{"id":784838,"date":"2026-05-22T15:01:55","date_gmt":"2026-05-22T07:01:55","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=784838"},"modified":"2026-05-22T15:01:55","modified_gmt":"2026-05-22T07:01:55","slug":"%e8%94%9a%e6%9d%a5%e7%94%a8%e4%b8%80%e8%be%86%e8%bd%a6%e8%b5%9a%e5%88%b0%e4%ba%86%e9%92%b1%ef%bc%8c%e4%bd%86%e5%ae%83%e5%be%97%e9%9d%a0%e4%b8%80%e5%bc%a0%e7%bd%91%e6%b4%bb%e4%b8%8b%e5%8e%bb","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=784838","title":{"rendered":"\u851a\u6765\u7528\u4e00\u8f86\u8f66\u8d5a\u5230\u4e86\u94b1\uff0c\u4f46\u5b83\u5f97\u9760\u4e00\u5f20\u7f51\u6d3b\u4e0b\u53bb"},"content":{"rendered":"<blockquote>\n<p>\u6587 | <a href=\"https:\/\/www.alphaseek.cn\/?tag=%e6%b1%bd%e8%bd%a6\" title=\"View all posts in \u6c7d\u8f66\" target=\"_blank\" class=\"tag_link\">\u6c7d\u8f66<\/a>\u50cf\u7d20(ID:autopix)\uff0c<strong>\u4f5c\u8005<\/strong>\uff5c\u5218\u6b23\u6021 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href=\"https:\/\/www.alphaseek.cn\/?tag=%e7%be%8e%e5%9b%bd\" title=\"View all posts in \u7f8e\u56fd\" target=\"_blank\" class=\"tag_link\">\u7f8e\u56fd<\/a>\u901a\u7528\u4f1a\u8ba1\u51c6\u5219\u8ba1\u7b97\uff08GAAP\uff09\uff0cQ1\u91cd\u65b0\u8f6c\u4e3a\u51c0\u4e8f\u635f3.32\u4ebf\u5143\u3002\u4e24\u4e2a\u76f8\u90bb\u7684\u5b63\u5ea6\uff0c\u4e00\u4e2a\u8d5a2.8\u4ebf\uff0c\u4e00\u4e2a\u4e8f3.3\u4ebf\u3002<\/p>\n<p>\u851a\u6765\u5f3a\u8c03\u7684\u662f\u53e6\u4e00\u4e2a\u53e3\u5f84\u3002Non-GAAP\u8c03\u6574\u540e\u51c0\u5229\u6da60.44\u4ebf\u5143\uff0c\u8fde\u7eed\u4e24\u5b63\u5ea6\u4e3a\u6b63\u3002\u4f46\u8fd90.44\u4ebf\u7684\u76c8\u5229\uff0c\u662f\u5728GAAP\u51c0\u4e8f\u7684\u57fa\u7840\u4e0a\uff0c\u52a0\u56de\u4e863.76\u4ebf\u5143\u80a1\u6743\u6fc0\u52b1\u4e4b\u540e\u624d\u8f6c\u6b63\u7684\u3002<\/p>\n<p>\u6362\u53e5\u8bdd\u8bf4\uff0c\u5254\u9664\u4f1a\u8ba1\u8c03\u6574\uff0c\u8fd9\u4e2a\u5b63\u5ea6\u672c\u8d28\u4e0a\u4ecd\u662f\u4e8f\u635f\u3002\u800c\u5373\u4fbf\u6309Non-GAAP\u53e3\u5f84\uff0c\u76c8\u5229\u4e5f\u6bd4Q4\u76847.27\u4ebf\u8dcc\u4e8694%\u3002\u5f52\u5c5e\u4e8e\u666e\u901a\u80a1\u4e1c\u7684\u51c0\u4e8f\u635