 目前的年化收入运行率为 850 亿美元，仍处于采用曲线的早期阶段，但正处于一个关键节点，需要长期专注于客户最关心的事项。尽管 2022 年 AWS 在 620 亿美元的收入基础上实现了同比 29%的增长，但由于当前宏观经济环境充满挑战，各公司在支出方面变得更加谨慎，AWS 目前正面临短期阻力。在这种困难时期，一些公司可能会过度关注如何尽可能多地从客户身上获取收入，但这既不是客户想要的，也不利于客户的长期利益，因此我们采取了不同的策略。AWS 和云计算的众多优势之一是，当您的业务增长时，您可以无缝扩展；相反，如果您的业务收缩，您可以选择将容量退还给我们并停止支付相关费用。这种弹性是云计算所独有的，而当您已在自己的本地数据中心、服务器和网络设备上进行了昂贵的资本投资时，这种弹性是不存在的。在 AWS，与我们所有业务一样，我们并不试图为某个季度或某一年进行优化。 我们致力于建立能够超越我们所有人的客户关系（以及业务）；因此，我们的 AWS 销售和支持团队花费大量时间帮助客户优化其 AWS 支出，以更好地应对当前不确定的经济环境。许多 AWS 客户告诉我们，他们并非单纯地削减成本，而是进行成本优化，以便将资源投入到他们正在规划的新兴且创新的客户体验中。客户认可这种以客户为中心的长期方法，我们相信这将对客户和 AWS 都有益。

While these short-term headwinds soften our growth rate, we like a lot of the fundamentals that we’re seeing in AWS. Our new customer pipeline is robust, as are our active migrations. Many companies use discontinuous periods like this to step back and determine what they strategically want to change, and we find an increasing number of enterprises opting out of managing their own infrastructure, and preferring to move to AWS to enjoy the agility, innovation, cost-efficiency, and security benefits. And most importantly for customers, AWS continues to deliver new capabilities rapidly (over 3,300 new features and services launched in 2022), and invest in long-term inventions that change what’s possible.

尽管这些短期不利因素减缓了我们的增长速度，但我们对 AWS 所展现的许多基本面感到满意。我们的新客户储备强劲，活跃迁移也同样稳健。许多公司利用这种不连续的时期退一步，确定他们在战略上希望做出的改变，我们发现越来越多的企业选择不再自行管理基础设施，而是更倾向于迁移到 AWS，以享受敏捷性、创新性、成本效益和安全性方面的优势。对客户而言最重要的是，AWS 持续快速地推出新功能（2022 年推出了超过 3300 项新功能和服务），并持续投资于长期创新，改变未来的可能性。

Chip development is a good example. In last year’s letter, I mentioned the investment we were making in our general-purpose CPU processors named Graviton. Graviton2-based compute instances deliver up to 40% better price-performance than the comparable latest generation x86-based instances; and in 2022, we delivered our Graviton3 chips, providing 25% better performance than the Graviton2 processors. Further, as machine learning adoption has continued to accelerate, customers have yearned for lower-cost GPUs (the chips most commonly used for machine learning). AWS started investing years ago in these specialized chips for machine learning training and inference (inferences are the predictions or answers that a machine learning model provides). We delivered our first training chip in 2022 (“Trainium”); and for the most common machine learning models, Trainium-based instances are up to 140% faster than GPU-based instances at up to 70% lower cost. Most companies are still in the training stage, but as they develop models that graduate to large-scale production, they’ll find that most of the cost is in inference because models are trained periodically whereas inferences are happening all the time as their associated application is being exercised. We launched our first inference chips (“Inferentia”) in 2019, and they have saved companies like Amazon over a hundred million dollars in capital expense already. Our Inferentia2 chip, which just launched, offers up to four times higher throughput and ten times lower latency than our first Inferentia processor. With the enormous upcoming growth in machine learning, customers will be able to get a lot more done with AWS’s training and inference chips at a significantly lower cost. We’re not close to being done innovating here, and this long-term investment should prove fruitful for both customers and AWS. AWS is still in the early stages of its evolution, and has a chance for unusual growth in the next decade.

