2025-04-10 Andy Jassy’s Letters to Amazon Shareholders

Refer To：《CEO Andy Jassy’s 2024 Letter to Shareholders》。

Dear Shareholders:

尊敬的股东们：

2024 was a strong year for Amazon.

2024年对亚马逊而言是表现强劲的一年。

Our total revenue grew 11% year-over-year (“YoY”) from $575B to $638B. By segment, North America revenue increased 10% YoY from $353B to $387B, International revenue grew 9% YoY from $131B to $143B, and AWS revenue increased 19% YoY, from $91B to $108B. For perspective, just 10 years ago, AWS revenue was $4.6B; and in that same year, Amazon’s total revenue was $89B.

我们的总收入同比增长11%，从5,750亿美元增至6,380亿美元。按业务划分，北美收入同比增长10%，从3,530亿美元增至3,870亿美元；国际业务收入同比增长9%，从1,310亿美元增至1,430亿美元；AWS收入同比增长19%，从910亿美元增至1,080亿美元。对比来看，仅十年前，AWS的收入为46亿美元，而当年亚马逊的总收入仅为890亿美元。

Amazon’s operating income in 2024 improved 86% YoY, from $36.9B (an operating margin of 6.4%) to $68.6B (an operating margin of 10.8%). Free Cash Flow, adjusted for equipment finance leases improved from $35.5B in 2023 to $36.2B.

2024年，亚马逊的营业利润同比增长86%，从369亿美元（营业利润率为6.4%）增至686亿美元（营业利润率为10.8%）。调整设备融资租赁后的自由现金流从2023年的355亿美元增长至362亿美元。

Apart from the financial results, we made our customers’ lives meaningfully better and easier. In our Stores business, we substantially expanded selection, continued lowering prices (independent research firm, Profitero, found Amazon the lowest-priced online U.S. Retailer for the eighth year in a row), and for the second year in a row, we shipped at record speed to our Prime members.

除了财务表现，我们也显著改善了客户的生活。在我们的商店业务中，我们大幅拓展了商品种类，持续降低价格（独立研究机构Profitero连续第八年认定亚马逊为美国线上价格最低的零售商），并连续第二年以创纪录的速度为Prime会员发货。

AWS launched a slew of new infrastructure and AI services that make it even easier to build remarkable customer experiences, including our latest custom AI silicon (Trainium2), a new set of frontier foundation models in Amazon Nova, and significant expansion of available models and features in our leading Generative AI (“GenAI”) services Amazon SageMaker and Amazon Bedrock.

AWS推出了一系列新的基础设施与人工智能服务，使打造卓越客户体验变得更加容易，其中包括我们最新的定制AI芯片Trainium2、Amazon Nova中的一系列前沿基础模型，以及在我们领先的生成式AI服务Amazon SageMaker和Amazon Bedrock中显著扩展的模型和功能。

Prime Video continued to offer compelling original shows, including new seasons for Fallout, Reacher, The Boys, and The Lord of the Rings: Rings of Power, movies like Road House, The Idea of You, and Red One, live sports like Thursday Night Football and UEFA Champions League in Europe (with the NBA and NASCAR coming in 2025), and new selection, highlighted by Apple TV+ joining Prime Video Channels.

Prime Video继续提供吸引人的原创节目，包括《辐射》《猎魔人》《黑袍纠察队》和《指环王：力量之戒》的新季内容；影片如《怒火营救》《属于你的我》和《红色一号》；还包括现场体育赛事如“周四橄榄球之夜”和欧洲的欧洲冠军联赛（NBA和NASCAR赛事将于2025年加入）。此外，Apple TV+也已加入Prime Video频道，扩展了节目选择。

We launched a series of new Kindle devices that included a new color version, a larger Scribe option, and our fastest Paperwhites ever (the collection of which drove the highest Kindle unit sales for a single quarter in over a decade).

我们推出了一系列新款Kindle设备，包括全新彩色版本、更大尺寸的Scribe型号，以及有史以来速度最快的Paperwhite系列（这一系列设备推动Kindle实现十多年来单季度最高销量）。

And, we continued to add more selection, price transparency, and same day shipping for Amazon Pharmacy.

此外，Amazon Pharmacy继续扩展产品选择、提升价格透明度，并提供当日送达服务。

These accomplishments are a subset of what the team launched in 2024, but represent a lot of invention, hard work, and thoughtful execution across Amazon. I’m thankful for my teammates and their delivery this past year (some of which you can see in our 2024 results, others of which won’t be visible for the next few years).

这些成就只是我们团队在2024年推出成果的一部分，背后凝聚着亚马逊员工的创新、努力与深思熟虑的执行。我感谢团队过去一年的付出（其中一些成果已体现在我们的2024年业绩中，另一些则将在未来几年显现）。

A Why Culture

“为什么”的文化

Every year in my annual letter, I try to share insight into what makes Amazon tick. At the highest level, we’re aiming to be Earth’s most customer-centric company, making customers’ lives better and easier every day.

每年在我的年度信中，我都会分享一些关于亚马逊内在驱动力的见解。从根本目标看，我们致力于成为地球上最以客户为中心的公司，每天都在努力让客户的生活变得更好、更便捷。

This is not easy to do in general, let alone year after year. In fact, it’s actually quite hard, especially with the rapid rate of change in technology, customer habits, and new products from large and small companies alike. If we want to have a chance at succeeding in our mission, we have to constantly question everything around us.

要实现这一目标本就不易，更遑论年复一年地坚持。实际上，这非常困难，尤其是在技术快速演进、客户习惯不断变化，以及来自大公司和初创企业的产品层出不穷的背景下。若想实现我们的使命，就必须不断质疑身边的一切。

We’ve had this long-held philosophy at Amazon about two-way and one-way door decisions. A two-way door decision is one where if you get the decision wrong, you can walk back through that door, revert to where you were, and there are few (if any) ramifications. You can make these decisions quickly and locally.

在亚马逊，我们一直秉持“两扇门”决策哲学。所谓“两向门”决策，是指如果做错了决定，可以退回原状，影响较小甚至可以忽略。这类决策可以快速且在本地做出。

A one-way door decision is one where it’s quite difficult (if not impossible) to walk back through that door if you get the decision wrong, so these decisions are made more methodically.

