{"slug":"alibaba","name":"알리바바","name_en":"Alibaba Group","ticker":"BABA","updated_at":"2026-07-12T04:45:40.55731+00:00","canonical":"https://valuechain.wiki/alibaba","citable":"밸류체인 그래프 기준 알리바바의 직접 연결 기업은 4곳(관계 기준 공급 1·매출 3)이고, 사슬을 2차까지 넓히면 38곳에 닿는다. 링크의 근거 출처는 14건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Alibaba Group is directly linked to 4 companies (1 supply, 3 revenue relationships) and reaches 38 companies within two hops; the links are backed by 14 dated sources, 3 of them primary filings (as of 2026-07-12).","kicker":"이커머스 · 클라우드 · AI","kicker_en":"E-commerce · Cloud · AI","lead":"알리바바는 타오바오와 티몰을 중심으로 한 중국 최대 이커머스 기업으로, 클라우드와 물류(차이냐오), 해외 커머스까지 아우른다. 2025년 3월 마감 회계연도 매출은 9,963억 위안으로 6% 늘었고, 클라우드 부문의 AI 관련 제품 매출은 7개 분기 연속 세 자릿수 성장을 기록했다. 회사는 향후 3년간 3,800억 위안을 클라우드와 AI 인프라에 투자한다고 밝혔다.","lead_en":"Alibaba is China's largest e-commerce company built around Taobao and Tmall, spanning cloud computing, Cainiao logistics and international commerce. Revenue for the fiscal year ended March 2025 rose 6% to RMB 996.3 billion, and AI-related product revenue in the cloud segment posted triple-digit growth for a seventh consecutive quarter. The company plans to invest over RMB 380 billion in cloud and AI infrastructure over the next three years.","segments":{"parts":[{"desc":"핵심 캐시카우 — 그룹 이익(조정 EBITA)의 사실상 전부를 버는 중국 커머스 축","name":"타오바오·티몰 그룹","share":"45.1%"},{"name":"기타(순아트·프레시포·알리헬스 등)","share":"20.7%"},{"desc":"최대 성장 부문(+29%) — 알리익스프레스·트렌디올 중심 해외 커머스","name":"국제 디지털 커머스(알리익스프레스·트렌디올)","share":"13.3%"},{"desc":"AI 매출 7분기 연속 세 자릿수 — 3,800억 투자로 키우는 성장 축","name":"클라우드 인텔리전스","share":"11.8%"},{"name":"차이냐오 스마트 물류","share":"10.2%"},{"name":"로컬 서비스(어러머·가오더)","share":"6.7%"},{"name":"디지털 미디어·엔터테인먼트","share":"2.2%"}],"total":"RMB 996,347백만 (FY2025, 2025년 3월 마감, 전년 대비 +6%)","concentration":"타오바오·티몰이 매출의 45%를 차지하고 그룹 이익(조정 EBITA)의 사실상 전부를 담당. 부문 비중은 내부거래 상계 전 기준이라 합산이 100%를 넘는다. 성장 축은 클라우드(AI 매출 7개 분기 연속 세 자릿수)와 국제 커머스(+29%)로 이동 중."},"segments_en":{"parts":[{"desc":"The core cash cow — the China commerce axis earning effectively all of group adjusted EBITA","name":"Taobao and Tmall Group","share":"45.1%"},{"name":"All others (Sun Art, Freshippo, Alibaba Health)","share":"20.7%"},{"desc":"The fastest-growing segment (+29%) — international commerce led by AliExpress and Trendyol","name":"International Digital Commerce (AliExpress, Trendyol)","share":"13.3%"},{"desc":"Cloud AI revenue triple-digit for seven straight quarters — the growth axis funded by the RMB 380B investment","name":"Cloud Intelligence Group","share":"11.8%"},{"name":"Cainiao Smart Logistics","share":"10.2%"},{"name":"Local Services (Ele.me, Amap)","share":"6.7%"},{"name":"Digital Media and Entertainment","share":"2.2%"}],"total":"RMB 996,347 million (FY2025 ended March 2025, +6% YoY)","concentration":"Taobao and Tmall generate 45% of revenue and effectively all of group adjusted EBITA. 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Systems","tier":3,"returns_yearly":null}],"analysis":"타오바오·티몰을 축으로 클라우드·물류(차이냐오)·해외 커머스를 아우르는 중국 최대 이커머스로, 핵심 커머스가 그룹 이익의 사실상 전부를 벌고 성장은 클라우드·국제로 이동 중이다. 논지의 핵심은 AI 클라우드 전환 — 클라우드 AI 매출이 7개 분기 연속 세 자릿수 성장했고, 향후 3년 3,800억 위안을 클라우드·AI 인프라에 투자해 이 축을 키운다(그 지출로 FY2025 잉여현금흐름 53% 감소). 