{"id":718774,"date":"2026-02-08T18:53:32","date_gmt":"2026-02-08T10:53:32","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=718774"},"modified":"2026-02-08T18:53:32","modified_gmt":"2026-02-08T10:53:32","slug":"%e7%8e%8b%e5%85%b4%e7%9a%84%e6%88%90%e5%85%a8%ef%bc%8c%e8%ae%a9%e6%a2%81%e6%98%8c%e9%9c%96%e6%88%90%e4%b8%ba%e5%94%af%e4%b8%80%e4%bb%8e%e7%94%9f%e9%b2%9c%e7%94%b5%e5%95%86%e5%85%a8%e8%ba%ab%e8%80%8c-2","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=718774","title":{"rendered":"\u738b\u5174\u7684\u6210\u5168\uff0c\u8ba9\u6881\u660c\u9716\u6210\u4e3a\u552f\u4e00\u4ece\u751f\u9c9c\u7535\u5546\u5168\u8eab\u800c\u9000\u7684\u7537\u4eba"},"content":{"rendered":"
\n

\u6587 | \u5b57\u6bcd\u699c<\/p>\n<\/blockquote>\n

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\u4f46\u5f53\u8d44\u672c\u70c8\u7130\u892a\u53bb\uff0c\u5e02\u573a\u56de\u5f52\u7406\u6027\uff0c\u90a3\u4e9b\u88ab\u72c2\u70ed\u63a9\u76d6\u7684\u5546\u4e1a\u5e38\u8bc6\u624d\u91cd\u65b0\u6d6e\u51fa\u6c34\u9762\uff1a\u5546\u4e1a\u7684\u6838\u5fc3\u672c\u8d28\u662f\u76c8\u5229\uff0c\u89c4\u6a21\u53ea\u662f\u624b\u6bb5\uff0c\u800c\u975e\u76ee\u7684\u3002<\/p>\n

\u800c\u8fd9\u4efd\u6e05\u9192\uff0c\u6881\u660c\u9716\u6bd4\u5927\u591a\u6570\u4eba\u6765\u5f97\u66f4\u65e9\u3002\u66fe\u56e0\u8d44\u91d1\u94fe\u65ad\u88c2\u6fd2\u4e34\u5012\u95ed\u7684\u7ecf\u5386\uff0c\u8ba9\u4ed6\u5728\u884c\u4e1a\u72c2\u70ed\u671f\u59cb\u7ec8\u5bf9\u6269\u5f20\u4fdd\u6301\u8b66\u60d5\uff0c\u8fd9\u4efd\u770b\u4f3c “\u683c\u683c\u4e0d\u5165”\u7684\u514b\u5236\uff0c\u6700\u7ec8\u6210\u4e3a\u53ee\u549a\u4e70\u83dc\u6d3b\u4e0b\u6765\u7684\u5173\u952e\u3002<\/p>\n

\u6881\u660c\u9716\u548c\u53ee\u549a\u4e70\u83dc\u7684\u6545\u4e8b\u4e3b\u7ebf\uff0c\u5e76\u975e\u9ad8\u6b4c\u731b\u8fdb\uff0c\u800c\u662f\u6570\u6b21\u5728\u60ac\u5d16\u8fb9\u7684“\u82df\u4f4f”——2018\u5e74\u70e7\u5149\u79ef\u84c4\u540e\u62ff\u5230\u6551\u547d\u94b1\uff0c\u582a\u582a\u8eb2\u8fc7\u5012\u95ed\u5371\u673a\uff1b2021\u5e74\u4e0a\u5e02<\/a>\u949f\u58f0\u521a\u843d\u4e0d\u4e45\uff0c\u4fbf\u8c03\u6574\u6218\u7565\uff0c\u9876\u4f4f\u884c\u4e1a\u6269\u5f20\u60ef\u6027\uff1b2024\u5e74\u58ee\u58eb\u65ad\u8155\u822c\u6536\u7f29\u6218\u7ebf\uff0c\u7528\u8fde\u7eed12\u4e2a\u5b63\u5ea6\u7684\u76c8\u5229\u8bc1\u660e\u751f\u9c9c\u7535\u5546\u53ef\u4ee5\u4e0d\u9760\u8865\u8d34\u6d3b\u7740\u3002<\/p>\n