芯片开发就是一个很好的例子。在去年的信中，我提到了我们对名为 Graviton 的通用 CPU 处理器所做的投资。基于 Graviton2 的计算实例在性价比方面比最新一代可比的基于 x86 的实例高出多达 40%；2022 年，我们推出了 Graviton3 芯片，其性能比 Graviton2 处理器提高了 25%。此外，随着机器学习的采用持续加速，客户迫切希望获得成本更低的 GPU（最常用于机器学习的芯片）。AWS 多年前就开始投资于这些专门用于机器学习训练和推理的芯片（推理是机器学习模型提供的预测或答案）。我们在 2022 年推出了首款训练芯片（“Trainium”）；对于最常见的机器学习模型，基于 Trainium 的实例比基于 GPU 的实例速度快高达 140%，成本降低高达 70%。 大多数公司仍处于训练阶段，但随着它们开发出能够进入大规模生产的模型，它们会发现大部分成本都在推理阶段，因为模型训练是周期性的，而推理则随着相关应用的运行而持续进行。我们在 2019 年推出了首款推理芯片（“Inferentia”），它们已经为亚马逊等公司节省了超过一亿美元的资本支出。我们刚刚推出的 Inferentia2 芯片的吞吐量比第一代 Inferentia 处理器高出四倍，延迟降低了十倍。随着机器学习领域即将迎来的巨大增长，客户将能够以显著更低的成本，通过 AWS 的训练和推理芯片完成更多工作。我们在这一领域的创新远未结束，这项长期投资对客户和 AWS 都将是富有成效的。AWS 仍处于发展的早期阶段，在未来十年内有望实现非凡的增长。

Similarly high potential, Amazon’s Advertising business is uniquely effective for brands, which is part of why it continues to grow at a brisk clip. Akin to physical retailers’ advertising businesses selling shelf space, end-caps, and placement in their circulars, our sponsored products and brands offerings have been an integral part of the Amazon shopping experience for more than a decade. However, unlike physical retailers, Amazon can tailor these sponsored products to be relevant to what customers are searching for given what we know about shopping behaviors and our very deep investment in machine learning algorithms. This leads to advertising that’s more useful for customers; and as a result, performs better for brands. This is part of why our Advertising revenue has continued to grow rapidly (23% YoY in Q4 2022, 25% YoY overall for 2022 on a $31B revenue base), even as most large advertising-focused businesses’ growth have slowed over the last several quarters.

亚马逊的广告业务同样具有很高的潜力，对品牌而言尤其有效，这也是其持续快速增长的部分原因。类似于实体零售商通过出售货架空间、端架和宣传单页位置来开展广告业务，我们的赞助产品和品牌推广服务十多年来一直是亚马逊购物体验的重要组成部分。然而，与实体零售商不同的是，亚马逊能够根据我们对购物行为的了解以及在机器学习算法方面的深入投入，定制这些赞助产品，使其与顾客的搜索内容更加相关。这使得广告对顾客更有用，从而为品牌带来更好的表现。这也是我们的广告收入持续快速增长的部分原因（2022 年第四季度同比增长 23%，2022 年全年同比增长 25%，收入规模达到 310 亿美元），即使过去几个季度大多数以广告为主的企业增长速度有所放缓。

We strive to be the best place for advertisers to build their brands. We have near and long-term opportunities that will help us achieve that mission. We’re continuing to make large investments in machine learning to keep honing our advertising selection algorithms. For the past couple of years, we’ve invested in building comprehensive, flexible, and durable planning and measurement solutions, giving marketers greater insight into advertising effectiveness. An example is Amazon Marketing Cloud (“AMC”). AMC is a “clean room” (i.e. secure digital environment) in which advertisers can run custom audience and campaign analytics across a range of first and third-party inputs, in a privacy-safe manner, to generate advertising and business insights to inform their broader marketing and sales strategies. The Advertising and AWS teams have collaborated to enable companies to store their data in AWS, operate securely in AMC with Amazon and other third-party data sources, perform analytics in AWS, and have the option to activate advertising on Amazon or third-party publishers through the Amazon Demand-Side Platform. Customers really like this concerted capability. We also see future opportunity to thoughtfully integrate advertising into our video, live sports, audio, and grocery products. We’ll continue to work hard to help brands uniquely engage with the right audience, and grow this part of our business.

