{"id":335630,"date":"2020-05-25T18:05:00","date_gmt":"2020-05-26T01:05:00","guid":{"rendered":"https:\/\/nai500.com\/blog\/2020\/05\/%e4%b8%ad%e6%a6%82%e8%82%a1-%e4%b8%ad%e5%9b%bd%e7%94%b5%e5%95%86%e8%82%a1-%e6%8b%bc%e5%a4%9a%e5%a4%9a\/"},"modified":"2020-05-25T18:05:30","modified_gmt":"2020-05-26T01:05:30","slug":"%e4%b8%ad%e6%a6%82%e8%82%a1-%e4%b8%ad%e5%9c%8b%e9%9b%bb%e5%95%86%e8%82%a1-%e6%8b%bc%e5%a4%9a%e5%a4%9a","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2020\/05\/%e4%b8%ad%e6%a6%82%e8%82%a1-%e4%b8%ad%e5%9c%8b%e9%9b%bb%e5%95%86%e8%82%a1-%e6%8b%bc%e5%a4%9a%e5%a4%9a\/","title":{"rendered":"\u4e2d\u6982\u80a1\u4e0a\u5468\u96c6\u9ad4\u4e0b\u632b\uff0c\u4f46\u9019\u53ea\u4e2d\u570b\u96fb\u5546\u80a1\u5374\u9006\u52e2\u98c8\u6f32\uff01"},"content":{"rendered":"<p>\u4e0a\u5468\uff0c\u7f8e\u570b\u53c3\u8b70\u9662\u901a\u904e\u300a\u5916\u570b\u516c\u53f8\u64d4\u8cac\u6cd5\u6848\u300b\uff0c\u8a72\u6cd5\u6848\u65e8\u5728\u8981\u6c42\u7279\u5b9a\u8b49\u5238\u767c\u884c\u4eba\u8b49\u660e\u5176\u4e0d\u53d7\u5916\u570b\u653f\u5e9c\u63a7\u5236\uff0c\u540c\u6642\u8981\u6c42\u7f8e\u570b\u5be9\u8a08\u4e8b\u52d9\u6240\u5c0d\u4e0a\u5e02\u516c\u53f8\u7684\u8ca1\u52d9\u9032\u884c\u8b49\u660e\u3002\u5982\u679c\u8a72\u6cd5\u6848\u7372\u5f97\u8846\u8b70\u9662\u7684\u901a\u904e\u5e77\u7c3d\u7f72\u6210\u7232\u6cd5\u5f8b\uff0c\u9019\u6709\u53ef\u80fd\u5c0e\u81f4\u5927\u91cf\u4e2d\u6982\u80a1\u9000\u5e02\u3002\u6d88\u606f\u4e00\u51fa\uff0c\u4e2d\u6982\u80a1\u96c6\u9ad4\u4e0b\u632b\uff0c\u4f46\u4e2d\u570b\u96fb\u5546\u80a1<a href=\"https:\/\/nai500.com\/zh-hans\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%af%a2\/?qm_symbol=PDD\">\u62fc\u591a\u591aPinduoduo\uff08NASDAQ: PDD\uff09<\/a>\u7684\u80a1\u50f9\u5374\u9006\u52e2\u5927\u6f32\u3002<\/p>\n<p>\u5728\u4e2d\u7f8e\u8cbf\u6613\u885d\u7a81\u5347\u7d1a\u4ee5\u53ca\u65b0\u51a0\u75ab\u60c5\u7684\u5927\u80cc\u666f\u4e0b\uff0c\u9019\u53ea\u4e2d\u6982\u80a1\u7232\u4f55\u80fd\u591f\u9006\u52e2\u800c\u52d5\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-335620 lazyload\" data-src=\"https:\/\/nai500.com\/wp-content\/uploads\/2020\/05\/20526-1.png\" alt=\"\" width=\"706\" height=\"344\" data-srcset=\"https:\/\/nai500.com\/wp-content\/uploads\/2020\/05\/20526-1.png 