<\/a><\/p>\n<\/div>\n2025\u5e74\u7b2c\u56db\u5b63\u5ea6\u8d22\u52a1\u4e1a\u7ee9\u6982\u89c8<\/p>\n
\u7231\u5f7c\u8fce\u4ee5\u7a33\u5065\u8868\u73b0\u6536\u5b982025\u5e74\u3002\u7b2c\u56db\u5b63\u5ea6\uff0c\u7231\u5f7c\u8fce\u591a\u9879\u6838\u5fc3\u4e1a\u52a1\u6307\u6807\u5b9e\u73b0\u53cc\u4f4d\u6570\u589e\u957f\u3002\u5c3d\u7ba1\u9762\u4e34\u8f83\u9ad8\u7684\u540c\u6bd4\u57fa\u6570\uff0c\u5f53\u5b63\u6574\u4f53\u589e\u901f\u8f83\u7b2c\u4e09\u5b63\u5ea6\u8fdb\u4e00\u6b65\u52a0\u5feb\u3002\u8425\u6536\u540c\u6bd4\u589e\u957f12%\uff0c\u9ad8\u4e8e\u6b64\u524d\u4e1a\u7ee9\u6307\u5f15\u533a\u95f4\u4e0a\u9650\uff1b\u9884\u8ba2\u603b\u989d\uff08Gross Booking Value\uff0cGBV\uff09\u540c\u6bd4\u589e\u957f16%\uff0c\u4e3a\u4e24\u5e74\u591a\u4ee5\u6765\u7684\u6700\u9ad8\u589e\u901f\u3002\u4f4f\u5bbf\u3001\u4f53\u9a8c\u4e0e\u670d\u52a1\u9884\u8ba2\u91cf\uff08Nights and Seats Booked\uff09\u540c\u6bd4\u589e\u957f10%\uff0c\u4e3a\u5168\u5e74\u589e\u901f\u6700\u5feb\u7684\u5b63\u5ea6\u3002\u672c\u5b63\u5ea6\u4e1a\u7ee9\u589e\u957f\u4e3b\u8981\u5f97\u76ca\u4e8e\u5168\u7403\u5e02\u573a\u9700\u6c42\u7684\u6301\u7eed\u589e\u957f\uff0c\u4ee5\u53ca\u5e73\u5747\u95f4\u591c\u623f\u4ef7\uff08ADR\uff09\u7684\u7a33\u6b65\u63d0\u5347\u3002<\/p>\n
\u4e0a\u8ff0\u4e1a\u7ee9\u4f53\u73b0\u4e86\u7231\u5f7c\u8fce\u6838\u5fc3\u4e1a\u52a1\u7684\u7a33\u5065\u8868\u73b0\u53ca\u957f\u671f\u6218\u7565\u7684\u6267\u884c\u6210\u6548\u3002\u6211\u4eec\u5c06\u56f4\u7ed5\u56db\u5927\u6838\u5fc3\u6218\u7565\u6301\u7eed\u63a8\u52a8\u589e\u957f\uff1a\u6301\u7eed\u4f18\u5316\u4ea7\u54c1\u4e0e\u670d\u52a1\u4f53\u9a8c\u3001\u8fdb\u4e00\u6b65\u62d3\u5c55\u5168\u7403\u5e02\u573a\u5e03\u5c40\u3001\u4e30\u5bcc\u591a\u5143\u5316\u4ea7\u54c1\u751f\u6001\u4f53\u7cfb\uff0c\u4ee5\u53ca\u7a33\u6b65\u63a8\u8fdb\u4eba\u5de5\u667a\u80fd\u5728\u5e94\u7528\u7a0b\u5e8f\u4e2d\u7684\u6df1\u5ea6\u6574\u5408\u4e0e\u5e94\u7528\u3002\u6db5\u76d6\u4ee5\u4e0b\u4eae\u70b9\uff1a<\/p>\n
\u4e3a\u623f\u4e1c\/\u8fbe\u4eba\u4e0e\u5ba2\u4eba\u6253\u9020\u66f4\u597d\u7684\u7231\u5f7c\u8fce\u4f53\u9a8c<\/p>\n
\u6211\u4eec\u6301\u7eed\u4f18\u5316\u7231\u5f7c\u8fce\u623f\u4e1c\/\u8fbe\u4eba\u4e0e\u5ba2\u4eba\u7684\u4ea7\u54c1\u4f53\u9a8c\uff0c\u5728\u7b2c\u56db\u5b63\u5ea6\u5e26\u6765\u663e\u8457\u6210\u6548\u3002\u6211\u4eec\u91cd\u70b9\u4f18\u5316\u4e86\u5b9a\u4ef7\u4f53\u7cfb\u4e0e\u9884\u8ba2\u7075\u6d3b\u6027\uff0c\u5305\u62ec\uff1a<\/p>\n
\u300c\u5148\u8ba2\u540e\u4ed8\u300d\u63a8\u51fa\u81f3\u66f4\u591a\u5e02\u573a\uff1a\u57fa\u4e8e\u5bf9\u5ba2\u4eba\u7075\u6d3b\u6027\u9700\u6c42\u7684\u6d1e\u5bdf\uff0c\u6211\u4eec\u5728\u7f8e\u56fd\u7387\u5148\u63a8\u51fa\u4e86\u4e00\u9879\u5f39\u6027\u652f\u4ed8\u529f\u80fd\uff0c\u8ba9\u5ba2\u4eba\u5728\u9884\u8ba2\u5168\u7403\u5185\u7b26\u5408\u6761\u4ef6\u7684\u623f\u6e90\u65f6\uff0c\u65e0\u9700\u9884\u4ed8\u4efb\u4f55\u8d39\u7528\u5373\u53ef\u9501\u5b9a\u5fc3\u4eea\u4f4f\u5bbf\u3002\u8be5\u529f\u80fd\u4e0a\u7ebf\u540e\u5e02\u573a\u53cd\u9988\u79ef\u6781\uff0c\u63a8\u52a8\u4e86\u7b2c\u56db\u5b63\u5ea6