“\u82df”\u4e0b\u6765\u7684\u6881\u660c\u9716\uff0c\u5e26\u7740\u53ee\u549a\u4e70\u83dc\u7a7f\u8d8a\u4e86\u884c\u4e1a\u5468\u671f\uff0c\u89c1\u8bc1\u4e86\u53cd\u8f6c\u3002\u66fe\u7ecf\u4e00\u5ea6\u88ab\u5e02\u573a\u5224\u4e86“\u6b7b\u5211”\u7684\u524d\u7f6e\u4ed3\u4e0e\u751f\u9c9c\u7535\u5546\uff0c\u5728\u5373\u65f6\u96f6\u552e\u6218\u5c40\u5347\u7ef4\u7684\u4eca\u5929\uff0c\u53cd\u800c\u6210\u4e86\u4e92\u8054\u7f51\u5927\u5382\u4e89\u76f8\u62a2\u593a\u7684\u9999\u997d\u997d\u3002<\/p>\n

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01<\/h2>\n

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\u6b63\u662f\u8fd9\u4e00\u53e3\u6c14\uff0c\u8ba9\u53ee\u549a\u4e70\u83dc\u8fce\u6765“\u8d77\u98de”\u3002\u75ab\u60c5\u9ed1\u5929\u9e45\u7a81\u7136\u964d\u4e34\uff0c\u7ebf\u4e0a\u4e70\u83dc\u6210\u4e3a\u5168\u6c11\u521a\u9700\uff0c\u884c\u4e1a\u8fce\u6765\u7206\u53d1\u5f0f\u589e\u957f\uff0c\u9762\u5bf9\u6fc0\u589e\u7684\u7528\u6237\u548c\u8ba2\u5355\u6570\uff0c\u53ee\u549a\u4e70\u83dc\u5f00\u59cb\u52a0\u901f\u6269\u5f20\uff0c\u5230\u4e862021\u5e74\u4e8c\u5b63\u5ea6\u672b\uff0c\u524d\u7f6e\u4ed3\u6570\u91cf\u8fbe1136\u4e2a\u3002\u800c\u53e6\u4e00\u8fb9\uff0c\u6bcf\u65e5\u4f18\u9c9c\u4e3a\u4f18\u5316\u8d22\u52a1\u6570\u636e\u4ee5\u51b2\u523a\u4e0a\u5e02\uff0c\u8fdb\u884c\u4e86\u5927\u89c4\u6a21\u6536\u7f29\uff0c\u5c06\u539f\u672c1500\u4e2a\u524d\u7f6e\u4ed3\u7cbe\u7b80\u81f3650\u4e2a\u3002<\/p>\n

\u4e00\u6269\u4e00\u7f29\u4e4b\u95f4\uff0c\u53ee\u549a\u4e70\u83dc\u5b9e\u73b0\u5f2f\u9053\u8d85\u8f66\uff0c\u4e00\u8dc3\u6210\u4e3a\u524d\u7f6e\u4ed3\u8d5b\u9053\u7684\u9886\u5934\u7f8a\u3002<\/strong><\/p>\n

2021\u5e746\u67083\u65e5\uff0c\u53ee\u549a\u4e70\u83dc\u548c\u6bcf\u65e5\u4f18\u9c9c\u540c\u4e00\u5929\u5411\u7f8e\u56fd<\/a>\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\u9012\u4ea4IPO<\/a>\u7533\u8bf7\uff0c\u4e89\u62a2“\u751f\u9c9c\u7535\u5546\u7b2c\u4e00\u80a1”\u30026\u670829\u65e5\uff0c\u6881\u660c\u9716\u5e26\u9886\u53ee\u549a\u4e70\u83dc\u6210\u529f\u5728\u7ebd\u4ea4\u6240\u4e0a\u5e02\uff0c\u53ea\u6bd4\u6bcf\u65e5\u4f18\u9c9c\u665a\u56db\u5929\u6572\u949f\u3002<\/p>\n

\u6210\u529f\u4e0a\u5e02\uff0c\u7ed9\u4e86\u6881\u660c\u9716\u7ee7\u7eed\u6269\u5f20\u7684\u5e95\u6c14\u3002\u4e0a\u5e02\u5f53\u5929\uff0c\u6881\u660c\u9716\u66fe\u8bf4\uff0c\u53ee\u549a\u4e70\u83dc\u5e76\u4e0d\u60f3\u6210\u4e3a\u4e00\u5bb6“\u5c0f\u800c\u7f8e”\u7684\u516c\u53f8\uff0c\u4e0b\u4e00\u6b65\uff0c\u516c\u53f8\u8fd8\u4f1a\u8fdb\u4e00\u6b65\u6269\u5f20\uff0c\u8ffd\u6c42\u66f4\u5927\u7684\u89c4\u6a21\u3002<\/p>\n