f\uff0c\u662f\u66f4\u96be\u770b\u76844.96\u4ebf\u5143\u3002<\/p>\n<p>\u6bdb\u5229\u6765\u81ea\u66f4\u597d\u7684\u4ea7\u54c1\u7ed3\u6784\uff0c\u5fae\u5229\u5219\u5f88\u5927\u7a0b\u5ea6\u4e0a\u6765\u81ea\u8d39\u7528\u7aef\u7684\u6536\u7f29\u3002\u851a\u6765\u4e0d\u662f\u53ea\u9760\u7701\u94b1\u9760\u8fd1\u76c8\u5229\uff0c\u4f46\u5982\u679c\u6ca1\u6709\u8fd9\u8f6e\u8986\u76d6\u5168\u516c\u53f8\u7684\u964d\u672c\uff0c\u5f88\u96be\u628a\u4e8f\u635f\u538b\u4e0b\u6765\u3002<\/p>\n<p>\u8fd9\u4e9b\u5229\u6da6\u4e0d\u662f\u5356\u66f4\u591a\u8f66\u8d5a\u51fa\u6765\u7684\uff0c\u800c\u662f\u7701\u51fa\u6765\u7684\u3002Q1\u7814\u53d1\u8d39\u752818.85\u4ebf\u5143\uff0c\u540c\u6bd4\u4e0b\u964d40.7%\uff0c\u539f\u56e0\u8d22\u62a5\u91cc\u5199\u5f97\u5f88\u76f4\u767d\uff0c&ldquo;\u7ec4\u7ec7\u4f18\u5316&rdquo;\u5e26\u6765\u7684\u7814\u53d1\u4eba\u5458\u6210\u672c\u4e0b\u964d\u3002<\/p>\n<p>\u9500\u552e\u7ba1\u7406\u8d39\u752834.97\u4ebf\u5143\uff0c\u540c\u6bd4\u4e0b\u964d20.5%\u3002\u851a\u6765\u7528\u4e00\u573a\u8986\u76d6\u5168\u516c\u53f8\u7684\u964d\u672c\uff0c\u628a\u5de8\u989d\u4e8f\u635f\u538b\u6210\u4e86\u5fae\u5229\u3002\u8fd9\u662f\u771f\u529f\u592b\uff0c\u4f46\u4e5f\u610f\u5473\u7740\uff0c\u5229\u6da6\u7684\u6765\u6e90\u662f\u8d39\u7528\u7aef\u7684\u6536\u7f29\uff0c\u800c\u975e\u6536\u5165\u7aef\u7684\u7206\u53d1\u3002<\/p>\n<p>\u66f4\u80fd\u8bf4\u660e\u95ee\u9898\u7684\u662f\u6bdb\u5229\u548c\u8d39\u7528\u7684\u5173\u7cfb\u3002Q1\u851a\u6765\u6bdb\u5229\u603b\u989d48.59\u4ebf\u5143\uff0c\u8fd0\u8425\u8d39\u7528\u51c0\u989d51.68\u4ebf\u5143\uff0c\u7ecf\u8425\u4e8f\u635f3.09\u4ebf\u5143\u3002\u4e5f\u5c31\u662f\u8bf4\uff0c\u851a\u6765\u73b0\u5728\u7684\u95ee\u9898\u5df2\u7ecf\u4e0d\u662f&ldquo;\u5356\u8f66\u672c\u8eab\u4e0d\u8d5a\u94b1&rdquo;\uff0c\u800c\u662f\u6574\u5957\u7814\u53d1\u3001\u9500\u552e\u3001\u670d\u52a1\u3001\u6362\u7535\u4f53\u7cfb\u8fd8\u9700\u8981\u66f4\u5927\u7684\u9500\u91cf\u53bb\u644a\u8584\u3002<\/p>\n<p>\u8fd9\u4e5f\u662f\u4e3a\u4ec0\u4e48\uff0c\u851a\u6765\u79bb\u76c8\u5229\u5f88\u8fd1\uff0c\u4f46\u4e5f\u8106\u5f31\u3002\u5b83\u5df2\u7ecf\u628a\u8d39\u7