{"id":748790,"date":"2026-03-18T16:09:55","date_gmt":"2026-03-18T08:09:55","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=748790"},"modified":"2026-03-18T16:09:55","modified_gmt":"2026-03-18T08:09:55","slug":"%e4%ba%9a%e6%9c%b5%ef%bc%9a%e9%9b%b6%e5%94%ae%e7%8b%82%e9%a3%99%ef%bc%8c%e9%85%92%e5%ba%97%e7%95%8c-%e6%b5%b7%e5%ba%95%e6%8d%9e-%e5%8f%88%e7%ac%91%e4%ba%86%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=748790","title":{"rendered":"\u4e9a\u6735\uff1a\u96f6\u552e\u72c2\u98d9\uff0c\u9152\u5e97\u754c \u201c\u6d77\u5e95\u635e\u201d \u53c8\u7b11\u4e86\uff1f"},"content":{"rendered":"<blockquote>\n<p>\u6587 | \u6d77\u8c5a\u7814\u7a76<\/p>\n<\/blockquote>\n<p>\u5317\u4eac\u65f6\u95f4 2026 \u5e74 3 \u6708 17 \u65e5\u7f8e\u80a1\u76d8\u524d\uff0c\u4e9a\u6735\uff08ATAT\uff09\u53d1\u5e03\u4e86 2025 \u5e74 4 \u5b63\u5ea6\u8d22\u62a5\uff0c\u6574\u4f53\u6765\u8bf4\uff0c\u4e9a\u6735\u8fd9\u4e2a\u5b63\u5ea6\u7684<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e4%b8%9a%e7%bb%a9\" title=\"View all posts in \u4e1a\u7ee9\" target=\"_blank\" class=\"tag_link\">\u4e1a\u7ee9<\/a>\u8fd8\u662f\u4e0d\u9519\u7684\uff0c\u8425\u6536\u4e0a\u548c\u9884\u671f\u6301\u5e73\u7684\u60c5\u51b5\u4e0b\uff0c<strong>\u53d7\u76ca\u4e8e\u96f6\u552e\u4e1a\u52a1\u7684\u9ad8\u901f\u589e\u957f\uff0c\u7ecf\u8425\u6760\u6746\u91ca\u653e\u5e26\u52a8\u5229\u6da6\u7aef\u8d85\u51fa\u5e02\u573a\u9884\u671f<\/strong>\u3002\u5177\u4f53\u6765\u770b\uff1a$\u4e9a\u6735(ATAT.US)<\/p>\n<p><strong>1\u3001\u4fdd\u4ef7\u63a7\u91cf\uff0cRevPAR \u5c0f\u5e45\u8d85\u51fa\u5e02\u573a\u9884\u671f<\/strong>\u3002\u4ece\u6700\u6838\u5fc3\u7684\u7ecf\u8425\u6307\u6807\u6bcf\u95f4\u53ef\u552e\u623f\u6536\u5165\uff08RevPAR\uff09\u770b\uff0c\u56db\u5b63\u5ea6\u4e9a\u6735\u6bcf\u95f4\u53ef\u552e\u623f\u6536\u5165\u4e3a 336 \u5143\/\u665a\uff0c\u540c\u6bd4\u5c0f\u5e45\u4e0b\u6ed1 0.4%\uff0c\u4e0b\u6ed1\u5e45\u5ea6\u6301\u7eed\u6536\u7a84<strong>\u3002<\/strong>\u62c6\u5206\u6765\u770b\uff0c<strong>\u7531\u4e8e\u4e9a\u6735\u5728\u6de1\u5b63\u4e3b\u52a8\u6536\u7a84\u4e86\u4fc3\u9500\u529b\u5ea6\uff0c\u53e0\u52a0 S\u3001X \u7b49\u9ad8\u7aef\u4ea7\u54c1\u7ebf\u5360\u6bd4\u63d0\u5347\uff0c\u5e73\u5747\u623f\u4ef7\uff08ADR\uff09\u7ed3\u675f\u4e86\u8fde\u7eed\u4e24\u5e74\u7684\u8d1f\u589e\u957f\uff0c\u91cd\u56de\u6b63\u589e\u957f\uff0c\u8d85\u51fa\u5e02\u573a\u9884\u671f\uff0c<\/strong>\u5165\u4f4f\u7387\uff08OCC\uff09\u5728\u6de1\u5b63\u5b63\u8282\u6027\u56de\u843d\uff0c\u8868\u73b0\u4e00\u822c\u3002<\/p>\n<p><strong>2\u3001\u8f7b\u5c45\u5360\u6bd4\u8fdb\u4e00\u6b65\u63d0\u5347<\/strong>\u3002\u4ece\u5f00\u5e97\u4e0a\u6765\u770b\uff0c\u4e9a\u6735 