而“单向门”决策则不同，一旦做出错误选择，将难以甚至无法回头，因此必须更加慎重、系统地做出此类决策。

But, both of these constructs assume the door is unlocked. A lot of invention is about trying to open doors that have historically seemed bolted shut. And, over the past 30 years, we’ve found one of the most important keys to unlock these doors has been a simple question: “Why?”

不过，这两种情形都默认门是可以开启的。而大量的创新，其实就是试图打开那些历史上看似紧锁的大门。在过去30年中，我们发现，解锁这些大门的关键往往是一个简单的问题：“为什么？”

“Why does this customer experience have to be this way?” “Why can’t it be better?” “What are the constraints—why must we accept them?” “Why can’t we invent around that?” “Why will it take so long to get to customers?” Why?

“为什么客户体验一定得是这样的？”“为什么不能更好？”“有哪些约束条件——我们为什么要接受这些限制？”“为什么不能绕开它进行创新？”“为什么要花这么久才能触达客户？”为什么？

My Dad has told me that I was the kind of kid who kept asking why, perhaps to an annoying extent. He’s also reminded me how shortly after I joined Amazon in 1997, he tried to persuade me to work somewhere more traditional (and on the east coast closer to family)—only to realize that I’d already found the perfect fit.

我父亲曾告诉我，我从小就是个不停问“为什么”的孩子，也许有点烦人。他还提醒我，1997年我刚加入亚马逊不久，他曾试图劝我去一家更传统的公司工作（而且在东海岸离家更近），但后来他意识到我已经找到了最合适的归属。

That’s because Amazon is a Why company. We ask why, and why not, constantly. It helps us deconstruct problems, get to root causes, understand blockers, and unlock doors that might have previously seemed impenetrable. Amazon has an unusually high quotient of this WhyQ (let’s call it “YQ”), and it frames the way we think about everything that we do.

这是因为亚马逊是一家“为什么”公司。我们不断地提出“为什么”和“为什么不”，这帮助我们分解问题，找到根本原因，理解障碍所在，并打开那些过去似乎无法打开的大门。亚马逊拥有极高的“为什么商数”（我们称之为YQ），它塑造了我们对所做一切的思考方式。

Starting in 1995, we asked why can’t we offer customers every in-print book?

从1995年开始，我们问：为什么不能为客户提供所有仍在印刷中的书籍？

为什么不等于洞察力，但确实是努力寻找洞察力的方法。

Then, we asked, why limit ourselves to in-print—why can’t we also offer every out-of-print book?

接着我们问：为什么要局限于在印书籍？为什么不能也提供所有绝版书？

Why not offer every book, ever written, in any language—all available within 60 seconds on a device that’s light and fits in the palm of your hand (Kindle)?

为什么不能提供有史以来所有语言写成的书籍——都可以在60秒内通过一个轻巧、掌中可握的设备（Kindle）获取？

When we offer reviews, why must they all come from professional “experts?” Customers are great resources and will be brutally honest. Why not include customer reviews even if they sometimes dissuade a purchase?

当我们提供书评时，为什么一定要来自所谓的专业“专家”？客户本身就是宝贵的资源，他们会直言不讳。为什么不包含客户评论，即便有时会劝退购买？

Why not offer more than Books? What about Music, Video, Electronics, Tools, Kitchen, Apparel, Home Furnishings?

为什么只卖书？那音乐、视频、电子产品、工具、厨房用品、服饰、家居呢？

Why not practically everything?

为什么不能几乎什么都卖？

Why should we be the only sellers of these items? Millions of third-party merchants and small sellers offer similar or unique items. Why not let customers choose the selection, price, and delivery speed they prefer from among these millions of sellers?

为什么这些商品只能由我们来卖？成百万的第三方商家和小型卖家提供类似或独特的商品。为什么不让客户从这些卖家中选择自己喜欢的种类、价格和配送速度？

After struggling for a couple years to create awareness for sellers’ selection, we asked ourselves why not show their selection on the same product detail pages as our first-party selection (where all the traffic was)?

在花了几年时间努力让买家了解第三方卖家的商品后，我们问自己：为什么不在我们的自营商品页面上也展示这些卖家的商品（因为那里才是流量集中之处）？

Why not allow our sellers to also store items in our fulfillment network, enable those items to have fast, Prime delivery, and fulfill those items for sellers (a program called Fulfillment by Amazon)?

为什么不让卖家将商品储存在我们的配送网络中，让这些商品也能享有快速的Prime配送，并由我们代为发货（这就是“亚马逊物流”计划）？

Why not experiment with relevant advertisements in our store to expose customers to new sellers and items (versus only what our algorithms might surface based on past purchases)?

为什么不尝试在我们的商店中加入相关广告，让客户接触到新卖家和新商品（而不仅仅是算法根据过去购买记录推荐的）？

Why does every company need their own capital-intensive datacenters and infrastructure? Why should every development team keep reinventing services like compute, storage, database, and analytics? Why should builders spend 80% of their time on the undifferentiated heavy lifting vs. their unique customer experience? Why not build a set of services (AWS) to solve that for internal and external builders?

为什么每家公司都需要建立自己成本高昂的数据中心和基础设施？为什么每个开发团队都要重复构建诸如计算、存储、数据库和分析等服务？为什么建设者要将80%的时间浪费在这些通用繁重事务上，而不是专注于独特的客户体验？为什么不为内部和外部的建设者构建一整套服务（AWS）来解决这些问题？

Why do I have to buy a physical video to watch a movie? Why do I need cable or linear TV to watch amazing TV shows (Prime Video)?

为什么我必须买实体影碟才能看电影？为什么要有线电视或传统电视才能看精彩剧集（Prime Video）？

Why can’t I get my Prime shipping benefits on other websites than just Amazon (Buy with Prime)?

为什么我不能在亚马逊之外的网站上享受Prime配送福利（Buy with Prime）？

I can go on. But, you get the idea. Every one of these Whys have led to significant invention, and every one of them have made customers’ lives better and easier. Some of these seem obvious now. But at the time, these were provocative questions that required curiosity, risk-taking, experimentation, and persistence to make these into success stories.

这样的例子还可以列举很多。但你已经明白了：每一个“为什么”都引发了重要的创新，每一个“为什么”都让客户的生活变得更好、更轻松。如今其中很多看似理所当然，但在当时，这些都是极具挑战性的问题，需要好奇心、勇气、试验精神和坚持不懈，才能最终变成一个个成功的故事。

Enabling a Why Culture

打造“为什么”文化

If you believe having high YQ is critical to inventing for customers, how do you enable it? In my opinion, it’s not solved with one mechanism. It needs to be built deeply into your culture and leadership team, and has to be fiercely protected over time if you’re lucky enough to be successful. Here are a few of the strategies we employ.

