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\n<\/div>\n

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\u4e58\u52bf\u800c\u4e0a<\/p>\n

2026\u5e74\u4e0a\u534a\u5e74\uff0c\u6211\u4eec\u53d6\u5f97\u4e86\u4ee4\u4eba\u6ee1\u610f\u7684\u4e1a\u7ee9\u3002\u4ea7\u54c1\u521b\u65b0\u6301\u7eed\u63a8\u8fdb\uff0c\u4ee5\u53ca\u5168\u7403\u5404\u5730\u533a\u5e73\u53f0\u9700\u6c42\u7684\u5f3a\u52b2\u8868\u73b0\uff0c\u6b63\u4e3a2026\u5e74\u4e0b\u534a\u5e74\u7684\u4e1a\u52a1\u589e\u957f\u63d0\u4f9b\u575a\u5b9e\u652f\u6491\u3002<\/p>\n

\u57fa\u4e8e\u5f53\u524d\u4e1a\u52a1\u7684\u826f\u597d\u8868\u73b0\uff0c\u6211\u4eec\u4e0a\u8c03\u4e862026\u5e74\u5168\u5e74\u8425\u6536\u589e\u901f\u548c\u8c03\u6574\u540e\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6\u7387\uff08Adjusted EBITDA Margin\uff09\u9884\u671f\u3002\u6b64\u6b21\u4e0a\u8c03\u4e3b\u8981\u5f97\u76ca\u4e8e\u5e73\u53f0\u6301\u7eed\u5f3a\u52b2\u7684\u9700\u6c42\uff0c\u4ee5\u53ca\u6211\u4eec\u5728\u4eba\u624d\u3001\u6280\u672f\u548c\u5e02\u573a\u8425\u9500\u7b49\u65b9\u9762\u7684\u6295\u5165\u548c\u4ea7\u54c1\u8def\u7ebf\u56fe\u7684\u9ad8\u6548\u6267\u884c\u3002\u672a\u6765\uff0c\u6211\u4eec\u5c06\u7ee7\u7eed\u56f4\u7ed5\u5404\u9879\u589e\u957f\u4e3e\u63aa\u52a0\u5927\u6295\u5165\u3002<\/p>\n

2026\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5c55\u671b<\/p>\n

\u6211\u4eec\u9884\u8ba12026\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\u5c06\u572846.9\u4ebf\u7f8e\u5143\u81f347.7\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u540c\u6bd4\u589e\u957f15%\u81f317%\uff1b\u8be5\u589e\u5e45\u5305\u542b\u4e86\u8ba1\u5165\u5957\u671f\u4fdd\u503c\u8ba1\u5212\u540e\u7684\u7ea63\u4e2a\u767e\u5206\u70b9\u6c47\u7387\u5229\u597d\u3002\u9884\u8ba1\u7b2c\u4e09\u5b63\u5ea6\u9690\u542b\u4f63\u91d1\u7387\uff08Implied Take Rate\uff09\u5c06\u4e0e\u53bb\u5e74\u540c\u671f\u57fa\u672c\u6301\u5e73\u30022026\u5e74\u7b2c\u4e09\u5b63\u5ea6\uff0c\u6211\u4eec\u9884\u8ba1\u9884\u8ba2\u603b\u989d\uff08GBV\uff09\u540c\u6bd4\u589e\u901f\u5c06\u8fbe\u5230\u4e2d\u5341\u4f4d\u6570\u6c34\u5e73\u3002\u8fd9\u4e3b\u8981\u5f97\u76ca\u4e8e\u4f4f\u5bbf\u3001\u4f53\u9a8c\u4e0e\u670d\u52a1\u9884\u8ba2\u91cf\uff08Nights and Seats Booked\uff09\u4f4e\u53cc\u4f4d\u6570\u589e\u957f\u7684\u63a8\u52a8\u3002\u540c\u65f6\uff0c\u53d7\u4e1a\u52a1\u7ed3\u6784\u53d8\u5316\u53ca\u4ef7\u683c\u4e0a\u6da8\u5f71\u54cd\uff0c\u5e73\u5747\u95f4\u591c\u623f\u4ef7\uff08ADR\uff09\u9884\u8ba1\u5c06\u6e29\u548c\u589e\u957f\u3002\u6211\u4eec\u9884\u8ba1\u7b2c\u4e09\u5b63\u5ea6\u8c03\u6574\u540e\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6\uff08Adjusted EBITDA\uff09\u5c06\u540c\u6bd4\u589e\u957f\u3002\u53d7\u6295\u5165\u8282\u594f\u5f71\u54cd\uff0c\u8c03\u6574\u540eEBITDA\u5229\u6da6\u7387\u9884\u8ba1\u5c06\u8f832025\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5c0f\u5e45\u4e0b\u964d\u3002<\/p>\n

