{"id":929,"date":"2025-03-28T15:40:39","date_gmt":"2025-03-28T07:40:39","guid":{"rendered":"http:\/\/www.cscai.cn\/?p=929"},"modified":"2025-11-06T22:34:01","modified_gmt":"2025-11-06T14:34:01","slug":"%e6%bb%b4%e6%bb%b4%ef%bc%9a%e5%9b%bd%e5%86%85%e7%86%9f%e9%80%8f%e4%ba%86%e8%bf%98%e5%be%97%e9%98%b2%ef%bc%8c%e6%b5%b7%e5%a4%96%e6%95%85%e4%ba%8b%e6%85%a2%e6%85%a2%e8%ae%b2%ef%bc%9f","status":"publish","type":"post","link":"http:\/\/www.qlcxw.com.cn\/?p=929","title":{"rendered":"\u6ef4\u6ef4\uff1a\u56fd\u5185\u719f\u900f\u4e86\u8fd8\u5f97\u9632\uff0c\u6d77\u5916\u6545\u4e8b\u6162\u6162\u8bb2\uff1f"},"content":{"rendered":"<p data-track=\"1\">3 \u6708 18 \u65e5\u665a\uff0c$\u6ef4\u6ef4\u51fa\u884c.US \u516c\u5e03\u4e86 24 \u5e74 4 \u5b63\u5ea6\u8d22\u62a5\uff0c\u4ee5\u4e0b\u662f\u6838\u5fc3\u8981\u70b9\uff1a<\/p>\n<p data-track=\"2\"><strong>1\u3001<\/strong>\u6838\u5fc3\u8fd0\u8425\u6570\u636e\u4e0a\uff0c2024 \u5e74 4<strong>\u5b63\u5ea6\u6ef4\u6ef4\u56fd\u5185\u51fa\u884c\u5b9e\u73b0 GTV 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data-track=\"5\"><strong>2\u3001\u4f46\u56db\u5b63\u5ea6\u5e02\u573a\u5730\u4f4d\u7684\u63d0\u5347\u6709\u4ee3\u4ef7\uff1a<\/strong>\u8425\u6536\u89d2\u5ea6\uff0c<strong>\u6ef4\u6ef4\u56fd\u5185\u51fa\u884c\u677f\u5757\u672c\u5b63\u6536\u5165 474 \u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f 5.6%\uff0c\u8dd1\u8f93\u4e86 GTV \u7ea6 9% \u7684\u589e\u901f<\/strong>\u3002\u8fd9\u79cd\u7ec4\u5408\uff0c\u5f88\u53ef\u80fd\u7684\u60c5\u51b5\u662f\uff0c<strong>\u6ef4\u6ef4\u5728\u5e02\u5360\u7387\u4e0a\u8822\u8822\u6b32\u52a8\uff0c\u5bf9\u6d88\u8d39\u8005\u7aef\u8865\u8d34\u518d\u52a0\u5927\u3002<\/strong><\/p>\n<p data-track=\"6\"><strong>\u800c\u6ef4\u6ef4\u56fd\u5185\u7684\u5e73\u53f0\u9500\u552e\u989d\uff08GTV-\u6d88\u8d39\u6fc0\u52b1\uff09\u589e\u957f\uff0c\u5219\u4f9d\u65e7\u5927\u5e45\u8dd1\u8d62 GTV \u548c\u6536\u5165\u589e\u901f\uff0c\u672c\u5b63\u4e3a 23%\uff0c<\/strong>\u8f83\u4e0a\u5b63\u7684 24% \u7a0d\u6709\u653e\u7f13<strong>\u3002<\/strong><\/p>\n<p data-track=\"7\"><strong>\u53ef\u4ee5\u63a8\u65ad\u53f8\u673a\u5206\u6210\u5360 GTV \u7684\u5e73\u5747\u6bd4\u91cd\u540c\u6bd4\u8fd8\u5728\u4e0b\u964d\u3002<\/strong>\u5176\u4e2d\u539f\u56e0\uff0c\u53ef\u80fd\u5305\u62ec a.\u4ee5\u51c0\u6536\u5165\u786e\u8ba4\u8425\u6536\u7684\u4e1a\u52a1\u6bd4\u91cd\u4e0a\u5347\uff1bb. \u7f51\u7ea6\u8f66\u4f9b\u7ed9\u8f83\u591a\uff0c\u53f8\u673a\u7aef\u7ade\u4e89\u66f4\u52a0\u6fc0\u70c8\u7684\u60c5\u51b5\u4e5f\u662f\u8bf1\u56e0\u4e4b\u4e00; c.\u6280\u672f\u964d\u672c\uff0c\u7535\u8f66\u4ef7\u683c\u8d70\u4f4e\u3001\u5360\u6bd4\u63d0\u5347\uff0c\u53f8\u673a\u8dd1\u8f66\u5355\u6210\u672c\u4e0b\u964d\uff08\u6c7d\u8f66\u644a\u9500\/\u5355\u516c\u91cc\u80fd\u6e90\u6210\u672c\uff09\u3002<\/p>\n<p data-track=\"8\"><strong>3\u3001\u6d77\u5916\u4e1a\u52a1\u7ee7\u7eed\u4fdd\u6301\u7740\u76f8\u5bf9\u66f4\u5f3a\u7684\u589e\u957f\uff0c\u672c\u5b63 GTV \u540c\u6bd4\u589e\u957f 16%<\/strong>\uff0c\u4e4d\u770b\u4e4b\u4e0b\uff0c\u76f8\u6bd4\u5148\u524d 30%~50% 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\u4ebf<\/strong>\uff0c<strong>\u8f83\u4e0a\u5b63\u5ea6\u589e\u901f\u4e0d\u964d\u53cd\u5347\uff0c\u7ee7\u7eed\u8dd1\u8d62 GTV \u589e\u957f<\/strong>\u3002\u6d77\u5916\u4e1a\u52a1\u7684<strong>\u5e73\u53f0\u6536\u5165\uff08platform sales\uff09\u5219\u540c\u6bd4\u589e\u957f\u4e86 22% \u5230 23.9 \u4ebf\u3002<\/strong><\/p>\n<p