我们致力于成为广告商打造品牌的最佳平台。我们拥有近期和长期的机遇，帮助我们实现这一使命。我们持续在机器学习方面进行大量投资，不断优化广告选择算法。在过去几年中，我们投入建设了全面、灵活且持久的规划和衡量解决方案，使营销人员能够更深入地了解广告效果。其中一个例子是亚马逊营销云（AMC）。AMC 是一个“洁净室”（即安全的数字环境），广告商可以在其中以保护隐私的方式，利用第一方和第三方数据进行定制的受众和广告活动分析，从而获得广告和业务洞察，以指导更广泛的营销和销售策略。广告团队与 AWS 团队合作，使企业能够将数据存储在 AWS 中，在 AMC 中安全地使用亚马逊和其他第三方数据源，在 AWS 中进行分析，并可选择通过亚马逊需求方平台在亚马逊或第三方发布商处投放广告。客户非常喜欢这种协同能力。 我们也看到未来有机会将广告巧妙地整合到我们的视频、体育直播、音频和杂货产品中。我们将继续努力帮助品牌以独特的方式触达合适的受众，并发展我们业务的这一部分。

While it’s tempting in turbulent times only to focus on your existing large businesses, to build a sustainable, long-lasting, growing company that helps customers across a large number of dimensions, you can’t stop inventing and working on long-term customer experiences that can meaningfully impact customers and your company.

尽管在动荡时期，人们往往只关注现有的大型业务，但要建立一家可持续、长久且不断成长的公司，并在众多领域帮助客户，你就不能停止创新，也不能停止致力于能够对客户和公司产生有意义影响的长期客户体验。

When we look at new investment opportunities, we ask ourselves a few questions:

当我们审视新的投资机会时，我们会问自己几个问题：

If we were successful, could it be big and have a reasonable return on invested capital?

如果我们成功了，它能否做大并获得合理的资本回报？

Is the opportunity being well-served today?

今天这个机会得到了充分利用吗？

Do we have a differentiated approach?

我们有差异化的方法吗？

And, do we have competence in that area? And if not, can we acquire it quickly?

If we like the answers to those questions, then we’ll invest. This process has led to some expansions that seem straightforward, and others that some folks might not have initially guessed.

如果我们对这些问题的答案感到满意，就会进行投资。这个过程促成了一些看似直接的扩张，也带来了一些人们最初可能没有预料到的扩张。

The earliest example is when we chose to expand from just selling Books, to adding categories like Music, Video, Electronics, and Toys. Back then (1998-1999), it wasn’t universally applauded, but in retrospect, it seems fairly obvious.

最早的例子是我们决定从单纯销售图书扩展到增加音乐、视频、电子产品和玩具等类别。当时（1998-1999 年），这一决定并未得到普遍认可，但回过头来看，这似乎是相当明显的。

The same could be said for our international Stores expansion. In 2022, our international consumer segment drove $118B of revenue. In our larger, established international consumer businesses, we’re big enough to be impacted by the slowing macroeconomic conditions; however, the growth in 2019-2021 on a large base was remarkable—30% compound annual growth rate (“CAGR”) in the UK, 26% in Germany, and 21% in Japan (excluding the impact of FX). Over the past several years, we’ve invested in new international geographies, including India, Brazil, Mexico, Australia, various European countries, the Middle East, and parts of Africa. These new countries take a certain amount of fixed investment to get started and to scale, but we like the trajectory they’re on, and their growth patterns resemble what we’ve seen in North America and our established international geographies. Emerging countries sometimes lack some of the infrastructure and services that our business relies on (e.g. payment methods, transportation services, and internet/telecom infrastructure). To solve these challenges, we continue to work with various partners to deliver solutions for customers. Ultimately, we believe that this investment in serving a broader geographical footprint will allow us to help more customers across the world, as well as build a larger free cash flow-generating consumer business.

