{"id":3393,"date":"2020-05-11T13:25:10","date_gmt":"2020-05-11T03:25:10","guid":{"rendered":"https:\/\/www.xencio.com\/cn\/?p=3393\/"},"modified":"2020-05-11T13:25:10","modified_gmt":"2020-05-11T03:25:10","slug":"%e6%98%af%e6%97%b6%e5%80%99%e5%81%9a%e4%b8%80%e4%b8%8b%e7%8e%b0%e9%87%91%e6%b5%81%e5%b0%bd%e8%b0%83%e4%ba%86","status":"publish","type":"post","link":"https:\/\/www.xencio.com\/cn\/%e8%a7%81%e7%9f%a5%e5%8d%9a%e5%ae%a2\/%e6%98%af%e6%97%b6%e5%80%99%e5%81%9a%e4%b8%80%e4%b8%8b%e7%8e%b0%e9%87%91%e6%b5%81%e5%b0%bd%e8%b0%83%e4%ba%86\/","title":{"rendered":"\u662f\u65f6\u5019\u505a\u4e00\u4e0b\u73b0\u91d1\u6d41\u5c3d\u8c03\u4e86"},"content":{"rendered":"<p>[vc_row type=&#8221;vc_default&#8221; css=&#8221;.vc_custom_1534757346043{padding-bottom: 40px !important;}&#8221;][vc_column][vc_column_text css=&#8221;.vc_custom_1589155666359{margin-bottom: 30px 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data-id=\"69d4c3d108c51\" data-height=\"25\" data-height-mobile=\"15\" data-height-tab=\"\" data-height-tab-portrait=\"\" data-height-mobile-landscape=\"15\" style=\"clear:both;display:block;\"><\/div>[vc_column_text css=&#8221;.vc_custom_1589166624058{margin-bottom: 30px !important;}&#8221;]\u90a3\u4e48\u96be\u9053\u73b0\u5728\u7684\u65b9\u5f0f\u65b9\u6cd5\u53d1\u73b0\u4e0d\u4e86\u8fd9\u4e9b\u95ee\u9898\u5417\uff1f<\/p>\n<p>\u4e3a\u4ec0\u4e48\u6d51\u6c34\u4e00\u5bb6\u6d77\u5916\u7684\u673a\u6784\uff0c\u5c31\u80fd\u591f\u53d1\u73b0\u4e2d\u56fd\u516c\u53f8\u7684\u95ee\u9898\u5462\uff1f[\/vc_column_text][vc_single_image image=&#8221;3396&#8243; img_size=&#8221;full&#8221; css=&#8221;.vc_custom_1589166638938{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1589166648825{margin-bottom: 30px !important;}&#8221;]<span style=\"color: #999999;\">\u5ddd\u5927\u7237\u6559\u4f60\u505a\u98ce\u63a7\uff1a220w vs. 10-20w<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=&#8221;vc_default&#8221; css=&#8221;.vc_custom_1589167110308{padding-bottom: 20px !important;}&#8221;][vc_column]<div id=\"ultimate-heading-527269d4c3d108c94\" class=\"uvc-heading ult-adjust-bottom-margin ultimate-heading-527269d4c3d108c94 uvc-7125  uvc-heading-default-font-sizes\" data-hspacer=\"line_only\"  data-halign=\"left\" style=\"text-align:left\"><div class=\"uvc-main-heading ult-responsive\"  data-ultimate-target='.uvc-heading.ultimate-heading-527269d4c3d108c94 h3'  data-responsive-json-new='{\"font-size\":\"\",\"line-height\":\"\"}' ><h3 style=\"--font-weight:theme;margin-bottom:15px;\">\u505a\u7a7a\u673a\u6784 vs \u5c3d\u8c03\u673a\u6784<\/h3><\/div><div class=\"uvc-heading-spacer