如果你相信高“YQ”（为什么商数）对客户驱动型创新至关重要，那么你要如何建立这样的文化？在我看来，这并非靠某一个机制就能实现的。它必须深深根植于公司的文化和领导团队之中，并且在企业取得成功之后依旧需要长期坚定地维护。以下是我们所采用的一些策略。

Create leadership principles that set the tone.

确立设定基调的领导力原则。

We have 16 Leadership Principles that guide our behavior. They’re all integral underpinnings to our YQ, but I’ll touch on three in particular:

我们设立了16条领导力原则，以指导我们的行为。它们都是YQ的核心基础，但我会特别提及其中三条：

Are Right a Lot

常常是对的

“Leaders are right a lot. They have strong judgment and good instincts. They seek diverse perspectives and work to disconfirm their beliefs.”

“领导者常常是对的。他们具有良好的判断力和直觉。他们寻求多元观点，并努力推翻自己的原有信念。”

When we first instituted this leadership principle, some people incorrectly assumed it meant that the best leaders were the ones whose ideas were chosen (i.e. they were right, a lot). It led to some people overly digging in and fighting for their ideas.

当我们最初提出这一原则时，一些人误以为“最好的领导者”是那些主意最常被采纳的人（即他们“经常是对的”）。这导致有些人过度坚持己见，执意为自己的想法辩护。

There’s nothing wrong with pushing for what you believe. But, in my experience, the best leaders want to hear others’ views. They don’t wilt or bristle when challenged; they’re intrigued.

坚持自己信仰的立场并没有错。但根据我的经验，最优秀的领导者愿意听取他人观点。他们在被质疑时不会退缩或恼怒，反而会感到好奇。

Effective leaders change their minds when presented with new compelling information (which makes it ironic how people dismiss politicians as “flip-floppers” when they change their position).

高效的领导者在看到有力的新信息时会改变自己的看法（这也让人讽刺地意识到，人们常常贬低改变立场的政治人物为“反复无常”）。

Ultimately, leaders are responsible for getting to the best answer for customers, regardless of whose original idea is chosen.

归根结底，领导者的责任是为客户找到最佳解法，无论最初的主意来自谁。

Learn and be Curious

持续学习，保持好奇

“Leaders are never done learning and always seek to improve themselves. They are curious about new possibilities and act to explore them.”

“领导者永不停歇地学习，并持续自我提升。他们对新可能性充满好奇，并付诸行动去探索。”

In the nearly 28 years I’ve been at Amazon, the biggest difference in the relative growth of companies and individuals has been their aptitude to learn.

在我近28年的亚马逊经历中，我发现企业和个人成长幅度最大的差异，往往取决于他们的学习能力。

At a certain point, some leaders seem to lose their thirst to learn. It’s hard to know the reason in each case, but it’s as if some people find it too exhausting, too time-consuming, or too threatening to not have all the answers.

在某个阶段，一些领导者似乎失去了对学习的渴望。每种情况的具体原因难以判断，但有些人可能会觉得学习太费力、太耗时，或因无法掌控一切而感到不安。

Regardless, the day we stop learning at Amazon is the day we risk undermining what we’re capable of building in the future.

无论原因如何，如果我们在亚马逊停止学习，那将是我们未来建设能力开始滑坡的起点。

People with high YQ are always curious how they can get better, become wiser, and incorporate their new knowledge into better customer experiences.

具备高YQ的人总是好奇自己如何变得更优秀、更有智慧，并将新的知识融入到更好的客户体验中。

Have Backbone; Disagree and Commit

坚持立场；不同意也要全力以赴

“Leaders are obligated to respectfully challenge decisions when they disagree, even when doing so is uncomfortable or exhausting. Leaders have conviction and are tenacious. They do not compromise for the sake of social cohesion. Once a decision is determined, they commit wholly.”

“当领导者不同意某项决定时，他们有责任提出尊重而坚定的挑战，即便这过程让人不适或疲惫。领导者有信念、有韧性。他们不会为了团队和谐而妥协。一旦决定确定，他们会全力以赴。”

We don’t just empower people to challenge one another, we obligate them to do so if they disagree.

我们不仅赋予员工互相挑战的权利，如果他们有不同意见，我们还要求他们必须这样做。

Questioning, asking the hard questions, forcing the discussion (versus silently thinking a mistake is being made) is necessary to getting to better answers for customers.

提出疑问、发问关键问题、促使展开讨论（而不是默默地认为错误正在发生）是我们为客户找到更好答案所必须的过程。

“I told you so” has no currency at Amazon.

“我早就告诉过你”这种话在亚马逊没有价值。

It’s also important to focus on the second part of this leadership principle: disagree and commit.

同样重要的是这一领导力原则的第二部分：不同意也要执行。

While constructive debate is useful; at some point, teams need to make a decision and take action.

尽管建设性争论很重要，但在某个时间点，团队必须作出决策并付诸行动。

From that point on, everybody—even those who advocated for a different solution than the one chosen—must commit to making that decision a success.

从那一刻起，每个人——即便曾支持另一方案的人——都必须全力支持并推动该决策的成功。

That means the team goes all in—no pocket-vetoing nor hedging between other options.

这意味着团队必须全情投入——不能私下否决，也不能脚踏两条船。

That’s the only way we can preserve speed and confidence that if an issue is heavily debated, the team will ultimately pull together.

这是我们保持行动速度和团队信任的唯一方式：只要某个议题已经充分讨论，团队就必须齐心协力向前推进。

执行力是缺乏洞察力的结果。

Create norms that support the Why.

建立支撑“为什么”的行为规范。

Similar to how our Leadership Principles guide our behavior, we’ve built norms over the years that guide how we work. Here are a few examples:

就像我们的领导力原则指导行为一样，多年来我们也建立了指导工作方式的行为规范。以下是几个例子：

Narratives.

叙述文档

We stopped presenting information to each other inside the company via powerpoint in 2004.

2004年起，我们内部不再通过PowerPoint演示来交流信息。

Given how high level powerpoints are, we found that powerpoint was easy for the presenter to prepare, but harder for the audience to understand the substantive issues.

