{"id":626077,"date":"2026-03-17T18:30:08","date_gmt":"2026-03-18T01:30:08","guid":{"rendered":"https:\/\/nai500.com\/?p=626077"},"modified":"2026-03-17T18:30:08","modified_gmt":"2026-03-18T01:30:08","slug":"%e8%85%be%e8%ae%af%e9%9f%b3%e4%b9%90%e8%82%a1%e4%bb%b7%e5%b4%a9%e8%b7%8c20%ef%bc%8c%e6%98%8e%e6%98%9f%e5%9f%ba%e9%87%91%e5%8d%b4%e6%97%a9%e5%b7%b2%e8%83%9c%e5%88%a9%e5%a4%a7%e9%80%83%e4%ba%a1","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2026\/03\/%e8%85%be%e8%ae%af%e9%9f%b3%e4%b9%90%e8%82%a1%e4%bb%b7%e5%b4%a9%e8%b7%8c20%ef%bc%8c%e6%98%8e%e6%98%9f%e5%9f%ba%e9%87%91%e5%8d%b4%e6%97%a9%e5%b7%b2%e8%83%9c%e5%88%a9%e5%a4%a7%e9%80%83%e4%ba%a1\/","title":{"rendered":"\u817e\u8baf\u97f3\u4e50\u80a1\u4ef7\u5d29\u8dcc20%\uff0c\u660e\u661f\u57fa\u91d1\u5374\u65e9\u5df2\u201c\u80dc\u5229\u5927\u9003\u4ea1\u201d\uff01"},"content":{"rendered":"<p>\u4e2d\u56fd\u9886\u5148\u7684\u6570\u5b57\u97f3\u4e50\u5e73\u53f0<a href=\"https:\/\/nai500.com\/zh-hans\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%af%a2\/?qm_symbol=TME\">\u817e\u8baf\u97f3\u4e50(TME)<\/a>\u5728\u53d1\u5e03\u4e86\u4e00\u4efd\u770b\u4f3c\u7a33\u5065\u7684\u56db\u5b63\u62a5\u540e\uff0c\u80a1\u4ef7\u5374\u906d\u9047\u4e86\u6ed1\u94c1\u5362\u3002\u622a\u81f3\u7f8e\u4e1c\u65f6\u95f4\u5468\u4e8c\u4e0a\u534811:21\uff0c\u516c\u53f8\u80a1\u4ef7\u91cd\u632b20.8%\uff0c\u5e02\u573a\u7528\u811a\u6295\u7968\u7684\u903b\u8f91\u5341\u5206\u6e05\u6670\uff1a\u5c3d\u7ba1\u8425\u6536\u548c\u5229\u6da6\u7b26\u5408\u9884\u671f\uff0c\u4f46\u6838\u5fc3\u7528\u6237\u57fa\u672c\u76d8\u7684\u52a8\u6447\u8ba9\u6295\u8d44\u8005\u5bf9\u8fd9\u5bb6\u5de8\u5934\u7684\u589e\u957f\u524d\u666f\u753b\u4e0a\u4e86\u95ee\u53f7\u3002<\/p>\n<p>\u66f4\u503c\u5f97\u73a9\u5473\u7684\u662f\uff0c\u5728\u8d22\u62a5\u66b4\u9732\u51fa\u9690\u5fe7\u4e4b\u524d\uff0c\u5df2\u6709\u55c5\u89c9\u654f\u9510\u7684\u673a\u6784\u6295\u8d44\u8005\u63d0\u524d\u79bb\u573a\u3002\u6839\u636e\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a(SEC)\u7684\u6700\u65b0\u4fe1\u62ab\u663e\u793a\uff0c\u660e\u661f\u57fa\u91d1 Keystone Investors \u548c Marathon Asset Management \u65e9\u5728\u7b2c\u56db\u5b63\u5ea6\u5c31\u5df2\u6e05\u4ed3\u6216\u5927\u5e45\u51cf\u6301\u817e\u8baf\u97f3\u4e50\uff0c\u6210\u529f\u8eb2\u8fc7\u4e86\u6b64\u6b21\u8d22\u62a5\u53d1\u5e03\u540e\u7684\u80a1\u4ef7\u8840\u6d17\u3002<\/p>\n<h2>\u8d22\u62a5\u91cc\u7684\u201c\u51b0\u4e0e\u706b\u201d\uff1a\u8425\u6536\u589e\u957f\u96be\u63a9\u7528\u6237\u6d41\u5931<\/h2>\n<p>\u4ece\u8868\u9762\u6570\u636e\u770b\uff0c\u817e\u8baf\u97f3\u4e50\u7684\u671f\u672b\u6210\u7ee9\u5355\u5e76\u4e0d\u5dee\u3002\u7b2c\u56db\u5b63\u5ea6\u8425\u6536\u540c\u6bd4\u589e\u957f15.9%\u81f312.4\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u4ece0.21\u7f8e\u5143\u63d0\u5347\u81f30.23\u7f8e\u5143\uff0c\u7b26\u5408\u5e02\u573a\u9884\u671f\u3002\u5176\u4e2d\uff0c\u97f3\u4e50\u8ba2\u9605\u6536\u5165\u589e\u957f13%\u81f36.53\u4ebf\u7f8e\u5143\uff0c\u975e\u8ba2\u9605\u7684\u97f3\u4e50\u670d\u52a1\u6536\u5165\u66f4\u662f\u5927\u6da841%\u81f33.63\u4ebf\u7f8e\u5143\u3002\u5728\u7ebf\u97f3\u4e50\u4ed8\u8d39\u7528\u6237\u6570\u4e5f\u589e\u957f\u4e865.3%\uff0c\u8fbe\u52301.274\u4ebf\u3002<\/p>\n<p>\u7136\u800c\uff0c\u5149\u9c9c\u7684\u6570\u636e\u4e4b\u4e0b\uff0c\u4e00\u6839\u5c16\u523a\u683c\u5916\u624e\u773c\uff1a\u6708\u5ea6\u6d3b\u8dc3\u7528\u6237(MAU)\u540c\u6bd4\u4e0b\u6ed15%\u81f35.28\u4ebf\u3002\u8fd9\u610f\u5473\u7740\u867d\u7136\u5b58\u91cf\u7528\u6237\u613f\u610f\u638f\u94b1\u4e86\uff0c\u4f46\u6c60\u5b50\u91cc\u7684\u6c34\u5374\u5728\u53d8\u5c11\u3002\u7ba1\u7406\u5c42\u5c06\u539f\u56e0\u5f52\u7ed3\u4e3a\u6765\u81ea\u6296\u97f3\u53ca\u6c7d\u6c34\u97f3\u4e50\u7b49\u77ed\u89c6\u9891\u5e73\u53f0\u7684\u6fc0\u70c8\u7ade\u4e89\u3002\u8fd9\u5f15\u53d1\u4e86\u5e02\u573a\u6700\u6838\u5fc3\u7684\u62c5\u5fe7\u2014\u2014\u817e\u8baf\u97f3\u4e50\u672a\u6765\u7684\u589e\u957f\u7ba1\u9053\u662f\u5426\u6b63\u5728\u67af\u7aed\uff1f<\/p>\n<p>\u5c3d\u7ba1\u516c\u53f8\u5f3a\u8c03\u8d85\u7ea7VIP\u7528\u6237\u5df2\u7a81\u78342000\u4e07\uff0c\u4e14\u5355\u4e2a\u4ed8\u8d39\u7528\u6237\u6708\u5747\u6536\u5165(ARPPU)\u63d0\u53477%\u81f311.9\u5143\u4eba\u6c11\u5e01\uff0c\u4f46\u7528\u6237\u603b\u76d8\u7684\u840e\u7f29\u4f9d\u7136\u8ba9\u6295\u8d44\u8005\u611f\u5230\u4e0d\u5b89\u3002<\/p>\n<h2>\u7cbe\u51c6\u9003\u9876\uff1a\u57fa\u91d1\u5b63\u62a5\u66b4\u9732\u63d0\u524d\u79bb\u573a\u8e2a\u8ff9<\/h2>\n<p>\u5c31\u5728\u6563\u6237\u8fd8\u5728\u4e3a\u8d22\u62a5\u6570\u636e\u7ea0\u7ed3\u65f6\uff0c\u7cbe\u660e\u7684\u673a\u6784\u65e9\u5df2\u505a\u51fa\u4e86\u9009\u62e9\u3002<\/p>\n<p>SEC\u7684\u6587\u4ef6\u663e\u793a\uff0cKeystone Investors Pte