\u9884\u8ba2\u91cf\u7684\u52a0\u901f\u589e\u957f\u30022026\u5e742\u6708\uff0c\u6211\u4eec\u5728\u66f4\u591a\u5e02\u573a\u5b8c\u6210\u4e86\u5bf9\u300c\u5148\u8ba2\u540e\u4ed8\u300d\u529f\u80fd\u7684\u6d4b\u8bd5\uff0c\u5e76\u8ba1\u5212\u5728\u4eca\u5e74\u9762\u5411\u5168\u7403\u66f4\u591a\u5730\u533a\u7684\u5ba2\u4eba\u63a8\u51fa\u3002\u4f18\u5316\u53d6\u6d88\u653f\u7b56\uff1a\u53bb\u5e7410\u6708\uff0c\u6211\u4eec\u63a8\u51fa\u4e86\u5168\u65b0\u7684\u53d6\u6d88\u653f\u7b56\uff0c\u8ba9\u65c5\u884c\u8005\u53ef\u4ee5\u66f4\u4fbf\u6377\u5730\u9884\u8ba2\u4f4f\u5bbf\uff0c\u51cf\u5c11\u5bf9\u884c\u7a0b\u53d8\u52a8\u7684\u540e\u987e\u4e4b\u5fe7\u3002\u5728\u65b0\u63a8\u51fa\u7684\u300c\u6709\u9650\u653f\u7b56\u300d\u652f\u6301\u4e0b\uff0c\u5ba2\u4eba\u53ef\u4ee5\u6700\u665a\u5728\u8ddd\u79bb\u5165\u4f4f\u524d14\u5929\u65f6\u514d\u8d39\u53d6\u6d88\u3002\u6b64\u5916\uff0c\u5bf9\u4e8e\u63d0\u524d\u4e00\u5468\u4ee5\u4e0a\u5b8c\u6210\u9884\u8ba2\u7684\u5ba2\u4eba\uff0c\u6211\u4eec\u4e3a\u77ed\u671f\u4f4f\u5bbf\uff0828\u665a\u4ee5\u4e0b\uff09\u63d0\u4f9b\u786e\u8ba4\u540e24\u5c0f\u65f6\u5185\u53ef\u9000\u6b3e\u7684\u5bbd\u9650\u671f\u3002\u8fd9\u4e9b\u4f18\u5316\u653f\u7b56\u663e\u8457\u964d\u4f4e\u4e86\u5ba2\u670d\u54a8\u8be2\u91cf\uff0c\u8fdb\u800c\u5bf9\u7b2c\u56db\u5b63\u5ea6\u9884\u8ba2\u589e\u957f\u63d0\u4f9b\u6709\u529b\u652f\u6491\u3002<\/p>\n
\u6301\u7eed\u63a8\u8fdb\u56fd\u9645\u5e02\u573a\u6218\u7565<\/p>\n
\u7231\u5f7c\u8fce\u4ecd\u5904\u4e8e\u5168\u7403\u589e\u957f\u7684\u65e9\u671f\u9636\u6bb5\u3002\u76ee\u524d\uff0c\u6211\u4eec\u7684\u4e1a\u52a1\u5df2\u8986\u76d6\u5168\u7403220\u591a\u4e2a\u56fd\u5bb6\u548c\u5730\u533a\uff0c\u4f46\u4e3b\u8981\u96c6\u4e2d\u5728\u4e94\u4e2a\u6838\u5fc3\u5e02\u573a\uff0c\u589e\u957f\u7a7a\u95f4\u5de8\u5927\u30022025\u5e74\uff0c\u6211\u4eec\u901a\u8fc7\u6df1\u5316\u672c\u5730\u5316\u8fd0\u8425\uff0c\u5728\u6838\u5fc3\u5e02\u573a\u4ee5\u5916\u7684\u5e02\u573a\u53d6\u5f97\u7a33\u6b65\u8fdb\u5c55\u3002\u4ee5\u5ba2\u6e90\u5730\u8ba1\u7b97\uff0c\u65b0\u5174\u5e02\u573a\u7684\u9884\u8ba2\u91cf\u589e\u901f\u7ea6\u4e3a\u6838\u5fc3\u5e02\u573a\u7684\u4e24\u500d\u30022025\u5e74\u7b2c\u56db\u5b63\u5ea6\uff0c\u5df4\u897f\u4e0e\u65e5\u672c\u5e02\u573a\u8868\u73b0\u5f3a\u52b2\u3002\u5370\u5ea6\u6210\u4e3a\u4e86\u589e\u957f\u6700\u5feb\u7684\u5ba2\u6e90\u5e02\u573a\u4e4b\u4e00\uff0c\u9884\u8ba2\u91cf\u540c\u6bd4\u589e\u957f50%\u3002\u4e0a\u8ff0\u4e09\u4e2a\u5e02\u573a\u7684\u9996\u6b21\u9884\u8ba2\u7528\u6237\u5747\u5b9e\u73b0\u4e24\u4f4d\u6570\u589e\u957f\uff0c\u5176\u4e2d\u5370\u5ea6\u540c\u6bd4\u589e\u957f\u8d85\u8fc760%\u3002<\/p>\n
\u62d3\u5c55\u591a\u5143\u5316\u4ea7\u54c1\u751f\u6001<\/p>\n
\u6211\u4eec\u770b\u5230\u4e86\u7231\u5f7c\u8fce\u5728\u670d\u52a1\u66f4\u5e7f\u6cdb\u65c5\u884c\u573a\u666f\u4e0e\u7528\u6237\u9700\u6c42\u65b9\u9762\u7684\u5de8\u5927\u6f5c\u529b\u3002\u623f\u6e90\u4e1a\u52a1\u59cb\u7ec8\u662f\u7231\u5f7c\u8fce\u7684\u6838\u5fc3\uff0c\u6211\u4eec\u6b63\u79ef\u6781\u62d3\u5c55\u4ea7\u54c1\u8fb9\u754c\uff0c\u4ee5\u8986\u76d6\u65e5\u76ca\u591a\u5143\u7684\u5ba2\u7fa4\u3002<\/p>\n