由于PowerPoint内容往往过于概括，我们发现它虽然易于准备，但观众却难以深入理解实质问题。

Instead, we moved to writing narratives with a maximum of six pages in the body.

于是我们转而使用不超过六页正文的书面叙述文档。

Narratives are harder for the presenter (it’s hard to write a thoughtful six-page document that highlights the key issues in enough detail to be crisp and clear), but much easier for the audience to engage with and ask the right Why questions.

叙述文档对准备者而言更难（撰写一份精炼又详细、突出关键问题的六页文档并不容易），但对听众而言却更容易理解，并提出真正关键的“为什么”问题。

Working backwards documents.

反向工作文档

When we build services or features, before we start coding, we write Press Release and Frequently Asked Questions (“FAQ”) documents.

在我们开发服务或功能之前，还未开始编码时，我们会先撰写新闻稿和常见问题（FAQ）文档。

The Press Release is intended to ensure that what we’re proposing building is remarkable to customers (so we don’t get to launch and ask “wait, why did we think customers would find this interesting?”).

撰写新闻稿是为了确保我们打算开发的东西对客户而言是有吸引力的（避免在推出后才反问：“等等，我们当初为什么以为客户会觉得这个有趣？”）。

And, the FAQ is designed to force ourselves to ask the hard questions about which customers will use this capability, what they’ll like most, what they’ll be most disappointed with, why are we drawing the launch line where we are, why is it better than current alternatives, how should we think about pricing, what pricing dimensions we recommend, and why have we made the architectural decisions we have.

FAQ文档则是为了逼迫我们自己提出那些棘手的问题：哪些客户会使用这个功能？他们最喜欢的是什么？他们最可能失望的又是什么？我们为什么把发布范围划在这个点？它相比现有替代方案有什么优势？我们应该如何思考定价？推荐哪些定价维度？我们做出这些架构决策的理由是什么？

The Press Release and FAQ are how we work backwards from customers, and how we push ourselves to ask questions customers would if they were in these meetings.

新闻稿和FAQ就是我们“以客户为起点，反向工作”的体现，也是在推动我们提出那些客户若在场一定会问的问题。

Be together whenever possible.

尽可能在一起工作

There are many paths that can lead to breakthrough innovation. Occasionally, a lone genius comes up with a brilliant idea, and everyone else simply executes it. While that can work, it’s not how we typically operate.

通往突破性创新的路径有很多。有时，一位天才独立想出一个绝妙主意，其他人只需执行即可。虽然这也可行，但这并不是我们通常的运作方式。

Amazon invention is deeply collaborative. It starts with a seed of an idea, then a group of smart, mission-driven people refine, challenge, and build on it together.

亚马逊的创新是高度协作的。它始于一个初步想法，然后由一群聪明、有使命感的人共同打磨、质疑并不断完善。

And, we’ve found that this process is far more effective in person than remote.

我们发现，这个过程在线下面对面开展比远程协作更高效。

Of course, you can invent with everybody remote (and some cultures seem to prefer that). However, in my experience, it doesn’t compare to being in the same room.

当然，你可以通过远程方式进行创新（某些文化似乎更倾向如此）。但根据我的经验，这远不及身处同一间会议室。

The energy, the pace, the spontaneous brainstorming, the willingness for people to jump in, the way ideas evolve in real time, and the post-meeting iteration is much better when in the same room—and yields better outcomes for our customers and teams.

当大家在一个空间内时，讨论的能量、节奏、自发的头脑风暴、成员主动参与的积极性、点子的实时演进以及会后跟进的效率都会更好——这最终带来更优质的客户体验和团队成果。

With what’s happening in AI right now, and the likelihood that every customer experience we’ve ever known will be reinvented, there has never been a more important time, in my opinion, to optimize to invent well.

考虑到当前AI领域的迅猛发展，以及我们所熟知的客户体验很可能将被重新定义，在我看来，现在是有史以来最需要优化创新的时刻。

Tolerating messy meetings.

容忍“混乱”的会议

It’s hard to “schedule” innovation. You can’t book 60 minutes to invent Amazon Prime, or AWS, or Alexa+, or Fulfillment by Amazon, or Regionalization in our Fulfillment Network, or Project Kuiper.

创新难以“按时预约”。你无法在日程表上预约60分钟去发明Amazon Prime、AWS、Alexa+、亚马逊物流、履约网络的区域化，或是Kuiper卫星项目。

These inventions are borne out of somebody asking why we can’t change what’s possible for customers, and then they take on a life of their own, often meandering down multiple dead ends before getting to a final destination.

这些创新源自某人提出一个“为什么不能改变客户所能获得的体验？”的问题，随后整个想法就开始演化，经常会走错路、走弯路，直到最终落地。

This might bother some regimented folks. But, when we’re inventing, we accept the process being beautifully imperfect.

这种过程可能让喜欢秩序的人不太舒服。但在创新时，我们接受这种“美丽的不完美”。

Operate like a startup (in our case, the world’s largest startup).

像一家初创公司一样运作（我们是全球最大初创公司）

We strive to operate like the world’s largest startup. What does that mean?

我们努力像全球最大初创公司一样运作。这意味着什么？

**First**, whatever we're contemplating building has to be focused on solving a real customer problem or meaningfully improving a customer experience. Companies can get off track prioritizing technology because they’re excited about the technology. Great startups are on a mission to change what’s possible for customers.

**首先**，我们所考虑构建的任何东西都必须着眼于解决一个真实的客户问题，或显著改善客户体验。有些公司会因为对技术本身感到兴奋而偏离初衷，过度强调技术本身。伟大的初创公司始终以“重新定义客户可能获得的体验”为使命。

**Second**, we have a disproportionate need for builders. These are inventors.

**其次**，我们对“建设者”的需求远高于一般公司。他们是发明者。

They’re people constantly dissecting customer experiences, even ones that seem pretty good today, and asking why they can’t be better.

他们持续拆解客户体验——即便今天已经看起来相当不错——并不断发问：为什么不能更好？

They’re divinely discontent (maybe annoyingly so for team members proud of what they’ve previously built), and never feel like the job is done.

他们带有一种“天赋的不满足感”（可能会让那些为自己既有成果感到自豪的团队成员有些烦恼），永远不会觉得“事情已经完成”。

Third, we want owners.