我们的国际门店扩张也同样如此。2022 年，我们的国际消费者业务实现了 1180 亿美元的收入。在规模较大且成熟的国际消费者市场，我们的业务规模已足够大，受到宏观经济放缓的影响；然而，在 2019 年至 2021 年期间，这些市场在较大的基数上实现了显著增长——英国的年复合增长率（CAGR）为 30%，德国为 26%，日本为 21%（不计汇率影响）。过去几年，我们在新的国际市场进行了投资，包括印度、巴西、墨西哥、澳大利亚、多个欧洲国家、中东和非洲部分地区。这些新市场需要一定的固定投资才能启动并扩大规模，但我们对它们的发展轨迹感到满意，其增长模式与我们在北美和成熟国际市场所见的情况类似。新兴国家有时缺乏我们业务所依赖的部分基础设施和服务（例如支付方式、运输服务和互联网/电信基础设施）。为解决这些挑战，我们持续与各类合作伙伴合作，为客户提供解决方案。 最终，我们相信，通过投资扩大地域覆盖范围，我们将能够帮助全球更多客户，并建立一个规模更大、可产生自由现金流的消费者业务。

Beyond geographic expansion, we’ve been working to expand our customer offerings across some large, unique product retail market segments. Grocery is an $800B market segment in the US alone, with the average household shopping three to four times per week. Amazon has built a somewhat unusual, but significant grocery business over nearly 20 years. Similar to how other mass merchants entered the grocery space in the 1980s, we began by adding products typically found in supermarket aisles that don’t require temperature control such as paper products, canned and boxed food, candy and snacks, pet care, health and personal care, and beauty. However, we offer more than three million items compared to a typical supermarket’s 30K for the same categories. To date, we’ve also focused on larger pack sizes, given the current cost to serve online delivery. While we’re pleased with the size and growth of our grocery business, we aspire to serve more of our customers’ grocery needs than we do today. To do so, we need a broader physical store footprint given that most of the grocery shopping still happens in physical venues. Whole Foods Market pioneered the natural and organic specialty grocery store concept 40 years ago. Today, it’s a large and growing business that continues to raise the bar for healthy and sustainable food. Over the past year, we’ve continued to invest in the business while also making changes to drive better profitability. Whole Foods is on an encouraging path, but to have a larger impact on physical grocery, we must find a mass grocery format that we believe is worth expanding broadly. Amazon Fresh is the brand we’ve been experimenting with for a few years, and we’re working hard to identify and build the right mass grocery format for Amazon scale. Grocery is a big growth opportunity for Amazon.

除了地域扩张之外，我们一直致力于在一些规模庞大且独特的零售产品细分市场中扩大客户服务范围。仅在美国，杂货市场的规模就达到 8000 亿美元，普通家庭每周购物三到四次。亚马逊在近 20 年间建立了一个有些不同寻常但规模可观的杂货业务。与其他大型零售商在 20 世纪 80 年代进入杂货领域的方式类似，我们最初增加的是通常在超市货架上出现且无需温控的商品，例如纸制品、罐装和盒装食品、糖果和零食、宠物用品、健康和个人护理用品以及美容产品。然而，我们提供的商品超过 300 万种，而典型超市在相同类别中仅提供约 3 万种商品。到目前为止，考虑到当前在线配送的服务成本，我们也专注于提供更大包装规格的商品。尽管我们对杂货业务的规模和增长感到满意，但我们希望能够比现在更好地满足客户的杂货需求。为此，我们需要更广泛的实体店布局，因为大部分杂货购物仍然发生在实体场所。 Whole Foods Market 在 40 年前率先开创了天然和有机特色杂货店的概念。如今，它已成为一家规模庞大且不断成长的企业，持续提高健康和可持续食品的标准。在过去一年中，我们持续对业务进行投资，同时也做出了一些改变，以提高盈利能力。Whole Foods 正走在一条令人鼓舞的道路上，但要在实体杂货领域产生更大的影响，我们必须找到一种值得广泛扩展的大众杂货店模式。Amazon Fresh 是我们过去几年一直在尝试的品牌，我们正努力确定并打造适合亚马逊规模的大众杂货店模式。杂货业务对亚马逊来说是一个巨大的增长机会。