Ltd\u5728\u7b2c\u56db\u5b63\u5ea6\u6e05\u4ed3\u4e86\u6301\u6709\u7684\u5168\u90e82,243,614\u80a1\u817e\u8baf\u97f3\u4e50\u80a1\u7968\uff0c\u6309\u5b63\u5ea6\u5e73\u5747\u6536\u76d8\u4ef7\u8ba1\u7b97\uff0c\u4ea4\u6613\u4ef7\u503c\u7ea6\u4e3a5237\u4e07\u7f8e\u5143\u3002\u8fd9\u4e00\u4e3e\u52a8\u610f\u5473\u7740\u8be5\u57fa\u91d1\u5f7b\u5e95\u7ed3\u675f\u4e86\u817e\u8baf\u97f3\u4e50\u7684\u6301\u4ed3\u2014\u2014\u8981\u77e5\u9053\uff0c\u5728\u6b64\u524d\u7684\u5b63\u5ea6\uff0c\u817e\u8baf\u97f3\u4e50\u66fe\u5360\u8be5\u516c\u53f8\u53ef\u62a5\u544a\u8d44\u4ea7\u7ba1\u7406\u89c4\u6a21\u76846.1%\u3002<\/p>\n<p>\u65e0\u72ec\u6709\u5076\uff0cMarathon Asset Management\u4e5f\u5728\u540c\u671f\u629b\u552e\u4e86559,011\u80a1\u817e\u8baf\u97f3\u4e50\u80a1\u7968\uff0c\u4ea4\u6613\u4ef7\u503c\u7ea61134\u4e07\u7f8e\u5143\u3002\u51cf\u6301\u540e\uff0c\u8be5\u80a1\u5728\u5176\u6295\u8d44\u7ec4\u5408\u4e2d\u7684\u5360\u6bd4\u964d\u81f31.55%\u3002<\/p>\n<p>\u8fd9\u4e24\u5bb6\u57fa\u91d1\u7684\u51cf\u6301\u65f6\u70b9\u7cbe\u51c6\u5730\u8e29\u5728\u4e86\u8d22\u62a5\u516c\u5e03\u4e4b\u524d\u3002\u4ece\u7ed3\u679c\u6765\u770b\uff0c\u5b83\u4eec\u6210\u529f\u89c4\u907f\u4e86\u6b64\u6b21\u8d85\u8fc720%\u7684\u80a1\u4ef7\u66b4\u8dcc\uff0c\u582a\u79f0\u6559\u79d1\u4e66\u5f0f\u7684\u201c\u80dc\u5229\u5927\u9003\u4ea1\u201d\u3002<\/p>\n<h2>\u5e02\u573a\u7591\u8651\uff1a\u662f\u9ad8\u7aef\u5316\u8f6c\u578b\u7684\u9635\u75db\uff0c\u8fd8\u662f\u4efd\u989d\u4e22\u5931\u7684\u5f00\u59cb\uff1f<\/h2>\n<p>\u76ee\u524d\u5e02\u573a\u5b58\u5728\u4e24\u79cd\u89e3\u8bfb\uff1a\u4e00\u79cd\u89c2\u70b9\u8ba4\u4e3a\uff0c\u4e2d\u56fd\u97f3\u4e50\u5e02\u573a\u6b63\u5728\u5206\u5316\uff0c\u514d\u8d39\u7528\u6237\u88ab\u7ade\u4e89\u5bf9\u624b\uff08\u5982\u5b57\u8282\u7cfb\u4ea7\u54c1\uff09\u74dc\u5206\uff0c\u800c\u817e\u8baf\u97f3\u4e50\u9009\u62e9\u6df1\u8015\u613f\u610f\u4ed8\u8d39\u7684\u9ad8\u7aef\u7528\u6237\u3002CEO Ross Liang\u5728\u7535\u8bdd\u4f1a\u4e2d\u8868\u793a\uff0c\u201c\u65b0\u63a8\u51fa\u7684\u5e7f\u544a\u652f\u6301\u8ba2\u9605\u8ba1\u5212\u6b63\u5728\u53d6\u5f97\u521d\u6b65\u8fdb\u5c55\uff0c\u672a\u6765\u5c06\u6269\u5927\u7528\u6237\u8986\u76d6\u9762\u201d\u3002\u5982\u679c\u8fd9\u4e00\u6218\u7565\u6210\u529f\uff0c\u817e\u8baf\u97f3\u4e50\u6216\u8bb8\u80fd\u8d70\u51fa\u4e00\u6761\u7c7b\u4f3cNetflix\u7684\u7528\u6237\u7b5b\u9009\u8def\u5f84\u3002<\/p>\n<p>\u53e6\u4e00\u79cd\u89c2\u70b9\u5219\u66f4\u4e3a\u60b2\u89c2\uff0c\u8ba4\u4e3aMAU\u7684\u6301\u7eed\u4e0b\u6ed1\u662f\u817e\u8baf\u97f3\u4e50\u6b63\u5728\u5931\u53bb\u5e02\u573a\u4e3b\u5bfc\u5730\u4f4d\u7684\u4fe1\u53f7\u3002\u5728\u6296\u97f3\u7b49\u77ed\u89c6\u9891\u5e73\u53f0\u7684\u6324\u538b\u4e0b\uff0c\u7528\u6237\u65f6\u957f\u548c\u6ce8\u610f\u529b\u7684\u8f6c\u79fb\u662f\u4e0d\u53ef\u9006\u7684\u8d8b\u52bf\u3002<\/p>\n<p>\u5bf9\u4e8e\u6295\u8d44\u8005\u800c\u8a00\uff0c20%\u7684\u8dcc\u5e45\u6216\u8bb8\u6709\u4e9b\u53cd\u5e94\u8fc7\u5ea6\uff0c\u4f46MAU\u7684\u4e0b\u6ed1\u8d8b\u52bf\u5fc5\u987b\u88ab\u5bc6\u5207\u5173\u6ce8\u3002\u5f53\u4e24\u5927\u673a\u6784\u5df2\u7ecf\u5728\u9ad8\u4f4d\u5151\u73b0\u79bb\u573a\uff0c\u7559\u7ed9\u540e\u6765\u8005\u7684\u7591\u95ee\u662f\uff1a\u817e\u8baf\u97f3\u4e50\u9760\u63d0\u5347\u5355\u5ba2\u4ef7\u503c(ARPU\uff09\u6765\u5f25\u8865\u7528\u6237\u6d41\u5931\u7684\u903b\u8f91\u771f\u7684\u8dd1\u5f97\u901a\u5417\uff1f\u8fd8\u662f\u8bf4\uff0c\u8fd9\u573a\u97f3\u4e50\u6d41\u5a92\u4f53\u7684\u6218\u4e89\uff0c\u5df2\u7ecf\u8fdb\u5165\u4e86\u65b0\u7684\u9636\u6bb5\uff1f<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4e2d\u56fd\u9886\u5148\u7684\u6570\u5b57\u97f3\u4e50\u5e73\u53f0\u817e\u8baf\u97f3\u4e50(TME)\u5728\u53d1\u5e03\u4e86\u4e00\u4efd\u770b\u4f3c\u7a33\u5065\u7684\u56db\u5b63\u62a5\u540e\uff0c\u80a1\u4ef7\u5374\u906d\u9047\u4e86\u6ed1\u94c1\u5362\u3002\u622a\u81f3\u7f8e\u4e1c\u65f6\u95f4\u5468\u4e8c\u4e0a [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":485125,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1521,430],"tags":[730,2152,2125,2137],"class_list":["post-626077","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1521","category-trends-strategies-zh-hans","tag-730","tag-2152","tag-2125","tag-2137","sectors-technology-zh-hans","locations-us-zh-hans","exchange-nyse-zh-hans"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/626077","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/comments?post=626077"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/626077\/revisions"}],"predecessor-version":[{"id":626080,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/626077\/revisions\/626080"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media\/485125"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=626077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=626077"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=626077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}