data-track=\"11\">\u6d77\u5916\u4e1a\u52a1\u7684\u8425\u6536\u548c\u5e73\u53f0\u6536\u5165\u7684\u89c4\u6a21\u548c\u589e\u901f\u5b58\u5728\u660e\u663e\u5dee\u522b\uff0c\u4e3b\u8981\u662f\u6d77\u5916\u4e1a\u52a1\u7684\u8425\u6536\u989d\u5305\u542b\u91d1\u878d\u7b49\u975e\u5c65\u7ea6\u76f8\u5173\u4e1a\u52a1\uff0c\u800c\u5e73\u53f0\u6536\u5165\u4e2d\u4e0d\u5305\u542b\u3002\u4ece<strong>\u4fa7\u9762\u8bf4\u660e\u6ef4\u6ef4\u5728\u6d77\u5916\u7684\u91d1\u878d\u6027\u6536\u5165\u7684\u589e\u957f\u76f8\u5f53\u5f3a\u52b2\u3002<\/strong><\/p>\n<p data-track=\"12\"><strong>4\u3001<\/strong>\u5229\u6da6\u6307\u6807\u4e0a\uff0c\u6ef4\u6ef4<strong>\u56fd\u5185\u677f\u5757\u8c03\u6574\u540e EBITA \u5229\u6da6\u672c\u5b63\u4e3a 21.8 \u4ebf\uff0c\u73af\u6bd4\u4e0a\u5b63\u5ea6\u4e0b\u964d\u4e86\u7ea6 3.1 \u4ebf\u3002Adj.EBITA \u5229\u6da6\u5360 GTV \u7684\u6bd4\u91cd\u8f83\u4e0a\u5b63\u7684 3.2% \u5c0f\u5e45\u4e0b\u964d\u5230 2.8%\u3002<\/strong>\u867d\u7136<strong>4Q \u662f\u5b63\u8282\u6027\u6de1\u5b63\uff0c\u5229\u6da6\u7387\u73af\u6bd4\u7565\u964d\u5177\u5907\u4e00\u5b9a\u5408\u7406\u6027\uff0c\u4f46\u5bf9\u671f\u5f85\u6ef4\u6ef4\u7684\u5229\u6da6\u7387\u80fd\u7ee7\u7eed\u6539\u5584\u7684\u6295\u8d44\u8005\u800c\u8a00\uff0c\u663e\u7136\u4e0d\u662f\u597d\u6d88\u606f\u3002<\/strong><\/p>\n<p data-track=\"13\">\u6839\u636e\u6d77\u8c5a\u6295\u7814\u7684\u6d4b\u7b97\uff08\u7531\u4e8e\u5305\u542b\u8f83\u591a\u5047\u8bbe\uff0c\u4ec5\u89c2\u5bdf\u53d8\u5316\u8d8b\u52bf\uff09\uff0c\u5c3d\u7ba1<strong>\u672c\u5b63\u5ea6\u7684 Platform take rate \u73af\u6bd4\u8d70\u9ad8\u4e86 0.7pct \u7684\uff0c\u7ed9\u6d88\u8d39\u8005\u7684\u8865\u8d34\u5360 GTV \u6bd4\u7387\u8d70\u9ad8\u4e86 1.3pct\uff0c\u56e0\u6b64\u5e73\u53f0\u6700\u7ec8\u7684\u51c0\u53d8\u73b0\u7387\u4ecd\u662f\u73af\u6bd4\u4e0b\u964d\u7684\u3002<\/strong>\u8fd9\u4e0e\u56fd\u5185\u4e1a\u52a1 adj.EBITA \u5229\u6da6\u7387\u4e0b\u964d\u7684\u60c5\u51b5\u4e00\u81f4\u3002<\/p>\n<p data-track=\"14\">5\u3001<strong>\u6d77\u5916\u4e1a\u52a1\u672c\u5b63 adj.EBITA \u4e8f\u635f\u4e3a 7.1 \u4ebf<\/strong>\uff0c<strong>\u4e8f\u635f\u7387\uff08\u76f8\u5bf9 GTV\uff09\u8fbe\u5230 2.8%<\/strong>\u3002\u867d\u7136\u76f8\u6bd4\u4eca\u5e74\u524d\u4e09\u4e2a\u5b63\u5ea6\u7684\u4e8f\u635f\u7387\u6709\u6240\u6269\u5927\u3002\u4f46\u4ece\u53bb\u5e74\u7ecf\u9a8c\u6765\u770b\uff0c<strong>\u5e74\u7ec8\u7684 4Q \u770b\u8d77\u6765\u662f\u8d39\u7528\u652f\u51fa\u7684\u5b63\u8282\u6027\u9ad8\u70b9\u3002<\/strong>\u76f8\u6bd4\u53bb\u5e74\u540c\u671f 5.1% \u7684\u4e8f\u635f\u7387\uff0c\u4e8f\u635f\u7387\u4ecd\u662f\u5728\u6536\u7a84\u7684\u3002\u5176\u4ed6\u521b\u65b0\u4e1a\u52a1\u4e5f\u5448\u73b0\u5e74\u7ec8\u4e8f\u635f\u660e\u663e\u6269\u5927\u7684\u60c5\u51b5\uff0c\u672c\u5b63\u4e8f\u635f 11.5 \u4ebf\u3002\u4f46\u76f8\u6bd4\u53bb\u5e74 4Q \u4e8f\u635f\u4e5f\u662f\u7f29\u7a84\u7684\u3002<\/p>\n<p data-track=\"15\">\u7531\u4e8e\u6d77\u5916\u548c\u65b0\u4e1a\u52a1\u4e8f\u635f\u7684\u660e\u663e\u6269\u5927\uff0c<strong>\u6ef4\u6ef4\u6574\u4f53\u672c\u5b63\u7684 adj.EBITA \u4e3a 3.2 \u4ebf\uff0c\u4e0d\u8db3\u4e0a\u5b63 17.4 \u4ebf\u7684\u96f6\u5934\u3002\u4f46\u9700\u8981\u7279\u522b\u5173\u6ce8\uff0c\u672c\u5b63\u6d77\u5916\u548c\u521b\u65b0\u4e1a\u52a1\u7684\u4e8f\u635f\u6269\u5927\uff0c\u4ec5\u662f\u56e0\u4e3a\u5b63\u8282\u6027\u6ce2\u52a8\uff0c\u8fd8\u662f\u56e0\u4e3a\u6d77\u5916\u6295\u5165\u529b\u5ea6\u7684\u518d\u52a0\u5927\u3002<\/strong><\/p>\n<p