Amazon Business is another example of an investment where our ecommerce and logistics capabilities position us well to pursue this large market segment. Amazon Business allows businesses, municipalities, and organizations to procure products like office supplies and other bulk items easily and at great savings. While some areas of the economy have struggled over the past few years, Amazon Business has thrived. Why? Because the team has translated what it means to deliver selection, value, and convenience into a business procurement setting, constantly listening to and learning from customers, and innovating on their behalf. Some people have never heard of Amazon Business, but, our business customers love it. Amazon Business launched in 2015 and today drives roughly $35B in annualized gross sales. More than six million active customers, including 96 of the global Fortune 100 companies, are enjoying Amazon Business’ one-stop shopping, real-time analytics, and broad selection on hundreds of millions of business supplies. We believe that we’ve only scratched the surface of what’s possible to date, and plan to keep building the features our business customers tell us they need and want.

亚马逊企业购是我们利用自身电子商务和物流能力，成功进入这一庞大市场领域的又一投资案例。亚马逊企业购使企业、市政机构和各类组织能够轻松地以优惠价格采购办公用品及其他大宗商品。尽管过去几年经济的某些领域面临困难，亚马逊企业购却蓬勃发展。为什么？因为团队成功地将丰富的选择、价值和便利性融入企业采购环境，不断倾听客户意见，从客户身上学习，并为客户持续创新。一些人可能从未听说过亚马逊企业购，但我们的企业客户却非常喜爱它。亚马逊企业购于 2015 年推出，目前年化总销售额约为 350 亿美元。超过 600 万活跃客户，包括全球财富 100 强企业中的 96 家，正在享受亚马逊企业购提供的一站式购物、实时分析以及数以亿计的商业用品选择。我们相信，目前所取得的成就仅仅是冰山一角，我们将继续开发企业客户告诉我们他们所需和所想的功能。

While many brands and merchants successfully sell their products on Amazon’s marketplace, there are also a large number of brands and sellers who have launched their own direct-to-consumer websites. One of the challenges for these merchants is driving conversion from views to purchases. We invented Buy with Prime to help with this challenge. Buy with Prime allows third-party brands and sellers to offer their products on their own websites to our large Amazon Prime membership, and offer those customers fast, free Prime shipping and seamless checkout with their Amazon account. Buy with Prime provides merchants several additional benefits, including Amazon handling the product storage, picking, packing, delivery, payment, and any returns, all through Amazon Pay and Fulfillment by Amazon. Buy with Prime has recently been made available to all US merchants; and so far, Buy with Prime has increased shopper conversion on third-party shopping sites by 25% on average. Merchants are excited about converting more sales and fulfilling these shipments more easily, Prime members love that they can use their Prime benefits on more destinations, and Buy with Prime allows us to improve the shopping experience across more of the web.

虽然许多品牌和商家成功地在亚马逊市场上销售产品，但也有大量品牌和卖家推出了自己的直面消费者网站。这些商家面临的挑战之一是如何将浏览量转化为购买量。我们推出了“Buy with Prime”来帮助解决这一挑战。“Buy with Prime”允许第三方品牌和卖家在自己的网站上向我们庞大的亚马逊 Prime 会员群体提供产品，并为这些客户提供快速、免费的 Prime 配送服务，以及通过他们的亚马逊账户进行无缝结账。“Buy with Prime”为商家提供了若干额外优势，包括由亚马逊负责产品存储、拣货、包装、配送、支付以及任何退货，所有这些均通过 Amazon Pay 和亚马逊物流（Fulfillment by Amazon）完成。“Buy with Prime”最近已向所有美国商家开放；到目前为止，“Buy with Prime”平均使第三方购物网站的顾客转化率提高了 25%。 商家对提高销售转化率并更轻松地完成配送感到兴奋，Prime 会员喜欢能在更多目的地使用他们的 Prime 福利，“Buy with Prime”使我们能够在更多网站上改善购物体验。

Expanding internationally, pursuing large retail market segments that are still nascent for Amazon, and using our unique assets to help merchants sell more effectively on their own websites are somewhat natural extensions for us. There are also a few investments we’re making that are further from our core businesses, but where we see unique opportunity. In 2003, AWS would have been a classic example. In 2023, Amazon Healthcare and Kuiper are potential analogues.