line_only\" style=\"topheight:3px;\"><span class=\"uvc-headings-line\" style=\"border-style:solid;border-bottom-width:3px;border-color:#00a6e2;width:50px;\"><\/span><\/div><\/div><div class=\"ult-spacer spacer-69d4c3d108ccb\" data-id=\"69d4c3d108ccb\" data-height=\"25\" data-height-mobile=\"15\" data-height-tab=\"\" data-height-tab-portrait=\"\" data-height-mobile-landscape=\"15\" style=\"clear:both;display:block;\"><\/div>[vc_column_text css=&#8221;.vc_custom_1589166671152{margin-bottom: 30px !important;}&#8221;]\u6d51\u6c34\u662f\u5bb6\u505a\u7a7a\u673a\u6784\uff0c\u505a\u7a7a\u7684\u76ee\u7684\u662f\u8bc1\u4f2a\uff0c\u4e00\u65e6\u5b9e\u9524\u5229\u6da6\u975e\u5e38\u4e30\u539a\uff0c\u505a\u7a7a\u5931\u8d25\u5374\u6ca1\u592a\u591a\u540e\u679c\u3002\u505a\u7a7a\u673a\u6784\u4ece\u786e\u5b9a\u76ee\u6807\uff0c\u5230\u7814\u7a76\u8fdb\u884c\u8c03\u67e5\uff0c\u6b65\u9aa4\u7ecf\u5e38\u957f\u8fbe\u6570\u4e2a\u6708\uff0c\u52a8\u7528\u5927\u91cf\u4eba\u529b\u5077\u62cd\u5077\u5f55\u90fd\u662f\u5bb6\u5e38\u4fbf\u996d\uff0c\u4e5f\u65f6\u5e38\u6709\u610f\u7684\u201c\u505a\u7a7a\u4e0d\u51c6\u201d\uff0c\u9e21\u86cb\u91cc\u6311\u9aa8\u5934\u3002<\/p>\n<p>\u800c\u5ba1\u8ba1\u548c\u8d22\u52a1\u5c3d\u8c03\u6323\u7684\u662f\u8f9b\u82e6\u94b1\uff0c\u52a0\u73ed\u52a0\u70b9\uff0c\u548c\u4f01\u4e1a\u6597\u667a\u6597\u52c7\uff0c\u8d28\u91cf\u8981\u6c42\u5374\u8d8a\u6765\u8d8a\u9ad8\u3002\u53d7\u9650\u4e8e\u5404\u79cd\u6761\u4ef6\uff0c\u518d\u52aa\u529b\u52a0\u73ed\u4e5f\u505a\u4e0d\u5230\u5b8c\u7f8e\u3002<\/p>\n<p>\u6bd4\u5982\u4e00\u4e2a\u9879\u76ee\u7684\u6295\u8d44\u662f\u591a\u65b9\u7684\u535a\u5f08\uff0c\u62a2\u624b\u7684\u9879\u76ee\u4ece\u7814\u7a76\u8c03\u67e5\u5230\u6295\u8d44\u7684\u56de\u8def\u5f88\u77ed\uff0c\u9700\u8981\u5feb\u901f\u51b3\u7b56\uff0c\u7b7e\u5b57\u524d\u4e00\u5207\u90fd\u53ef\u80fd\u53d1\u751f\uff0c\u65e0\u6cd5\u8ba9FDD\u5360\u7528\u592a\u591a\u65f6\u95f4\uff0c\u6bd5\u7adf\u540e\u9762\u8fd8\u8981IC\u3002\u5426\u5219\u5c3d\u8c03\u5b8c\u6bd5\u4e86\uff0c\u9879\u76ee\u90fd\u88ab\u622a\u80e1\u4e86\u3002[\/vc_column_text][vc_single_image image=&#8221;3397&#8243; img_size=&#8221;full&#8221; css=&#8221;.vc_custom_1589166689951{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1589166699810{margin-bottom: 30px !important;}&#8221;]<span style=\"color: #999999;\">\u6d51\u6c34\u521b\u59cb\u4ebaCarson Block\u7684\u505a\u7a7a\u6807\u51c6\u662f\uff1a30%<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=&#8221;vc_default&#8221; css=&#8221;.vc_custom_1589167115831{padding-bottom: 20px !important;}&#8221;][vc_column]<div id=\"ultimate-heading-386569d4c3d108d09\" class=\"uvc-heading