{"id":615420,"date":"2026-01-16T10:35:38","date_gmt":"2026-01-16T18:35:38","guid":{"rendered":"https:\/\/nai500.com\/?p=615420"},"modified":"2026-01-16T10:35:38","modified_gmt":"2026-01-16T18:35:38","slug":"saks","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2026\/01\/saks\/","title":{"rendered":"Saks \u50b5\u5238\u4ee5\u4e00\u5206\u6a19\u50f9\uff0c\u7d66\u5c0d\u6c96\u57fa\u91d1\u4e00\u500b\u75db\u82e6\u6559\u8a13"},"content":{"rendered":"

\u4e00\u5f35\u6a19\u793a\u4e00\u5206\u7684\u50b5\u5238\u4e0d\u662f\u50f9\u683c\uff1b\u5b83\u662f\u4e00\u9805\u88c1\u6c7a\u3002\u7576\u501f\u6b3e\u4eba\u552f\u4e00\u7684\u6700\u4f73\u5e0c\u671b\u8b8a\u6210\u8a34\u8a1f\u3001\u4f9b\u61c9\u5546\u5bb9\u5fcd\u3001\u4ee5\u53ca\u65e5\u76ca\u6536\u7dca\u7684\u6551\u63f4\u7559\u7f6e\u6b0a\u6642\uff0c\u5e02\u5834\u505c\u6b62\u722d\u8ad6\u800c\u958b\u59cb\u6e05\u7b97\u3002Saks \u5012\u9589\u4e0d\u662f\u95dc\u65bc\u5962\u4f88\u96f6\u552e\u54c1\u5473\u5faa\u74b0\u3002\u5b83\u95dc\u4e4e\u73fe\u4ee3\u8cc7\u672c\u7d50\u69cb\u5167\u5efa\u7684\u8106\u5f31\u6027\uff0c\u4ee5\u53ca\u5c0d\u62b5\u62bc\u3001\u7968\u606f\u8207\u54c1\u724c\u7684\u865b\u5047\u5b89\u6170\u3002\u8a31\u591a\u57fa\u91d1\u4ee5\u70ba Saks \u662f\u5178\u578b\u7684\u56f0\u5883\u50f9\u503c\u5e03\u5c40\uff0c\u4e8b\u5be6\u4e0a\u90a3\u662f\u500b\u4ed6\u5011\u81ea\u5df1\u5e6b\u5fd9\u642d\u5efa\u7684\u9677\u9631\u3002<\/p>\n