向国际扩张，追求亚马逊尚处于初期的大型零售市场领域，并利用我们独特的资源帮助商家在其自身网站上更有效地销售，这些对我们来说都是相对自然的延伸。此外，我们也在一些与核心业务距离较远的领域进行投资，但我们看到了独特的机会。2003 年的 AWS 就是一个典型的例子。2023 年，亚马逊医疗保健和 Kuiper 可能是类似的例子。

Our initial efforts in Healthcare began with pharmacy, which felt less like a major departure from ecommerce. For years, Amazon customers had asked us when we’d offer them an online pharmacy as their frustrations mounted with current providers. Launched in 2020, Amazon Pharmacy is a full-service, online pharmacy that offers transparent pricing, easy refills, and savings for Prime members. The business is growing quickly, and continues to innovate. An example is Amazon Pharmacy’s recent launch of RxPass, which for a $5 per month flat fee, enables Prime members to get as many of the eligible prescription medications as they need for dozens of common conditions, like high blood pressure, acid reflux, and anxiety. However, our customers have continued to express a strong desire for Amazon to provide a better alternative to the inefficient and unsatisfying broader healthcare experience. We decided to start with primary care as it’s a prevalent first stop in the patient journey. We evaluated and studied the existing landscape extensively, including some early Amazon experiments like Amazon Care. During this process, we identified One Medical’s patient-focused experience as an excellent foundation upon which to build our future business; and in July 2022, we announced our acquisition of One Medical. There are several elements that customers love about One Medical. It has a fantastic digital app that makes it easy for patients to discuss issues with a medical practitioner via chat or video conference. If a physical visit is required, One Medical has offices in cities across the US where patients can book same or next day appointments. One Medical has relationships with specialty physicians in each of its cities and works closely with local hospital systems to make seeing specialists easy, so One Medical members can quickly access these resources when needed. Going forward, we strongly believe that One Medical and Amazon will continue to innovate together to change what primary care will look like for customers.

我们在医疗保健领域的初步尝试始于药房，这与电子商务并无太大差异。多年来，随着客户对现有供应商的不满不断增加，亚马逊客户一直询问我们何时能提供在线药房服务。2020 年推出的亚马逊药房是一家提供全面服务的在线药房，具有透明的定价、便捷的续药服务，并为 Prime 会员提供优惠。该业务增长迅速，并持续创新。例如，亚马逊药房最近推出了 RxPass 服务，Prime 会员每月只需支付 5 美元固定费用，即可获得所需数量的符合条件的处方药，用于治疗高血压、胃酸反流和焦虑等数十种常见疾病。然而，我们的客户仍然强烈希望亚马逊能够提供更好的替代方案，以改善当前低效且令人不满的整体医疗体验。我们决定从初级医疗保健入手，因为它通常是患者就医旅程的第一站。我们广泛评估和研究了现有的行业格局，包括亚马逊早期的一些尝试，如 Amazon Care。 在此过程中，我们发现 One Medical 以患者为中心的体验是构建我们未来业务的绝佳基础；因此，我们于 2022 年 7 月宣布收购 One Medical。客户喜爱 One Medical 的原因有几个方面。它拥有出色的数字应用程序，患者可以通过聊天或视频会议轻松地与医疗从业者讨论问题。如果需要面对面就诊，One Medical 在美国多个城市设有诊所，患者可以预约当天或次日的门诊。One Medical 在每个城市都与专科医生建立了合作关系，并与当地医院系统密切合作，使患者更容易看专科医生，因此 One Medical 会员在需要时可以迅速获得这些资源。展望未来，我们坚信 One Medical 与亚马逊将继续共同创新，改变客户的初级医疗服务体验。