528\u538b\u4e0b\u6765\u4e86\uff0c\u63a5\u4e0b\u6765\u4e0d\u80fd\u53ea\u9760\u7ee7\u7eed\u7701\u94b1\uff0c\u8981\u9760\u9500\u91cf\u4e2d\u67a2\u7ee7\u7eed\u62ac\u9ad8\u3002<\/p>\n<p>\u8d44\u4ea7\u8d1f\u503a\u8868\u5219\u63d0\u793a\u4e86\u53e6\u4e00\u91cd\u8106\u5f31\u3002\u622a\u81f33\u6708\u5e95\uff0c\u851a\u6765\u5e94\u4ed8\u8d26\u6b3e\u9ad8\u8fbe540\u4ebf\u5143\uff0c\u8d85\u8fc7\u5b83\u5168\u90e8482\u4ebf\u5143\u7684\u73b0\u91d1\u50a8\u5907\uff0c\u4e5f\u8fdc\u9ad8\u4e8e43\u4ebf\u5143\u7684\u80a1\u4e1c\u6743\u76ca\uff1b\u800c\u90a3482\u4ebf\u73b0\u91d1\u50a8\u5907\u4e2d\uff0c\u53d7\u9650\u8d44\u91d1\u5c31\u5360\u4e86163\u4ebf\u3002<\/p>\n<p>\u51c0\u6d41\u52a8\u8d44\u4ea7\u662f\u521a\u521a\u8f6c\u6b63\u3002\u851a\u6765\u4ecd\u7136\u662f\u4e00\u5bb6\u9ad8\u5ea6\u4f9d\u8d56\u4f9b\u5e94\u5546\u8d26\u671f\u3001\u7528\u6781\u8584\u7684\u6743\u76ca\u64ac\u52a8\u7740\u5343\u4ebf\u8d44\u4ea7\u7684\u516c\u53f8\u3002<\/p>\n<p>\u6240\u4ee5\u8fd9\u4efd\u8d22\u62a5\u6700\u51c6\u786e\u7684\u63cf\u8ff0\u662f\uff0c\u6bd4\u53bb\u5e74\u90a3\u4e2a\u88ab\u5185\u90e8\u79f0\u4e3a&ldquo;\u751f\u6b7b\u5c40&rdquo;\u7684\u5e74\u4efd\uff0c\u7a33\u591a\u4e86\u3002\u73b0\u91d1\u94fe\u5371\u673a\u89e3\u9664\u3001\u6bdb\u5229\u771f\u5b9e\u56de\u5347\u3001\u964d\u672c\u624e\u5b9e\u843d\u5730\u3002<\/p>\n<p>\u4f46\u5b83\u8fd8\u6ca1\u771f\u7684\u7ad9\u7a33\u3002\u5224\u65ad\u4e00\u5bb6\u516c\u53f8\u662f\u5426\u8d70\u51fa\u56f0\u5883\uff0c\u4e0d\u8be5\u770b\u5b83\u6700\u597d\u7684\u90a3\u4e2a\u5b63\u5ea6\u3002\u851a\u6765\u6700\u597d\u7684\u5b63\u5ea6\u8d5a\u4e862.8\u4ebf\uff0c\u8fdb\u5165\u4e00\u5b63\u5ea6\u6de1\u5b63\u540e\uff0c\u4e8f\u4e863.3\u4ebf\u3002<\/p>\n<p>\u851a\u6765\u7ed9\u51fa\u7684\u4e8c\u5b63\u5ea6\u6307\u5f15\u662f\u4ea4\u4ed811\u4e07\u523011.5\u4e07\u8f86\u3002\u76f8\u6bd4Q1\u76848.35\u4e07\u8f86\uff0c\u610f\u5473\u7740\u4e09\u4e2a\u6708\u5185\u8981\u591a\u5356\u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class=\"tag_link\">\u4e0a\u5e02<\/a>\u4ea4\u4ed8\u7684ES9\u653e\u5728\u4e00\u8d77\uff0c\u5f3a\u8c03\u4e3b\u54c1\u724c\u5728\u9ad8\u7aef\u65d7\u8230SUV\u5e02\u573a\u7684\u6280