Q4 \u51c0\u65b0\u589e 67 \u5bb6\u95e8\u5e97\uff0c\u603b\u95e8\u5e97\u6570\u91cf\u7a81\u7834 2000 \u5bb6\uff0c<strong>\u5176\u4e2d\u4e9a\u6735 4.0\uff08\u89c1\u91ce\uff09\u548c\u8f7b\u5c45\u4e3a\u5f00\u5e97\u4e3b\u529b<\/strong>\u3002\u867d\u7136\u6de1\u5b63\u4e3b\u52a8\u653e\u7f13\u4e86\u5f00\u5e97\u8282\u594f\uff0c<strong>\u4f46\u4ece\u9690\u542b\u7b7e\u7ea6\u6570\u6765\u770b\uff0c\u8d8b\u52bf\u4e0a\u73af\u6bd4 Q3 \u6709\u6240\u56de\u5347\uff0c\u6d77\u8c5a\u541b\u63a8\u6d4b\u52a0\u76df\u5546\u4e3a\u4e86\u62a2\u5360\u6765\u5e74\u6625\u5b63\u7684\u5546\u65c5\u5e02\u573a\u3001\u5728\u5e74\u5e95\u52a0\u5feb\u4e86\u4e9a\u6735 4.0\uff08\u89c1\u91ce\uff09\u7684\u7b7e\u7ea6\u529b\u5ea6\u3002<\/strong><\/p>\n<p><strong>3\u3001\u96f6\u552e\u4e1a\u52a1\u4fdd\u6301\u5feb\u901f\u589e\u957f\u3002<\/strong>\u62c6\u5206\u8425\u6536\u6765\u770b\uff0c\u4e9a\u6735<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e9%85%92%e5%ba%97\" title=\"View all posts in \u9152\u5e97\" target=\"_blank\" class=\"tag_link\">\u9152\u5e97<\/a>\u4e1a\u52a1 Q4 \u540c\u6bd4\u589e\u957f 23%\uff0c\u6574\u4f53\u4fdd\u6301\u5e73\u7a33\u3002\u96f6\u552e\u4e1a\u52a1\u540c\u6bd4\u589e\u957f 50%\uff0c\u7ed3\u5408\u6e20\u9053\u8c03\u7814\u4fe1\u606f\uff0c<strong>\u4e9a\u6735\u661f\u7403\u5728\u6296\u97f3\u76f4\u64ad\u95f4\u548c\u5c0f\u7ea2\u4e66\u7684\u79cd\u8349\u8f6c\u5316\u7387\u5728 Q4 \u8fbe\u5230\u4e86\u65b0\u9ad8\uff0c\u89e6\u8fbe\u4e86\u5927\u91cf\u975e\u4f4f\u5e97\u5ba2\u7fa4<\/strong>\uff0c<strong>\u518d\u52a0\u4e0a Q4 \u4f5c\u4e3a\u7fbd\u7ed2\u88ab\u3001\u63a7\u6e29\u88ab\u7684\u7edd\u5bf9\u65fa\u5b63\uff0c\u6d77\u8c5a\u541b\u63a8\u6d4b\u63a7\u6e29\u88ab\u5728\u6574\u4e2a\u96f6\u552e\u4e1a\u52a1\u4e2d\u8d21\u732e\u7684 GMV \u5360\u6bd4\u8fdb\u4e00\u6b65\u63d0\u5347\uff0c\u5e26\u52a8\u96f6\u552e\u4e1a\u52a1\u8d85\u9884\u671f\u3002<\/strong><\/p>\n<p><strong>4\u3001\u76c8\u5229\u80fd\u529b\u521b\u8fd1 3 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src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/03\/18\/13297d20969756f5420dd5afddfdc1a5_1773801171.