{"id":3695,"date":"2026-02-06T19:03:49","date_gmt":"2026-02-06T11:03:49","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=717746"},"modified":"2026-02-06T19:03:49","modified_gmt":"2026-02-06T11:03:49","slug":"%e7%be%8e%e5%9b%a2-7-17-%e4%ba%bf%e7%be%8e%e5%85%83%e5%85%a8%e8%b5%84%e6%94%b6%e8%b4%ad%e5%8f%ae%e5%92%9a%e4%b9%b0%e8%8f%9c-%e4%b8%ba2026%e5%8d%b3%e6%97%b6%e9%9b%b6%e5%94%ae%e5%a4%a7%e6%88%98","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=3695","title":{"rendered":"\u7f8e\u56e2 7.17 \u4ebf\u7f8e\u5143\u5168\u8d44\u6536\u8d2d\u53ee\u549a\u4e70\u83dc\u00a0\u4e3a2026\u5373\u65f6\u96f6\u552e\u5927\u6218\u5148\u884c\u5e03\u5c40"},"content":{"rendered":"<p><img src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/02\/8ace99636f7202f27f80e9bdaed9acff_1770376388.png?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/format\/jpg\/thumbnail\/720x429\/gravity\/center\/crop\/!720x429&ext=.png\" alt=\"\u7f8e\u56e2 7.17 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class=\"tag_link\">\u7269\u6d41<\/a>\u4e0e\u524d\u7f6e\u4ed3\u4f53\u7cfb\u7684\u534f\u540c\u5927\u6709\u52a9\u76ca\u3002<\/p>\n<p>\u800c\u7f8e\u56e2\u7684\u6700\u7ec8\u63a5\u624b\uff0c\u4e5f\u88ab\u8ba4\u4e3a\u6709\u7740\u8f83\u5f3a\u7684\u9632\u5fa1\u6027\u610f\u5473\u3002<\/p>\n<p>\u4f46\u4ece\u6839\u672c\u4e0a\u6765\u770b\uff0c\u8fd9\u8fd8\u662f\u4e00\u6b21\u57fa\u4e8e\u4f9b\u7ed9\u4fa7\u7684\u5e03\u5c40\uff0c\u4e5f\u662f\u4e3a\u4eca\u5e74\u590f\u5929\u5373\u5c06\u6765\u4e34\u7684\u65b0\u4e00\u8f6e\u8f83\u91cf\uff0c\u505a\u597d\u51c6\u5907\u3002<\/p>\n<p>\u636e\u89c2\u7814\u5929\u4e0b\u6570\u636e\uff0c2025 \u5e74\u6211\u56fd\u5373\u65f6\u96f6\u552e\u5e02\u573a\u89c4\u6a21\u5df2\u903c\u8fd1\u4e07\u4ebf\u5143\uff0c2030 \u5e74\u6709\u671b\u8fbe\u5230 2 \u4e07\u4ebf\u5143\u3002\u5728 &ldquo;\u4e07\u7269\u5230\u5bb6&rdquo; \u7684\u8d8b\u52bf\u4e0b\uff0c\u751f\u9c9c\u4f5c\u4e3a\u9ad8\u9891\u521a\u9700\u54c1\u7c7b\uff0c\u662f\u64ac\u52a8\u7528\u6237\u6d88\u8d39\u9891\u6b21\u7684\u5173\u952e\u3002<\/p>\n<p>\u800c\u76f8\u8f83\u4e8e\u6b64\u524d\u5355\u7eaf\u7684\u8865\u8d34\u62c9\u52a8\uff0c\u5e03\u5c40\u524d\u7f6e\u4ed3\uff0c\u63d0\u9ad8\u4f9b\u7ed9\u80fd\u529b\uff0c\u662f\u63a8\u52a8\u884c\u4e1a\u5b9e\u73b0\u9ad8\u8d28\u91cf\u53ef\u6301\u7eed\u589e\u957f\u7684\u5fc5\u7ecf\u4e4b\u8def\u3002<\/p>\n<p><strong>\u53ee\u549a\u4e70\u83dc\u7684\u4ef7\u503c<\/strong><\/p>\n<p>\u5728\u5e02\u573a\u770b\u6765\uff0c\u6536\u8d2d\u53ee\u549a\u4e70\u83dc\u7edd\u975e\u7b80\u5