第三，我们要“主人翁”。

One of the strengths of Amazon over the first 30 years is that we've hired really smart, motivated, inventive, ambitious people who have been great owners.

亚马逊过去30年的一个重要优势，是我们吸引了一批非常聪明、有动力、有创意、有抱负的人才，他们都具备强烈的主人翁精神。

And, that means that our teammates are constantly asking themselves, “What would I do if this was my own money?” “What would I do if I started this company and I was the majority owner?”

这意味着我们的团队成员会不断问自己：“如果这是我自己的钱，我会怎么做？”“如果是我创办了这家公司而且是控股股东，我会怎么做？”

“Hey, I know I’ve only been asked to own a part of this project, but I’m not sure if the other parts are being driven well—should I stick my nose into this and make sure or just trust somebody’s got it?”

“我知道我只负责这个项目的一部分，但我不确定其他部分是否推进得当——我该不该插手确认一下，还是相信别人已经处理好了？”

Owners feel accountable. They care deeply about the quality and effectiveness of what they own, and view the company’s mission as their mission (we want missionaries, not mercenaries).

真正的“主人翁”会感到责任在肩。他们高度关心自己所负责事务的质量和成效，把公司的使命当作自己的使命（我们要的是“传教士”，不是“雇佣兵”）。

That's part of what our effort to increase the ratio of individual contributors versus managers is about.

这也是我们努力提升一线贡献者与管理者比例的原因之一。

We want flatter organizations where our owners doing the work feel like they own the two-way door decisions (which are the vast majority), can move rapidly, and are fully accountable for solving the Whys of their customer experiences.

我们希望构建更扁平的组织，让承担实际工作的“主人翁”掌握大多数“两向门”决策权（这些是日常决策的绝大多数），能够快速行动，并对客户体验中的“为什么”问题全面负责。

Fourth, speed disproportionately matters for every business, in every industry, at all times.

第四，速度在所有行业、所有时间点都极其关键。

It’s a false binary to argue that you can move fast or deliver high standards. If you want to be fast, you can be fast, and still be high quality.

“要么快要么好”是一个伪命题。如果你下定决心快，就可以做到快速且高质量。

We’ve done it for many years (though we can still be faster). Speed is a leadership decision.

我们多年来就是这样做的（尽管仍有提速空间）。速度，是一个领导层的决策问题。

The leadership team has to believe it’s a priority, reinforce it constantly, organize and remove structural barriers, and build in modular ways that enable pace.

领导团队必须相信速度是重中之重，不断强化它的价值，整合资源、清除结构性障碍，并以支持速度的方式进行模块化构建。

But, speed does not happen unless the entire company and culture embrace it.

但若整个公司和文化不拥抱速度，速度也无从谈起。

We have this persistent feeling, throughout the company and in every business in which we operate, that there are closing windows all around us.

在公司内部的每个业务线中，我们都始终有一种紧迫感：机会之窗正在不断关闭。

We operate in fiercely competitive market segments, with highly talented, well-funded, ambitious companies at every turn.

我们所处的市场领域竞争激烈，遍布高素质、资金雄厚、雄心勃勃的竞争对手。

Customers are always looking for something better.

客户永远在寻找更好的东西。

We spend a lot of time identifying how to unlock these experiences for them as quickly as possible, and know if we don’t, somebody else will.

我们投入大量时间去探索如何尽快为客户实现这些体验，并深知：如果我们不做，别人就会做。

Another way to gain speed is to eliminate bureaucracy.

提升速度的另一方式是消除官僚主义。

There is a difference between process and bureaucracy.

流程和官僚主义是两回事。

When you're running something at scale, you need mechanisms to deliver the right experience and constant improvement for customers.

在大规模运作中，确实需要机制来确保客户获得正确体验并持续改进。

However, as companies grow and add more managers, unneeded processes get layered on that add little value.

但随着公司发展和管理者增多，会不断叠加一些无价值的流程。

Last fall, I asked teammates across the company to send me bureaucracy examples that they were experiencing. I’ve received almost 1,000 of these emails, and read every single one.

去年秋天，我请公司员工向我提交他们遇到的官僚主义例子。我收到了近1000封邮件，并全部阅读。

Builders hate bureaucracy. It slows them down, frustrates them, and keeps them from doing what they came here to do.

建设者们痛恨官僚主义。它让他们效率变慢、沮丧失望，无法专注于本该做的事。

As leaders, we don’t always see the red tape buried deep in our organizations, but we can sure as heck eliminate it when we do.

作为领导者，我们未必总能看到深藏在组织中的繁文缛节，但一旦发现，必须果断铲除。

We’ve already made over 375 changes based on this feedback.

基于这些反馈，我们已做出375项以上的改进。

We need to move fast, and we are committed to rooting out bureaucracy that ties up time and dispirits our teammates.

我们必须加快速度，并承诺铲除那些浪费时间、打击士气的官僚做法。

Fifth, you have to be scrappy.

第五，要保持“拼劲”。

As businesses succeed and get larger, they sometimes forget how things got started.

企业发展壮大之后，往往会忘记当初是怎么起步的。

We built Amazon Simple Storage Service (S3) with 13 people; Amazon Elastic Compute Cloud (EC2) with 11 people.

我们当年用13人开发了S3，用11人开发了EC2。

Managers can confuse themselves that the way to grow and get ahead is to accumulate large teams.

一些管理者会误以为扩大团队规模就是成长和晋升的路径。

Historically, we’ve had periods where we’ve allowed this thinking to hold sway.

过去我们也曾有过被这种思维主导的阶段。

But, it’s not the way we fundamentally think about building teams and products, and have adjusted to reflect that again.

但这并非我们构建团队和产品的根本思路，我们已对其进行了修正。

Our best leaders get the most done with the least number of resources required to do the job. They pride themselves on being lean.

我们最优秀的领导者，是那些用最少资源完成最多任务的人。他们以“精干”而自豪。

Sixth, you have to be willing to take risks.

第六，要敢于承担风险。

This sounds easier than it is.

说起来容易，做起来难。

You need clever enough people to identify worthwhile bets.

你需要足够聪明的人来识别值得下注的机会。

And if you have these inventive, ambitious builders with high standards, they’re not used to failure.

而这些有创新精神、有雄心且标准高的建设者们，往往不习惯失败。

They suspect external (and maybe internal) ridicule awaits them if they try something very different that doesn’t work out.