data-track=\"16\"><strong>6\u3001\u4ece\u6210\u672c\u548c\u8d39\u7528\u89d2\u5ea6\u770b\u5229\u6da6\u7387\u4e0b\u964d\u7684\u539f\u56e0\uff0c\u4e3b\u8981\u662f\u672c\u5b63\u56db\u9879\u7ecf\u8425\u8d39\u7528\u7684\u7edd\u5bf9\u989d\u548c\u5360\u6536\u5165\u6bd4\u91cd\u8f83\u4e0a\u5b63\u90fd\u6709\u589e\u957f<\/strong>\uff08\u672c\u5b63\u6536\u5165\u662f\u73af\u6bd4\u4e0b\u964d\uff09<strong>\uff0c\u6bd4\u91cd\u73af\u6bd4\u4e0a\u5347\u4e86 1.4pct\u3002<\/strong><\/p>\n<p data-track=\"17\"><strong>\u5373\u4fbf\u8003\u8651\u5230 4Q \u662f\u8d39\u7528\u652f\u51fa\u7684\u5927\u5b63<\/strong>\uff0c<strong>\u4ece\u540c\u6bd4\u7684\u89d2\u5ea6\u770b\uff0c\u8425\u9500\u548c\u7ba1\u7406\u8d39\u7528\u7684\u652f\u51fa\u4e5f\u90fd\u6709\u4e0d\u5c0f\u7684\u63d0\u5347\u3002<\/strong>\u770b\u8d77\u6765\uff0c\u6ef4\u6ef4\u5728\u56fd\u5185\u5730\u4f4d\u7a33\u56fa\u540e\uff0c<strong>\u4f3c\u4e4e\u5df2\u4e0d\u518d\u592a\u8fc7\u5f3a\u8c03\u5bf9\u8d39\u7528\u7684\u63a7\u5236\uff0c\u6709\u91cd\u56de\u6295\u5165\u6269\u5f20\u5468\u671f\u7684\u53ef\u80fd\u3002<\/strong><\/p>\n<p data-track=\"18\"><strong>\u6d77\u8c5a\u6295\u7814\u89c2\u70b9\uff1a<\/strong><\/p>\n<p data-track=\"19\">\u521d\u770b\u6ef4\u6ef4\u56db\u5b63\u5ea6\u57fa\u672c\u76d8\u2014\u2014\u56fd\u5185\u80c6\u91cf\u548c GTV \u7684\u4ea4\u4ed8\u975e\u5e38\u4e0d\u9519\uff0c\u56fd\u5185\u7f51\u7ea6\u8f66\u5e02\u5360\u7387\u5c0f\u5e45\u63d0\u5347\uff1b\u800c\u4e14\u7b2c\u4e09\u65b9 APP \u6570\u636e\u4e5f\u663e\u793a\u6ef4\u6ef4\u7684\u7528\u6237\u91cf\u76f8\u6bd4\u540c\u884c\u8fd1\u671f\u6709\u660e\u663e\u7684\u589e\u957f\u3002<\/p>\n<p data-track=\"20\">\u56fd\u5185\u6765\u770b\uff0c\u6ef4\u6ef4\u4f5c\u4e3a\u56fd\u5185\u7edd\u5bf9\u9f99\u5934\uff08\u5e02\u5360\u7387\u53ef\u80fd 70%~80% \u4e4b\u95f4\uff09\u4e5f\u6ca1\u6709\u592a\u591a\u8bb2\u5e02\u5360\u7387\u63d0\u5347\u903b\u8f91\u7684\u7a7a\u95f4\uff0c\u672a\u6765\u7684\u5173\u6ce8\u70b9\uff0c\u65e0\u5916\u4e4e\u4e24\u4e2a\uff1a<\/p>\n<p data-track=\"21\"><strong>a\uff09\u56fd\u5185\u7a33\u5b9a\u5730\u4f4d\u57fa\u7840\u4e0b\uff0c\u5355\u5747\u5229\u6da6\u91ca\u653e\uff1a<\/strong>\u672c\u6b21\u56fd\u5185\u4e1a\u52a1\u5229\u6da6\u7387\u73af\u6bd4\u4e0b\u6ed1\uff0c\u6d77\u5916\u548c\u521b\u65b0\u4e1a\u52a1\u7684\u4e8f\u635f\u73af\u6bd4\u660e\u663e\u6269\u5927\uff08\u867d\u7136\u540c\u6bd4\u662f\u4e0b\u964d\u7684\uff09\uff0c\u5e76\u6ca1\u6709\u6ee1\u8db3\u5e02\u573a\u5bf9\u589e\u91cf\u5229\u6da6\u7684\u671f\u76fc\u3002<\/p>\n<p data-track=\"22\">\u800c\u4e14\uff0c\u56db\u5b63\u5ea6\u56fd\u5185\u52a0\u56fa\u5e02\u573a\u5730\u4f4d\u4ed8\u51fa\u4e86\u4e00\u5b9a\u4ee3\u4ef7\uff1a<strong>\u7f51\u7ea6\u8f66\u4e1a\u52a1\u6d88\u8d39\u6fc0\u52b1\u52a0\u5927\u4e0b\u7684\u6bdb\u5229\u7387\u4e0b\u964d\uff08\u867d\u90e8\u5206\u53ef\u80fd\u4e0e\u5b63\u8282\u6027\u76f8\u5173\uff09\uff0c\u540c\u65f6\u51fa\u73b0\u8425\u9500\u8d39\u7528\u7387\uff08\u4e3b\u8981\u4f53\u73b0\u5728 3P \u805a\u5408\u4e1a\u52a1\u4e0a\uff09\u5360\u6bd4\u63d0\u5347\uff0c\u5f88\u53ef\u80fd\u610f\u5473\u7740\u6ef4\u6ef4\u5728\u8ddd\u79bb\u518d\u4e0a\u5e02\u53ef\u80fd\u5e76\u4e0d\u9065\u8fdc\u7684\u60c5\u51b5\u4e0b\uff0c\u63d0\u9ad8\u4e86\u5e02\u573a\u6295\u5165\uff0c\u60f3\u8981\u518d\u52a0\u56fa\u4e00\u4e0b\u5e02\u573a\u5730\u4f4d\u3002<\/strong><\/p>\n<p data-track=\"23\"><strong>b) \u7b2c\u4e8c\u66f2\u7ebf\u2014\u2014\u6d77\u5916\u7684\u6210\u957f\u6027\uff1a\u6d77\u5916\u867d\u7136\u4e8f\u635f\u6709\u6240\u62c9\u5927\uff0c\u4f46 