\u81ea2025\u5e745\u6708\u63a8\u51fa\u300c\u7231\u5f7c\u8fce\u670d\u52a1\u300d\u548c\u300c\u7231\u5f7c\u8fce\u4f53\u9a8c\u300d\u4ee5\u6765\uff0c\u6211\u4eec\u6301\u7eed\u805a\u7126\u4f18\u8d28\u4f9b\u7ed9\u7684\u89c4\u6a21\u5316\u62d3\u5c55\u30022025\u5e74\u4e0b\u534a\u5e74\uff0c\u4e24\u9879\u4e1a\u52a1\u7684\u65b0\u589e\u8fbe\u4eba\u6570\u91cf\u5747\u5b9e\u73b0\u663e\u8457\u589e\u957f\uff1b\u4e0e\u6b64\u540c\u65f6\uff0c\u6211\u4eec\u6b63\u4e0e\u5408\u4f5c\u4f19\u4f34\u5171\u540c\u8bd5\u70b9\u65b0\u670d\u52a1\uff0c\u5305\u62ec\u751f\u9c9c\u6742\u8d27\u914d\u9001\u3002\u7b2c\u56db\u5b63\u5ea6\uff0c\u670d\u52a1\u4e0e\u4f53\u9a8c\u4e1a\u52a1\u6210\u529f\u4e3a\u7231\u5f7c\u8fce\u5e26\u6765\u5168\u65b0\u7528\u6237\u7fa4\u4f53\u2014\u2014\u8fd1\u534a\u6570\u4f53\u9a8c\u8ba2\u5355\u5e76\u672a\u5173\u8054\u4efb\u4f55\u4f4f\u5bbf\u9884\u8ba2\u3002<\/p>\n
\u6b64\u5916\uff0c\u6211\u4eec\u8fdb\u4e00\u6b65\u62d3\u5c55\u9152\u5e97\u4f9b\u7ed9\uff0c\u4ee5\u8986\u76d6\u66f4\u9002\u5408\u9009\u62e9\u9152\u5e97\u7684\u51fa\u884c\u573a\u666f\u3002\u9488\u5bf9\u90e8\u5206\u56e0\u9700\u6c42\u65fa\u76db\u6216\u76d1\u7ba1\u56e0\u7d20\u5bfc\u81f4\u623f\u6e90\u4f9b\u7ed9\u8d8b\u7d27\u7684\u57ce\u5e02\uff0c\u6211\u4eec\u5df2\u542f\u52a8\u76f8\u5173\u8bd5\u70b9\u30022025\u5e74\u7b2c\u56db\u5b63\u5ea6\uff0c\u6211\u4eec\u4e0e\u7ebd\u7ea6\u3001\u6d1b\u6749\u77f6\u3001\u9a6c\u5fb7\u91cc\u53ca\u65e7\u91d1\u5c71\u7684\u7cbe\u54c1\u53ca\u72ec\u7acb\u9152\u5e97\u5efa\u7acb\u76f4\u63a5\u5408\u4f5c\u5173\u7cfb\u3002\u521d\u6b65\u8fdb\u5c55\u79ef\u6781\uff0c\u9884\u8ba1\u5c06\u4e8e\u5e74\u5185\u62d3\u5c55\u81f3\u66f4\u591a\u6838\u5fc3\u5e02\u573a\u3002\u6211\u4eec\u8ba4\u4e3a\uff0c\u5f15\u5165\u9152\u5e97\u4f9b\u7ed9\u6709\u52a9\u4e8e\u6269\u5927\u6574\u4f53\u53ef\u89e6\u8fbe\u5e02\u573a\u89c4\u6a21\uff0c\u540c\u65f6\u6fc0\u53d1\u65e2\u6709\u7528\u6237\u7684\u65b0\u589e\u9700\u6c42\uff0c\u5e76\u4fc3\u8fdb\u9152\u5e97\u4e0e\u623f\u6e90\u4e4b\u95f4\u7684\u8de8\u54c1\u7c7b\u590d\u8ba2\u3002<\/p>\n
\u6df1\u5ea6\u878d\u5408\u4eba\u5de5\u667a\u80fd\u7684App\u4f53\u9a8c<\/p>\n
\u6211\u4eec\u6b63\u6301\u7eed\u592f\u5b9e\u57fa\u7840\uff0c\u81f4\u529b\u4e8e\u6253\u9020\u66f4\u667a\u80fd\u3001\u66f4\u4e2a\u6027\u5316\u7684\u7231\u5f7c\u8fce\u5e94\u7528\u7a0b\u5e8f\u3002\u4ee5\u4e0b\u662f\u7b2c\u56db\u5b63\u5ea6\u7231\u5f7c\u8fce\u5728\u4eba\u5de5\u667a\u80fd\u9886\u57df\u53d6\u5f97\u7684\u91cd\u8981\u8fdb\u5c55\uff1a<\/p>\n
AI\u7528\u6237\u652f\u6301\u8986\u76d6\u8303\u56f4\u6301\u7eed\u6269\u5927\uff1a\u6211\u4eec\u7684AI\u7528\u6237\u652f\u6301\u670d\u52a1\u5df2\u5728\u7f8e\u56fd\u3001\u52a0\u62ff\u5927\u548c\u58a8\u897f\u54e5\u9762\u5411\u82f1\u8bed\u3001\u6cd5\u8bed\u548c\u897f\u73ed\u7259\u8bed\u7528\u6237\u5168\u9762\u4e0a\u7ebf\u3002\u4eca\u5e74\u4ee5\u6765\uff0c\u76f8\u5173\u6210\u6548\u663e\u8457\uff1a\u5f53\u7528\u6237\u4e0e\u6211\u4eec\u7684AI\u52a9\u624b\u6c9f\u901a\u65f6\uff0c\u7ea6\u4e09\u5206\u4e4b\u4e00\u7684\u95ee\u9898\u65