706w, https:\/\/nai500.com\/wp-content\/uploads\/2020\/05\/20526-1-300x146.png 300w\" data-sizes=\"(max-width: 706px) 100vw, 706px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 706px; --smush-placeholder-aspect-ratio: 706\/344;\" \/><\/p>\n<h2>\u62fc\u591a\u591a\u80a1\u50f9\u5e74\u5167\u6f32\u5e45\u7232\u4f55\u8d85\u904e80%\uff1f<\/h2>\n<p>\u4e0a\u5468\u4e94\uff0c\u62fc\u591a\u591a\u767c\u5e03\u4e00\u5b63\u5831\uff0c\u80a1\u50f9\u7576\u5929\u5927\u6f3214.5%\uff0c\u6708\u5167\u6f32\u5e45\u64f4\u81f345%\uff0c\u4eca\u5e74\u8fc4\u4eca\u66f4\u662f\u5927\u6f3281.7%\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-335623 lazyload\" data-src=\"https:\/\/nai500.com\/wp-content\/uploads\/2020\/05\/20526-2.png\" alt=\"\" width=\"715\" height=\"345\" data-srcset=\"https:\/\/nai500.com\/wp-content\/uploads\/2020\/05\/20526-2.png 715w, https:\/\/nai500.com\/wp-content\/uploads\/2020\/05\/20526-2-300x145.png 300w\" data-sizes=\"(max-width: 715px) 100vw, 715px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 715px; --smush-placeholder-aspect-ratio: 715\/345;\" \/><\/p>\n<p>\u4f5c\u7232\u4e2d\u570b\u96fb\u5546\u7684\u4e09\u5de8\u982d\uff0c\u62fc\u591a\u591a\u7684\u898f\u6a21\u4e0d\u53ca<a href=\"https:\/\/nai500.com\/zh-hans\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%af%a2\/?qm_symbol=BABA\">\u963f\u88e1\u5df4\u5df4\u96c6\u5718\u63a7\u80a1Alibaba Group Holding\uff08NYSE: BABA\uff09<\/a>\u548c<a href=\"https:\/\/nai500.com\/zh-hans\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%af%a2\/?qm_symbol=JD\">\u4eac\u6771JD.com\uff08NASDAQ: JD\uff09<\/a>\uff0c\u4f46\u5728\u65b0\u51a0\u75ab\u60c5\u4e4b\u4e0b\uff0c\u62fc\u591a\u591a\u5718\u8cfc\u548c\u4f4e\u50f9\u9019\u4e00\u5546\u696d\u6a21\u5f0f\u7684\u512a\u52e2\u5c31\u5927\u5927\u51f8\u986f\u4e86\u51fa\u4f86\u3002\u54ea\u6015\u5728\u6b63\u5e38\u7684\u7d93\u6fdf\u74b0\u5883\u4e0b\uff0c\u793e\u4ea4\u5a92\u9ad4+\u4f4e\u50f9\u96fb\u5546\u5c31\u5df2\u7d93\u662f\u4e00\u500b\u6bba\u624b\u9427\uff0c\u66f4\u4f55\u51b5\u662f\u5728\u75ab\u60c5\u671f\u9593\u3002<\/p>\n<h2>\u62fc\u591a\u591a\u5b63\u5831\u89e3\u8b80<\/h2>\n<p>\u4e4d\u770b\u4e4b\u4e0b\uff0c\u4f60\u6703\u8cea\u7591\u62fc\u591a\u591a\u7684\u80a1\u50f9\u6191\u4ec0\u9ebd\u6f32\u9019\u9ebd\u591a\uff1a\u516c\u53f8\u5de8\u984d\u8667\u640d\u5e77\u4e14\u9