30% \u4ee5\u4e0a\u7684\u4e1a\u52a1\u989d\u589e\u957f\uff0c\u6269\u5f20\u5e73\u7a33\u800c\u5feb\u901f\uff0c\u53ea\u662f\u8981\u6210\u4e3a\u771f\u6b63\u7684\u7b2c\u4e8c\u66f2\u7ebf\uff0c\u8865\u4f4d\u65e9\u5df2\u7ecf\u719f\u900f\u7684\u56fd\u5185\u7f51\u7ea6\u8f66\u751f\u610f\uff0c\u8fd8\u9700\u8981\u4e00\u6bb5\u65f6\u95f4\u7684\u6295\u5165\u548c\u7b49\u5f85\u3002<\/strong><\/p>\n<p data-track=\"24\">\u5c55\u671b\u540e\u7eed\uff0c\u516c\u53f8\u9884\u671f 25 \u8d22\u5e74\u56fd\u5185\u4e1a\u52a1 adj.EBITA \u5168\u5e74\u8fbe 120 \u4ebf\uff0c\u8f83\u5e74\u524d\u7684\u6307\u5f15\u5e76\u672a\u4e0a\u8c03\u3002\u56fd\u9645\u5316\u4e1a\u52a1\u4e5f\u5c1a\u6ca1\u7ed9\u51fa\u5177\u4f53\u7684\u626d\u4e8f\u4e3a\u76c8\u7684\u65f6\u95f4\u8282\u70b9\u3002\u540c\u6837\u6ca1\u6709\u7ed9\u5e02\u573a\u5e26\u6765\u671f\u5f85\u7684\u76c8\u5229\u6307\u5f15\u4e0a\u8c03\uff0c\u4f1a\u5f15\u51fa\u4e00\u4e2a\u81ea\u7136\u7684\u95ee\u9898\uff1a\u6ef4\u6ef4\u662f\u4e0d\u662f\u8fd8\u6709\u4ec0\u4e48\u52a0\u5927\u6295\u5165\u7684\u8ba1\u5212\uff0c\u5229\u6da6\u91ca\u653e\u662f\u5426\u4f1a\u53d7\u963b\uff1f<\/p>\n<p data-track=\"25\">\u4f30\u503c\u89d2\u5ea6\u6765\u8bf4\uff0c\u76ee\u524d\u6ef4\u6ef4\u7684\u80a1\u4ef7\u57fa\u672c\u8fbe\u5230$5 \u65f6\u5c31\u4f1a\u51fa\u73b0\u660e\u663e\u7684\u74f6\u9888\uff0c\u8f83\u96be\u5411\u4e0a\u7a81\u7834\u3002\u800c\u4f46\u770b\u56fd\u5185\u4e1a\u52a1 120 \u4ebf\u7684 adj.EBITA \u5229\u6da6\uff0c\u5bf9\u5e94\u5f53\u524d\u5e02\u503c\u4e5f\u6709\u7ea6 15x \u4f30\u503c\u500d\u6570\uff08\u4e14\u8fd9\u662f non-GAAP EBITA \u53e3\u5f84\uff0c\u82e5\u6309 GAAP \u51c0\u5229\u6da6\u8ba1\u7b97\uff0c\u4f30\u503c\u66f4\u9ad8\uff09\u3002<\/p>\n<p data-track=\"26\">\u5e76\u4e14\u8fd9\u4e5f\u6ca1\u8003\u8651\u5230\u6d77\u5916\u548c\u521b\u65b0\u4e1a\u52a1\u5927\u51e0\u5341\u4ebf\u7684\u4e8f\u635f\uff0c\u6ef4\u6ef4\u7684\u4f30\u503c\u76f8\u6bd4\u540c\u884c\u663e\u7136\u662f\u8f83\u9ad8\u7684\u3002\u82e5\u60f3\u8fdb\u4e00\u6b65\u5438\u5f15\u6295\u8d44\u8005\u7684\u6ce8\u610f\uff0c\u5e26\u52a8\u5e02\u503c\u8fdb\u4e00\u6b65\u4e0a\u6da8\uff0c\u8bb2\u597d\u56fd\u5185\u4e1a\u52a1\u7684\u5229\u6da6\u91ca\u653e\uff0c\u6216\u8005\u6d77\u5916\u4e1a\u52a1\u7684\u661f\u8fb0\u5927\u6d77\uff08\u8d85\u9884\u671f\u7684\u89c4\u6a21\u589e\u957f\u6216\u5feb\u901f\u626d\u4e8f\u4e8c\u8005\u7686\u53ef\uff09\uff0c\u662f\u6ef4\u6ef4\u9700\u8981\u4ea4\u4ed8\u7684\u3002<\/p>\n<p data-track=\"27\"><strong>\u4ee5\u4e0b\u4e3a\u4e1a\u7ee9\u5173\u952e\u56fe\u8868\u548c\u70b9\u8bc4\uff1a<\/strong><\/p>\n<p data-track=\"28\"><strong>\u4e00\u3001\u6ef4\u6ef4\u56fd\u5185\u9886\u5148\u5730\u4f4d\u8d8a\u53d1\u660e\u786e\uff0c\u6d77\u5916\u7ee7\u7eed\u4e0d\u4fd7\u589e\u957f<\/strong><\/p>\n<p data-track=\"29\">\u6838\u5fc3\u8fd0\u8425\u6570\u636e\u4e0a\uff0c2024 \u5e74 4<strong>\u5b63\u5ea6\u6ef4\u6ef4\u56fd\u5185\u51fa\u884c\u5b9e\u73b0 GTV 784 \u4ebf\uff0c\u540c\u6bd4\u589e\u957f 9.3%<\/strong>\uff0c\u8f83\u4e0a\u5b63\u5c0f\u5e45\u52a0\u901f 1.5pct\uff0c\u4f53\u73b0\u51fa<strong>\u6ef4\u6ef4\u5728\u56fd\u5185\u7f51\u7ea6\u8f66\u884c\u4e1a\u7684\u9886\u5148\u5730\u4f4d\u8fdb\u4e00\u6b65\u7a33\u56fa<\/strong>\u3002<\/p>\n<p data-track=\"30\">\u73af\u6bd4\u89d2\u5ea6\uff0c<strong>\u672c\u5b63\u56fd\u5185 GTV \u589e\u957f\u4e86 0.3%\uff0c<\/strong>\u5386\u53f2\u4e0a 4Q \u76f8\u6bd4 3Q \u662f\u76f8\u5bf9\u6de1\u5b63\uff0c\u672c\u5b63\u5ea6\u9006\u52bf\u73af\u589e\u662f 2021 \u5e74\u4ee5\u6765\u7684\u9996\u6b21\uff0c\u4e5f\u4f53\u73b0\u51fa\u6ef4\u6ef4\u5728\u56fd\u5185\u5e02\u573a\u9886\u5148\u5730\u4f4d\u7684\u63d0\u5347\u3002<\/p>\n<p