\u672f\u548c\u4ea7\u54c1\u80fd\u529b\u3002<\/p>\n<p>2025\u5e749\u6708\uff0c\u7b2c\u4e09\u4ee3ES8\u5f00\u59cb\u4ea4\u4ed8\uff0c\u6b64\u540e\u5b83\u4e00\u8def\u8d70\u9ad8\u300212\u6708\u96f6\u552e2.23\u4e07\u8f86\uff0c\u540c\u65f6\u62ff\u4e0b\u5927\u578bSUV\u3001\u5927\u4e09\u6392SUV\u300140\u4e07\u5143\u4ee5\u4e0a\u8f66\u578b\u4e09\u9879\u9500\u51a0\u3002<\/p>\n<p>\u52302026\u5e744\u6708\uff0c\u5b83\u4ecd\u8d21\u732e\u4e86NIO\u4e3b\u54c1\u724c\u7ea6\u4e03\u6210\u7684\u9500\u91cf\uff0c\u8fde\u7eed\u4e94\u4e2a\u6708\u7a33\u5c45\u7ec6\u5206\u5e02\u573a\u7b2c\u4e00\u3002\u53ef\u4ee5\u8bf4\uff0c\u662fES8\u4e00\u8f86\u8f66\uff0c\u6491\u8d77\u4e86NIO\u4e3b\u54c1\u724c\u7684\u9500\u91cf\uff0c\u4e5f\u6491\u8d77\u4e86\u8d22\u62a5\u7684\u6bdb\u5229\u3002<\/p>\n<p>\u5bf940\u4e07\u5143\u4ee5\u4e0a\u7528\u6237\u6765\u8bf4\uff0c\u4e70ES8\u4e0d\u53ea\u662f\u5728\u4e70\u4e00\u53f0\u5927SUV\uff0c\u4e5f\u662f\u5728\u4e70\u4e00\u5957\u957f\u671f\u4f7f\u7528\u7684\u786e\u5b9a\u6027\uff0c\u8fd9\u6b63\u662f\u851a\u6765\u8fc7\u53bb\u5341\u5e74\u6700\u8d35\u7684\u8d44\u4ea7\u3002\u6362\u7535\u3001\u670d\u52a1\u3001\u7528\u6237\u793e\u533a\u548c\u54c1\u724c\u4fe1\u4efb\uff0c\u5728ES8\u8eab\u4e0a\u91cd\u65b0\u53d8\u6210\u4e86\u9500\u91cf\u3002<\/p>\n<p>\u4f46ES8\u7684\u6210\u529f\uff0c\u6070\u6070\u7167\u51fa\u4e86\u851a\u6765\u7684\u77ed\u677f\uff0c\u5b83\u7684\u62a4\u57ce\u6cb3\u4e0d\u591f\u5bbd\u3002<\/p>\n<p><img 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\/><\/p>\n<p>\u4e00\u4e2a\u5e72\u51c0\u7684\u5bf9\u7167\uff0c\u5c31\u85cf\u5728\u851a\u6765\u81ea\u5df1\u7684\u4ea7\u54c1\u7ebf\u91cc\uff0c\u540c\u6837\u662f\u5927\u4e09\u6392SUV\u3001\u540c\u6837\u6709\u6362\u7535\u4f53\u7cfb\uff0c\u4eca\u5e74\u524d\u56db\u4e2a\u6708\uff0cL90\u7684\u9500\u91cf\u5206\u522b\u662f1502\u30011317\u30013356\u548c2066\u8f86\u3002<\/p>\n<p>\u8fd9\u6b3e\u8f66\u53bb\u5e748\u6708\u523010\u6708\u8fde\u7eed\u4e09\u4e2a\u6708\u9500\u91cf\u7834\u4e07\uff0c\u968f\u540e\u5f00\u59cb\u8170\u65a9\u3002<\/p>\n<p>\u851a\u6765\u771f\u6b63\u9700\u8981\u7684\uff0c\u4e0d\u53ea\u662f\u7b2c\u4e8c\u4e2aES8\uff0c\u800c\u662f\