e0\u9700\u4eba\u5de5\u5ba2\u670d\u4ecb\u5165\u5373\u53ef\u5b8c\u6210\u89e3\u51b3\u3002\u540c\u65f6\uff0c\u6574\u4f53\u95ee\u9898\u5904\u7406\u65f6\u957f\u4ea6\u663e\u8457\u7f29\u77ed\u3002\u6211\u4eec\u9884\u8ba1\u5c06\u4e8e\u5e74\u5185\u5728\u5168\u7403\u8303\u56f4\u5185\u9010\u6b65\u63a8\u5e7fAI\u5ba2\u6237\u652f\u6301\u670d\u52a1\u3002\u667a\u80fd\u641c\u7d22\u52a9\u529b\u5b8c\u7f8e\u65c5\u7a0b\uff1a\u6211\u4eec\u6b63\u5c06\u4eba\u5de5\u667a\u80fd\u5e94\u7528\u4e8e\u7528\u6237\u5728\u7231\u5f7c\u8fce\u5e73\u53f0\u4e0a\u7684\u51fa\u884c\u53d1\u73b0\u4e0e\u884c\u7a0b\u89c4\u5212\u73af\u8282\u3002\u6211\u4eec\u91c7\u53d6\u5faa\u5e8f\u6e10\u8fdb\u7684\u65b9\u5f0f\u63a8\u8fdb\u76f8\u5173\u4f18\u5316\u3002\u5f53\u524d\u7684\u65e9\u671f\u6d4b\u8bd5\u4e3b\u8981\u805a\u7126\u4e8e\u8ba9\u5ba2\u4eba\u80fd\u591f\u4ee5\u66f4\u81ea\u7136\u7684\u8bed\u8a00\u8868\u8fbe\u5176\u9700\u6c42\uff0c\u5e76\u66f4\u4fbf\u6377\u5730\u5c31\u623f\u6e90\u53ca\u5176\u6240\u5728\u4f4d\u7f6e\u8fdb\u884c\u63d0\u95ee\u4e0e\u4e86\u89e3\u3002\u672a\u6765\uff0c\u8fd9\u4e00\u80fd\u529b\u5c06\u9010\u6b65\u6f14\u8fdb\u4e3a\u66f4\u5168\u9762\u3001\u66f4\u76f4\u89c2\u7684\u641c\u7d22\u4e0e\u89c4\u5212\u4f53\u9a8c\uff0c\u5e76\u8d2f\u7a7f\u6574\u4e2a\u65c5\u884c\u8fc7\u7a0b\u3002<\/p>\n
\u4e58\u52bf\u800c\u4e0a\uff0c\u805a\u529b\u524d\u884c<\/p>\n
2025\u5e74\u7684\u7a33\u5065\u589e\u957f\u4e0e\u5f3a\u52b2\u8868\u73b0\uff0c\u5f97\u76ca\u4e8e\u6211\u4eec\u4e00\u4ee5\u8d2f\u4e4b\u3001\u6ce8\u91cd\u7ec6\u8282\u7684\u8fd0\u8425\u6267\u884c\u529b\u3002\u6211\u4eec\u59cb\u7ec8\u56f4\u7ed5\u623f\u4e1c\u3001\u8fbe\u4eba\u4e0e\u5ba2\u4eba\u7684\u6838\u5fc3\u4f53\u9a8c\u63a8\u8fdb\u4ea7\u54c1\u4f18\u5316\uff0c\u6301\u7eed\u63d0\u5347\u641c\u7d22\u4e0e\u53d1\u73b0\u6548\u7387\uff0c\u6539\u8fdb\u4ea7\u54c1\u5c55\u793a\u6548\u679c\uff0c\u63d0\u4f9b\u66f4\u7075\u6d3b\u7684\u9884\u8ba2\u4e0e\u652f\u4ed8\u65b9\u5f0f\uff0c\u5e76\u8fdb\u4e00\u6b65\u7b80\u5316\u8d39\u7528\u7ed3\u6784\u3002\u8fd9\u4e9b\u7cfb\u7edf\u6027\u7684\u4ea7\u54c1\u5347\u7ea7\uff0c\u5171\u540c\u63a8\u52a8\u7b2c\u56db\u5b63\u5ea6\u5173\u952e\u8425\u6536\u6307\u6807\u5b9e\u73b0\u53cc\u4f4d\u6570\u589e\u957f\u3002<\/p>\n
\u5c55\u671b2026\u5e74\uff0c\u6211\u4eec\u5c06\u5728\u5de9\u56fa\u65e2\u6709\u589e\u957f\u52bf\u5934\u7684\u57fa\u7840\u4e0a\uff0c\u8fdb\u4e00\u6b65\u52a0\u5feb\u6218\u7565\u63a8\u8fdb\u6b65\u4f10\u3002\u4f9d\u6258\u7ecf\u9a8c\u4e30\u5bcc\u7684\u56e2\u961f\u548c\u6e05\u6670\u660e\u786e\u7684\u6218\u7565\u65b9\u5411\uff0c\u6211\u4eec\u5c06\u4ee5\u66f4\u9ad8\u6548\u7684\u6267\u884c\u529b\u6301\u7eed\u63a8\u52a8\u4e1a\u52a1\u5411\u524d\u53d1\u5c55\u3002\u5728\u65e5\u76ca\u6570\u5b57\u5316\u7684\u73af\u5883\u4e0b\uff0c\u7231\u5f7c\u8fce\u59cb\u7ec8\u4ee5\u6280\u672f\u4e3a\u6865\u6881\uff0c\u5e2e\u52a9\u4eba\u4eec\u5728\u73b0\u5b9e\u4e16\u754c\u4e2d\u5efa\u7acb\u66f4\u771f\u5b9e\u7684\u8fde\u63a5\u3002\u8fd9\u4e00\u6838\u5fc3\u7406\u5ff5\u4e0d\u4ec5\u6784\u6210\u6211\u4eec\u7684\u957f\u671f\u4ef7\u503c\u57fa\u7840\uff0c\u4e5f\u5c06\u6301\u7eed\u652f\u6491\u516c\u53f8\u7684\u53ef\u6301\u7eed\u589e\u957f\u3002<\/p>\n