data-track=\"31\">\u4e0d\u8fc7\uff0c<strong>\u56fd\u5185\u7f51\u7ea6\u8f66\u6574\u4f53\u5927\u76d8\u7684\u589e\u957f\u7a7a\u95f4\u6709\u9650\uff0c\u6ef4\u6ef4\u4f5c\u4e3a\u7edd\u5bf9\u9f99\u5934\u518d\u63d0\u5e02\u5360\u7387\u7684\u7a7a\u95f4\u4e5f\u6bd4\u8f83\u6709\u9650\u3002<\/strong>\u56fd\u5185\u4e1a\u52a1\u540e\u7eed\u589e\u957f\u4e2d\u67a2\u5927\u6982\u7387\u4f1a\u7ef4\u6301\u5728 10% \u4e0a\u4e0b\u3002\uff08\u5728\u81ea\u52a8\u9a7e\u9a76\u7b49\u9769\u547d\u6027\u53d8\u9769\u51fa\u73b0\u524d\uff09<\/p>\n<p><img decoding=\"async\" class=\"syl-page-img\" style=\"height: auto;\" src=\"https:\/\/gbres.dfcfw.com\/Files\/iimage\/20250324\/0668029A254B6B69515307EEFDE0CF26_w1093h538.jpg\" \/><\/p>\n<p data-track=\"32\">\u62c6\u5206\u4ef7\u91cf\u6765\u770b\uff0c\u8ba2\u5355\u91cf\u89d2\u5ea6\uff0c<strong>\u6ef4\u6ef4\u81ea\u8eab\u62ab\u9732\u7684\u56fd\u5185\u51fa\u884c\u8ba2\u5355\u91cf\uff08<\/strong>\u5305\u62ec\u7f51\u7ea6\u8f66\u53ca\u987a\u98ce\u8f66\u3001\u4ee3\u9a7e\u7b49\u4e1a\u52a1\uff09<strong>\u540c\u6bd4\u589e\u957f 10.8%\uff0c<\/strong>\u76f8\u6bd4\u4e0a\u5b63\u7684 10.6% \u8fd1\u4e4e\u6ca1\u6709\u53d8\u5316\uff0c\u4e5f\u53ef\u89c1<strong>\u56fd\u5185\u4e1a\u52a1\u91cf\u7684\u589e\u957f\u5df2\u8fdb\u5165\u5e73\u7a33\u7684\u5e73\u53f0\u9636\u6bb5<\/strong>\u3002<\/p>\n<p data-track=\"33\">\u636e\u6d77\u8c5a\u6295\u7814\u7684\u4e86\u89e3\uff0c\u4ea4\u901a\u90e8\u5728 10 \u6708\u4e4b\u540e\u672a\u518d\u7ee7\u7eed\u516c\u5e03\u6708\u5ea6\u7684\u7f51\u7ea6\u8f66\u8ba2\u5355\u6570\u636e\uff0c\u56e0\u6b64\u6211\u4eec\u6ca1\u6cd5\u518d\u76f4\u89c2\u6bd4\u8f83\u6ef4\u6ef4\u7684\u5355\u91cf\u589e\u901f\u4e0e\u884c\u4e1a\u5927\u76d8\u7684\u5dee\u5f02\u3002<\/p>\n<p data-track=\"34\">\u4e0d\u8fc7\u6839\u636e\u7b2c\u4e09\u65b9\u8c03\u7814\u7684\u7528\u6237\u7aef App MAU \u6570\u636e<strong>24 \u5e74\u5e95\u5230 25 \u5e74\u521d\uff0c\u6ef4\u6ef4\u81ea\u8eab App \u548c\u65d7\u4e0b\u82b1\u5c0f\u732a App \u7684\u7528\u6237\u6708\u6d3b\u90fd\u51fa\u73b0\u4e86\u660e\u663e\u5411\u4e0a\u62c9\u5347\u7684\u60c5\u51b5\uff0c\u800c\u5176\u4ed6\u5404\u5e73\u53f0\u90fd\u6ca1\u6709\u5982\u6b64\u663e\u8457\u7684\u53d8\u5316\u3002<\/strong>\u770b\u8d77\u6765\u540c\u6837\u9a8c\u8bc1\u4e86\u6ef4\u6ef4\u5728\u56fd\u5185\u5e02\u573a\u7684\u9886\u5148\u5730\u4f4d\u6216\u5e02\u5360\u7387\u6709\u6240\u8d70\u9ad8\u3002<\/p>\n<p class=\"pgc-img-caption\"><img decoding=\"async\" class=\"syl-page-img\" style=\"height: auto;\" src=\"https:\/\/gbres.dfcfw.com\/Files\/iimage\/20250324\/BF0ED1E5FED266AEF66B9CE70737CCA5_w708h574.jpg\" \/><\/p>\n<p data-track=\"35\">\u4ef7\u683c\u89d2\u5ea6\uff0c\u6ef4\u6ef4\u672c\u5b63<strong>\u56fd\u5185\u4e1a\u52a1\u7684\u5e73\u5747\u5ba2\u5355\u4ef7\u4ecd\u5728\u540c\u6bd4\u4e0b\u6ed1\uff0c\u672c\u5b63\u8d70\u4f4e 1.4%\u3002<\/strong>\u76ee\u524d\u5927\u73af\u5883\u4e0b\uff0c\u4ee5\u4ef7\u6362\u91cf\u7684\u8d8b\u52bf\u5c1a\u672a\u626d\u8f6c<strong>\u3002<\/strong>\u4ea7\u54c1\u7ed3\u6784\u4e0a<strong>\uff0c<\/strong>\u6ef4\u6ef4\u7279\u60e0\u3001\u62fc\u8f66\u3001\u82b1\u5c0f\u732a\u7b49\u6bd4\u91cd\u7684\u4e0a\u5347\uff0c\u4e5f\u4f1a\u4ece\u6536\u5165\u7ed3\u6784\u89d2\u5ea6\u4f7f\u5f97\u6574\u4f53\u5e73\u5747\u5ba2\u5355\u4ef7\u51fa\u73b0\u4e0b\u6ed1\u3002\u4e0d\u8fc7<strong>\u968f\u7740\u5ba2\u5355\u4ef7\u9010\u6b65\u8fdb\u5165\u4f4e\u57fa\u6570\u671f\uff0c\u4ef7\u683c\u540c\u6bd4\u4e0b\u6ed1\u7684\u5e45\u5ea6\u662f\u5728\u9010\u6b65\u6536\u7a84\u7684\uff0c\u540e\u7eed\u6709\u5e0c\u671b\u9010\u6b65\u6b62\u8dcc\u3002<\/strong><\/p>\n<p><img