355\u7684\u89c4\u6a21\u6269\u5f20\uff0c\u800c\u662f\u7f8e\u56e2\u5bf9\u5373\u65f6\u96f6\u552e\u7684\u4e00\u6b21\u6218\u7565\u5e03\u5c40&mdash;&mdash;\u5373\u5bf9\u524d\u7f6e\u4ed3\u3001\u751f\u9c9c\u4f9b\u5e94\u94fe\u7684\u80fd\u529b\u8865\u5145\uff0c\u4ece\u4f9b\u5e94\u5c42\u9762\uff0c\u6df1\u5316\u81ea\u8eab\u7684\u58c1\u5792\u3002<\/p>\n<p>\u4ece\u524d\u7f6e\u4ed3<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e8%b5%84%e6%ba%90\" title=\"View all posts in \u8d44\u6e90\" target=\"_blank\" class=\"tag_link\">\u8d44\u6e90<\/a>\u6765\u770b\uff0c\u6536\u8d2d\u5b8c\u6210\u540e\uff0c\u7f8e\u56e2\u7cfb\u524d\u7f6e\u4ed3\u603b\u6570\u5c06\u903c\u8fd1 2000 \u4e2a\u30022025\u5e74\u4e09\u5b63\u5ea6\uff0c\u7f8e\u56e2\u7cfb\u524d\u7f6e\u4ed3\u5728\u53ee\u549a\u4e70\u83dc&ldquo;\u5927\u672c\u8425&rdquo;\u5730\u533a\u7684\u4e0a\u6d77\u3001\u6c5f\u6d59\u533a\u57df\uff0c\u5176GMV\u5206\u522b\u540c\u6bd4\u589e\u957f 24.5% \u548c 40%\uff0c\u4e0a\u6d77\u5355\u65e5\u4ed3\u5747\u5355\u91cf\u63a5\u8fd1 1700 \u5355\u3002\u8fd9\u5bf9\u4e8e\u7f8e\u56e2\u5c0f\u8c61\u8d85\u5e02\u6765\u8bf4\u662f\u4e2a\u6709\u529b\u7684\u8865\u5145\uff0c\u4e5f\u4e3a\u7f8e\u56e2\u5907\u6218 2026 \u5e74\u590f\u5b63\u5373\u65f6\u96f6\u552e\u5927\u6218\u4e89\u53d6\u4e86\u5b9d\u8d35\u65f6\u95f4\uff0c\u6709\u671b\u5c06\u5176\u5728\u534e\u4e1c\u5e02\u573a\u7684\u4efd\u989d\u63d0\u5347\u81f3 80%\u3002<\/p>\n<p>\u5728\u751f\u9c9c\u4f9b\u5e94\u94fe\u80fd\u529b\u5c42\u9762\uff0c\u53ee\u549a\u4e70\u83dc\u516b\u5e74\u6253\u78e8\u7684\u5782\u76f4\u4e00\u4f53\u5316\u4f53\u7cfb\uff0c\u4e5f\u6709\u52a9\u4e8e\u7f8e\u56e2\u8865\u9f50\u751f\u9c9c\u54c1\u7c7b\u4e0a\u7684\u77ed\u677f\u3002\u636e\u6089\uff0c\u76ee\u524d\u53ee\u549a\u4e70\u83dc85%\u4ee5\u4e0a\u751f\u9c9c\u5b9e\u73b0\u6e90\u5934\u76f4\u91c7\uff0c\u53ee\u549a\u4e70\u83dc\u751f\u9c9c\u519c\u4ea7\u54c1\u5360 GMV \u7684 60%-70%\uff0c\u62e5\u670912\u5bb6\u81ea\u8425\u5de5\u5382\u53ca2\u5bb6\u81ea\u8425\u519c\u573a\uff0c\u65d7\u4e0b\u9ed1\u732a\u8089\u5360\u732a\u8089\u6d88\u8d39\u6bd4\u91cd\u8d8537%\uff0c\u6709\u673a\u83dc\u3001\u4f4eGI\u5546\u54c1\u7b49\u5065\u5eb7\u54c1\u7c7b\u540c\u6bd4\u589e\u957f\u5747\u8d8530%\uff0c\u706b\u9505\u5feb\u624b\u83dc\u51ac\u5b63\u540c\u6bd4\u589e\u957f\u8fbe28%\u3002<\/p>\n<p>\u4f5c\u4e3a\u7ecf\u5386\u8fc7\u751f\u9c9c\u7535\u5546\u884c\u4e1a\u8c03\u6574\u671f\u7684\u73a9\u5bb6\uff0c\u53ee\u549a\u4e70\u83dc\u662f\u5c11\u6570\u8dd1\u901a\u6a21\u578b\u7684\u751f\u9c9c\u524d\u7f6e\u4ed3\u516c\u53f8\u4e4