2026\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5c55\u671b<\/p>\n
\u6211\u4eec\u9884\u8ba12026\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\u5c06\u572825.9\u4ebf\u7f8e\u5143\u81f326.3\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u540c\u6bd4\u589e\u957f14%\u81f316%\u3002\u4e0a\u8ff0\u540c\u6bd4\u589e\u901f\u5df2\u8ba1\u5165\u5728\u5b9e\u65bd\u5916\u6c47\u5bf9\u51b2\u5b89\u6392\u540e\uff0c\u7ea63\u4e2a\u767e\u5206\u70b9\u7684\u6c47\u7387\u6b63\u5411\u5f71\u54cd\u3002\u6211\u4eec\u9884\u8ba12026\u5e74\u7b2c\u4e00\u5b63\u5ea6\u7684\u9690\u542b\u4f63\u91d1\u7387\uff08implied take rate\uff09\u5c06\u8f83\u4e0a\u5e74\u540c\u671f\u5c0f\u5e45\u63d0\u5347\u3002\u6211\u4eec\u9884\u8ba1\u9884\u8ba2\u603b\u989d\uff08GBV\uff09\u5c06\u5b9e\u73b0\u4f4e\u53cc\u4f4d\u6570\u7684\u540c\u6bd4\u589e\u957f\uff0c\u4e3b\u8981\u53d7\u4f4f\u5bbf\u4e0e\u4f53\u9a8c\u9884\u8ba2\u91cf\uff08Nights and Seats Booked\uff09\u9ad8\u4e2a\u4f4d\u6570\u589e\u957f\uff0c\u4ee5\u53ca\u5728\u4ef7\u683c\u4e0a\u6da8\u548c\u6c47\u7387\u56e0\u7d20\u5e26\u52a8\u4e0b\u5e73\u5747\u95f4\u591c\u623f\u4ef7\uff08ADR\uff09\u9002\u5ea6\u63d0\u5347\u7684\u63a8\u52a8\u3002\u8c03\u6574\u540e\u7684\u7a0e\u606f\u6298\u65e7\u53ca\u644a\u9500\u524d\u5229\u6da6\uff08Adjusted EBITDA Margin\uff09\u9884\u8ba1\u5c06\u4e0e\u4e0a\u5e74\u540c\u671f\u57fa\u672c\u6301\u5e73\u3002<\/p>\n
2026\u5168\u5e74\u5c55\u671b<\/p>\n
\u6211\u4eec\u9884\u8ba12026\u5e74\u8425\u6536\u540c\u6bd4\u589e\u901f\u5c06\u63d0\u5347\u81f3\u81f3\u5c11\u4f4e\u53cc\u4f4d\u6570\u6c34\u5e73\u3002\u8be5\u9884\u671f\u57fa\u4e8e\u6838\u5fc3\u4e1a\u52a1\u7684\u6301\u7eed\u7a33\u5065\u8868\u73b0\u3001\u6574\u4f53\u9700\u6c42\u4fdd\u6301\u5065\u5eb7\u589e\u957f\uff0c\u4ee5\u53ca\u5404\u9879\u5173\u952e\u589e\u957f\u4e3e\u63aa\u7684\u6709\u5e8f\u63a8\u8fdb\u4e0e\u9ad8\u6548\u6267\u884c\u3002\u6211\u4eec\u9884\u8ba12026\u5e74\u7ecf\u8c03\u6574EBITDA\u5229\u6da6\u7387\u5c06\u4e0e\u4e0a\u5e74\u57fa\u672c\u6301\u5e73\u3002\u516c\u53f8\u8ba1\u5212\u5c06\u8425\u6536\u7aef\u6548\u7387\u63d0\u5347\u6240\u91ca\u653e\u7684\u8d44\u6e90\u518d\u6295\u5165\u4e8e\u4e1a\u52a1\u589e\u957f\uff0c\u91cd\u70b9\u7528\u4e8e\u5e02\u573a\u8425\u9500\u3001\u4ea7\u54c1\u4e0e\u6280\u672f\u9886\u57df\u3002<\/p>\n
\n<\/div>\n
SOURCE \u7231\u5f7c\u8fce<\/p>","protected":false},"excerpt":{"rendered":"
2025\u5e74\u7b2c\u56db\u5b63\u5ea6\u5f3a\u52bf\u6536\u5b98\uff0c\u6838\u5fc3\u4e1a\u52a1\u6307\u6807\u5168\u9762\u589e\u957f\uff0c\u8425\u6536\u540c\u6bd4\u589e\u957f12%\uff0c\u9884\u8ba2\u989d\u540c\u6bd4\u589e\u957f\u8d8516%\u7b2c\u56db\u5b63\u5ea6\u9884\u8ba2\u989d\u589e\u901f\u521b\u4e0b\u8fc7\u53bb\u4e24\u5e74\u65b0\u9ad8\uff0c\u670d\u52a1\u4e0e\u4f53\u9a8c\u4e1a\u52a1\u89c4\u6a21\u5316\u6210\u6548\u663e\u8457 \u5317\u4eac2026\u5e742\u670813\u65e5 \/\u7f8e\u901a\u793e\/ — Airbnb\u7231\u5f7c\u8fce\u53d1\u5e032025\u5e74\u7b2c\u56db\u5b63\u5ea6\u53ca\u5168\u5e74\u8d22\u52a1\u4e1a\u7ee9\uff0c\u8bf7\u8bbf\u95ee\u6b64\u94fe\u63a5\u83b7\u53d6\u66f4\u591a\u8be6\u7ec6\u4fe1\u606f\u3002 