decoding=\"async\" class=\"syl-page-img\" style=\"height: auto;\" src=\"https:\/\/gbres.dfcfw.com\/Files\/iimage\/20250324\/C6AB36A0B39A1243ADDB9961F987D292_w965h486.jpg\" \/><\/p>\n<p data-track=\"36\"><strong>\u6d77\u5916\u4e1a\u52a1\u7ee7\u7eed\u4fdd\u6301\u7740\u76f8\u5bf9\u66f4\u5f3a\u7684\u589e\u957f\uff0c\u672c\u5b63 GTV \u540c\u6bd4 16%<\/strong>\uff0c\u4e4d\u770b\u4e4b\u4e0b\uff0c\u76f8\u6bd4\u5148\u524d 30%~50% \u589e\u901f\u660e\u663e\u653e\u7f13\uff0c<strong>\u4f46\u4e3b\u8981\u662f\u53d7\u6c47\u7387\u9006\u98ce\u7684\u5f71\u54cd\u3002\u5254\u9664\u6c47\u5151\u56e0\u7d20\uff0c\u56fd\u9645\u4e1a\u52a1 GTV \u589e\u901f\u4ecd\u8fbe 32%\uff0c\u5e76\u672a\u660e\u663e\u653e\u7f13\u3002<\/strong><\/p>\n<p data-track=\"37\">\u62c6\u5206\u4ef7\u91cf\u6765\u770b<strong>\uff0c\u6d77\u5916\u4e1a\u52a1\u7684\u8ba2\u5355\u91cf\u589e\u901f\u4ecd\u6709 30%<\/strong>\uff0c\u8f83\u4e0a\u5b63\u5ea6\u7684 33%\uff0c\u5e73\u7a33\u7565\u964d\u3002\u4e3b\u8981\u662f<strong>\u5ba2\u5355\u4ef7\u540c\u6bd4\u4e0b\u6ed1\u8fd1 11%<\/strong>\uff08\u4e0a\u5b63\u5ea6\u540c\u6bd4\u4e0b\u6ed1 10%\uff09\uff0c\u4e0d\u8fc7\u5982\u4e0a\u6240\u8ff0\u4e3b\u8981\u662f\u53d7\u6c47\u7387\u7684\u5f71\u54cd\u3002<\/p>\n<p><img decoding=\"async\" class=\"syl-page-img\" style=\"height: auto;\" src=\"https:\/\/gbres.dfcfw.com\/Files\/iimage\/20250324\/D4EC619949CD0696383D9714BF5A2E9F_w1095h538.jpg\" \/><\/p>\n<p class=\"pgc-img-caption\"><img decoding=\"async\" class=\"syl-page-img\" style=\"height: auto;\" src=\"https:\/\/gbres.dfcfw.com\/Files\/iimage\/20250324\/761D10A3E8E61E3DBE963CFC9C41AE4F_w1008h489.jpg\" \/><\/p>\n<p data-track=\"38\"><strong>\u4e8c\u3001\u4f9b\u5927\u4e8e\u6c42\uff0c\u6d88\u8d39\u7aef\u8865\u8d34\u589e\u52a0\uff0c\u4f9b\u5e94\u7aef\u5206\u4f63\u51cf\u5c11<\/strong><\/p>\n<p data-track=\"39\">\u8425\u6536\u89d2\u5ea6\uff0c<strong>\u6ef4\u6ef4\u56fd\u5185\u51fa\u884c\u677f\u5757\u672c\u5b63\u6536\u5165 474 \u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f 5.6%\uff0c<\/strong>\u548c GTV \u8d8b\u52bf\u4e00\u81f4\u8f83\u4e0a\u5b63\u7a0d\u6709\u63d0\u901f\uff0c\u4f46<strong>\u4f9d\u65e7\u8dd1\u8f93\u4e86 GTV \u7ea6 9% \u7684\u589e\u901f<\/strong>\u3002<\/p>\n<p data-track=\"40\">\u6d77\u8c5a\u6295\u7814\u8ba4\u4e3a\uff0c\u8425\u6536\u589e\u901f\u6301\u7eed\u8dd1\u8f93 GTV \u589e\u957f\uff0c\u4e00\u65b9\u9762\u4ee3\u9a7e\u3001\u987a\u98ce\u8f66\u7b49\u6309\u51c0\u6536\u5165\u786e\u8ba4\u8425\u6536\uff08\u56e0\u6b64\u7edd\u5bf9\u503c\u8f83\u4f4e\uff09\u7684\u4e1a\u52a1\u6bd4\u91cd\u53ef\u80fd\u6709\u6240\u8d70\u9ad8\uff1b<\/p>\n<p data-track=\"41\">\u53e6\u4e00\u65b9\u9762\u57fa\u4e8e\u6ef4\u6ef4\u56fd\u5185\u81ea\u8425\u4e1a\u52a1\u7684 \u201c\u8425\u6536 = GTV \u2013 \u6d88\u8d39\u8005\u6fc0\u52b1 \u2013 \u7a0e\u8d39\u7b49\u201d \u7684\u6536\u5165\u786e\u8ba4\u53e3\u5f84\uff0c\u4f9d\u65e7\u53ef\u4ee5\u8ba4\u4e3a<strong>\u6ef4\u6ef4\u5728\u5bf9\u6d88\u8d39\u8005\u7aef\u8865\u8d34\u7684\u6bd4\u4f8b\u4ece\u540c\u6bd4\u89d2\u5ea6\u4ecd\u662f\u8d70\u9ad8\u7684\u3002<\/strong><\/p>\n<p><img decoding=\"async\" class=\"syl-page-img\" style=\"height: auto;\" src=\"https:\/\/gbres.dfcfw.com\/Files\/iimage\/20250324\/2E7106B43F8207B40D47B8562700A555_w1035h502.jpg\" \/><\/p>\n<p