b\u4e00\u3002<\/p>\n<p>2022\u5e74\uff0c\u6bcf\u65e5\u4f18\u9c9c\u7684\u5d29\u76d8\uff0c\u63ed\u5f00\u4e86\u751f\u9c9c\u7535\u5546\u884c\u4e1a\u7684\u7a9f\u7abf\uff0c\u4e5f\u4e3a\u6574\u4e2a\u884c\u4e1a\u6572\u54cd\u4e86\u8b66\u949f\u3002\u884c\u4e1a\u73a9\u5bb6\u4e0d\u518d\u76f2\u76ee\u8ffd\u6c42\u6269\u5927\u89c4\u6a21\uff0c\u8f6c\u5411\u4ee5\u964d\u672c\u589e\u6548\u4e3a\u6838\u5fc3\u7684\u7ecf\u8425\u6a21\u5f0f\u3002<\/p>\n<p>\u4e3a\u4e86\u6536\u7f29\u6218\u7ebf\uff0c\u964d\u4f4e\u4e8f\u635f\uff0c\u53ee\u549a\u4e70\u83dc\u9646\u7eed\u9000\u51fa\u4f4e\u6548\u533a\u57df\uff0c\u5c06\u8fd0\u8425\u91cd\u5fc3\u96c6\u4e2d\u5728\u6c5f\u6d59\u6caa\u7b49\u6838\u5fc3\u5e02\u573a\uff0c\u901a\u8fc7\u533a\u57df\u805a\u7126\u4e0e\u6548\u7387\u4f18\u5316\uff0c\u516c\u53f8\u7ecf\u8425\u72b6\u51b5\u9010\u6b65\u6539\u5584\u30022022\u5e74\u7b2c\u56db\u5b63\u5ea6\uff0c\u516c\u53f8\u5b9e\u73b0\u4e86\u5355\u5b63\u5ea6\u5168\u9762\u76c8\u5229\u3002<\/p>\n<p>2024\u5e74\uff0c\u53ee\u549a\u4e70\u83dc\u9996\u6b21\u5b9e\u73b0\u4e86\u5168\u5e74GAAP\u6807\u51c6\u4e0b\u7684\u76c8\u5229\uff0c\u5b9e\u73b0\u51c0\u5229\u6da64.2\u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f8\u500d\u4ee5\u4e0a\u30022025\u5e74\u524d\u4e09\u5b63\u5ea6\uff0c\u516c\u53f8\u7684\u51c0\u5229\u6da6\u90fd\u4e3a\u6b63\u3002\u622a\u81f32025\u5e74Q3\uff0c\u53ee\u549a\u4e70\u83dc\u5df2\u7ecf\u5b9e\u73b0\u4e86\u8fde\u7eed\u5341\u4e8c\u4e2a\u5b63\u5ea6Non-GAAP\u6807\u51c6\u4e0b\u7684\u76c8\u5229\u548c\u8fde\u7eed\u4e03\u4e2a\u5b63\u5ea6GAAP\u6807\u51c6\u4e0b\u7684\u76c8\u5229\u3002<\/p>\n<p>\u4e0d\u8fc7\uff0c\u867d\u7136\u7f8e\u56e2\u65d7\u4e0b\u5c0f\u8c61\u8d85\u5e02\u53d1\u5c55\u8def\u5f84\u4e0e\u53ee\u549a\u4e70\u83dc\u786e\u7acb\u7684&ldquo;4G&rdquo;\u6218\u7565\u9ad8\u5ea6\u5951\u5408\u3002\u4f46\u662f\u5bf9\u4e8e\u4ee5\u5927\u4ed3\u578b\u3001\u5168\u54c1\u7c7b\u5e03\u5c40\u4e3a\u6838\u5fc3\uff0c\u8986\u76d6\u5168\u56fd\u591a\u57ce\u7684\u5c0f\u8c61\u8d85\u5e02\u6765\u8bf4\uff0c\u5982\u4f55\u4e0e\u4ee5\u5c0f\u4ed3\u578b\u3001\u751f\u9c9c\u9ad8\u9891\u4e3a\u7279\u8272\uff0c\u6df1\u8015\u957f\u4e09\u89d2\u533a\u57df\u7684\u53ee\u549a\u4e70\u83dc\u5f62\u6210\u534f\u540c\u4e92\u8865\uff0c\u4ecd\u7136\u8981\u753b\u4e2a\u95ee\u53f7\u3002<\/p>\n<p><strong>\u57fa\u7840\u8bbe\u65bd\u4e4b\u6218<\/strong><\/p>\n<p>2026\u5e74\u5f00\u5e74\u7684\u8fd9\u573a\u5927\u624b\u7b14\u6536\u8d2d\uff0c\u4e5f\u9884\u793a\u7740\u8fd9\u5c06\u662f\u5373\u65f6\u96f6\u552e\u9886\u57df\u7ade\u4e89\u6108\u53d1\u767d\u70ed\u5316\u7684\u4e00\u5e74\u3002\u800c\u4ece\u5404\u5927\u5934\u90e8\u9009\u624b\u7684\u5bc6\u96c6\u4e3e\u52a8\u4e2d\uff0c\u53ef\u4ee5\u770b\u5230\uff0c\u5bf9\u4e8e\u57fa\u7840\u8bbe\u65bd\u7684\u91cd\u89c6\uff0c\u6216\u5c06\u6210\u4e3a\u4e0b\u4e00\u9636\u6bb5\u7684\u91cd\u70b9\u3002<\/p>\n<p>2025 \u5e74 12 \u6708\uff0c\u6dd8\u5b9d\u95ea\u8d2d\u5f00\u59cb\u63a8\u8fdb\u5929\u732b\u8d85\u5e02\u524d\u7f6e\u4ed3\uff08\u732b\u8d85\u4ed3\uff09\u7684\u5efa\u8bbe\uff0c\u4e13\u95e8\u670d\u52a1\u4e8e\u6dd8\u5b9d\u95ea\u8d2d\u573a\u666f\uff0c\u5e76\u5c06\u6b64\u524d\u7528\u4e8e\u7535\u5546<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e5%bf%ab%e9%80%92\" title=\"View all posts in \u5feb\u9012\" target=\"_blank\" class=\"tag_link\">\u5feb\u9012<\/a>\u6b21\u65e5\u8fbe\u7684\u9884\u7b97\u66f4\u591a\u8f6c\u5411\u4e86\u524d\u7f6e\u4ed3<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e6%8a%95%e8%b5%84\" title=\"View all posts in \u6295\u8d44\" target=\"_blank\" class=\"tag_link\">\u6295\u8d44<\/a>\uff0c\u5df2\u7ecf\u8986\u76d6\u7ea6 30 \u4e2a\u57ce\u5e02\uff0c\u9664\u4e86\u6ee1\u8db3\u5929\u732b\u8d85\u5e02\u81ea\u8425\u4f9b\u7ed9\u5916\uff0c\u732b\u8d85\u4ed3\u4e5f\u5411\u7b2c\u4e09\u65b9\u5546\u5bb6\u5f00\u653e\u5165\u9a7b\u3002<\/p>\n<p>\u636e<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e5%aa%92%e4%bd%93\" title=\"View all posts in \u5a92\u4f53\" target=\"_blank\" class=\"tag_link\">\u5a92\u4f53<\/a>\u62a5\u9053\uff0c\u76d2\u9a6c\u76ee\u524d\u5df2\u7ecf\u62e5\u6709 200 \u4e2a\u524d\u7f6e\u4ed3\uff0c\u5e76\u5c06\u5728 2026 \u5e74\u81f3\u5c11\u518d\u5f00\u51fa 100 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href=\"https:\/\/www.alphaseek.cn\/?tag=%e4%b8%ad%e5%9b%bd%e7%bb%8f%e6%b5%8e\" title=\"View all posts in \u4e2d\u56fd\u7ecf\u6d4e\" target=\"_blank\" class=\"tag_link\">\u4e2d\u56fd\u7ecf\u6d4e<\/a>\u7684\u6df1\u5ea6\u5206\u6790\u4e0e\u72ec\u5bb6\u6d1e\u5bdf\uff0c\u6b22\u8fce\u8bbf\u95ee <a href=\"https:\/\/www.barrons.com.cn\/\">Barron's\u5df4\u4f26\u4e2d\u6587\u7f51\u5b98\u65b9\u7f51\u7ad9<\/a><\/p>\n<p>(\u6765\u6e90\uff1a\u949b\u5a92\u4f53)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>2\u67085\u65e5\uff0c\u7f8e\u56e2\u5728\u9999\u6e2f\u8054\u4ea4\u6240\u53d1\u5e03\u516c\u544a\uff0c\u5c06\u4ee5\u7ea67.17\u4ebf\u7f8e\u5143(\u7ea6\u5408\u4eba\u6c11\u5e0149.8\u4ebf\u5143)\u7684\u521d\u59cb\u5bf9\u4ef7\uff0c\u5b8c\u6210\u5bf9\u53ee\u549a\u4e70\u83dc\u4e2d 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