2026\u5e74\u5168\u5e74\u5c55\u671b<\/p>\n

2026\u5e74\uff0c\u5168\u5e74\u8425\u6536\u540c\u6bd4\u589e\u901f\u9884\u8ba1\u5c06\u63d0\u5347\u81f3\u81f3\u5c11\u4e2d\u5341\u4f4d\u6570\u4ee5\u4e0a\u3002\u8fd9\u4e3b\u8981\u5f97\u76ca\u4e8e\u6211\u4eec\u89c2\u5bdf\u5230\u7684\u4f4f\u5bbf\u3001\u4f53\u9a8c\u4e0e\u670d\u52a1\u9884\u8ba2\u91cf\u589e\u901f\u52a0\u5feb\u3001\u4ea7\u54c1\u4e0e\u589e\u957f\u4e3e\u63aa\u7684\u7a33\u6b65\u63a8\u8fdb\uff0c\u4ee5\u53ca\u65c5\u6e38\u9700\u6c42\u7684\u6301\u7eed\u5f3a\u52b2\u3002\u6211\u4eec\u9884\u8ba12026\u5e74\u5168\u5e74\u8c03\u6574\u540e\u7684EBITDA\u5229\u6da6\u7387\u5c06\u8fbe\u5230\u81f3\u5c1135.5%\u3002\u8fd9\u4e00\u5229\u6da6\u7387\u8f832025\u5e74\u6709\u6240\u63d0\u5347\uff0c\u53cd\u6620\u4e86\u6211\u4eec\u66f4\u5f3a\u52b2\u7684\u8425\u6536\u589e\u957f\u548c\u6838\u5fc3\u4e1a\u52a1\u4e2d\u575a\u5b9e\u7684\u8fd0\u8425\u6760\u6746\u6548\u5e94\uff1b\u540c\u65f6\uff0c\u6211\u4eec\u5c06\u7ee7\u7eed\u52a0\u5927\u5bf9\u5404\u9879\u673a\u9047\u7684\u6295\u5165\uff0c\u4ee5\u9a71\u52a8\u672a\u6765\u7684\u957f\u671f\u589e\u957f\u3002<\/p>\n

\n

[1]\u4ec5\u9002\u7528\u4e8e\u90e8\u5206\u7cbe\u9009\u9152\u5e97\u3002\u4ef7\u683c\u5339\u914d\u7533\u8bf7\u5fc5\u987b\u5728\u9884\u8ba2\u540e24\u5c0f\u65f6\u5185\u63d0\u51fa\u3002\u6700\u9ad8\u53ef\u83b7\u5f97\u4ef7\u503c400\u7f8e\u5143\uff08\u6216\u7b49\u503c\u5f53\u5730\u8d27\u5e01\uff09\u7684\u65c5\u884c\u57fa\u91d1\u3002\u5dee\u4ef7\u8ba1\u7b97\u4e0d\u5305\u542b\u7a0e\u8d39\u3002\u65c5\u884c\u57fa\u91d1\u6709\u6548\u671f\u4e3a1\u5e74\u3002\u9002\u7528\u76f8\u5173\u6761\u6b3e\u548c\u6392\u9664\u6761\u4ef6\u3002\u6b64\u5916\uff0c15%\u7684\u65c5\u884c\u57fa\u91d1\u4f18\u60e0\u6d3b\u52a8\u6709\u6548\u671f\u81f32026\u5e7412\u670831\u65e5\uff0c\u9002\u7528\u4e8e\u7b26\u5408\u6761\u4ef6\u7684\u9152\u5e97\u3002\u65c5\u884c\u57fa\u91d1\u7684\u8ba1\u7b97\u4e0d\u5305\u542b\u7a0e\u8d39\u3002\u65c5\u884c\u57fa\u91d1\u6709\u6548\u671f\u4e3a1\u5e74\u3002\u6700\u9ad8\u53ef\u83b7\u5f97\u4ef7\u503c2,000\u7f8e\u5143\uff08\u6216\u7b49\u503c\u5f53\u5730\u8d27\u5e01\uff09\u7684\u65c5\u884c\u57fa\u91d1\u3002\u9002\u7528\u76f8\u5173\u6761\u6b3e\u548c\u6392\u9664\u6761\u4ef6\u3002<\/span><\/p>\n