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x506\/gravity\/center\/crop\/!1440x506&ext=.jpeg\" width=\"3560\" height=\"1251\" alt=\"\u4e9a\u6735\uff1a\u96f6\u552e\u72c2\u98d9\uff0c\u9152\u5e97\u754c \u201c\u6d77\u5e95\u635e\u201d \u53c8\u7b11\u4e86\uff1f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<\/div>\n<p><strong>\u6d77\u8c5a\u541b\u6574\u4f53\u89c2\u70b9\uff1a<\/strong><\/p>\n<p>\u9996\u5148\uff0c\u5bf9\u4e8e\u4e9a\u6735\u7684\u57fa\u672c\u76d8&mdash;&mdash;\u9152\u5e97\u4e1a\u52a1\uff0c\u7531\u4e8e\u5546\u65c5\u5dee\u6807\u9884\u7b97\u6536\u7d27\uff0c\u7ed3\u5408\u8c03\u7814\u4fe1\u606f\uff0cQ4 \u884c\u4e1a\u4e3a\u4e86\u4fdd OCC\uff0c\u666e\u904d\u63a8\u51fa\u4e86 &ldquo;\u5468\u672b\u534a\u4ef7&rdquo;\u3001&ldquo;\u8fde\u4f4f\u6298\u6263&rdquo; 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\u5e74\u5e02\u573a\u5bf9\u4e9a\u6735\u96f6\u552e\u7aef\u7684 GMV \u9884\u671f\u589e\u957f\u4e3a 25%-30%\uff0c\u56e0\u6b64\u5bf9\u4e8e\u96f6\u552e\u4e1a\u52a1\u6d77\u8c5a\u541b\u8ba4\u4e3a\u8d85\u9884\u671f\u6982\u7387\u8f83\u9ad8\u3002<\/strong><\/p>\n<p><strong>\u4ee5\u4e0b\u4e3a\u8be6\u7ec6\u89e3\u8bfb\uff1a<\/strong><\/p>\n<p><strong>\u4e00\u3001\u4fdd\u4ef7\u63a7\u91cf\uff0cRevPAR \u5c0f\u5e45\u8d85\u51fa\u5e02\u573a\u9884\u671f<\/strong><\/p>\n<p><strong>1.1 ADR \u6062\u590d\u540c\u6bd4\u6b63\u589e\u957f<\/strong><\/p>\n<p>\u4ece\u6700\u6838\u5fc3\u7684\u7ecf\u8425\u6307\u6807\u6bcf\u95f4\u53ef\u552e\u623f\u6536\u5165\uff08RevPAR\uff09\u770b\uff0c\u56db\u5b63\u5ea6\u4e9a\u6735\u6bcf\u95f4\u53ef\u552e\u623f\u6536\u5165\u4e3a 336 \u5143\/\u665a\uff0c\u5c0f\u5e45\u4e0b\u6ed1 0.4%\uff0c\u8d8b\u52bf\u4e0a\u964d\u5e45\u4ecd\u5728\u6536\u7a84\u3002<\/p>\n<p>\u91cf\u4ef7\u62c6\u5206\u6765\u770b\uff0c<strong>\u56db\u5b63\u5ea6\u4f5c\u4e3a\u4f20\u7edf\u6de1\u5b63\uff0c\u518d\u52a0\u4e0a\u4e9a\u6735\u4e3b\u52a8\u51cf\u5c11\u4e86\u4fc3\u9500\u529b\u5ea6\uff0cOCC \u5b63\u8282\u6027\u56de\u843d\u3002<\/strong><\/p>\n<p>\u4ef7\u683c\u7aef\uff0c<strong>\u8003\u8651\u5230\u9152\u65c5\u884c\u4e1a\u8fdb\u5165\u4f9b\u7ed9\u589e\u901f\u653e\u7f13\u5468\u671f<\/strong>\uff0c<strong>\u5546\u65c5\u9700\u6c42\u56de\u6696\uff0c\u53e0\u52a0 S\u3001X \u7b49\u9ad8\u7aef\u4ea7\u54c1\u7ebf\u5360\u6bd4\u63d0\u5347\uff0c\u5e26\u52a8\u56db\u5b63\u5ea6\u4e9a\u6735 ADR \u540c\u6bd4\u5b9e\u73b0\u6b63\u589e\u957f<\/strong>\uff0c<strong>\u62b5\u6d88\u4e86\u5165\u4f4f\u7387\u5c0f\u5e45\u6ce2\u52a8\u7684\u5f71\u54cd\u5e73\u5747\u65e5\u623f\u4ef7\uff08ADR\uff09\u7531\u8d1f\u8f6c\u6b63\uff0c\u540c\u6bd4\u589e\u957f 1.5%\uff0c\u8fbe\u5230 426 \u5143\/\u665a\u3002<\/strong><\/p>\n<div>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/03\/18\/634a94b6fc21c4da301bf30c2e6ff91e_1773801171.