리스크는 중국 소비 둔화·규제와 H20 수출규제(자체 T-헤드 칩으로 대체)이며, 그래프상 이 회사는 위로 애플(중국 아이폰 AI)·LVMH·킹소프트에 Qwen을 파는 AI 공급자이자, 아래로 엔비디아·데이터센터 공급망에 투자하는 양방향 허브다.","analysis_en":"China's largest e-commerce built around Taobao and Tmall, spanning cloud, Cainiao logistics and international commerce, where the core commerce earns effectively all of group profit while growth shifts to cloud and international. The thesis is the AI-cloud transition — cloud AI revenue grew triple digits for seven straight quarters, and it is investing RMB 380B over three years in cloud/AI infrastructure to build this axis (spending that cut FY2025 free cash flow 53%). Risks are China consumer softness and regulation plus H20 export controls (substituting its own T-Head chip), and in graph terms it is a two-way hub — an AI supplier selling Qwen up to Apple (China iPhone AI), LVMH and Kingsoft, and a buyer investing down into NVIDIA and the data-center supply chain.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"중국 이커머스 소비자·판매자 (타오바오·티몰 집계)","counterparty_slug":null,"confidence":"high","metric":{"type":"segment_revenue","unit":"RMB M","as_of":"2025-03-31","value":449827,"period":"FY2025"},"note":"핵심 캐시카우. FY2025 타오바오·티몰 그룹 매출 RMB 449,827백만(+3%) 중 중국 리테일이 RMB 425,526백만이며, 판매자가 내는 광고·수수료(고객관리수익)가 연간 6% 성장했다.","note_en":"The core cash cow. Of FY2025 Taobao and Tmall Group revenue of RMB 449,827M (+3%), China commerce retail was RMB 425,526M, with merchant-paid customer management revenue up 6%.","sources":[{"stance":"mentions","publisher":"바클레이즈(Investing.com 인용)","publisher_en":"Barclays (via Investing.com)","kind":"research","lang":"ko","published_at":"2026-05-20","url":"https://kr.investing.com/news/analyst-ratings/article-93CH-1944318","title":"바클레이즈, 클라우드 성장에 알리바바 목표주가 $195로 상향(비중확대)","title_en":"Barclays raises Alibaba target to $195 on cloud growth (Overweight)","excerpt":"핵심 커머스 캐시카우 위에 클라우드·AI 성장으로 재평가 논지","excerpt_en":"Re-rating thesis of cloud/AI growth atop the core-commerce cash cow"},{"stance":"confirms","publisher":"SEC EDGAR (알리바바)","publisher_en":"SEC EDGAR (Alibaba Group)","kind":"filing","lang":"en","published_at":"2025-06-26","url":"https://www.sec.gov/Archives/edgar/data/1577552/000095017025090161/baba-20250331.htm","title":"알리바바 FY2025 연차보고서 (20-F)","title_en":"Alibaba Group Annual Report FY2025 (Form 20-F)","excerpt":"2025년 3월 31일 종료 회계연도 감사 재무제표로 타오바오·티몰 부문 매출 구조 확정.","excerpt_en":"Annual report confirming Taobao/Tmall segment revenue in audited financial statements."},{"stance":"confirms","publisher":"SEC EDGAR (알리바바)","publisher_en":"SEC EDGAR (Alibaba Group)","kind":"filing","lang":"en","published_at":"2025-05-15","url":"https://www.sec.gov/Archives/edgar/data/1577552/000110465925049400/tm2515233d1_ex99-1.htm","title":"알리바바 FY2025 실적 (6-K)","title_en":"Alibaba FY2025 Results (6-K)","excerpt":"Revenue from our China commerce retail business in fiscal year 2025 was RMB425,526 million, an increase of 3%. Customer management revenue increased by 6% year-over-year.","excerpt_en":"China commerce retail revenue was RMB425,526 million in FY2025 (+3%); customer management revenue rose 6% YoY."}]},{"direction":"cost","counterparty":"AI·클라우드 데이터센터 공급망 (집계)","counterparty_slug":null,"confidence":"high","metric":{"type":"capex_plan","unit":"RMB M","as_of":"2025-02-24","value":380000,"period":"2025-2028"},"note":"2025년 2월 향후 3년 클라우드·AI 인프라에 RMB 3,800억+ 투자 발표(지난 10년 누적 초과, 중국 민간 최대). 