data-track=\"42\">\u800c\u53e6\u4e00\u4e2a\u65b9\u5411\u76f8\u53cd\uff0c\u4f46\u540c\u6837\u6301\u7eed\u4e86\u4e00\u6bb5\u65f6\u95f4\u7684\u60c5\u51b5\u662f\uff0c<strong>\u6ef4\u6ef4\u56fd\u5185\u7684\u5e73\u53f0\u9500\u552e\u989d\u589e\u957f\u5219\u4f9d\u65e7\u5927\u5e45\u8dd1\u8d62 GTV \u548c\u6536\u5165\u589e\u901f\uff0c\u672c\u5b63\u4e3a 23%\uff0c<\/strong>\u8f83\u4e0a\u5b63\u7684 24% \u7a0d\u6709\u653e\u7f13<strong>\u3002<\/strong><\/p>\n<p data-track=\"43\">\u6309\u7167 \u201c\u5e73\u53f0\u9500\u552e\u989d = GTV \u2013 \u53f8\u673a\u5206\u6210\/\u6fc0\u52b1 &#8211; \u7a0e\u8d39\u7b49\u201d \u7684\u8ba1\u7b97\u65b9\u5f0f\uff0c<strong>\u53ef\u4ee5\u63a8\u65ad\u53f8\u673a\u7684\u5206\u6210\u5360 GTV \u7684\u5e73\u5747\u6bd4\u91cd\u540c\u6bd4\u6765\u770b\u4ecd\u662f\u5728\u4e0b\u964d\u7684\u3002<\/strong><\/p>\n<p data-track=\"44\">\u5176\u4e2d\u539f\u56e0\uff0c\u4e00\u65b9\u9762\u53ef\u80fd\u5305\u62ec\u4ee5\u51c0\u6536\u5165\u786e\u8ba4\u8425\u6536\u4e1a\u52a1\u6bd4\u91cd\u7684\u4e0a\u5347\u3002\u6b64\u5916\uff0c\u7f51\u7ea6\u8f66\u4f9b\u7ed9\u8fc7\u591a\uff0c\u53f8\u673a\u7aef\u7ade\u4e89\u66f4\u52a0\u6fc0\u70c8\u7684\u60c5\u51b5\u4e5f\u662f\u4e8b\u5b9e\u3002<\/p>\n<p data-track=\"45\">\u6309\u7167\u516c\u53f8\u62ab\u9732\u7684\u5e73\u53f0\u9500\u552e\u989d\/GTV \u7684\u8ba1\u7b97\u51fa\u7684<strong>\u56fd\u5185\u4e1a\u52a1\u5e73\u53f0\u6574\u4f53\u53d8\u73b0\u7387\uff0c\u672c\u5b63\u4e3a 21.3%<\/strong>\uff0c<strong>\u73af\u6bd4\u4e0a\u5b63\u7ee7\u7eed\u63d0\u5347\u4e86 0.7pct\u3002<\/strong>\u4eca\u5e74\u4ee5\u6765\u8be5\u6307\u6807\u5df2\u8fde\u7eed 4 \u4e2a\u5b63\u5ea6\u540c\u73af\u6bd4\u6765\u770b\u90fd\u662f\u5728\u63d0\u5347\u7684\u3002<\/p>\n<p><img decoding=\"async\" class=\"syl-page-img\" style=\"height: auto;\" src=\"https:\/\/gbres.dfcfw.com\/Files\/iimage\/20250324\/2053C59C2CEA67717C350E906EEC5A3E_w1124h541.jpg\" \/><\/p>\n<p class=\"pgc-img-caption\"><img decoding=\"async\" class=\"syl-page-img\" style=\"height: auto;\" src=\"https:\/\/gbres.dfcfw.com\/Files\/iimage\/20250324\/8C462FD667E11196E7FE516139C5C51D_w938h481.jpg\" \/><\/p>\n<p data-track=\"46\">\u81f3\u4e8e<strong>\u6d77\u5916\u4e1a\u52a1\uff0c\u8425\u6536\u540c\u6bd4\u589e\u901f\u4e3a 35% \u5230 30.1 \u4ebf<\/strong>\uff0c<strong>\u8f83\u4e0a\u5b63\u5ea6\u589e\u901f\u4e0d\u964d\u53cd\u5347\uff0c\u7ee7\u7eed\u8dd1\u8d62 GTV \u589e\u957f<\/strong>\u3002\u4f46\u662f\u6d77\u5916\u4e1a\u52a1\u7684<strong>\u5e73\u53f0\u6536\u5165\uff08platform sales\uff09\u5219\u540c\u6bd4\u589e\u957f\u4e86 22% \u5230 23.9 \u4ebf\u3002<\/strong><\/p>\n<p data-track=\"47\">\u7531\u4e8e Platform sales \u5219\u4ec5\u5305\u542b\u5916\u5356\u548c\u6253\u8f66\u8fd9\u4e9b\u6d89\u53ca\u7ebf\u4e0b\u5c65\u7ea6\u7684\u4e1a\u52a1\uff0c\u56e0\u6b64\u5176\u589e\u957f\u4e0e GTV \u589e\u901f\u66f4\u52a0\u63a5\u8fd1\u4e14\u76f8\u5173\u3002<\/p>\n<p data-track=\"48\">\u800c\u6d77\u5916\u4e1a\u52a1\u7684\u8425\u6536\u989d\u8fd8\u5305\u542b\u91d1\u878d\u7b49\u975e\u5c65\u7ea6\u76f8\u5173\u4e1a\u52a1\uff0c\u56e0\u6b64\u8425\u6536\u7684\u7edd\u5bf9\u989d\u548c\u589e\u901f\u90fd\u9ad8\u4e8e Platform sales\uff0c\u4e5f\u4ece<strong>\u4fa7\u9762\u8bf4\u660e\u6ef4\u6ef4\u5728\u6d77\u5916\u7684\u91d1\u878d\u6027\u6536\u5165\u7684\u589e\u957f\u76f8\u5f53\u5f3a\u52b2\u3002<\/strong><\/p>\n<p><img decoding=\"async\" class=\"syl-page-img\" style=\"height: auto;\" src=\"https:\/\/gbres.dfcfw.com\/Files\/iimage\/20250324\/87D98C0666278FBB28D2BAD362E37FFF_w1032h498.jpg\" \/><\/p>\n<p