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x741\/gravity\/center\/crop\/!1440x741&ext=.jpeg\" width=\"1115\" height=\"574\" alt=\"\u4e9a\u6735\uff1a\u96f6\u552e\u72c2\u98d9\uff0c\u9152\u5e97\u754c \u201c\u6d77\u5e95\u635e\u201d \u53c8\u7b11\u4e86\uff1f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<\/div>\n<div>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/03\/18\/102f9c79f219a8c4f5805704cf01c5fb_1773801171.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x808\/gravity\/center\/crop\/!1440x808&ext=.jpeg\" width=\"862\" height=\"484\" alt=\"\u4e9a\u6735\uff1a\u96f6\u552e\u72c2\u98d9\uff0c\u9152\u5e97\u754c \u201c\u6d77\u5e95\u635e\u201d \u53c8\u7b11\u4e86\uff1f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<\/div>\n<div>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/03\/18\/651789ab849151981d60a80ea8f24aa4_1773801171.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x808\/gravity\/center\/crop\/!1440x808&ext=.jpeg\" width=\"924\" height=\"519\" alt=\"\u4e9a\u6735\uff1a\u96f6\u552e\u72c2\u98d9\uff0c\u9152\u5e97\u754c \u201c\u6d77\u5e95\u635e\u201d \u53c8\u7b11\u4e86\uff1f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<\/div>\n<p><strong>1.2 \u9690\u542b\u7b7e\u7ea6\u6570\u73af\u6bd4 Q3 \u6709\u6240\u56de\u5347<\/strong><\/p>\n<p>\u4ece\u5f00\u5e97\u4e0a\u6765\u770b\uff0c\u4e9a\u6735 Q4 \u51c0\u65b0\u589e 67 \u5bb6\u95e8\u5e97\uff0c\u603b\u95e8\u5e97\u6570\u91cf\u7a81\u7834 2000 \u5bb6\uff0c<strong>\u5176\u4e2d\u4e9a\u6735 4.0\uff08\u89c1\u91ce\uff09\u548c\u8f7b\u5c45\u4e3a\u5f00\u5e97\u4e3b\u529b\u3002<\/strong><\/p>\n<p>\u5177\u4f53\u6765\u8bf4\uff0c\u4e9a\u6735 4.0\uff08\u89c1\u91ce\uff09\u7ecf\u8fc7\u524d\u671f\u6a21\u578b\u7684\u9a8c\u8bc1\uff0c\u5728 2025 \u5e74\u4e5f\u8fdb\u5165\u4e86\u89c4\u6a21\u5316\u843d\u5730\u671f\uff0cQ4 \u65b0\u589e 49 \u5bb6\uff08\u5360\u65b0\u5f00\u95e8\u5e97 73%\uff09\uff0c<strong>\u96c6\u4e2d\u5728\u5317\u4e0a\u5e7f\u6df1\u7b49\u6838\u5fc3\u57ce\u5e02\u6838\u5fc3\u5546\u5708\uff0c\u6d77\u8c5a\u541b\u63a8\u6d4b\u52a0\u76df\u5546\u4e3a\u4e86\u62a2\u5360\u6765\u5e74\u6625\u5b63\u7684\u5546\u65c5\u5e02\u573a\u3001\u5728\u5e74\u5e95\u52a0\u5feb\u4e86\u4e9a\u6735 4.0\uff08\u89c1\u91ce\uff09\u7684\u7b7e\u7ea6\u529b\u5ea6<\/strong><\/p>\n<p>\u4ece\u5b9a\u4f4d\u4e0a\uff0c<strong>\u89c1\u91ce\u5361\u4f4d\u5546\u52a1&amp;\u5ea6\u5047\u53cc\u573a\u666f<\/strong>\uff0c\u65e2\u80fd\u6ee1\u8db3\u5546\u65c5\u5ba2\u4eba\u9ad8\u6548\u529e\u516c\u9700\u6c42\uff0c\u53c8\u80fd\u63d0\u4f9b\u5ea6\u5047\u5f0f\u653e\u677e\u4f53\u9a8c\uff0c\u76f8\u5f53\u4e8e\u5dee\u5f02\u5316\u5207\u5165\u4e86\u4e2d\u9ad8\u7aef\u9152\u5e97\u7684\u84dd\u6d77\u8d5b\u9053\uff0c<strong>\u80cc\u540e\u4e5f\u9a8c\u8bc1\u4e86\u4f53\u9a8c\u5f0f\u6d88\u8d39\u9700\u6c42\u7684\u706b\u7206<\/strong>\u3002<\/p>\n<p><strong>\u6b64\u5916\uff0c\u8f7b\u5c45 