이 지출로 FY2025 잉여현금흐름 53% 감소(RMB 73,870백만).","note_en":"Announced Feb 2025: RMB 380B+ into cloud/AI infrastructure over three years, exceeding the past decade's cumulative spend; FY2025 free cash flow fell 53% to RMB 73,870M on this expenditure.","sources":[{"stance":"confirms","publisher":"SEC EDGAR (알리바바)","publisher_en":"SEC EDGAR (Alibaba Group)","kind":"filing","lang":"en","published_at":"2025-05-15","url":"https://www.sec.gov/Archives/edgar/data/1577552/000110465925049400/tm2515233d1_ex99-1.htm","title":"알리바바 FY2025 실적 (6-K)","title_en":"Alibaba FY2025 Results (6-K)","excerpt":"Free cash flow was RMB73,870 million, a decrease of 53%, mainly attributed to the increase in our cloud infrastructure expenditure.","excerpt_en":"Free cash flow fell 53% to RMB73,870 million on increased cloud infrastructure expenditure."},{"stance":"confirms","publisher":"알리바바그룹","publisher_en":"Alibaba Group","kind":"ir","lang":"en","published_at":"2025-02-24","url":"https://www.alibabagroup.com/en-US/document-1830678592242057216","title":"알리바바, 3년간 AI·클라우드 인프라 3,800억 위안 투자","title_en":"Alibaba to Invest RMB380 billion in AI and Cloud Infrastructure Over Next Three Years","excerpt":"향후 3년간 클라우드·AI 하드웨어 인프라에 RMB 3,800억 이상 투자, 지난 10년 총지출을 초과.","excerpt_en":"More than RMB380 billion over three years, surpassing total spending in this area over the past decade."}]},{"direction":"revenue","counterparty":"해외 커머스 소비자 (알리익스프레스·트렌디올 집계)","counterparty_slug":null,"confidence":"high","metric":{"type":"segment_revenue","unit":"RMB M","as_of":"2025-03-31","value":132300,"period":"FY2025"},"note":"국제 디지털 커머스는 FY2025 매출 RMB 132,300백만으로 29% 성장한 최대 성장 부문. 국제 리테일 RMB 108,465백만(+33%)을 알리익스프레스·트렌디올이 견인.","note_en":"International Digital Commerce grew 29% to RMB 132,300M in FY2025; international retail was RMB 108,465M (+33%), driven by AliExpress and Trendyol.","sources":[{"stance":"confirms","publisher":"SEC EDGAR (알리바바)","publisher_en":"SEC EDGAR (Alibaba Group)","kind":"filing","lang":"en","published_at":"2025-05-15","url":"https://www.sec.gov/Archives/edgar/data/1577552/000110465925049400/tm2515233d1_ex99-1.htm","title":"알리바바 FY2025 실적 (6-K)","title_en":"Alibaba FY2025 Results (6-K)","excerpt":"Revenue from our International commerce retail business in fiscal year 2025 was RMB108,465 million, an increase of 33%, primarily driven by AliExpress and Trendyol.","excerpt_en":"International commerce retail revenue was RMB108,465 million (+33%), driven by AliExpress and Trendyol."}]},{"direction":"revenue","counterparty":"클라우드 고객 (기업·개발자 집계)","counterparty_slug":null,"confidence":"high","metric":{"type":"segment_revenue","unit":"RMB M","as_of":"2025-03-31","value":118028,"period":"FY2025"},"note":"클라우드 인텔리전스 FY2025 매출 RMB 118,028백만(+11%), 조정 EBITA +72%. AI 관련 제품 매출 7개 분기 연속 세 자릿수 성장, 2025년 3월 분기 성장률 18%로 가속.","note_en":"Cloud Intelligence revenue RMB 118,028M (+11%) with adjusted EBITA up 72%; AI-related product revenue grew triple digits for seven straight quarters, with March-quarter growth accelerating to 18%.","sources":[{"stance":"mentions","publisher":"바클레이즈(Investing.com 인용)","publisher_en":"Barclays (via