data-track=\"49\"><strong>\u56db\u3001\u6d77\u5916\u548c\u521b\u65b0\u4e1a\u52a1\u4e8f\u635f\u663e\u8457\u653e\u5927\uff0c\u53ea\u662f\u5b63\u8282\u6027\u53d8\u5316\u8fd8\u662f\u8d8b\u52bf\u6027\u62d0\u70b9\uff1f<\/strong><\/p>\n<p data-track=\"50\">\u5229\u6da6\u6307\u6807\u4e0a\uff0c\u6ef4\u6ef4<strong>\u56fd\u5185\u677f\u5757\u8c03\u6574\u540e EBITA \u5229\u6da6\u672c\u5b63\u4e3a 21.8 \u4ebf\uff0c\u73af\u6bd4\u4e0a\u5b63\u5ea6\u4e0b\u964d\u4e86\u7ea6 3.1 \u4ebf\u3002Adj.EBITA \u5229\u6da6\u5360 GTV \u7684\u6bd4\u91cd\u8f83\u4e0a\u5b63\u7684 3.2% \u5c0f\u5e45\u4e0b\u964d\u5230 2.8%\u3002<\/strong><\/p>\n<p data-track=\"51\">\u867d\u7136<strong>4Q \u505a\u4e3a\u5b63\u8282\u6027\u6de1\u5b63\uff0c\u5229\u6da6\u7387\u73af\u6bd4\u7565\u964d\u5177\u5907\u4e00\u5b9a\u5408\u7406\u6027\uff0c\u4f46\u5bf9\u5176\u4ed6\u6ef4\u6ef4\u7684\u5229\u6da6\u7387\u80fd\u7ee7\u7eed\u6539\u5584\u7684\u6295\u8d44\u8005\u800c\u8a00\uff0c\u663e\u7136\u4e0d\u662f\u597d\u6d88\u606f\u3002<\/strong><\/p>\n<p data-track=\"52\">\u6839\u636e\u6d77\u8c5a\u6295\u7814\u7684\u6d4b\u7b97\uff08\u7531\u4e8e\u5305\u542b\u8f83\u591a\u5047\u8bbe\uff0c\u6211\u4eec\u4ec5\u89c2\u5bdf\u53d8\u5316\u8d8b\u52bf\uff0c\u4e0d\u63d0\u4f9b\u5177\u4f53\u6570\u5b57\uff09\uff0c\u5c3d\u7ba1<strong>\u672c\u5b63\u5ea6\u7684 Platform take rate\uff08\u516c\u53f8\u81ea\u8eab\u62ab\u9732\u7684\uff09\u662f\u73af\u6bd4\u8d70\u9ad8\u4e86 0.7pct \u7684\uff0c\u4f46\u7531\u4e8e\u7ed9\u6d88\u8d39\u8005\u7684\u8865\u8d34\u5360 GTV \u6bd4\u7387\u8d70\u9ad8\u4e86 1.3pct\u3002<\/strong><\/p>\n<p data-track=\"53\"><strong>\u5e73\u53f0\u6700\u7ec8\u7684\u51c0\u53d8\u73b0\u7387\u4ecd\u662f\u73af\u6bd4\u4e0b\u964d\u7684\u3002<\/strong>\u8fd9\u4e0e\u56fd\u5185\u4e1a\u52a1 adj.EBITA \u5229\u6da6\u7387\u4e0b\u964d\u7684\u60c5\u51b5\u662f\u4e00\u81f4\u7684\u3002<\/p>\n<p><img decoding=\"async\" class=\"syl-page-img\" style=\"height: auto;\" src=\"https:\/\/gbres.dfcfw.com\/Files\/iimage\/20250324\/E3B0C9BC861D291101817BE740FDD6AD_w1075h547.jpg\" \/><\/p>\n<p class=\"pgc-img-caption\"><img decoding=\"async\" class=\"syl-page-img\" style=\"height: auto;\" src=\"https:\/\/gbres.dfcfw.com\/Files\/iimage\/20250324\/4EA4F3967EBB72B8EBD02153992C4034_w1113h521.jpg\" \/><\/p>\n<p data-track=\"54\">\u800c<strong>\u6d77\u5916\u4e1a\u52a1\u672c\u5b63 adj.EBITA \u4e8f\u635f\u4e3a 7.1 \u4ebf<\/strong>\uff0c<strong>\u4e8f\u635f\u7387\uff08\u76f8\u5bf9 GTV\uff09\u8fbe\u5230\u7684 2.8%<\/strong>\u3002\u867d\u7136\u76f8\u6bd4\u4eca\u5e74\u524d\u4e09\u4e2a\u5b63\u5ea6\u7684\u4e8f\u635f\u7387\u6709\u6240\u6269\u5927\u3002\u4f46\u4ece\u53bb\u5e74\u7ecf\u9a8c\u6765\u770b\uff0c<strong>\u5e74\u7ec8\u7684 4Q \u770b\u8d77\u6765\u662f\u8d39\u7528\u652f\u51fa\u7684\u5b63\u8282\u6027\u9ad8\u70b9\uff0c\u6362\u8a00\u4e4b\u5229\u6da6\u4f4e\u70b9\u3002<\/strong>\u76f8\u6bd4\u53bb\u5e74\u540c\u671f 5.1% \u7684\u4e8f\u635f\u7387\uff0c\u4e8f\u635f\u7387\u4ecd\u662f\u5728\u6536\u7a84\u7684\u3002<\/p>\n<p data-track=\"55\">\u5176\u4ed6\u521b\u65b0\u4e1a\u52a1\u4e5f\u5448\u73b0\u521d\u5e74\u7ec8\u4e8f\u635f\u660e\u663e\u6269\u5927\u7684\u60c5\u51b5\uff0c\u672c\u5b63\u4e8f\u635f 11.5 \u4ebf\u3002\u4f46\u540c\u6837\u76f8\u6bd4\u53bb\u5e74 4Q \u4e8f\u635f\u4ecd\u662f\u7f29\u7a84\u7684\u3002<\/p>\n<p data-track=\"56\">\u7531\u4e8e\u6d77\u5916\u548c\u65b0\u4e1a\u52a1\u4e8f\u635f\u7684\u660e\u663e\u6269\u5927\uff0c<strong>\u6ef4\u6ef4\u6574\u4f53\u672c\u5b63\u7684 adj.EBITA \u4e3a 3.2 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