Kuiper is another example of Amazon innovating for customers over the long term in an area where there’s high customer need. Our vision for Kuiper is to create a low-Earth orbit satellite system to deliver high-quality broadband internet service to places around the world that don’t currently have it. There are hundreds of millions of households and businesses who don’t have reliable access to the internet. Imagine what they’ll be able to do with reliable connectivity, from people taking online education courses, using financial services, starting their own businesses, doing their shopping, enjoying entertainment, to businesses and governments improving their coverage, efficiency, and operations. Kuiper will deliver not only accessibility, but affordability. Our teams have developed low-cost antennas (i.e. customer terminals) that will lower the barriers to access. We recently unveiled the new terminals that will communicate with the satellites passing overhead, and we expect to be able to produce our standard residential version for less than $400 each. They’re small: 11 inches square, 1 inch thick, and weigh less than 5 pounds without their mounting bracket, but they deliver speeds up to 400 megabits per second. And they’re powered by Amazon-designed baseband chips. We’re preparing to launch two prototype satellites to test the entire end-to-end communications network this year, and plan to be in beta with commercial customers in 2024. The customer reaction to what we’ve shared thus far about Kuiper has been very positive, and we believe Kuiper represents a very large potential opportunity for Amazon. It also shares several similarities to AWS in that it’s capital intensive at the start, but has a large prospective consumer, enterprise, and government customer base, significant revenue and operating profit potential, and relatively few companies with the technical and inventive aptitude, as well as the investment hypothesis to go after it.

Kuiper 是亚马逊长期以来在客户需求强烈的领域进行创新的又一例证。我们对 Kuiper 的愿景是建立一个低地球轨道卫星系统，为全球尚未拥有高质量宽带互联网服务的地区提供服务。目前，全球仍有数亿家庭和企业无法获得可靠的互联网连接。想象一下，当他们拥有可靠的网络连接后，可以进行在线教育课程、使用金融服务、创办自己的企业、进行购物、享受娱乐；企业和政府也能改善覆盖范围、提高效率和运营能力。Kuiper 不仅将提供可及性，还将提供可负担性。我们的团队开发了低成本的天线（即用户终端），降低了接入的门槛。我们最近发布了可与头顶经过的卫星通信的新终端，预计标准家用版本的生产成本将低于每台 400 美元。 它们体积小巧：长宽各 11 英寸，厚 1 英寸，不含安装支架的重量不到 5 磅，但却能提供高达每秒 400 兆比特的速度。它们采用亚马逊自主设计的基带芯片。今年，我们正准备发射两颗原型卫星，以测试整个端到端通信网络，并计划于 2024 年与商业客户开展 Beta 测试。到目前为止，客户对我们所分享的 Kuiper 信息反响非常积极，我们相信 Kuiper 对亚马逊而言是一个潜力巨大的机会。它与 AWS 也有一些相似之处，即初期资本投入较大，但拥有庞大的潜在消费者、企业和政府客户群，具备显著的收入和运营利润潜力，且具备技术和创新能力以及投资意愿的公司相对较少。

One final investment area that I’ll mention, that’s core to setting Amazon up to invent in every area of our business for many decades to come, and where we’re investing heavily is Large Language Models (“LLMs”)and Generative AI. Machine learning has been a technology with high promise for several decades, but it’s only been the last five to ten years that it’s started to be used more pervasively by companies. This shift was driven by several factors, including access to higher volumes of compute capacity at lower prices than was ever available. Amazon has been using machine learning extensively for 25 years, employing it in everything from personalized ecommerce recommendations, to fulfillment center pick paths, to drones for Prime Air, to Alexa, to the many machine learning services AWS offers (where AWS has the broadest machine learning functionality and customer base of any cloud provider). More recently, a newer form of machine learning, called Generative AI, has burst onto the scene and promises to significantly accelerate machine learning adoption. Generative AI is based on very Large Language Models (trained on up to hundreds of billions of parameters, and growing), across expansive datasets, and has radically general and broad recall and learning capabilities. We have been working on our own LLMs for a while now, believe it will transform and improve virtually every customer experience, and will continue to invest substantially in these models across all of our consumer, seller, brand, and creator experiences. Additionally, as we’ve done for years in AWS, we’re democratizing this technology so companies of all sizes can leverage Generative AI. AWS is offering the most price-performant machine learning chips in Trainium and Inferentia so small and large companies can afford to train and run their LLMs in production. We enable companies to choose from various LLMs and build applications with all of the AWS security, privacy and other features that customers are accustomed to using. And, we’re delivering applications like AWS’s CodeWhisperer, which revolutionizes developer productivity by generating code suggestions in real time. I could write an entire letter on LLMs and Generative AI as I think they will be that transformative, but I’ll leave that for a future letter. Let’s just say that LLMs and Generative AI are going to be a big deal for customers, our shareholders, and Amazon.