084\u5728\u7e7c\u7e8c\u64f4\u5927\uff0c44%\u7684\u6536\u5165\u589e\u901f\u9060\u4f4e\u4e8e\u56db\u5b63\u5ea6\u768491%\u3002\u4e0d\u904e\uff0c\u8003\u616e\u5230\u75ab\u60c5\u671f\u9593\u7684\u5c01\u9396\u63aa\u65bd\u6291\u5236\u4e86\u5927\u4ef6\u5546\u54c1\u7684\u8cfc\u8cb7\u9700\u6c42\u4ee5\u53ca\u7269\u6d41\u80fd\u529b\uff0c\u52a0\u4e0a\u516c\u53f8\u7ba1\u7406\u5c64\u7232\u4e86\u5e6b\u52a9\u4e2d\u5c0f\u8ce3\u5bb6\u5728\u71df\u92b7\u8cbb\u7528\u548c\u7269\u6d41\u6210\u672c\u4e0a\u5927\u5e45\u8b93\u5229\uff0c\u9019\u4e00\u6536\u5165\u548c\u6de8\u8667\u640d\u6578\u64da\u5be6\u969b\u4e0a\u88ab\u626d\u66f2\u4e86\u3002<\/p>\n<p>\u62fc\u591a\u591a\u5b63\u5831\u7684\u5176\u4ed6\u6578\u64da\u900f\u9732\u4e86\u8a72\u516c\u53f8\u6f5c\u5728\u7684\u589e\u9577\u52e2\u982d\u3002<\/p>\n<table width=\"552\">\n<thead>\n<tr>\n<td><strong>\u8ca1\u52d9\u6307\u6a19<\/strong><\/td>\n<td><strong>Q1 2020<\/strong><\/td>\n<td><strong>Q1 2019<\/strong><\/td>\n<td><strong>\u540c\u6bd4\u589e\u901f<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td width=\"138\">\u6708\u5747\u6d3b\u8e8d\u7528\u6236\u6578<\/td>\n<td width=\"138\">4.874\u5104<\/td>\n<td width=\"138\">2.897\u5104<\/td>\n<td width=\"138\">68%<\/td>\n<\/tr>\n<tr>\n<td width=\"138\">\u6d3b\u8e8d\u8cb7\u5bb6\u6578\uff08\u904e\u53bb12\u500b\u6708\uff09<\/td>\n<td width=\"138\">6.281\u5104<\/td>\n<td width=\"138\">4.433\u5104<\/td>\n<td width=\"138\">42%<\/td>\n<\/tr>\n<tr>\n<td width=\"138\">\u5546\u54c1\u4ea4\u6613\u7e3d\u984dGMV\uff08\u904e\u53bb12\u500b\u6708\uff09<\/td>\n<td width=\"138\">11572\u5104<\/td>\n<td width=\"138\">5574\u5104<\/td>\n<td width=\"138\">108%<\/td>\n<\/tr>\n<tr>\n<td width=\"138\">\u6536\u5165<\/td>\n<td width=\"138\">65.411\u5104<\/td>\n<td width=\"138\">45.452\u5104<\/td>\n<td width=\"138\">44%<\/td>\n<\/tr>\n<tr>\n<td width=\"138\">\u6de8\u8667\u640d<\/td>\n<td width=\"138\">31.696\u5104<\/td>\n<td width=\"138\">13.791\u5104<\/td>\n<td