u628a\u90a3\u6761\u53ea\u5728\u9ad8\u7aef\u6210\u7acb\u7684\u62a4\u57ce\u6cb3\uff0c\u6316\u5bbd\u3001\u6316\u5230\u4e2d\u7aef\u53bb\u3002\u627f\u62c5\u8fd9\u4e2a\u4efb\u52a1\u7684\uff0c\u5e94\u8be5\u662f\u4e50\u9053\u3002<\/p>\n<p>\u4ece\u8d22\u62a5\u7684\u903b\u8f91\u770b\uff0c\u4e50\u9053\u7684\u89d2\u8272\u5176\u5b9e\u88ab\u7b97\u5f97\u5f88\u6e05\u695a\u3002<\/p>\n<p>\u851a\u6765\u6709\u4e00\u4e2a\u6c89\u91cd\u7684\u56fa\u5b9a\u6210\u672c\u5e95\u5ea7\uff0c\u6bcf\u5b63\u5ea6\u4e8c\u5341\u4ebf\u7ea7\u7684\u7814\u53d1\u3001\u4e09\u5341\u591a\u4ebf\u7684\u9500\u552e\u7ba1\u7406\u8d39\u7528\uff0c\u4ee5\u53ca\u4e00\u5f20\u5e9e\u5927\u7684\u6362\u7535\u7f51\u7edc\u3002ES8\u63d0\u4f9b\u6bdb\u5229\uff0c\u4f46\u5b83\u7684\u7ec6\u5206\u5e02\u573a\u6709\u5929\u82b1\u677f\u3002<\/p>\n<p>\u8981\u8ba9\u89c4\u6a21\u548c\u5229\u6da6\u53d8\u5f97\u66f4\u7a33\u5b9a\uff0c\u552f\u4e00\u7684\u529e\u6cd5\u662f\u628a\u6574\u4f53\u9500\u91cf\u7684\u57fa\u51c6\u7ebf\u62ac\u4e0a\u53bb\u5e76\u5b88\u4f4f\uff0c\u800c\u8fd9\u90e8\u5206\u589e\u91cf\u53ea\u80fd\u6765\u81ea\u5927\u4f17\u5e02\u573a\u3002\u6240\u4ee5\u4e50\u9053\u7684\u8003\u6838\u6307\u6807\u4e0d\u8be5\u662f\u8d5a\u9ad8\u6bdb\u5229\uff0c\u800c\u662f\u4e0a\u91cf\u3002\u7528\u89c4\u6a21\u628a\u7814\u53d1\u3001\u6362\u7535\u3001\u670d\u52a1\u7684\u56fa\u5b9a\u6210\u672c\u644a\u8584\u3002<\/p>\n<p>\u6362\u7535\u5c24\u5176\u9700\u8981\u5b83\u3002\u4e00\u5ea7\u6362\u7535\u7ad9\u65e5\u5747\u6362\u7535\u7ea633\u6b21\u65f6\uff0c\u5355\u7ad9\u4e00\u5e74\u4e8f\u635f\u7ea643\u4e07\u5143\uff1b\u8981\u626d\u4e8f\uff0c\u5229\u7528\u7387\u5f97\u63d0\u5230\u65e5\u5747\u767e\u6b21\u5de6\u53f3\u3002\u800c\u63d0\u5347\u5229\u7528\u7387\u9760\u7684\u662f\u7528\u8f66\u5bc6\u5ea6\uff0c\u4e3b\u54c1\u724c\u90a3\u70b9\u91cf\u5582\u4e0d\u9971\u6574\u5f20\u7f51\u3002\u4e50\u9053\uff0c\u672c\u8be5\u662f\u628a\u6362\u7535\u4ece&ldquo;\u8d1f\u503a&rdquo;\u53d8\u6210&ldquo;\u8d44\u4ea7&rdquo;\u7684\u90a3\u628a\u94a5\u5319\u3002<\/p>\n<p>\u53ef\u4e50\u9053\u4e00\u76f4\u6ca1\u63a5\u4f4f\u8fd9\u4e2a\u4efb\u52a1\u3002L90\u53bb\u5e748\u6708\u4ea4\u4ed8\uff0c\u4e50\u9053