Chinese internet companies recently released their 2024 financial reports. Xinhua News, the official state news agency of the People’s Republic of China, reported that AI technology stood out as a key driver of growth.
- Tencent has accelerated AI integration across its businesses, using a “self-developed + open-source” strategy to boost products like Tencent Yuanbao and Tencent Docs.
- Baidu’s Smart Cloud drove core business growth, with Q4 2024 revenue up 26 percent year-over-year.
- Alibaba Cloud’s external commercial revenue rose 11 percent in Q4 2024, and its AI product revenue has seen triple-digit growth for six consecutive quarters.
- Meituan invested 21.1 billion yuan (US$ 2.9 billion) in 2024 under its “Retail + Technology” strategy. JD.com has invested nearly 140 billion yuan in R&D since 2017, focusing on AI to improve supply chain and warehousing efficiency.
According to Li Mingtao of the China International E-commerce Center, Chinese companies are expanding AI development and application across areas like search, media editing, health, customer service, and supply chain. AI is also driving upgrades in industrial internet, with applications in production planning, inventory, remote control, and personalized services becoming the norm.
Source: Xinhua, April 30, 2025
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