3.0 \u662f\u4e9a\u6735\u6269\u5f20\u7684\u53e6\u4e00\u5927\u5f15\u64ce\uff0c\u5360\u65b0\u589e\u95e8\u5e97 22%<\/strong>\uff0c<strong>\u6838\u5fc3\u8fd8\u662f\u5728\u4e8e\u8f7b\u5c45\u7684\u6781\u81f4\u6027\u4ef7\u6bd4<\/strong>\u3002\u7ed3\u5408\u8c03\u7814\u4fe1\u606f\uff0c\u76ee\u524d\u8f7b\u5c45 3.0 \u5355\u623f<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>\u6210\u672c\u5df2\u4f18\u5316\u81f3 10 \u4e07-11 \u4e07\u5143\uff0c\u5355\u5e97\u56de\u6536\u5468\u671f\u63a7\u5236\u5728 3 \u5e74\u4ee5\u5185\uff0c<strong>\u5438\u5f15\u4e86\u5927\u91cf\u624b\u63e1 &ldquo;\u975e\u6838\u5fc3\u5730\u6bb5&rdquo;\u3001\u60f3\u8981\u5feb\u901f\u56de\u672c\u3001\u8ffd\u6c42\u9ad8\u576a\u6548\u7684\u52a0\u76df\u5546<\/strong>\u3002<\/p>\n<div>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/03\/18\/c5101eb738151f1fca6ed3981734a131_1773801171.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x819\/gravity\/center\/crop\/!1440x819&ext=.jpeg\" width=\"961\" height=\"547\" alt=\"\u4e9a\u6735\uff1a\u96f6\u552e\u72c2\u98d9\uff0c\u9152\u5e97\u754c \u201c\u6d77\u5e95\u635e\u201d \u53c8\u7b11\u4e86\uff1f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<\/div>\n<div>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/03\/18\/ad0c156479fe860418d15c15cbf3319b_1773801171.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x838\/gravity\/center\/crop\/!1440x838&ext=.jpeg\" width=\"979\" height=\"570\" alt=\"\u4e9a\u6735\uff1a\u96f6\u552e\u72c2\u98d9\uff0c\u9152\u5e97\u754c \u201c\u6d77\u5e95\u635e\u201d \u53c8\u7b11\u4e86\uff1f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<\/div>\n<div>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/03\/18\/85c8cdbd36059651a33ee320ce949046_1773801171.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x800\/gravity\/center\/crop\/!1440x800&ext=.jpeg\" width=\"1576\" height=\"876\" alt=\"\u4e9a\u6735\uff1a\u96f6\u552e\u72c2\u98d9\uff0c\u9152\u5e97\u754c \u201c\u6d77\u5e95\u635e\u201d \u53c8\u7b11\u4e86\uff1f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<\/div>\n<p><strong>\u4e8c\u3001\u96f6\u552e\u4e1a\u52a1\u4ecd\u7136\u662f\u589e\u957f\u625b\u628a\u5b50<\/strong><\/p>\n<p><strong>2.1 \u96c6\u56e2\u6574\u4f53\u8425\u6536\u57fa\u672c\u7b26\u5408\u9884\u671f<\/strong><\/p>\n<p>Q4 \u4e9a\u6735\u96c6\u56e2\u5b9e\u73b0\u8425\u6536 27.9 \u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f 33.8%\uff0c\u57fa\u672c\u7b26\u5408\u9884\u671f\u3002<\/p>\n<p>\u62c6\u5206\u4e1a\u52a1\u6765\u770b\uff0c\u9152\u5e97\u4e1a\u52a1\u5b9e\u73b0\u8425\u6536 15.7 \u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f 23.2%\uff0c<strong>\u4e00\u65b9\u9762\uff0cRevpar \u7684\u6301\u7eed\u4fee\u590d\u5e26\u52a8\u4e9a\u6735\u6301\u7eed\u6027\u7ba1\u7406\u8d39\u8d21\u732e\u5360\u6bd4\u8fdb\u4e00\u6b65\u63d0\u5347\uff0c\u53e6\u4e00\u65b9\u9762\uff0c\u968f\u7740\u8f7b\u5c45 3.0 \u548c\u4e9a\u6735 4.0 \u7684\u5927\u91cf\u7b7e\u7ea6\u843d\u5730\uff0c\u6d77\u8c5a\u541b\u9884\u8ba1\u4f9b\u5e94\u94fe\u9500\u552e\u989d\u5728 Q4 \u9636\u6bb5\u6027\u4e5f\u6709\u6240\u63d0\u5347\u3002<\/strong><\/p>\n<p>\u4f34\u968f\u76f4\u8425\u95e8\u5e97\u7684\u51cf\u5c11\uff0c\u76f4\u8425\u4e1a\u52a1\u5b9e\u73b0\u8425\u6536 1.5 \u4ebf\u5143\uff0c\u540c\u6bd4\u4e0b\u6ed1 9.8%\u3002<\/p>\n<p><strong>\u96f6\u552e\u4e1a\u52a1\u5b9e\u73b0\u8425\u6536 12.2 \u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f 43.9%\u3002\u7ed3\u5408\u8c03\u7814\u4fe1\u606f\uff0c\u9664\u4e86\u5929\u732b\uff0c\u4e9a\u6735\u5728\u6296\u97f3\u76f4\u64ad\u95f4\u548c\u5c0f\u7ea2\u4e66\u7684\u79cd\u8349\u8f6c\u5316\u7387\u5728 Q4 \u8fbe\u5230\u4e86\u65b0\u9ad8<\/strong>\uff0c<strong>\u6210\u529f\u89e6\u8fbe\u4e86\u5927\u91cf\u975e\u4f4f\u5e97\u5ba2\u7fa4<\/strong>\uff0c\u6b64\u5916\uff0cQ4 \u4f5c\u4e3a\u7fbd\u7ed2\u88ab\u3001\u63a7\u6e29\u88ab\u7684\u7edd\u5bf9\u65fa\u5b63\uff0c\u6d77\u8c5a\u541b\u63a8\u6d4b\u63a7\u6e29\u88ab\u5728\u6574\u4e2a\u96f6\u552e\u4e1a\u52a1\u4e2d\u8d21\u732e\u7684 GMV \u5360\u6bd4\u8fdb\u4e00\u6b65\u63d0\u5347\uff0c\u5e26\u52a8\u4e86 Q4 \u7684\u5ba2\u5355\u4ef7\u7684\u63d0\u5347\u3002<\/p>\n<div>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/03\/18\/2d228691ff8bd078b5857bca86a2339a_1773801171.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x832\/gravity\/center\/crop\/!1440x832&ext=.jpeg\" width=\"1103\" height=\"638\" alt=\"\u4e9a\u6735\uff1a\u96f6\u552e\u72c2\u98d9\uff0c\u9152\u5e97\u754c \u201c\u6d77\u5e95\u635e\u201d \u53c8\u7b11\u4e86\uff1f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<\/div>\n<div>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/03\/18\/3dbb7cdac1058aea530b6eec276e3e9b_1773801171.