Airbnb\u7231\u5f7c\u8fce\u8054\u5408\u521b\u59cb\u4eba\u517c\u9996\u5e2d\u6267\u884c\u5b98Brian Chesky\u8868\u793a\uff1a”\u7b2c\u56db\u5b63\u5ea6\uff0c\u7231\u5f7c\u8fce\u5b9e\u73b0\u4e86\u8fc7\u53bb\u4e24\u5e74\u591a\u4ee5\u6765\u6700\u5f3a\u52b2\u7684\u9884\u8ba2\u603b\u989d\uff08GBV\uff09\u589e\u957f\uff0c\u95f4\u591c\u9884\u8ba2\u91cf\u548c\u8425\u6536\u5747\u52a0\u901f\u63d0\u5347\u3002\u6211\u4eec\u6301\u7eed\u592f\u5b9e\u6838\u5fc3\u4e1a\u52a1\u80fd\u529b\uff0c\u4f18\u5316\u5e76\u63a8\u52a8\u521b\u65b0\u4e3e\u63aa\u843d\u5730\uff0c\u540c\u65f6\u52a0\u5feb\u65b0\u4e1a\u52a1\u7684\u89c4\u6a21\u5316\u8fdb\u7a0b\uff0c\u6709\u5e8f\u63a8\u8fdb\u4eba\u5de5\u667a\u80fd\u7684\u6574\u5408\u4e0e\u5e94\u7528\u3002\u5f53\u524d\u516c\u53f8\u53d1\u5c55\u52bf\u5934\u826f\u597d\uff0c\u4e14\u6709\u671b\u5ef6\u7eed\uff0c\u4e3a2026\u5e74\u5b9e\u73b0\u66f4\u5feb\u589e\u957f\u592f\u5b9e\u57fa\u7840\u3002” 2025\u5e74\u7b2c\u56db\u5b63\u5ea6\u8d22\u52a1\u4e1a\u7ee9\u6982\u89c8 \u7231\u5f7c\u8fce\u4ee5\u7a33\u5065\u8868\u73b0\u6536\u5b982025\u5e74\u3002\u7b2c\u56db\u5b63\u5ea6\uff0c\u7231\u5f7c\u8fce\u591a\u9879\u6838\u5fc3\u4e1a\u52a1\u6307\u6807\u5b9e\u73b0\u53cc\u4f4d\u6570\u589e\u957f\u3002\u5c3d\u7ba1\u9762\u4e34\u8f83\u9ad8\u7684\u540c\u6bd4\u57fa\u6570\uff0c\u5f53\u5b63\u6574\u4f53\u589e\u901f\u8f83\u7b2c\u4e09\u5b63\u5ea6\u8fdb\u4e00\u6b65\u52a0\u5feb\u3002\u8425\u6536\u540c\u6bd4\u589e\u957f12%\uff0c\u9ad8\u4e8e\u6b64\u524d\u4e1a\u7ee9\u6307\u5f15\u533a\u95f4\u4e0a\u9650\uff1b\u9884\u8ba2\u603b\u989d\uff08Gross Booking Value\uff0cGBV\uff09\u540c\u6bd4\u589e\u957f16%\uff0c\u4e3a\u4e24\u5e74\u591a\u4ee5\u6765\u7684\u6700\u9ad8\u589e\u901f\u3002\u4f4f\u5bbf\u3001\u4f53\u9a8c\u4e0e\u670d\u52a1\u9884\u8ba2\u91cf\uff08Nights and Seats Booked\uff09\u540c\u6bd4\u589e\u957f10%\uff0c\u4e3a\u5168\u5e74\u589e\u901f\u6700\u5feb\u7684\u5b63\u5ea6\u3002\u672c\u5b63\u5ea6\u4e1a\u7ee9\u589e\u957f\u4e3b\u8981\u5f97\u76ca\u4e8e\u5168\u7403\u5e02\u573a\u9700\u6c42\u7684\u6301\u7eed\u589e\u957f\uff0c\u4ee5\u53ca\u5e73\u5747\u95f4\u591c\u623f\u4ef7\uff08ADR\uff09\u7684\u7a33\u6b65\u63d0\u5347\u3002 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\u5c55\u671b2026\u5e74\uff0c\u6211\u4eec\u5c06\u5728\u5de9\u56fa\u65e2\u6709\u589e\u957f\u52bf\u5934\u7684\u57fa\u7840\u4e0a\uff0c\u8fdb\u4e00\u6b65\u52a0\u5feb\u6218\u7565\u63a8\u8fdb\u6b65\u4f10\u3002\u4f9d\u6258\u7ecf\u9a8c\u4e30\u5bcc\u7684\u56e2\u961f\u548c\u6e05\u6670\u660e\u786e\u7684\u6218\u7565\u65b9\u5411\uff0c\u6211\u4eec\u5c06\u4ee5\u66f4\u9ad8\u6548\u7684\u6267\u884c\u529b\u6301\u7eed\u63a8\u52a8\u4e1a\u52a1\u5411\u524d\u53d1\u5c55\u3002\u5728\u65e5\u76ca\u6570\u5b57\u5316\u7684\u73af\u5883\u4e0b\uff0c\u7231\u5f7c\u8fce\u59cb\u7ec8\u4ee5\u6280\u672f\u4e3a\u6865\u6881\uff0c\u5e2e\u52a9\u4eba\u4eec\u5728\u73b0\u5b9e\u4e16\u754c\u4e2d\u5efa\u7acb\u66f4\u771f\u5b9e\u7684\u8fde\u63a5\u3002\u8fd9\u4e00\u6838\u5fc3\u7406\u5ff5\u4e0d\u4ec5\u6784\u6210\u6211\u4eec\u7684\u957f\u671f\u4ef7\u503c\u57fa\u7840\uff0c\u4e5f\u5c06\u6301\u7eed\u652f\u6491\u516c\u53f8\u7684\u53ef\u6301\u7eed\u589e\u957f\u3002 