Investing.com)","kind":"research","lang":"ko","published_at":"2026-05-20","url":"https://kr.investing.com/news/analyst-ratings/article-93CH-1944318","title":"바클레이즈, 클라우드 성장에 알리바바 목표주가 $195로 상향(비중확대)","title_en":"Barclays raises Alibaba target to $195 on cloud growth (Overweight)","excerpt":"바클레이즈 비중확대·목표가 $195; 알리클라우드 3월 분기 +38%, AI ARR 연말 300억위안 목표","excerpt_en":"Barclays Overweight, target $195; AliCloud +38% in the March quarter, AI ARR targeting RMB 30bn by year-end"},{"stance":"confirms","publisher":"SEC EDGAR (알리바바)","publisher_en":"SEC EDGAR (Alibaba Group)","kind":"filing","lang":"en","published_at":"2025-05-15","url":"https://www.sec.gov/Archives/edgar/data/1577552/000110465925049400/tm2515233d1_ex99-1.htm","title":"알리바바 FY2025 실적 (6-K)","title_en":"Alibaba FY2025 Results (6-K)","excerpt":"Revenue from Cloud Intelligence Group was RMB118,028 million in fiscal year 2025, an increase of 11%. AI-related product revenue achieved triple-digit growth for the seventh consecutive quarter.","excerpt_en":"Cloud Intelligence Group revenue was RMB118,028 million (+11%); AI-related product revenue grew triple digits for a seventh consecutive quarter."}]},{"direction":"investment","counterparty":"앤트그룹 (지분 약 33%)","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","value":33,"period":"앤트그룹 지분","qualifier":"equity_method"},"note":"알리페이 운영사 앤트그룹의 약 33% 지분을 지분법으로 보유 — 2019년 기존 이익공유권(세전이익의 37.5%)을 직접 지분 33%로 전환했다. 앤트는 결제·핀테크에서 알리바바 커머스 생태계의 전략적 파트너이자, 규제 리스크와 지분법 손익이 그룹 실적에 반영되는 축이다.","note_en":"Holds ~33% of Ant Group (Alipay's operator) under the equity method — in 2019 it converted a prior profit-share right (37.5% of pre-tax profit) into a direct 33% stake. Ant is a strategic partner to Alibaba's commerce ecosystem in payments and fintech, and its regulatory risk and equity-method results feed into the group's earnings.","sources":[{"stance":"confirms","publisher":"美 SEC 공시","publisher_en":"SEC filing","kind":"filing","lang":"en","published_at":"2019-09-23","url":"https://www.sec.gov/Archives/edgar/data/1577552/000110465918005686/a18-5168_2ex99d2.htm","title":"알리바바, 앤트그룹 33% 지분 취득 합의(이익공유권 전환)","title_en":"Alibaba agrees to 33% equity stake in Ant (profit-share conversion)","excerpt":"이익공유권을 앤트 지분 약 33%로 전환(2019.9)","excerpt_en":"Converted profit-share right into ~33% Ant equity stake (Sep 2019)"}]},{"direction":"revenue","counterparty":"LVMH (티몰·클라우드 AI)","counterparty_slug":"lvmh","confidence":"high","metric":{"type":"partnership","unit":null,"as_of":"2024-05-22","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"티몰 럭셔리 파빌리온에 LVMH 산하 약 30개 메종 입점, 2024년 5월 파트너십 확장으로 세포라·DFS 포함 30개+ 브랜드에 알리바바클라우드 생성형 AI(Qwen) 적용. 금액 비공개.","note_en":"About 30 LVMH maisons sell on Tmall Luxury Pavilion; the May 2024 extended partnership deploys Alibaba Cloud generative AI (Qwen) across 30+ brands including Sephora APAC and DFS. Value undisclosed.","sources":[{"stance":"confirms","publisher":"LVMH","publisher_en":"LVMH","kind":"ir","lang":"en","published_at":"2024-05-22","url":"https://www.lvmh.com/en/news-lvmh/lvmh-redefines-luxury-retail-experience-in-china-with-a-new-extended-partnership-with-alibaba","title":"LVMH, 알리바바와 확장 파트너십","title_en":"LVMH redefines Luxury Retail Experience in China with Alibaba","excerpt":"약 30개 메종이 티몰 럭셔리 파빌리온과 협력하며 알리바바 클라우드 기술로 중국 럭셔리 경험을 강화.","excerpt_en":"Around 30 maisons partner with Tmall Luxury Pavilion, leveraging Alibaba's cloud technologies."