\u4f46\u4e0a\u5e02\u4ec5\u4e24\u4e2a\u6708\u540e\uff0c\u6881\u660c\u9716\u5c31\u8f6c\u53d8\u4e86\u6218\u7565\uff0c\u63d0\u51fa“\u6548\u7387\u4f18\u5148\uff0c\u517c\u987e\u89c4\u6a21”\u3002\u5f7c\u65f6\u7f8e\u8054\u50a8<\/a>\u91ca\u653e\u6536\u7d27\u8d27\u5e01<\/a>\u653f\u7b56\u4fe1\u53f7\uff0c\u4e2d\u6982\u80a1\u4f30\u503c\u5f00\u59cb\u65ad\u5d16\u5f0f\u4e0b\u8dcc\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u5e02\u573a\u76d1\u7ba1\u8d8b\u4e25\uff0c\u5bf9\u793e\u533a\u56e2\u8d2d“\u4f4e\u4ef7\u503e\u9500”\u7684\u6574\u987f\u4ee4\u884c\u4e1a\u627f\u538b\u3002\u8d44\u672c\u5e02\u573a\u5bf9“\u70e7\u94b1\u6362\u589e\u957f”\u7684\u6a21\u5f0f\u9010\u6e10\u5931\u53bb\u8010\u5fc3\u3002<\/p>\n

\u5bf9\u53ee\u549a\u6765\u8bf4\uff0c\u5916\u754c\u5927\u5c0f\u73af\u5883\u7684\u53d8\u5316\u610f\u5473\u7740\u4e00\u5bb6\u6b63\u5728\u4ee5\u9ad8\u989d\u4e8f\u635f\u6362\u53d6\u4e1a\u52a1\u589e\u957f\u7684\u516c\u53f8\uff0c\u672a\u6765\u5f88\u96be\u518d\u4ece\u8d44\u672c\u5e02\u573a\u4e0a\u62ff\u94b1\u4e86\u3002<\/p>\n

\u4f46\u4e5f\u6b63\u662f\u8fd9\u4e2a\u51b3\u5b9a\uff0c\u8ba9\u53ee\u549a\u4e70\u83dc\u518d\u4e00\u6b21“\u82df”\u4e86\u4e0b\u6765\u3002\u6881\u660c\u9716\u4e5f\u5728\u5185\u90e8\u4fe1\u4e2d\u5766\u8a00\uff0c\u8fd9\u4e2a\u51b3\u5b9a\u8ba9\u53ee\u549a\u4e70\u83dc\u5931\u53bb\u4e86\u5feb\u901f\u6269\u5f20\u7684\u673a\u4f1a\uff0c\u4f46\u4fdd\u4f4f\u4e86\u516c\u53f8\u7684\u547d\u3002<\/p>\n

02<\/h2>\n

\u6bcf\u65e5\u4f18\u9c9c\u5c31\u6ca1\u8fd9\u4e48\u597d\u7684\u8fd0\u6c14\u4e86\uff0c\u6210\u4e86\u7b2c\u4e00\u4e2a\u5012\u5728\u6df1\u6c34\u533a\u7684“\u5de8\u5934”\u3002<\/p>\n

2022\u5e74\u524d\u540e\uff0c\u6bcf\u65e5\u4f18\u9c9c\u7684\u8d44\u91d1\u94fe\u5371\u673a\u5168\u9762\u7206\u53d1\u3002\u4ece\u88ab\u66dd\u51fa\u8d44\u91d1\u94fe\u65ad\u88c2\u30013\u5929\u5173\u95ed9\u57ce\u4e1a\u52a1\uff0c\u5230\u603b\u90e8“\u539f\u5730\u89e3\u6563”\u3001\u5458\u5de5\u88ab\u6b20\u85aa\u3001\u4f17\u591a\u4f9b\u5e94\u5546\u624b\u6301\u7a7a\u767d\u652f\u7968\u65e0\u6cd5\u5151\u4ed8\uff0c\u4ec5\u7528\u4e86\u4e00\u4e2a\u6708\u65f6\u95f4\uff0c\u8fd9\u5bb6\u66fe\u7ecf\u7684“\u751f\u9c9c\u7535\u5546\u7b2c\u4e00\u80a1”\uff0c\u6700\u7ec8\u4ee52700\u4e07\u7f8e\u5143\u8d31\u5356\u6838\u5fc3\u8d44\u4ea7\u3001\u9eef\u7136\u9000\u5e02\u6536\u573a\u3002<\/p>\n

\u5f90\u6b63\u672c\u4eba\u4e5f\u5728\u5957\u73b0\u8d85 1.3 \u4ebf\u7f8e\u5143\u540e\uff0c\u6d88\u5931\u5728\u4e86\u516c\u4f17\u89c6\u91ce\uff0c\u7559\u4e0b\u4e86\u4e00\u5730\u9e21\u6bdb\u4e0e\u672a\u89e3\u7684\u503a\u52a1\u8ff7\u5c40\u3002<\/p>\n