我想提到的最后一个投资领域，是亚马逊未来几十年在各个业务领域持续创新的核心所在，我们正在大力投资于大型语言模型（“LLMs”）和生成式人工智能。几十年来，机器学习一直是一项极具前景的技术，但直到过去五到十年，它才开始被企业更广泛地应用。这种转变是由多个因素推动的，包括以比以往更低的价格获得更大规模的计算能力。亚马逊已经广泛使用机器学习长达 25 年，从个性化电子商务推荐，到配送中心的拣货路径，再到 Prime Air 无人机、Alexa，以及 AWS 提供的众多机器学习服务（AWS 拥有所有云服务提供商中最广泛的机器学习功能和客户群）。最近，一种名为生成式人工智能的全新机器学习形式迅速兴起，有望显著加速机器学习的应用。 生成式人工智能基于非常庞大的语言模型（训练参数高达数千亿并持续增长）和广泛的数据集，具备极为通用且广泛的记忆和学习能力。我们已经在自己的LLMs上投入了一段时间，相信它将彻底改变并改善几乎所有的客户体验，并将继续在我们的消费者、卖家、品牌和创作者体验中大力投资这些模型。此外，正如我们多年来在 AWS 所做的那样，我们正在使这项技术民主化，以便各种规模的公司都能利用生成式人工智能。AWS 提供了性价比最高的机器学习芯片 Trainium 和 Inferentia，使大小公司都能负担得起在生产环境中训练和运行他们的LLMs。我们使公司能够从各种LLMs中进行选择，并利用客户习惯使用的所有 AWS 安全性、隐私性和其他功能来构建应用程序。此外，我们还推出了 AWS 的 CodeWhisperer 等应用程序，通过实时生成代码建议，彻底提升开发人员的生产力。 我本可以就LLMs和生成式人工智能写一整封信，因为我认为它们将带来颠覆性的变化，但我会把这个留到以后的信中再谈。可以肯定的是，LLMs和生成式人工智能对客户、我们的股东以及亚马逊都将产生重大影响。

So, in closing, I’m optimistic that we’ll emerge from this challenging macroeconomic time in a stronger position than when we entered it. There are several reasons for it and I’ve mentioned many of them above. But, there are two relatively simple statistics that underline our immense future opportunity. While we have a consumer business that’s $434B in 2022, the vast majority of total market segment share in global retail still resides in physical stores (roughly 80%). And, it’s a similar story for Global IT spending, where we have AWS revenue of $80B in 2022, with about 90% of Global IT spending still on-premises and yet to migrate to the cloud. As these equations steadily flip—as we’re already seeing happen—we believe our leading customer experiences, relentless invention, customer focus, and hard work will result in significant growth in the coming years. And, of course, this doesn’t include the other businesses and experiences we’re pursuing at Amazon, all of which are still in their early days.

因此，总的来说，我对我们能够以比进入这一充满挑战的宏观经济时期时更强大的姿态走出来感到乐观。这背后有几个原因，我在上文中已提到其中许多。但有两个相对简单的数据凸显了我们未来巨大的机遇。尽管我们在 2022 年的消费者业务规模达到 4340 亿美元，但全球零售市场的绝大部分份额仍然属于实体店（约占 80%）。全球 IT 支出情况也类似，我们 2022 年 AWS 收入为 800 亿美元，而全球 IT 支出中约 90%仍在本地部署，尚未迁移到云端。随着这些比例逐渐发生转变（我们已经看到这种趋势），我们相信凭借领先的客户体验、持续的创新、以客户为中心的理念以及不懈的努力，未来几年将实现显著增长。当然，这还不包括亚马逊正在探索的其他业务和体验，这些都仍处于早期阶段。

I strongly believe that our best days are in front of us, and I look forward to working with my teammates at Amazon to make it so.

我坚信我们最好的日子就在前方，我期待与亚马逊的队友们共同努力实现这一目标。

Sincerely, 

Andy Jassy

President and Chief Executive Officer

Amazon.com, Inc.