},{"stance":"confirms","publisher":"WWD","publisher_en":"WWD","kind":"news","lang":"en","published_at":"2024-05-22","url":"https://wwd.com/business-news/technology/lvmh-alibaba-group-ai-partnership-1236393763/","title":"LVMH, 알리바바와 중국 AI 파트너십 확장","title_en":"LVMH Extends Partnership With Alibaba Group to Deploy AI in China","excerpt":"세포라 APAC·DFS 포함 30개 이상 브랜드를 포괄하며 LVMH는 Qwen 등 생성형 AI 도입을 시작했다.","excerpt_en":"Covers 30+ brands including Sephora APAC and DFS; LVMH began incorporating Alibaba Cloud's Qwen."}]},{"direction":"cost","counterparty":"엔비디아 (H20)","counterparty_slug":"nvidia","confidence":"mid","metric":{"type":"chip_orders","unit":"USD B","as_of":"2025-04-02","value":16,"period":"2025Q1","qualifier":"combined_with_bytedance_tencent"},"note":"바이트댄스·텐센트와 함께 2025년 1분기 H20 칩 합산 160억달러+ 선주문한 주요 구매자. 2025년 4월 수출허가제 이후 자회사 T-헤드의 자체 AI 칩(PPU)으로 대체 병행. 단독 구매액 비공개.","note_en":"A major buyer that, with ByteDance and Tencent, placed $16B+ combined H20 orders in Q1 2025; after April 2025 export licensing, Alibaba accelerates substitution with its T-Head PPU chip. Standalone amount undisclosed.","sources":[{"stance":"mentions","publisher":"AI타임스","publisher_en":"AI Times","kind":"news","lang":"ko","published_at":"2025-09-17","url":"https://www.aitimes.com/news/articleView.html?idxno=202532","title":"CCTV \"알리바바 자체 AI 칩, 엔비디아 H20과 동등\"","title_en":"CCTV: Alibaba's in-house AI chip on par with Nvidia's H20","excerpt":"알리바바 T-헤드가 H20 GPU와 맞먹는 AI 칩 'PPU'를 개발했다고 CCTV가 보도, 수출규제 이후 자체 칩 대체가 진행 중이다.","excerpt_en":"Alibaba's T-Head developed the PPU chip comparable to the H20 as substitution proceeds after US export curbs."},{"stance":"confirms","publisher":"Tech Startups","publisher_en":"Tech Startups","kind":"news","lang":"en","published_at":"2025-04-02","url":"https://techstartups.com/2025/04/02/chinese-tech-firms-bytedance-alibaba-and-tencent-rush-to-order-nvidias-h20-ai-chips-amid-looming-u-s-ban/","title":"중국 테크 기업들, H20 칩 160억달러 주문 러시","title_en":"Chinese tech firms rush to order $16B in Nvidia's H20 AI chips","excerpt":"Chinese companies including ByteDance, Alibaba Group and Tencent Holdings placed at least $16 billion in orders for Nvidia's H20 server chips in the first three months of the year.","excerpt_en":"ByteDance, Alibaba and Tencent placed at least $16 billion in H20 orders in Q1 2025."}]},{"direction":"cost","counterparty":"ZTO익스프레스 (중통택배)","counterparty_slug":null,"confidence":"mid","metric":{"type":"equity_investment","unit":"USD B","as_of":"2018-05-29","value":1.38,"period":"2018"},"note":"타오바오·티몰 물량 상당 부분을 배송하는 차이냐오 핵심 물류 파트너. 2018년 알리바바·차이냐오가 13.8억달러로 약 10% 지분 확보. 택배비는 판매자 부담이 많아 직접 비용 흐름은 부분적.","note_en":"Core Cainiao logistics partner delivering a large share of Taobao/Tmall parcels; Alibaba and Cainiao took ~10% for US$1.38B in 2018. Much delivery fee is merchant-borne, so the direct cost flow is partial.","sources":[{"stance":"confirms","publisher":"PR Newswire (ZTO)","publisher_en":"PR Newswire (ZTO Express)","kind":"ir","lang":"en","published_at":"2018-05-29","url":"https://www.prnewswire.com/news-releases/alibaba-and-cainiao-make-strategic-investment-in-zto-express-300655637.html","title":"알리바바·차이냐오, ZTO에 전략적 투자","title_en":"Alibaba and Cainiao Make Strategic Investment in ZTO Express","excerpt":"알리바바·차이냐오가 ZTO에 13.8억달러를 투자해 약 10% 지분을 확보.","excerpt_en":"Alibaba and Cainiao invest US$1.38 billion in ZTO for an approximately 10% equity stake."