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x832\/gravity\/center\/crop\/!1440x832&ext=.jpeg\" width=\"969\" height=\"560\" alt=\"\u4e9a\u6735\uff1a\u96f6\u552e\u72c2\u98d9\uff0c\u9152\u5e97\u754c \u201c\u6d77\u5e95\u635e\u201d \u53c8\u7b11\u4e86\uff1f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<\/div>\n<div>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/03\/18\/e49b1ffff59c44851127267b6113f868_1773801171.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x832\/gravity\/center\/crop\/!1440x832&ext=.jpeg\" width=\"937\" height=\"542\" alt=\"\u4e9a\u6735\uff1a\u96f6\u552e\u72c2\u98d9\uff0c\u9152\u5e97\u754c \u201c\u6d77\u5e95\u635e\u201d \u53c8\u7b11\u4e86\uff1f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<\/div>\n<p><strong>2.2 \u96f6\u552e\u4e1a\u52a1\u6bdb\u5229\u7387\u5927\u5e45\u62c9\u5347<\/strong><\/p>\n<p>\u4e9a\u6735 25Q4 \u6bdb\u5229\u7387\u4e3a 44%\uff0c\u540c\u6bd4\u63d0\u5347 1.4pct\u3002<\/p>\n<p>\u62c6\u5206\u4e1a\u52a1\u6765\u770b\uff0c\u7531\u4e8e\u52a0\u76df\u9152\u5e97\u4e1a\u52a1\u5360\u6bd4\u63d0\u5347\uff0c\u65b0\u52a0\u76df\u9152\u5e97\u524d 3-6 \u4e2a\u6708\u5904\u4e8e\u57f9\u80b2\u671f\uff0c<strong>\u4eba\u529b\u6210\u672c\u63d0\u5347\u4f7f\u5f97\u9152\u5e97\u4e1a\u52a1\u6bdb\u5229\u7387\u5c0f\u5e45\u4e0b\u6ed1 1.7pct \u8fbe\u5230 35.8%<\/strong>\u3002<\/p>\n<p>\u5bf9\u4e8e\u96f6\u552e\u4e1a\u52a1\uff0c<strong>\u4f34\u968f\u63a7\u6e29\u88ab\u3001\u6df1\u7761\u6795\u7b49\u9ad8\u6bdb\u5229\u4ea7\u54c1\u5360\u6bd4\u63d0\u5347\uff0c\u53e0\u52a0\u4f9b\u5e94\u94fe\u534f\u540c\u964d\u672c\uff0c\u6bdb\u5229\u7387\u5927\u5e45\u63d0\u5347 3.9pct \u8fbe\u5230 54.4%<\/strong>\u3002<\/p>\n<div>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/03\/18\/ac5a520e808f350a0c5e2e38ac6aa407_1773801171.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x782\/gravity\/center\/crop\/!1440x782&ext=.jpeg\" width=\"902\" height=\"490\" alt=\"\u4e9a\u6735\uff1a\u96f6\u552e\u72c2\u98d9\uff0c\u9152\u5e97\u754c \u201c\u6d77\u5e95\u635e\u201d \u53c8\u7b11\u4e86\uff1f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<\/div>\n<p><strong>2.3 \u8d39\u7528\u7387\u4e0b\u6ed1\uff0c\u6838\u5fc3\u7ecf\u8425\u5229\u6da6\u8d85\u9884\u671f<\/strong><\/p>\n<p>\u8d39\u7528\u7aef\uff0c\u867d\u7136 Q4 \u4e9a\u6735\u4ecd\u7136\u79ef\u6781\u5728\u6296\u97f3\/\u5c0f\u7ea2\u4e66\u7b49\u5e73\u53f0\u6295\u6d41\uff0c\u63d0\u5347\u4e9a\u6735\u661f\u7403\u7684\u54c1\u724c\u77e5\u540d\u5ea6\uff0c\u4f46\u5728\u89c4\u6a21\u6548\u5e94\u4e0b\uff0c\u9500\u552e\u8d39\u7528\u7387\u5c0f\u5e45\u4e0b\u6ed1 0.5pct \u8fbe\u5230 16.5%\u3002\u7531\u4e8e\u540e\u53f0\u7cfb\u7edf\u7684\u5347\u7ea7\u4ee5\u53ca\u4eba\u624d\u7684\u57f9\u517b\uff0c\u4e9a\u6735 