他们担心如果尝试了不同寻常的事却没成功，可能会受到外界（甚至内部）的嘲笑。

So, people often play it safe.

因此，人们常常选择保守。

But, you can’t achieve something extraordinary for customers by playing “not to lose.”

但你无法通过“避免失败”的思维为客户实现非凡体验。

If your Whys take you down an invention path that delivers an experience that doesn’t look like what’s been done before, let customer obsession be your compass.

如果你的“为什么”引领你走上一条前所未有的创新之路，那就以对客户的执着为你的指南针。

You rarely, if ever, change the world by doing the same thing as everybody else.

靠做和别人一样的事情，几乎不可能改变世界。

And finally, you have to care most about delivering compelling results for customers.

最后，你最该关心的是能否为客户带来真正出色的成果。

It's not how charismatic you are. It's not whether you're really good at managing up or sideways.

不是你有多有魅力，也不是你擅长向上管理或左右逢源。

What matters is what we actually get done for customers. That’s what we want to reward.

真正重要的是我们为客户实际完成了什么。这才是我们应当奖励的。

Next generation Whys

下一代“为什么”

While the team and I feel quite optimistic about the progress and potential of our existing businesses, we have plenty of new Whys we’re asking. Below are a few of them and some quick thoughts.

虽然我和团队对现有业务的进展和潜力持非常乐观的态度，但我们仍在不断提出许多新的“为什么”。以下是其中几个问题以及简要思考。

Why is AI so important? Will it really have as much impact as some claim and when?

人工智能为何如此重要？它真的会像一些人所说的那样产生巨大影响吗？如果会，又是什么时候？

Generative AI is going to reinvent virtually every customer experience we know, and enable altogether new ones about which we’ve only fantasized.

生成式AI几乎将重新定义我们已知的所有客户体验，并催生出此前仅存在于幻想中的全新体验。

The early AI workloads being deployed focus on productivity and cost avoidance (e.g. customer service, business process orchestration, workflow, translation, etc.). This is saving companies a lot of money.

目前AI的早期应用集中在提升生产效率和避免成本方面（如客服、业务流程编排、工作流、翻译等），这些正为企业节省大量成本。

Increasingly, you’ll see AI change the norms in coding, search, shopping, personal assistants, primary care, cancer and drug research, biology, robotics, space, financial services, neighborhood networks—everything.

AI将越来越广泛地改变诸多领域的常规做法：编程、搜索、购物、个人助理、基础医疗、癌症和药物研究、生物学、机器人、太空探索、金融服务、社区网络……几乎无所不包。

Some of these areas are already seeing rapid progress; others are still in their infancy.

其中一些领域已经取得快速进展，另一些仍处于起步阶段。

But, if your customer experiences aren’t planning to leverage these intelligent models, their ability to query giant corpuses of data and quickly find your needle in the haystack, their ability to keep getting smarter with more feedback and data, and their future agentic capabilities, you will not be competitive.

但如果你的客户体验不打算利用这些智能模型——它们能查询海量数据、快速找到关键答案，能在反馈和数据中持续自我提升，并具备未来的自主代理能力——那么你将失去竞争力。

How soon? It won’t all happen in a year or two, but, it won’t take ten either. It’s moving faster than almost anything technology has ever seen.

多久之后会发生？这不会是一两年就完成的事，但也绝不会需要十年。它的发展速度几乎超越了以往所有技术变革。

OK, I buy AI is big; but why invest this much this quickly?

好，我同意AI影响深远；但为什么要如此快速且大规模地投入？

Fundamentally, if your mission is to make customers’ lives better and easier every day, and you believe every customer experience will be reinvented by AI, you’re going to invest deeply and broadly in AI.

从根本上说，如果你的使命是每天让客户的生活变得更好更轻松，并且你相信每一种客户体验都将因AI而被重塑，那么你就必须在AI上进行深入、广泛的投资。

That’s why there are more than 1,000 GenAI applications being built across Amazon, aiming to meaningfully change customer experiences in shopping, coding, personal assistants, streaming video and music, advertising, healthcare, reading, and home devices, to name a few.

这就是为什么亚马逊正在构建超过1000个生成式AI应用，旨在显著改善客户在购物、编程、个人助理、视频与音乐流媒体、广告、医疗健康、阅读以及家庭设备等方面的体验。

It’s also why AWS is quickly developing the key primitives (or building blocks) for AI development, such as custom silicon AI chips in Amazon Trainium to provide better price-performance on training and inference, highly flexible model-building and inference services in Amazon SageMaker and Amazon Bedrock, our own frontier models in Amazon Nova to provide lower cost and latency for customers’ applications, and agent creation and management capabilities.

这也是AWS迅速开发AI构建所需关键primitives”（基础构件）的原因，比如：用于训练与推理的高性价比定制AI芯片Amazon Trainium、灵活的模型构建与推理服务Amazon SageMaker和Bedrock、自研的前沿模型平台Amazon Nova（为客户应用提供更低成本和延迟），以及智能代理的创建与管理能力。

There is also substantial capital investment required. In AWS, the faster demand grows, the more datacenters, chips, and hardware we need to procure (and AI chips are much more expensive than CPU chips).

这也需要大量资本投入。随着AWS需求增长加快，我们需要采购更多的数据中心、芯片和硬件（且AI芯片远比传统CPU芯片昂贵）。

We spend this capital upfront, even though these assets are useful for many years (in the case of datacenters, for at least 15-20 years).

我们需要在前期投入这些资本，即使这些资产能长期使用（数据中心可用15至20年以上）。

We only start monetizing this capital investment many months after we spend the capital, and over many years—which leads to attractive long-term FCF and ROIC (as people have seen in AWS over the last several years).

这些资本支出通常在几个月后才开始带来收益，并持续多年创造现金流和投资回报率——正如大家过去几年在AWS上所见那样，带来了可观的长期自由现金流（FCF）和投资回报率（ROIC）。

But in periods, like now, of unusually high demand (our AI revenue is growing at triple digit YoY percentages and represents a multi-billion-dollar annual revenue run rate), you’re deploying a lot of capital.

但在当前这种需求异常旺盛的时期（我们的AI收入正以三位数同比增长，已形成数十亿美元的年度营收运行率），我们正大规模地投入资本。

We continue to believe AI is a once-in-a-lifetime reinvention of everything we know, the demand is unlike anything we’ve seen before, and our customers, shareholders, and business will be well-served by our investing aggressively now.