width=\"138\">130%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u516c\u53f8\u9996\u5e2d\u57f7\u884c\u5b98\u9ec3\u5d22\u89e3\u91cb\u9053\uff1a<\/p>\n<p>\u6211\u5011\u4e3b\u52d5\u964d\u4f4e\u4e86\u5546\u5bb6\u7684\u5ee3\u544a\u8cbb\uff0c\u7232\u5728\u75ab\u60c5\u671f\u9593\u7e7c\u7e8c\u767c\u8ca8\u7684\u5546\u5bb6\u63d0\u4f9b\u6fc0\u52f5\uff0c\u540c\u6642\u5411\u7528\u6236\u5728\u9694\u96e2\u671f\u9593\u6025\u9700\u7684\u91ab\u7642\u7269\u8cc7\u548c\u5bb6\u7528\u5546\u54c1\u63d0\u4f9b\u514d\u8cbb\u6d41\u91cf\u3002\u6b64\u5916\uff0c\u6211\u5011\u9084\u7232\u8af8\u5982\u53e3\u7f69\u548c\u6d88\u6bd2\u5291\u7b49\u91ab\u7642\u7528\u54c1\u63d0\u4f9b\u88dc\u8cbc\uff0c\u5e6b\u52a9\u6291\u5236\u9019\u4e9b\u7523\u54c1\u56e0\u7232\u4f9b\u9700\u5931\u8861\u5c0e\u81f4\u7684\u50f9\u683c\u98c8\u5347\u3002\u6211\u5011\u9084\u652f\u4ed8\u4e86\u90e8\u5206\u7684\u7269\u6d41\u6210\u672c\u3002\u9019\u4e9b\u63aa\u65bd\u5c0e\u81f4\u4e00\u5b63\u5ea6\u6536\u5165\u5360GMV\u7684\u6bd4\u91cd\u4e0b\u6ed1\u4ee5\u53ca\u92b7\u8ca8\u6210\u672c\u4e0a\u5347\uff0c\u4f46\u9019\u662f\u6211\u5011\u61c9\u8a72\u505a\u7684\u4e8b\u60c5\u3002<\/p>\n<p>\u5118\u7ba1\u5feb\u905e\u904b\u80fd\u5927\u5e45\u4e0b\u964d\uff0c\u4f46\u62fc\u591a\u591a\u622a\u6b622020\u5e743\u670830\u65e5\u904e\u53bb12\u500b\u6708\u7684GMV\u540c\u6bd4\u589e\u9577\u4e86108%\uff0c\u800c\u4e00\u5b63\u5ea6\u4e2d\u570b\u793e\u6703\u6d88\u8cbb\u54c1\u96f6\u552e\u7e3d\u984d\u5927\u5e45\u4e0b\u6ed119%\u3002\u5118\u7ba1\u8a72\u516c\u53f8\u5e77\u672a\u62ab\u9732\u55ae\u500b\u5b63\u5ea6\u7684GMV\u589e\u901f\uff0c\u4f46\u5206\u6790\u5e2b\u63a8\u7b97\u4e00\u5b63\u5ea6\u7684GMV\u589e\u9577\u4e8699%\u3002<\/p>\n<p>\u53e6\u5916\uff0c\u5118\u7ba1\u6536\u5165\u4e0b\u6ed1\uff0c\u4f46\u62fc\u591a\u591a\u5728\u71df\u92b7\u548c\u7814\u767c\u65b9\u9762\u7684\u6295\u5165\u5e77\u672a\u51cf\u5c11\uff0c\u5305\u62ec\u5927\u7b46\u6295\u8cc7\u8af8\u5982\u8996\u983b\u76f4\u64ad\u7b49\u65b0\u529f\u80fd\u4f86\u5e6b\u52a9\u5546\u5bb6\u66f4\u597d\u5730\u8207\u6d88\u8cbb\u8005\u9032\u884c\u4e92\u52d5\u3002\u9019\u4e9b\u8209\u63aa\u4e5f\u53d6\u5f97\u4e86\u7a4d\u6975\u7684\u6548\u679c\uff0c\u5e73\u81fa\u7684\u53c3\u8207\u5ea6\u7372\u5f97\u63d0\u5347\uff1a\u6708\u6d3b\u8e8d\u7528\u6236\u6578\/\u7e3d\u6d3b\u8e8d\u8cb7\u5bb6\u6578\u7684\u6bd4\u7387\u5f9e2019\u5e74\u4e00\u5b63\u5ea6\u768465.4%\u5927\u5e45\u5347\u81f32020\u5e74\u4e00\u5b63\u5ea6\u768477.6%\u3002<\/p>\n<h2>\u9019\u4e00\u5f3a\u52c1\u7684\u8ca1\u5831\u6578\u64da\u503c\u5f97\u4fe1\u4efb\u55ce\uff1f<\/h2>\n<p>\u4e0d\u53ef\u5426\u8a8d\u7684\u662f\uff0c<a 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