Q4 \u7ba1\u7406\u8d39\u7528\u7387\u9636\u6bb5\u6027\u6709\u6240\u63d0\u5347\uff0c\u6700\u7ec8\uff0c\u4e9a\u6735<strong>\u8c03\u6574\u540e EBITDA \u8fbe\u5230 7.1 \u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f 61%\uff0c\u8d85\u51fa\u5e02\u573a\u4e00\u81f4\u9884\u671f\uff0823.4 \u4ebf\u5143\uff09<\/strong><\/p>\n<div>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/03\/18\/a1f0ae52a4ddcc4ddd7e2d632d7edb47_1773801171.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x836\/gravity\/center\/crop\/!1440x836&ext=.jpeg\" width=\"971\" height=\"564\" alt=\"\u4e9a\u6735\uff1a\u96f6\u552e\u72c2\u98d9\uff0c\u9152\u5e97\u754c \u201c\u6d77\u5e95\u635e\u201d \u53c8\u7b11\u4e86\uff1f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<\/div>\n<div>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/03\/18\/ec8bebf4786d2b310ccbf73be398fa61_1773801171.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x714\/gravity\/center\/crop\/!1440x714&ext=.jpeg\" width=\"1040\" height=\"516\" alt=\"\u4e9a\u6735\uff1a\u96f6\u552e\u72c2\u98d9\uff0c\u9152\u5e97\u754c \u201c\u6d77\u5e95\u635e\u201d \u53c8\u7b11\u4e86\uff1f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<\/div>\n<div>\n<p><img loading=\"lazy\" src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/03\/18\/708b6dbc73bf40dfcf84ebef0c49a40a_1773801171.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x833\/gravity\/center\/crop\/!1440x833&ext=.jpeg\" width=\"976\" height=\"565\" alt=\"\u4e9a\u6735\uff1a\u96f6\u552e\u72c2\u98d9\uff0c\u9152\u5e97\u754c \u201c\u6d77\u5e95\u635e\u201d \u53c8\u7b11\u4e86\uff1f\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<p>(\u6765\u6e90\uff1a\u949b\u5a92\u4f53)<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u6587 | \u6d77\u8c5a\u7814\u7a76 \u5317\u4eac\u65f6\u95f4 2026 \u5e74 3 \u6708 17 \u65e5\u7f8e\u80a1\u76d8\u524d\uff0c\u4e9a\u6735\uff08ATAT\uff09\u53d1\u5e03\u4e86 2025 \u5e74 4  [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[266,241,140],"views":47,"_links":{"self":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/748790"}],"collection":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=748790"}],"version-history":[{"count":0,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/748790\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=748790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=748790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=748790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}