ult-adjust-bottom-margin ultimate-heading-386569d4c3d108d09 uvc-8028  uvc-heading-default-font-sizes\" data-hspacer=\"line_only\"  data-halign=\"left\" style=\"text-align:left\"><div class=\"uvc-main-heading ult-responsive\"  data-ultimate-target='.uvc-heading.ultimate-heading-386569d4c3d108d09 h3'  data-responsive-json-new='{\"font-size\":\"\",\"line-height\":\"\"}' ><h3 style=\"--font-weight:theme;margin-bottom:15px;\">\u8d22\u52a1\u62a5\u8868\u5206\u6790<\/h3><\/div><div class=\"uvc-heading-spacer line_only\" style=\"topheight:3px;\"><span class=\"uvc-headings-line\" style=\"border-style:solid;border-bottom-width:3px;border-color:#00a6e2;width:50px;\"><\/span><\/div><\/div><div class=\"ult-spacer spacer-69d4c3d108d3d\" data-id=\"69d4c3d108d3d\" data-height=\"25\" data-height-mobile=\"15\" data-height-tab=\"\" data-height-tab-portrait=\"\" data-height-mobile-landscape=\"15\" style=\"clear:both;display:block;\"><\/div>[vc_column_text css=&#8221;.vc_custom_1589166968461{margin-bottom: 30px !important;}&#8221;]\u673a\u6784\u5bf9\u4e8e\u8d22\u52a1\u62a5\u8868\u548c\u4e1a\u52a1\u6838\u5fc3\u6307\u6807\u7684\u5206\u6790\u76ee\u524d\u5df2\u7ecf\u6210\u719f\u5230\u6cdb\u6ee5\u4e86\uff0c\u6bcf\u4e00\u4e2a\u8d22\u52a1\u62a5\u8868\u6307\u6807\u90fd\u88ab\u884d\u751f\u51fa\u4e86\u591a\u4e2a\u7248\u672c\u3002<\/p>\n<p>\u6bd4\u5982\u88ab\u5df4\u83f2\u7279\u548c\u8292\u683c\u62a8\u51fb\u4e3a\u201cBullsh_t earning\u201d\u7684EBITDA\uff08\u7a0e\u606f\u6298\u65e7\u53ca\u644a\u9500\u524d\u5229\u6da6\uff09\u5982\u4eca\u5df2\u7ecf\u884d\u751f\u51fa\u4e86\u5168\u5bb6\u6876\uff1aPro-forma EBITDA\uff0cEBIAT\uff0cNOPAT\uff0cNOPLAT\uff0c\u4e2d\u6982\u80a1\u8fd8\u6709\u5317\u7f8e\u670d\u52a1\u5668\u4e13\u5c5e\u7684Non-GAAP\u7279\u522b\u7248\u6307\u6807\u3002[\/vc_column_text][vc_single_image image=&#8221;3398&#8243; img_size=&#8221;full&#8221; css=&#8221;.vc_custom_1589166983205{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1589166992605{margin-bottom: 30px !important;}&#8221;]\u4e1a\u52a1\u6307\u6807\u5219\u66f4\u52a0\u4e30\u5bcc\uff0c\u540c\u4e00\u4e2a\u6307\u6807\u4e0d\u540c\u516c\u53f8\u4e5f\u5b9a\u4e49\u4e0d\u540c\uff0c\u6bd4\u5982\u7535\u5546\u516c\u53f8\u7684GMV\u548c\u6d3b\u8dc3\u4e70\u5bb6\u6570\uff0c\u4e92\u8054\u7f51\u516c\u53f8\u7684MAU\u3002<\/p>\n<p>\u4f46\u662f\u9488\u5bf9\u4e8e\u73b0\u91d1\u6d41\u771f\u6b63\u7684\u8f7d\u4f53\u94f6\u884c\u6d41\u6c34\uff0c\u51e0\u4e4e\u6ca1\u6709\u6210\u4f53\u7cfb\u7684\u7814\u7a76\u65b9\u6cd5\u3002[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=&#8221;vc_default&#8221; css=&#8221;.vc_custom_1589167347254{padding-bottom: 