2026\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5c55\u671b \u6211\u4eec\u9884\u8ba12026\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\u5c06\u572825.9\u4ebf\u7f8e\u5143\u81f326.3\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u540c\u6bd4\u589e\u957f14%\u81f316%\u3002\u4e0a\u8ff0\u540c\u6bd4\u589e\u901f\u5df2\u8ba1\u5165\u5728\u5b9e\u65bd\u5916\u6c47\u5bf9\u51b2\u5b89\u6392\u540e\uff0c\u7ea63\u4e2a\u767e\u5206\u70b9\u7684\u6c47\u7387\u6b63\u5411\u5f71\u54cd\u3002\u6211\u4eec\u9884\u8ba12026\u5e74\u7b2c\u4e00\u5b63\u5ea6\u7684\u9690\u542b\u4f63\u91d1\u7387\uff08implied take rate\uff09\u5c06\u8f83\u4e0a\u5e74\u540c\u671f\u5c0f\u5e45\u63d0\u5347\u3002\u6211\u4eec\u9884\u8ba1\u9884\u8ba2\u603b\u989d\uff08GBV\uff09\u5c06\u5b9e\u73b0\u4f4e\u53cc\u4f4d\u6570\u7684\u540c\u6bd4\u589e\u957f\uff0c\u4e3b\u8981\u53d7\u4f4f\u5bbf\u4e0e\u4f53\u9a8c\u9884\u8ba2\u91cf\uff08Nights and Seats Booked\uff09\u9ad8\u4e2a\u4f4d\u6570\u589e\u957f\uff0c\u4ee5\u53ca\u5728\u4ef7\u683c\u4e0a\u6da8\u548c\u6c47\u7387\u56e0\u7d20\u5e26\u52a8\u4e0b\u5e73\u5747\u95f4\u591c\u623f\u4ef7\uff08ADR\uff09\u9002\u5ea6\u63d0\u5347\u7684\u63a8\u52a8\u3002\u8c03\u6574\u540e\u7684\u7a0e\u606f\u6298\u65e7\u53ca\u644a\u9500\u524d\u5229\u6da6\uff08Adjusted EBITDA Margin\uff09\u9884\u8ba1\u5c06\u4e0e\u4e0a\u5e74\u540c\u671f\u57fa\u672c\u6301\u5e73\u3002 2026\u5168\u5e74\u5c55\u671b \u6211\u4eec\u9884\u8ba12026\u5e74\u8425\u6536\u540c\u6bd4\u589e\u901f\u5c06\u63d0\u5347\u81f3\u81f3\u5c11\u4f4e\u53cc\u4f4d\u6570\u6c34\u5e73\u3002\u8be5\u9884\u671f\u57fa\u4e8e\u6838\u5fc3\u4e1a\u52a1\u7684\u6301\u7eed\u7a33\u5065\u8868\u73b0\u3001\u6574\u4f53\u9700\u6c42\u4fdd\u6301\u5065\u5eb7\u589e\u957f\uff0c\u4ee5\u53ca\u5404\u9879\u5173\u952e\u589e\u957f\u4e3e\u63aa\u7684\u6709\u5e8f\u63a8\u8fdb\u4e0e\u9ad8\u6548\u6267\u884c\u3002\u6211\u4eec\u9884\u8ba12026\u5e74\u7ecf\u8c03\u6574EBITDA\u5229\u6da6\u7387\u5c06\u4e0e\u4e0a\u5e74\u57fa\u672c\u6301\u5e73\u3002\u516c\u53f8\u8ba1\u5212\u5c06\u8425\u6536\u7aef\u6548\u7387\u63d0\u5347\u6240\u91ca\u653e\u7684\u8d44\u6e90\u518d\u6295\u5165\u4e8e\u4e1a\u52a1\u589e\u957f\uff0c\u91cd\u70b9\u7528\u4e8e\u5e02\u573a\u8425\u9500\u3001\u4ea7\u54c1\u4e0e\u6280\u672f\u9886\u57df\u3002 SOURCE \u7231\u5f7c\u8fce<\/p>\n","protected":false},"author":0,"featured_media":21749,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":["post-21748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pr-newswire"],"yoast_head":"\n