\u56f0\u5883\u50b5\u52d9\u672c\u8a72\u662f\u512a\u52e2<\/h3>\n

\u9019\u7b46\u4ea4\u6613\u770b\u8d77\u4f86\u5f88\u719f\u6089\u3002\u4ee5\u6298\u50f9\u8cb7\u5165\u4e00\u5bb6\u5177\u6a19\u8a8c\u6027\u7684\u96f6\u552e\u5546\u7684\u512a\u5148\u64d4\u4fdd\u50b5\u5238\uff0c\u7b49\u5f85\u91cd\u6574\uff0c\u5f9e\u8cc7\u7522\u8207\u54c1\u724c\u56de\u6536\u63a5\u8fd1\u9762\u503c\u7684\u6b3e\u9805\u3002\u90a3\u5957\u5287\u672c\u4f9d\u8cf4\u7684\u57fa\u6e96\u5047\u8a2d\u5df2\u4e0d\u518d\u9069\u7528\u3002Saks \u5728 2024 \u5e74\u5e95\u767c\u884c 22 \u5104\u7f8e\u5143\u3001\u7968\u9762\u5229\u7387 11% \u7684\u512a\u5148\u64d4\u4fdd\u7968\u64da\u4ee5\u6536\u8cfc Neiman Marcus\u3002\u5230 2025 \u5e74 5 \u6708\uff0c\u8a72\u50b5\u5238\u8dcc\u81f3 30 \u81f3 35 \u7f8e\u5206\u3002\u96a8\u5f8c\u51fa\u73fe\u8d85\u904e 2.75 \u5104\u7f8e\u5143\u7684\u903e\u671f\u4f9b\u61c9\u5546\u61c9\u4ed8\u6b3e\u3001\u71df\u6536\u4e0b\u6ed1 10%\u3001\u4ee5\u53ca 2024 \u5e74\u8667\u640d 1.02 \u5104\u7f8e\u5143\u7684 EBITDA\u30022025 \u5e74 12 \u6708\u516c\u53f8\u932f\u904e\u8d85\u904e 1 \u5104\u7f8e\u5143\u7684\u5229\u606f\u4e26\u9032\u5165\u5bec\u9650\u671f\u3002\u5982\u4eca\u50b5\u5238\u8cbc\u5e95\u6383\u5730\u3002\u9ad8\u7968\u606f\u8207\u5927\u724c\u4e0d\u6703\u62b5\u6d88 Minsky \u5f0f\u7684\u52d5\u614b\u3002\u7a69\u5b9a\u5c0e\u81f4\u69d3\u687f\uff0c\u69d3\u687f\u5c0e\u81f4\u4e0d\u7a69\u5b9a\u3002\u5728\u5177\u6709\u8ca0\u7d93\u71df\u69d3\u687f\u7684\u96f6\u552e LBO \u4e2d\uff0c\u5de6\u5c3e\u65e2\u7c97\u4e14\u5feb\u3002<\/p>\n

\u5f31\u689d\u6b3e\u88fd\u9020\u5c0d\u6297\u6027\u535a\u5f08<\/h3>\n

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\u64d4\u4fdd\u6b0a\u4e0d\u662f\u964d\u843d\u5098<\/h3>\n

\u64d4\u4fdd\u6709\u6548\uff0c\u76f4\u5230\u5b83\u6210\u70ba\u552f\u4e00\u5269\u4e0b\u7684\u6771\u897f\u3002Saks \u7684\u4e0d\u52d5\u7522\uff0c\u5305\u62ec\u7b2c\u4e94\u5927\u9053\uff0c\u4e00\u76f4\u88ab\u8996\u70ba\u8b77\u8eab\u7b26\u3002\u4f46\u5be6\u52d9\u4e0a\uff0c\u62b5\u62bc\u5c64\u7d1a\u3001\u8ffd\u52a0\u7559\u7f6e\u6b0a\u8207 FILO \u7d50\u69cb\u6703\u6539\u8b8a\u512a\u5148\u6b21\u5e8f\u3002\u9055\u7d04\u53ef\u80fd\u8feb\u4f7f\u8cc7\u7522\u5728\u8584\u5f31\u7684\u5962\u4f88\u96f6\u552e\u5e02\u5834\u51fa\u552e\uff0c\u6df9\u6c92\u6bd4\u8f03\u6a19\u7684\u4e26\u64ca\u88c2\u4f30\u503c\u3002\u4f30\u50f9\u5047\u8a2d\u7684\u662f\u6301\u7e8c\u6027\u8207\u6642\u9593\u3002\u56f0\u5883\u5247\u76f8\u53cd\u3002\u8981\u50cf\u5de5\u7a0b\u5e2b\u800c\u975e\u884c\u92b7\u4eba\u601d\u8003\u3002\u5982\u679c\u627f\u91cd\u6a11\u662f\u70ba\u6674\u5929\u800c\u8a2d\u8a08\uff0c\u98a8\u66b4\u5c31\u6703\u63ed\u7a7f\u5b89\u5168\u4fc2\u6578\u53ea\u662f\u865b\u69cb\u3002\u76f8\u95dc\u6027\u8da8\u65bc\u4e00\u3002\u623f\u6771\u8207\u5047\u5b9a\u8056\u6f54\u7684\u7cbe\u54c1\u4e0d\u52d5\u7522\u6295\u8cc7\u4fe1\u8a17\uff08REITs\uff09\u73fe\u5728\u6210\u70ba\u4e8c\u968e\u98a8\u96aa\u3002\u88ab\u8feb\u6e05\u7b97\u6703\u58d3\u4f4e\u5373\u4fbf\u662f\u672a\u8a2d\u8cea\u62bc\u7684\u8cc7\u7522\u3002Senior \u662f\u6cd5\u5f8b\u8853\u8a9e\uff1b\u62ff\u56de\u9322\u662f\u4e16\u754c\u72c0\u614b\u3002<\/p>\n