20px !important;}&#8221;][vc_column]<div id=\"ultimate-heading-645169d4c3d108d7a\" class=\"uvc-heading ult-adjust-bottom-margin ultimate-heading-645169d4c3d108d7a uvc-9582  uvc-heading-default-font-sizes\" data-hspacer=\"line_only\"  data-halign=\"left\" style=\"text-align:left\"><div class=\"uvc-main-heading ult-responsive\"  data-ultimate-target='.uvc-heading.ultimate-heading-645169d4c3d108d7a h3'  data-responsive-json-new='{\"font-size\":\"\",\"line-height\":\"\"}' ><h3 style=\"--font-weight:theme;margin-bottom:15px;\">\u770b\u73b0\u91d1\u6d41\u91cf\u8868\u5c31\u591f\u4e86\u5417\uff1f<\/h3><\/div><div class=\"uvc-heading-spacer line_only\" style=\"topheight:3px;\"><span class=\"uvc-headings-line\" style=\"border-style:solid;border-bottom-width:3px;border-color:#00a6e2;width:50px;\"><\/span><\/div><\/div><div class=\"ult-spacer spacer-69d4c3d108dab\" data-id=\"69d4c3d108dab\" data-height=\"25\" data-height-mobile=\"15\" data-height-tab=\"\" data-height-tab-portrait=\"\" data-height-mobile-landscape=\"15\" style=\"clear:both;display:block;\"><\/div>[vc_column_text css=&#8221;.vc_custom_1589167074166{margin-bottom: 30px !important;}&#8221;]\u63d0\u8d77\u73b0\u91d1\u6d41\uff0c\u5f88\u591a\u4eba\u7684\u7b2c\u4e00\u53cd\u5e94\u662f\u770b\u73b0\u91d1\u6d41\u91cf\u8868\u5c31\u6e05\u695a\u4e86\u3002<\/p>\n<p>\u73b0\u91d1\u6d41\u91cf\u8868\u662f\u4e00\u6bb5\u65f6\u95f4\u73b0\u91d1\u6d41\u8fdb\u51fa\u60c5\u51b5\u7684\u7f29\u5f71\u3002\u597d\u6bd4\u4e00\u573a\u7ade\u6280\u6bd4\u8d5b\uff0c\u6ca1\u6709\u56de\u653e\u800c\u53ea\u80fd\u770b\u5230\u5f97\u5206\uff0c\u9897\u7c92\u5ea6\u5f88\u7c97\u3002\u516c\u53f8\u662f\u4e0d\u662f\u878d\u8d44\u524d\u540e\u5f00\u59cb\u51b2\u4e1a\u7ee9\uff1f\u6709\u6ca1\u6709\u4f9b\u5e94\u5546\u5ba2\u6237\u7a81\u589e\u4ea4\u6613\uff0c\u9ad8\u5ea6\u6536\u652f\u91cd\u5408\uff1f\u662f\u4ea4\u6613\u9891\u7387\u662f\u6bd4\u8f83\u89c4\u5f8b\uff0c\u662f\u5426\u9891\u73b0\u5927\u989d\u6574\u6570\uff1f\u80a1\u4e1c\u5f80\u6765\u62c6\u501f\uff1f\u8fd9\u4e9b\u90fd\u662f\u73b0\u91d1\u6d41\u91cf\u8868\u4e0a\u770b\u4e0d\u51fa\u6765\u7684\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u5927\u591a\u6570\u65e9\u671f\u516c\u53f8\u4e0d\u63d0\u4f9b\u73b0\u91d1\u6d41\u91cf\u8868\uff0c\u63d0\u4f9b\u73b0\u91d1\u6d41\u91cf\u8868\u7684\u516c\u53f8\u5927\u591a\u662f\u4ece\u8d44\u4ea7\u8d1f\u503a\u8868\u548c\u5229\u6da6\u8868\u901a\u8fc7\u95f4\u63a5\u6cd5\u53cd\u8f67\u3002[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=&#8221;vc_default&#8221; css=&#8221;.vc_custom_1534757346043{padding-bottom: 40px !important;}&#8221;][vc_column]<div id=\"ultimate-heading-777669d4c3d108e9f\" class=\"uvc-heading ult-adjust-bottom-margin ultimate-heading-777669d4c3d108e9f uvc-5207  uvc-heading-default-font-sizes\" data-hspacer=\"icon_only\"  data-halign=\"center\" style=\"text-align:center\"><div class=\"uvc-heading-spacer icon_only\" style=\"margin-bottom:10px;\"><div class=\"ult-just-icon-wrapper  \"><div class=\"align-icon\" style=\"text-align:center;\">\n<div class=\"aio-icon none \"  style=\"color:#00a6e2;font-size:16px;display:inline-block;\">\n\t<i class=\"fas fa-star\"><\/i>\n<\/div><\/div><\/div><\/div><div class=\"uvc-main-heading ult-responsive\"  data-ultimate-target='.uvc-heading.ultimate-heading-777669d4c3d108e9f h3'  data-responsive-json-new='{\"font-size\":\"\",\"line-height\":\"\"}' ><h3 style=\"font-weight:bold;color:#00a6e2;margin-bottom:15px;\">\u73b0\u91d1\u6d41\u7684\u8f7d\u4f53\uff1a\u94f6\u884c\u6d41\u6c34<\/h3><\/div><\/div>[vc_column_text css=&#8221;.vc_custom_1589167192039{margin-bottom: 30px !important;}&#8221;]\u94f6\u884c\u6d41\u6c34\u4f5c\u4e3a\u73b0\u91d1\u6d41\u7684\u76f4\u63a5\u8f7d\u4f53\uff0c\u4f18\u52bf\u5f97\u5929\u72ec\u539a\uff1a\u9020\u5047\u8f83\u96be\uff0c\u9897\u7c92\u5ea6\u7cbe\u7ec6\uff0c\u6807\u51c6\u542b\u4e49\u76f8\u5bf9\u7edf\u4e00\uff0c\u542b\u65f6\u95f4\u6233\uff0c\u8574\u542b\u6bcf\u4e00\u4e2a\u4ea4\u6613\u884c\u4e3a\u7684\u7ecf\u8425\u6027\u610f\u4e49\u3002<\/p>\n<p>\u5982\u679c\u8bf4\u73b0\u91d1\u6d41\u91cf\u8868\u662f\u4f53\u80b2\u6bd4\u8d5b\u7ed3\u679c\u901f\u62a5\uff0c\u94f6\u884c\u6d41\u6c34\u5c31\u662f\u56de\u653e\u5f55\u50cf\uff0c\u4f60\u53ef\u4ee5\u56de\u653e\u6bcf\u4e00\u4e2a\u52a8\u4f5c\u884c\u4e3a\u3002<\/p>\n<p>\u518d\u8bf4\u4e2a\u5c0f\u6545\u4e8b\uff1a\u4e00\u5bb6\u521b\u4e1a\u516c\u53f8\uff0c\u6536\u5165\u5feb\u901f\u589e\u957f\uff0c\u8d22\u52a1\u62a5\u8868\u540c\u6bd4\u73af\u6bd4\u90fd\u5f88\u597d\u770b\u3002\u4f46\u5206\u6790\u94f6\u884c\u6d41\u6c34\u624d\u53d1\u73b0\uff0c\u4ece\u878d\u8d44\u5f00\u59cb\u7684\u4e00\u4e24\u4e2a\u6708\u524d\uff0c\u6536\u5165\u7a81\u7136\u5feb\u901f\u589e\u52a0\uff0c\u652f\u51fa\u4e5f\u540c\u6b65\u722c\u5347\uff0c\u548c\u8fc7\u53bb\u7684\u4ea4\u6613\u89c4\u6a21\u9891\u7387\u89c4\u5f8b\u5927\u76f8\u5f84\u5ead\uff0c\u8fd8\u6d6e\u73b0\u4e86\u51e0\u5bb6\u65b0\u7684\u5927\u989d\u4f9b\u5e94\u5546\uff0c\u8fd8\u662f\u540c\u4e1a\u7ecf\u8425\u7684\u4f01\u4e1a\uff0c\u751a\u81f3\u4e00\u4e9b\u4ea4\u6613\u5907\u6ce8\u91cc\u51fa\u73b0\u4e86\u4e0e\u4e1a\u52a1\u6a21\u5f0f\u4e0d\u5339\u914d\u7684\u60c5\u51b5\u3002[\/vc_column_text][vc_single_image 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