我们始终相信，AI是一次千载难逢的颠覆性重塑，将重构我们所知的一切。这种需求前所未见。我们坚定认为，如今积极投资AI，将让我们的客户、股东和整个业务长远受益。

Why do chips and AI have to be this expensive for customers?

为什么芯片和AI对客户来说这么昂贵？

AI does not have to be as expensive as it is today, and it won’t be in the future. Chips are the biggest culprit.

AI的成本不必像现在这么高，未来也不会如此。目前最主要的成本来源是芯片。

Most AI to date has been built on one chip provider. It’s pricey. Trainium should help, as our new Trainium2 chips offer 30-40% better price-performance than the current GPU-powered compute instances generally available today.

目前大多数AI都建立在某一家芯片供应商的平台之上，而这些芯片价格高昂。我们的Trainium芯片可以缓解这一问题。新一代Trainium2芯片相比当前普遍使用的GPU算力，性价比提升了30%-40%。

While model training still accounts for a large amount of the total AI spend, inference (which are the predictions or outputs of the models) will represent the overwhelming majority of future AI cost because customers train their models periodically, but produce inferences constantly in large-scale AI applications.

尽管模型训练仍然占据AI总支出的较大比例，但未来的AI成本将主要由推理环节（即模型的预测或输出）构成。因为客户训练模型是周期性的，而在大规模AI应用中，推理是持续且密集发生的。

Inference will become another building block service, along with compute, storage, database, and others. We feel strong urgency to make inference less expensive for customers.

推理将成为继计算、存储、数据库之后的又一个基础服务模块。我们强烈感受到要尽快降低推理成本的紧迫性。

More price-performant chips will help. But, inference will also get meaningfully more efficient in the next couple of years with improvements in model distillation, prompt caching, computing infrastructure, and model architectures.

更高性价比的芯片会有所帮助；此外，未来几年内，随着模型蒸馏、提示缓存、计算基础设施以及模型架构的改进，推理效率也将大幅提升。

Reducing the cost per unit in AI will unleash AI being used as expansively as customers desire, and also lead to more overall AI spending.

降低AI的单位使用成本，将释放客户对AI应用的全面需求，并带来整体AI支出的进一步增长。

It’s like what happened with AWS. Revolutionizing the cost of compute and storage happily led to lower cost per unit, and more invention, better customer experiences, and more absolute infrastructure spend.

这就像当年AWS的变化：计算和存储成本的革命性下降，带来了单位成本的降低，推动了更多创新、更佳客户体验，以及更高的整体基础设施支出。

Why have personal assistants not yet taken off? How can Alexa help?

为什么个人助理类产品还没普及？Alexa能发挥什么作用？

A great personal assistant can answer virtually any question and get things done on your behalf. There have been no digital solutions that can do both yet.

一个真正出色的个人助理应该能回答几乎所有问题，并代你完成各种事务。而目前尚无一款数字解决方案能同时实现这两点。

That is, until Alexa+ arrived.

直到Alexa+的出现。

Alexa+ is not only comparably intelligent to the leading chatbots, but can take a plethora of real actions for you.

Alexa+不仅具备与顶级聊天机器人相当的智能，还能为你完成大量实际操作。

She can play music, play video, move media from one of your devices to another, set alarms and timers, control your smart home, order across hundreds of millions of ecommerce items, make reservations for restaurants or Ubers, order concert tickets, alert you when your favorite artist announces a tour, find a plumber to fix your sink, and memorize whatever you’ve done on Amazon.

她可以播放音乐、视频，在设备间转移内容，设置闹钟和定时器，控制智能家居，购买数亿种电商商品，为你订餐厅或打车，购票看演唱会，在你喜爱的歌手开巡演时提醒你，甚至能找水管工维修水槽，并记住你在亚马逊上的所有操作。

This is pretty game-changing for consumers, and just the start of what Alexa+ will do.

这对消费者而言将是颠覆性的变革，而Alexa+的能力才刚刚开始。

We have over 600 million Alexa devices out there today, and expect Alexa+ to play an even more vital role in the lives of these hundreds of millions of customers in the future.

目前已有超过6亿台Alexa设备投入使用，我们预计Alexa+将在数亿用户生活中扮演更加关键的角色。

Why can’t we get items to customers even faster? Does it matter?

我们为什么不能把商品送得更快？这重要吗？

Every year, people ask whether we’ve reached the law of diminishing returns on speed of delivery. Our data shows this not to be the case.

每年都会有人问，我们是否在配送速度上遇到了“边际收益递减”。我们的数据表明，情况并非如此。

When we promise faster delivery times, customers complete purchases at a meaningfully higher rate and shop with us more frequently.

当我们承诺更快的送达时间时，客户的购买完成率明显提升，并更频繁地在亚马逊购物。

Amazon Prime started with unlimited, free, two-day delivery for a million products; it’s now grown to over 300 million items, with tens of millions available in one day (or better).

Amazon Prime最初提供的是100万种商品的不限量、免费两日达服务；如今已扩展至超过3亿种商品，其中数千万种可实现一天甚至更短时间内送达。

An increasing number of deliveries happen same day.

越来越多的订单实现了当日送达。

This speed improvement is primarily due to our regionalization redesign of our fulfillment network, our new placement algorithms, and the introduction of our innovative same-day fulfillment centers.

这种速度提升主要得益于我们履约网络的区域化重构、新的库存部署算法，以及创新的当日履约中心。

Although we’ve set speed records for two consecutive years, we’re still honing these innovations, and have others planned.

虽然我们已连续两年刷新配送速度纪录，但这些创新仍在不断优化，且还有更多计划推进中。

And, don’t forget Prime Air, our drones that will get items to customers inside an hour. We are not done improving speed.

别忘了我们的Prime Air无人机服务，它将实现一小时内将商品送达客户。我们在提升速度上的工作远未结束。

Why can’t people in small towns enjoy the same fast delivery speeds as people in cities?

为什么小镇居民无法享受和城市一样的配送速度？

As some other companies are abandoning small-town customers due to cost to serve, we’re going the other way—we’re investing to serve our rural customers even better.

当一些公司因成本问题放弃服务小城镇客户时，我们却选择反其道而行之——持续投入，以更好服务农村客户。

We’ve already expanded Same-Day and Overnight Delivery to dozens of smaller cities and towns across the U.S., with more coming.