\u4f9b\u61c9\u5546\u4fe1\u4efb\u624d\u662f\u771f\u6b63\u7684\u9ad8\u7d1a\u50b5<\/h3>\n

\u61c9\u4ed8\u5e33\u6b3e\u662f\u96f6\u552e\u7684\u6c89\u9ed8\u5b58\u6b3e\u57fa\u790e\u3002\u7576\u4f9b\u61c9\u5546\u8981\u6c42\u8ca8\u5230\u4ed8\u6b3e\u6216\u505c\u6b62\u51fa\u8ca8\u6642\uff0c\u6d41\u52d5\u6027\u84b8\u767c\u5f97\u6bd4\u4efb\u4f55\u4fe1\u7528\u984d\u5ea6\u88dc\u4e0a\u9084\u5feb\u3002Saks \u5831\u544a\u903e\u671f\u61c9\u4ed8\u6b3e\u903e 2.75 \u5104\u7f8e\u5143\uff0c\u7d50\u679c\u662f\u5eab\u5b58\u77ed\u7f3a\u8207\u9032\u4e00\u6b65\u7684\u92b7\u552e\u4e0b\u6ed1\u3002\u9019\u662f\u4e00\u5834\u9280\u884c\u64e0\u514c\uff0c\u53ea\u4e0d\u904e\u767c\u52d5\u8005\u662f\u904b\u8f38\u516c\u53f8\u8207\u5c55\u793a\u4ee3\u8868\uff0c\u800c\u975e\u5b58\u6b3e\u4eba\u3002\u5728\u96f6\u552e\u696d\u4e2d\uff0c\u4f9b\u61c9\u5546\u4e8b\u5be6\u4e0a\u662f\u8d85\u7d1a\u512a\u5148\uff0c\u56e0\u70ba\u4ed6\u5011\u80fd\u5728\u4e0d\u63d0\u51fa\u52d5\u8b70\u7684\u60c5\u6cc1\u4e0b\u95dc\u9580\u505c\u4f9b\u3002\u87ba\u65cb\u5f0f\u60e1\u5316\u53ef\u88ab\u9810\u671f\u3002\u5eab\u5b58\u5c11\u5c0e\u81f4\u5ba2\u6d41\u6e1b\u5c11\uff0c\u5ba2\u6d41\u6e1b\u5c11\u5c0e\u81f4\u73fe\u91d1\u6d41\u8b8a\u5f31\u8207\u71df\u904b\u8cc7\u91d1\u9700\u6c42\u4e0a\u5347\uff0c\u9032\u800c\u5c0e\u81f4\u66f4\u56b4\u82db\u7684\u4f9b\u61c9\u5546\u689d\u6b3e\u3002\u7b49\u5230\u64d4\u4fdd\u50b5\u6b0a\u4eba\u958b\u59cb\u611f\u89ba\u5230\u5176\u6b0a\u5229\u6642\uff0c\u71df\u904b\u696d\u52d9\u5df2\u7d93\u8d8a\u904e\u9b6f\u6bd4\u5b54\u6cb3\u3002<\/p>\n

\u6297\u8106\u5f31\u5728\u69d3\u687f\u96f6\u552e\u4e2d\u7a00\u7f3a<\/h3>\n

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\u5c0d\u6c96\u57fa\u91d1\u7684\u932f\u5224<\/h3>\n

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