\u54c1\u724c\u9500\u91cf\u4e09\u4e2a\u6708\u5185\u51b2\u5230\u4e00\u4e07\u4e03\uff0c\u968f\u540e\u4e00\u8def\u8df3\u6c34\uff0c\u5230\u4eca\u5e744\u6708\u53ea\u52695348\u8f86\uff0c\u5176\u4e2dL90\u672c\u8eab\u53ea\u67092066\u8f86\u3002\u6574\u4e2a\u4e00\u5b63\u5ea6\uff0c\u4e50\u9053\u4ec5\u4ea4\u4ed81.33\u4e07\u8f86\uff0c\u6708\u5747\u56db\u4e94\u5343\u3002<\/p>\n<p>\u4e50\u9053\u7535\u6c60\u662f\u53e6\u4e00\u5957\u89c4\u683c\uff0c\u8001\u7ad9\u8981\u6539\u9020\u3001\u8fd8\u8981\u5355\u72ec\u5907\u5e93\u5b58\uff0c\u670d\u52a1\u4e50\u9053\u662f\u589e\u91cf\u6210\u672c\u800c\u975e\u514d\u8d39\u644a\u8584\uff1b\u4e2d\u7aef\u7528\u6237\u5927\u591a\u5bb6\u5145\u3001\u5bf9\u6362\u7535\u8fd8\u4e0d\u654f\u611f\uff0c\u5e02\u573a\u9700\u8981\u57f9\u80b2\u3002<\/p>\n<p>L90\u6709\u6362\u7535\u4f53\u7cfb\uff0c\u4e5f\u6ca1\u6258\u4f4f\u9500\u91cf\u3002\u800c&ldquo;\u7701\u94b1\u51b2\u76c8\u5229&rdquo;\u7684\u6218\u7565\uff0c\u53c8\u4e0d\u5141\u8bb8\u851a\u6765\u5728\u90a3\u4e2a\u6700\u5173\u952e\u7684\u7a97\u53e3\u671f\u4e3a\u4e50\u9053\u72c2\u7838\u8425\u9500\u548c<a 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class=\"tag_link\">\u80fd\u6e90<\/a>\u548c\u670d\u52a1\u7f51\u7edc\u3002\u7528\u6237\u8d8a\u591a\uff0c\u6362\u7535\u7ad9\u5229\u7528\u7387\u8d8a\u9ad8\uff0c\u552e\u540e\u3001\u914d\u4ef6\u3001\u91d1\u878d\u3001BaaS\u548c\u670d\u52a1\u6536\u5165\u7684\u57fa\u76d8\u8d8a\u5927\uff0c\u851a\u6765\u90a3\u5957\u66fe\u7ecf\u88ab\u8ba4\u4e3a\u592a\u91cd\u7684\u4f53\u7cfb\uff0c\u624d\u6709\u673a\u4f1a\u4ece\u6210\u672c\u9879\u53d8\u6210\u7ecf\u8425\u9879\u3002<\/p>\n<p>\u6240\u4ee5\u4e50\u9053\u771f\u6b63\u7684\u8003\u6838\uff0c\u662f\u5728\u6bdb\u5229\u4e0d\u5931\u63a7\u7684\u524d\u63d0\u4e0b\uff0c\u628a\u6362\u7535\u7ad9\u3001\u670d\u52a1\u548c\u552e\u540e\u7f51\u7edc\u5582\u8d77\u6765\u3002<\/p>\n<p>\u851a\u6765\u7684\u786e\u5728\u8fd9\u4e48\u505a\u3002\u4e24\u4e2a\u6293\u624b\uff0c\u5206\u522b\u662f\u7b2c\u4e94\u4ee3\u6362\u7535\u7ad9\uff0c\u548c\u4e50\u9053\u7684\u65b0\u8f66L80\u7b49\u3002<\/p>\n<p><img loading=\"lazy\" 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