![\"\u82e6\u7b49\u5341\u4f59\u8f7d\u9996\u5ea6\u76c8\u5229\uff0c\u674e\u658c\u7ec8\u4e8e\u201c\u71ac\u51fa\u5934\u4e86\u201d\uff1f\"](\"https:\/\/x0.ifengimg.com\/ucms\/2026_07\/8FC42B0BAD16BBB764C460B4164694D29DD30AAF_size202_w537_h358.png\")
<\/p>\n
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\u5929\u773c\u67e5\u663e\u793a\uff0c\u851a\u6765\u4e8e2014\u5e74\u6210\u7acb\uff0c\u968f\u540e\u57282018\u5e74\u6210\u529f\u767b\u9646\u7ebd\u4ea4\u6240\uff0c\u5e76\u4e8e2022\u5e74\u5706\u6ee1\u5b8c\u6210\u5728\u9999\u6e2f\u53ca\u65b0\u52a0\u5761\u4e09\u5730\u7684\u4e0a\u5e02<\/a>\u5e03\u5c40\uff0c\u6784\u5efa\u8d77\u591a\u5143\u5316\u7684\u8d44\u672c\u5e02\u573a\u7248\u56fe\u3002<\/p>\n \u9999\u6e2f\u4e2d\u6587\u5927\u5b66\uff08\u6df1\u5733\uff09\u7ecf\u7ba1\u5b66\u9662\u738b\u4e9a\u5764\u6559\u6388\u66fe\u8868\u793a\uff0c\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\uff08GAAP\uff09\u662f\u5728\u7f8e\u4e0a\u5e02\u7684\u4f01\u4e1a\u5728\u7f16\u5236\u8d22\u62a5\u65f6\u90fd\u9700\u9075\u5faa\u7684\u3002<\/p>\n 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\u4f46GAAP\u7684\u4e25\u8c28\u6027\u66b4\u9732\u51fa\u4e86\u5176\u6807\u51c6\u8fc7\u4e8e\u6b7b\u677f\uff0c\u7f3a\u4e4f\u4e2a\u6027\u5316\u7684\u7f3a\u70b9\u3002\u5f53\u6b7b\u677f\u7684\u4f1a\u8ba1\u5236\u5ea6\u6291\u5236\u4e86\u516c\u53f8\u771f\u5b9e\u4e1a\u7ee9<\/a>\u7684\u51c6\u786e\u5c55\u73b0\u65f6\uff0c\u4fbf\u5f88\u6709\u53ef\u80fd\u4f1a\u8bef\u5bfc\u6295\u8d44\u8005\u7684\u51b3\u7b56\u3002<\/p>\n \u540c\u65f6\uff0cGAAP\u575a\u6301\u7a33\u5b9a\u6027\u7684\u539f\u5219\uff0c\u53ef\u80fd\u4f1a\u5bfc\u81f4\u4f01\u4e1a\u8fc7\u4e8e\u5173\u6ce8\u5386\u53f2\u6210\u672c\uff0c\u800c\u5ffd\u89c6\u4e86\u6295\u8d44\u8005\u4eec\u6700\u5173\u6ce8\u7684\u672a\u6765\u6536\u76ca\u90e8\u5206\u3002<\/p>\n \u4e0d\u540c\u4e8eGAAP\u7684\u662f\uff0c\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\uff08non-GAAP\uff09\u662f\u516c\u53f8\u5254\u9664\u4e86\u4e00\u6b21\u6027\u8d39\u7528\u548c\u6536\u5165\u540e\u6240\u62a5\u544a\u7684\u8d22\u52a1\u6570\u636e\u3002<\/p>\n \u5e38\u89c1\u7684\u5254\u9664\u9879\u6709\uff1a\u91cd\u7ec4<\/a>\u8d39\u7528\u3001\u8d44\u4ea7\u51cf\u503c\u548c\u644a\u9500\u3001\u7814\u53d1\u8d39\u7528\u3001\u5e76\u8d2d<\/a>\u8d39\u7528\u3001\u8ba1\u5212\u7684\u80a1\u6743\u6fc0\u52b1\u8d39\u7528\u3001\u5546\u8a89\u51cf\u503c\u3001\u4ee5\u53ca\u90e8\u5206\u5b50\u516c\u53f8\u7684\u7ecf\u8425\u7ed3\u679c\u7b49\u3002<\/p>\n \u5728\u851a\u6765\u672c\u6b21\u53d1\u5e03\u7684\u76c8\u5229\u9884\u544a\u4e2d\uff0c\u82e5\u6309\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u8ba1\u91cf\uff0c\u851a\u6765\u9884\u8ba1\u4e8e2025\u5e74\u7b2c\u56db\u5b63\u5ea6\u5f55\u5f97\u7ecf\u8425\u5229\u6da6\u7ea62\u4ebf\u5143\u81f37\u4ebf\u5143\u3002<\/p>\n \u82e5\u5254\u9664\u80a1\u6743\u6fc0\u52b1\u8d39\u7528\u540e\uff0c\u851a\u6765\u8be5\u5b63\u5ea6\u7684\u7ecf\u8c03\u6574\u7ecf\u8425\u5229\u6da6\uff08non-GAAP\uff09\u4e3a7\u4ebf\u5143\u523012\u4ebf\u5143\u3002<\/p>\n \u800c\u53bb\u5e74\u7b2c\u4e09\u5b63\u5ea6\uff0c\u6263\u9664\u80a1\u6743\u6fc0\u52b1\u8d39\u7528\u53ca\u7ec4\u7ec7\u4f18\u5316\u8d39\u7528\u540e\uff0c\u851a\u6765\u7684\u7ecf\u8c03\u6574\u7ecf\u8425\u4e8f\u635f\uff08non-GAAP\uff09\u4e3a27.76\u4ebf\u5143\u3002<\/strong><\/p>\n \u5f7c\u65f6\uff0c\u851a\u6765\u6307\u51fa\uff0c\u901a\u8fc7\u5254\u9664\u80a1\u6743\u6fc0\u52b1\u8d39\u7528\u3001\u7ec4\u7ec7\u4f18\u5316\u8d39\u7528\u53ca\u53ef\u8d4e\u56de\u975e\u63a7\u80a1\u6743\u76ca\u8d4e\u56de\u4ef7\u503c\u7684\u589e\u503c\u7684\u5f71\u54cd\uff0c\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u8d22\u52a1\u6307\u6807\u6709\u52a9\u4e8e\u8bc6\u522b\u5176\u4e1a\u52a1\u7684\u57fa\u672c\u8d8b\u52bf\uff0c\u53ca\u589e\u5f3a\u5bf9\u516c\u53f8\u8fc7\u5f80\u8868\u73b0\u53ca\u672a\u6765\u524d\u666f\u7684\u6574\u4f53\u7406\u89e3\u3002<\/p>\n 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\u4e3a\u4e86\u8fd9\u4e00\u523b\uff0c\u851a\u6765\u5df2\u7ecf\u82e6\u7b49\u4e86\u5341\u4f59\u5e74\u3002\u5728\u6b64\u4e4b\u524d\uff0c\u851a\u6765\u5728\u76c8\u5229\u7684\u9053\u8def\u4e0a\u8270\u96be\u63a2\u7d22\uff0c\u8fdf\u8fdf\u672a\u80fd\u5b9e\u73b0\u76c8\u5229\u76ee\u6807\uff0c\u7d2f\u8ba1\u4e8f\u635f\u89c4\u6a21\u66f4\u662f\u8d85\u8fc7\u5343\u4ebf\u3002<\/p>\n \u5bf9\u4e8e\u53bb\u5e74\u7b2c\u56db\u5b63\u5ea6\u8fd9\u4e00\u6765\u4e4b\u4e0d\u6613\u7684\u626d\u4e8f\u4e3a\u76c8\uff0c\u851a\u6765\u8ba4\u4e3a\u4e3b\u8981\u5f97\u76ca\u4e8e\u4e09\u65b9\u9762\u7684\u56e0\u7d20\u3002<\/p>\n \u5176\u4e00\uff0c\u516c\u53f8\u4e8e2025\u5e74\u7b2c\u56db\u5b63\u5ea6\u9500\u91cf\u6301\u7eed\u589e\u957f\uff1b\u5176\u4e8c\uff0c\u6709\u5229\u7684\u4ea7\u54c1\u7ec4\u5408\u63a8\u52a8\u6c7d\u8f66<\/a>\u6bdb\u5229\u7387\u4f18\u5316\uff1b\u5176\u4e09\uff0c\u516c\u53f8\u6301\u7eed\u63a8\u884c\u5168\u9762\u964d\u672c\u589e\u6548\u63aa\u65bd\u3002<\/strong><\/p>\n \u6c7d\u8f66\u4e1a\u52a1\u6301\u7eed\u589e\u957f\uff0c\u6bdb\u5229\u7387\u663e\u8457\u63d0\u5347<\/strong><\/p>\n \u590d\u76d8\u851a\u6765\u7684\u76c8\u5229\u4e4b\u8def\uff0c\u79bb\u4e0d\u5f00\u516c\u53f8\u5bf9\u4e3b\u8425\u4e1a\u52a1\u7684\u4e13\u6ce8\u8fd0\u8425\u3002<\/p>\n 2025\u5e74\u5168\u5e74\uff0c\u851a\u6765\u5728\u6c7d\u8f66\u4ea4\u4ed8\u91cf\u4e0a\u4ea4\u51fa\u4e86\u4e00\u4efd\u4eae\u773c\u7684\u6210\u7ee9\u5355\uff0c\u5168\u5e74\u5171\u4ea4\u4ed8\u7ea632.6\u4e07\u8f86\u65b0\u8f66\uff0c\u540c\u6bd4\u589e\u957f46.9%\uff0c\u521b\u4e0b\u5386\u53f2\u65b0\u9ad8\u3002<\/p>\n \u5176\u4e2d\uff0c\u851a\u6765\u5728\u53bb\u5e74\u7b2c\u56db\u5b63\u5ea6\u4ea4\u4ed8\u7ea612.5\u4e07\u8f86\u6c7d\u8f66\uff0c\u540c\u6bd4\u589e\u957f71.7%\uff0c\u540c\u6837\u521b\u4e0b\u5386\u53f2\u65b0\u9ad8\u3002<\/strong><\/p>\n 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