Airbnb\u7231\u5f7c\u8fce\u53d1\u5e032025\u5e74\u7b2c\u56db\u5b63\u5ea6\u53ca\u5168\u5e74\u8d22\u52a1\u4e1a\u7ee9 - Money Compass CN<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/moneycompass.com.my\/cn\/airbnb\u7231\u5f7c\u8fce\u53d1\u5e032025\u5e74\u7b2c\u56db\u5b63\u5ea6\u53ca\u5168\u5e74\u8d22\u52a1\u4e1a\u7ee9\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Airbnb\u7231\u5f7c\u8fce\u53d1\u5e032025\u5e74\u7b2c\u56db\u5b63\u5ea6\u53ca\u5168\u5e74\u8d22\u52a1\u4e1a\u7ee9 - Money Compass CN\" \/>\n<meta property=\"og:description\" content=\"2025\u5e74\u7b2c\u56db\u5b63\u5ea6\u5f3a\u52bf\u6536\u5b98\uff0c\u6838\u5fc3\u4e1a\u52a1\u6307\u6807\u5168\u9762\u589e\u957f\uff0c\u8425\u6536\u540c\u6bd4\u589e\u957f12%\uff0c\u9884\u8ba2\u989d\u540c\u6bd4\u589e\u957f\u8d8516%\u7b2c\u56db\u5b63\u5ea6\u9884\u8ba2\u989d\u589e\u901f\u521b\u4e0b\u8fc7\u53bb\u4e24\u5e74\u65b0\u9ad8\uff0c\u670d\u52a1\u4e0e\u4f53\u9a8c\u4e1a\u52a1\u89c4\u6a21\u5316\u6210\u6548\u663e\u8457 \u5317\u4eac2026\u5e742\u670813\u65e5 \/\u7f8e\u901a\u793e\/ — Airbnb\u7231\u5f7c\u8fce\u53d1\u5e032025\u5e74\u7b2c\u56db\u5b63\u5ea6\u53ca\u5168\u5e74\u8d22\u52a1\u4e1a\u7ee9\uff0c\u8bf7\u8bbf\u95ee\u6b64\u94fe\u63a5\u83b7\u53d6\u66f4\u591a\u8be6\u7ec6\u4fe1\u606f\u3002 Airbnb\u7231\u5f7c\u8fce\u8054\u5408\u521b\u59cb\u4eba\u517c\u9996\u5e2d\u6267\u884c\u5b98Brian Chesky\u8868\u793a\uff1a”\u7b2c\u56db\u5b63\u5ea6\uff0c\u7231\u5f7c\u8fce\u5b9e\u73b0\u4e86\u8fc7\u53bb\u4e24\u5e74\u591a\u4ee5\u6765\u6700\u5f3a\u52b2\u7684\u9884\u8ba2\u603b\u989d\uff08GBV\uff09\u589e\u957f\uff0c\u95f4\u591c\u9884\u8ba2\u91cf\u548c\u8425\u6536\u5747\u52a0\u901f\u63d0\u5347\u3002\u6211\u4eec\u6301\u7eed\u592f\u5b9e\u6838\u5fc3\u4e1a\u52a1\u80fd\u529b\uff0c\u4f18\u5316\u5e76\u63a8\u52a8\u521b\u65b0\u4e3e\u63aa\u843d\u5730\uff0c\u540c\u65f6\u52a0\u5feb\u65b0\u4e1a\u52a1\u7684\u89c4\u6a21\u5316\u8fdb\u7a0b\uff0c\u6709\u5e8f\u63a8\u8fdb\u4eba\u5de5\u667a\u80fd\u7684\u6574\u5408\u4e0e\u5e94\u7528\u3002\u5f53\u524d\u516c\u53f8\u53d1\u5c55\u52bf\u5934\u826f\u597d\uff0c\u4e14\u6709\u671b\u5ef6\u7eed\uff0c\u4e3a2026\u5e74\u5b9e\u73b0\u66f4\u5feb\u589e\u957f\u592f\u5b9e\u57fa\u7840\u3002” 2025\u5e74\u7b2c\u56db\u5b63\u5ea6\u8d22\u52a1\u4e1a\u7ee9\u6982\u89c8 \u7231\u5f7c\u8fce\u4ee5\u7a33\u5065\u8868\u73b0\u6536\u5b982025\u5e74\u3002\u7b2c\u56db\u5b63\u5ea6\uff0c\u7231\u5f7c\u8fce\u591a\u9879\u6838\u5fc3\u4e1a\u52a1\u6307\u6807\u5b9e\u73b0\u53cc\u4f4d\u6570\u589e\u957f\u3002\u5c3d\u7ba1\u9762\u4e34\u8f83\u9ad8\u7684\u540c\u6bd4\u57fa\u6570\uff0c\u5f53\u5b63\u6574\u4f53\u589e\u901f\u8f83\u7b2c\u4e09\u5b63\u5ea6\u8fdb\u4e00\u6b65\u52a0\u5feb\u3002\u8425\u6536\u540c\u6bd4\u589e\u957f12%\uff0c\u9ad8\u4e8e\u6b64\u524d\u4e1a\u7ee9\u6307\u5f15\u533a\u95f4\u4e0a\u9650\uff1b\u9884\u8ba2\u603b\u989d\uff08Gross Booking Value\uff0cGBV\uff09\u540c\u6bd4\u589e\u957f16%\uff0c\u4e3a\u4e24\u5e74\u591a\u4ee5\u6765\u7684\u6700\u9ad8\u589e\u901f\u3002\u4f4f\u5bbf\u3001\u4f53\u9a8c\u4e0e\u670d\u52a1\u9884\u8ba2\u91cf\uff08Nights and Seats Booked\uff09\u540c\u6bd4\u589e\u957f10%\uff0c\u4e3a\u5168\u5e74\u589e\u901f\u6700\u5feb\u7684\u5b63\u5ea6\u3002\u672c\u5b63\u5ea6\u4e1a\u7ee9\u589e\u957f\u4e3b\u8981\u5f97\u76ca\u4e8e\u5168\u7403\u5e02\u573a\u9700\u6c42\u7684\u6301\u7eed\u589e\u957f\uff0c\u4ee5\u53ca\u5e73\u5747\u95f4\u591c\u623f\u4ef7\uff08ADR\uff09\u7684\u7a33\u6b65\u63d0\u5347\u3002 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