\u4f5c\u4e3a\u4e00\u5bb6\u66fe\u88ab\u8d44\u672c\u70ed\u6367\u7684\u660e\u661f\u4f01\u4e1a\uff0c\u70e7\u5149\u767e\u4ebf\u8d44\u91d1\u540e\u8f70\u7136\u5012\u584c\uff0c\u4e0d\u514d\u4ee4\u4eba\u550f\u5618\u3002<\/p>\n

\u5507\u4ea1\u9f7f\u5bd2\uff0c\u90a3\u6bb5\u65f6\u95f4\uff0c\u6881\u660c\u9716\u88ab\u6295\u8d44\u4eba\u95ee\u5f97\u6700\u591a\u7684\u4e00\u4e2a\u95ee\u9898\u662f\uff1a\u4f60\u4eec\u548c\u6bcf\u65e5\u4f18\u9c9c\u6709\u4ec0\u4e48\u4e0d\u4e00\u6837\uff1f\u4e3a\u4ec0\u4e48\u6bcf\u65e5\u4f18\u9c9c\u6b7b\u4e86\uff0c\u4f60\u4eec\u6d3b\u4e86\u4e0b\u6765\uff1f<\/p>\n

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\u6709\u610f\u601d\u7684\u662f\uff0c\u5728\u4faf\u6bc5\u591a\u6b21\u516c\u5f00\u8d28\u7591\u524d\u7f6e\u4ed3\u6a21\u5f0f\u540e\uff0c2024\u5e74\u76d2\u9a6c\u91cd\u542f\u4e86\u524d\u7f6e\u4ed3\u3002<\/p>\n

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2024\u5e743\u6708\uff0c\u65b0\u96f6\u552e1\u53f7\u5de5\u7a0b\u7684“\u5305\u5de5\u5934”\u8001\u83dc\uff0c\u4ece\u76d2\u9a6c\u8c22\u5e55\u4e86\u3002\u4e00\u5411\u7231\u53d1\u670b\u53cb\u5708\u7684\u4faf\u6bc5\uff0c\u53ea\u7f6e\u9876\u4e86\u4e00\u6761\u52a8\u6001\uff1a“\u4eca\u5929\u662f\u6700\u540e\u4e00\u5929\u4ea4\u63a5\u624b\u7eed\uff0c\u7559\u4e00\u5f20\u7167\u7247\u7eaa\u5ff5\u4e00\u4e0b……”\u518d\u65e0\u591a\u8a00\u3002<\/p>\n

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2022\u5e74\uff0c\u516c\u53f8\u6210\u7acb\u9884\u5236\u83dc\u4e8b\u4e1a\u90e8\uff0c\u5e76\u5c06\u5176\u5217\u4e3a\u4e00\u7ea7\u90e8\u95e8\uff1b2023\u5e74\u8d77\uff0c“\u62f3\u51fb\u867e”“\u53ee\u549a\u738b\u724c\u83dc”\u7b49\u81ea\u6709\u54c1\u724c\u4ea7\u54c1\u4e0a\u7ebf\uff0c\u4e3b\u6253\u5bb6\u5ead\u5feb\u624b\u83dc\u4e0e\u5730\u65b9\u98ce\u5473\u590d\u523b\u3002\u8d22\u62a5\u663e\u793a\uff0c2023\u5e74\u7b2c\u56db\u5b63\u5ea6\uff0c\u53ee\u549a\u4e70\u83dc\u4ee5\u9884\u5236\u83dc\u4e3a\u4e3b\u7684\u81ea\u6709\u54c1\u724c\u4ea7\u54c1\u9996\u6b21\u8d85\u8fc7\u4e86\u603bGMV\u768420%\u3002<\/p>\n

\u9760\u7740\u964d\u672c\u589e\u6548\u4e0e\u54c1\u7c7b\u5347\u7ea7\uff0c\u53ee\u549a\u4e70\u83dc\u7ec8\u4e8e\u6324\u51fa\u4e86\u4e00\u4e9b\u5229\u6da6\u7a7a\u95f4\u30022023\u5e74Q4\u5b9e\u73b0Non-GAAP\u76c8\u5229\uff0c2025\u5e74Q3\u8fbe\u6210GAAP\u51c0\u5229\u6da61.33\u4ebf\u5143\uff0c\u8fde\u7eed\u4e03\u4e2a\u5b63\u5ea6\u4fdd\u6301\u76c8\u5229\u3002<\/p>\n

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03<\/h2>\n

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