},{"stance":"confirms","publisher":"CNBC","publisher_en":"CNBC","kind":"news","lang":"en","published_at":"2018-05-29","url":"https://www.cnbc.com/2018/05/29/alibaba-leads-consortium-in-1-point-4-billion-deal-for-stake-in-chinese-courier-zto.html","title":"알리바바 컨소시엄, ZTO 지분 14억달러 인수","title_en":"Alibaba leads consortium in $1.4 billion deal for ZTO stake","excerpt":"알리바바가 이끄는 컨소시엄이 ZTO 지분 약 10%를 14억달러에 인수했다.","excerpt_en":"An Alibaba-led consortium took ~10% of ZTO for $1.4 billion."}]},{"direction":"revenue","counterparty":"애플 (중국 아이폰 AI)","counterparty_slug":"apple","confidence":"mid","metric":{"type":"partnership","unit":null,"as_of":"2025-02-13","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"애플이 중국 판매 아이폰의 AI 기능 파트너로 알리바바(Qwen 기반)를 선택했다고 차이충신 회장이 공식 확인(2025-02). 규제 심사로 출시 지연, 금액 비공개.","note_en":"Apple chose Alibaba (Qwen-based) as its AI partner for iPhones sold in China, confirmed by Chairman Joe Tsai (Feb 2025); rollout delayed by regulatory review, terms undisclosed.","sources":[{"stance":"confirms","publisher":"CNBC","publisher_en":"CNBC","kind":"news","lang":"en","published_at":"2025-02-13","url":"https://www.cnbc.com/2025/02/13/apple-will-integrate-alibabas-ai-into-iphones-in-china-chairman-joe-tsai-says.html","title":"애플, 중국 아이폰에 알리바바 AI 통합","title_en":"Apple will integrate Alibaba's AI into iPhones in China, Joe Tsai says","excerpt":"Apple talked to a number of companies in China, and in the end, they chose to do business with us. They want to use our AI to power their phones.","excerpt_en":"Apple talked to a number of companies in China, and in the end, they chose to do business with us. They want to use our AI to power their phones."},{"stance":"confirms","publisher":"경향신문","publisher_en":"Kyunghyang Shinmun","kind":"news","lang":"ko","published_at":"2025-02-12","url":"https://www.khan.co.kr/article/202502121144001","title":"중국 아이폰엔 '알리바바 AI' 들어간다","title_en":"iPhones in China to run Alibaba AI","excerpt":"애플이 중국에서 아이폰에 AI 기능을 탑재하기 위해 알리바바와 협력하고 있으며, 공동 개발한 AI 기능의 규제 승인 신청서를 제출했다.","excerpt_en":"Apple is working with Alibaba to bring AI features to iPhones in China; the co-developed features were submitted for regulatory approval."}]},{"direction":"revenue","counterparty":"킹소프트 오피스","counterparty_slug":"beijing-kingsoft-office-software","confidence":"low","metric":{"terms":"undisclosed","qualifier":"integrated_model_supplier"},"note":"WPS AI Hub에 통의천문(Qwen) 대모델 API 공급(상업조건 미공개).","note_en":"Supplies Tongyi Qianwen (Qwen) LLM API to Kingsoft Office's WPS AI Hub (commercial terms undisclosed).","sources":[{"stance":"mentions","publisher":"InfoQ China","publisher_en":"InfoQ China","kind":"news","lang":"zh","published_at":"2025-01-15","url":"https://www.infoq.cn/article/pg1og0e8kcobqm1r04xw","title":"WPS AI 기업판 — MiniMax·즈푸·바이두 문심 등 다중 대모델 전환 호출","title_en":"WPS AI enterprise: switchable multi-LLM (MiniMax, Zhipu, Baidu Wenxin, etc.)","excerpt":"WPS AI Hub 통합 대모델에 알리바바 통의천문 포함","excerpt_en":"WPS AI Hub integrated models include Alibaba Tongyi Qianwen"}]}]}