我们已将当日达和隔夜达服务扩展至美国数十个小城市和乡镇，并将在更多地区推广。

This expansion will provide even faster Amazon delivery speeds for many millions of customers, particularly in less densely populated areas, enabling us to deliver over a billion packages each year to customers living in 13,000 zip codes spanning 1.2 million square miles.

此次扩张将为数以百万计的客户带来更快的亚马逊配送速度，尤其是在低人口密度地区。我们每年可向覆盖13000个邮政编码、总面积达120万平方英里的客户投递超过10亿个包裹。

Related, why can’t we help the hundreds of millions of people without broadband connectivity?

相关问题：为什么我们不能帮助数亿没有宽带连接的人？

There are about 400-500 million households around the world, most in small, rural towns that don’t have access to broadband connectivity.

全球大约有4亿到5亿户家庭，大多数居住在小型农村地区，无法接入宽带网络。

They can’t leverage the Internet to learn, shop, do business, access entertainment, and communicate the same way people take for granted in bigger cities.

他们无法像大城市的人那样，依靠互联网来学习、购物、做生意、娱乐和交流，这些在城市里被视为理所当然的事情，在他们看来却遥不可及。

This digital divide is what Project Kuiper, our low Earth orbit satellite network, aims to solve.

这种数字鸿沟正是我们低轨卫星网络“Project Kuiper”希望解决的问题。

We’re just launching our first production satellites, and will ultimately have over 3,200 in orbit over the next few years.

我们刚刚发射了首批量产卫星，未来几年将部署超过3,200颗卫星进入轨道。

While capital-intensive to launch, we believe Kuiper will be a meaningful operating income and ROIC business for us.

尽管发射过程资本密集，但我们相信Kuiper最终将成为一项可观的运营收益和投资回报率业务。

Why does healthcare have to be so stressful?

为什么医疗体验必须这么令人沮丧？

Healthcare, especially in the U.S., is quite frustrating.

尤其在美国，医疗系统常常令人感到沮丧。

It’s hard to get fast appointments with primary care physicians, often harder with specialists.

想快速约上全科医生很难，约上专科医生则更难。

There’s a lot of waiting around. Physicians spend only a few minutes with patients.

患者等待时间很长，而医生看诊的时间却非常短暂。

Then, patients have to drive somewhere (often not close) to get their medications.

之后，患者还得开车（通常距离不近）去取药。

And, when they get to the pharmacy, they’re often surprised by the pricing, what’s covered by their insurance, and what you can easily access that’s not behind a locked shelf.

而到了药房后，他们常会对药价、保险是否覆盖、哪些药品易于获取（哪些被锁在柜台后面）感到困惑或意外。

Customers deserve better.

客户理应得到更好的体验。

It’s why you see such positive customer sentiment and growth for Amazon Pharmacy and Amazon One Medical,

这就是为何Amazon Pharmacy和Amazon One Medical收获了如此积极的客户反馈与增长。

and we continue to iterate quickly on selection and transparency for Amazon Pharmacy, and physical clinic capacity for One Medical.

我们也持续迭代Amazon Pharmacy的药品选择与价格透明度，以及提升One Medical线下诊所的服务能力。

These are some of the Why questions we’re asking ourselves right now, and I’m excited about the future inventions to come. We’re not going to be bored any time soon.

这些就是我们当前不断追问的一些“为什么”问题，对即将到来的创新我感到非常兴奋——我们短时间内绝不会感到无聊。

When I first started working, I thought it was unfathomable that my Dad worked at the same place for 45 years. How could that be? That’s so long. I used to tell my friends that would never be me.

我刚开始工作时，觉得我父亲在同一家公司工作45年这事简直不可思议。怎么可能？这也太久了。我以前常跟朋友说，我绝不会那样。

Now, with almost 28 years and counting at Amazon, I have to answer those same friends with their own Why question.

而如今，我自己在亚马逊已工作近28年，还在继续。他们开始反过来问我：“为什么？”

After all these years, why are you still at Amazon?

这么多年过去了，你为什么还留在亚马逊？

I’m obviously a Superfan, but there are several compelling parts to working at Amazon.

很明显，我是个超级“粉丝”，但在亚马逊工作的理由确实非常充足。

First, I’m not sure that any company prioritizes customers as relentlessly as we do. Lots of companies say they will; few follow through.

首先，我不确定有没有哪家公司像我们这样坚持不懈地把客户放在首位。很多公司说会这样做，但很少真正做到。

Second, it’s challenging to find a company where you can make a bigger impact on the world than you can at Amazon.

其次，很难找到另一家公司能像亚马逊这样，让你有如此大的影响力去改变世界。

Third, we make significant long-term investments and bets in both inventions and people.

第三，我们在创新和人才上都做出重大、长期的投资。

This allows our teams to iterate on ideas, and make the right long-term decisions for customers and the company.

这使得我们的团队可以不断迭代创意，并为客户和公司做出正确的长期决策。

And, I’ve never encountered a more intelligent, creative, ambitious, hungry, hard-working, and missionary group of teammates than we have at Amazon.

而且，我从未见过比亚马逊团队更聪明、更有创造力、更有雄心、更渴望成功、更努力工作、并具备使命感的同事们。

In my opinion, this is a remarkable set of qualities to have at a company.

在我看来，这是一个公司所能拥有的极其珍贵的特质组合。

And, for builders who want to change the world, and who have fire in their belly, there’s no better place to be than Amazon.

对于那些想改变世界、胸中燃烧着热情的建设者来说，没有比亚马逊更合适的地方了。

We operate like the world’s largest startup in large part because of our culture of Why.

我们之所以像全球最大初创公司一样运作，很大程度上正是因为我们拥有“为什么”的文化。

We don’t always get everything right, and we learn and iterate like crazy.

我们并非事事完美，但我们始终疯狂学习与迭代。

But, we’re constantly choosing to prioritize customers, delivery, invention, ownership, speed, scrappiness, curiosity, and building a company that outlasts us all.

但我们始终坚持优先考虑客户、交付能力、创新、主人翁精神、速度、拼劲、好奇心，以及建设一家能够超越我们自身、长久发展的公司。

It remains Day One.

这依然是“第一天”。

Sincerely,

Andy Jassy

President and Chief Executive Officer

Amazon.com, Inc.

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2025-04-10 Andy Jassy’s Letters to Amazon Shareholders

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