How much percent of their ocf are they putting in capex ?

Based on the most recent complete financial data, the percentage of operating cash flow (OCF) being allocated to capital expenditures (capex) varies significantly among the major Chinese hyperscalers:

• 腾讯控股 (Tencent): 26.1% (as of FY2025)
• 阿里巴巴 (Alibaba): 45.7% (as of HY2025, annualized estimate) -4-7
• 百度 (Baidu): Calculating (First half of FY2025 reported OCF was negative) -3-5

Here is the detailed breakdown of the numbers:

1. 腾讯控股 (Tencent): High Profitability, Low Capital Intensity Tencent shows a relatively low capex-to-OCF ratio, characteristic of a mature, high-margin business.

• Data: For the full fiscal year 2025, Tencent reported an Operating Cash Flow of RMB 303.05 billion and Capex of RMB 79.20 billion .
• Result: This means capex consumed about 26.1% of their operational cash generation .
• Context: Despite being low relative to its cash flow, Tencent's capex is still massive in absolute terms and the company has stated it plans to roughly double its AI investment in 2026, signaling a strategic shift toward higher capital intensity .

2. 阿里巴巴 (Alibaba): High Strategic Investment Alibaba is in a higher spending phase, pouring a larger chunk of its cash flow back into infrastructure.

• Data: For the first half of fiscal year 2025 (ended Sep 30, 2025), Alibaba generated RMB 30.77 billion in OCF and spent RMB 51.32 billion on capex -4.
• Result: This puts their capex at approximately 166.7% of their half-year OCF. On an annualized basis (using full-year FY2025 estimates), the figure is roughly 45.7%-4-7.
• Context: This massive spending reflects their strategic focus on scaling cloud and AI capabilities, as cloud revenue growth of 17.7% YoY in early 2025 was directly attributed to rising enterprise AI demand -6.

3. 百度 (Baidu): A Different Financial Profile Baidu's situation is distinct due to cash flow volatility. For the first half of 2025, their OCF was negative RMB 3.0 billion-3-5. A company cannot meaningfully calculate a "percentage of OCF" for capex when OCF is negative.

• Context: However, this is a recent challenge as OCF turned positive in Q3 and Q4 2025, generating RMB 3.9 billion in the second half of the year -3. This turnaround suggests their financial ability to invest is improving.

💡 Context vs. Global Hyperscalers

For perspective on these numbers, it is helpful to compare them to global peers:

• Chinese Hyperscalers: Historically spent ~10-15% of revenue on capex .
• US Hyperscalers (The "Big 5"): More aggressive, spending roughly 25% of their revenue on cash capex .

The data shows Tencent operating a highly efficient model, Alibaba aggressively reinvesting cash flow into growth, and Baidu emerging from a period of operational cash flow recovery.

Would you like to see how these spending levels compare to their actual AI-driven revenue growth?