[2]\u6570\u636e\u6765\u6e90\uff1aAirbnb\u7231\u5f7c\u8fce\u5185\u90e8\u6570\u636e\uff0c2024\u5e747\u6708\u81f32025\u5e746\u6708\u671f\u95f4\u5728\u7231\u5f7c\u8fce\u9884\u8ba2\u9152\u5e97\u540e\uff0c\u4e8e365\u5929\u5185\u518d\u6b21\u7231\u5f7c\u8fce\u623f\u6e90\u7684\u7528\u6237\u6570\u636e\u3002<\/span><\/p>\n

[3] \u6570\u636e\u6765\u6e90\uff1a\u77e5\u540d\u7b2c\u4e09\u65b9\u54a8\u8be2\u673a\u6784\u6570\u636e\uff0c2026\u5e743\u6708\u81f34\u6708\u671f\u95f4\uff0c\u5bf9\u7f8e\u56fd\u516d\u5927\u65c5\u6e38\u5e73\u53f0AI\u7528\u6237\u652f\u6301\u670d\u52a1\u5f00\u5c55\u7684\u57fa\u51c6\u6d4b\u8bd5\uff0c\u8bc4\u4f30\u7ef4\u5ea6\u6db5\u76d6\u5ba2\u670d\u8d28\u91cf\u3001\u95ee\u9898\u89e3\u51b3\u80fd\u529b\u3001\u4efb\u52a1\u5b8c\u6210\u5ea6\u4ee5\u53ca\u6574\u4f53\u5bf9\u8bdd\u4f53\u9a8c\u3002<\/span><\/p>\n<\/div>\n

\u00a0<\/p>\n

\n<\/div>\n

SOURCE \u7231\u5f7c\u8fce<\/p>","protected":false},"excerpt":{"rendered":"

2026\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5ef6\u7eed\u5f3a\u52b2\u589e\u957f\u52bf\u5934\uff0c\u591a\u9879\u6838\u5fc3\u6307\u6807\u521b\u8fd1\u5e74\u6765\u65b0\u9ad8\uff0c\u8425\u6536\u8fbe36\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f17%\u30022026\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u51c0\u5229\u6da6\u8fbe8.16\u4ebf\u7f8e\u5143\uff0c\u9884\u8ba2\u603b\u989d\u540c\u6bd4\u589e\u957f16%\u3002 \u5317\u4eac2026\u5e748\u67087\u65e5 \/\u7f8e\u901a\u793e\/ — Airbnb\u7231\u5f7c\u8fce\u53d1\u5e032026\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8d22\u52a1\u4e1a\u7ee9\u3002\u8bf7\u8bbf\u95ee\u6b64\u94fe\u63a5\u83b7\u53d6\u66f4\u591a\u8be6\u7ec6\u4fe1\u606f\u3002 2026\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8d22\u52a1\u4e1a\u7ee9\u6982\u89c8 2026\u5e74\u4e0a\u534a\u5e74\uff0c\u7231\u5f7c\u8fce\u6574\u4f53\u4e1a\u7ee9\u8868\u73b0\u5f3a\u52b2\uff0c\u53d6\u5f97\u8fd1\u5e74\u6765\u6700\u4f73\u8868\u73b0\u4e4b\u4e00\u3002\u7b2c\u4e8c\u5b63\u5ea6\u589e\u957f\u52bf\u5934\u8fdb\u4e00\u6b65\u63d0\u901f\uff0c\u5404\u9879\u5173\u952e\u6307\u6807\u5747\u8d85\u51fa\u9884\u671f\u3002\u8425\u6536\u540c\u6bd4\u589e\u957f17%\uff0c\u8fbe\u523036\u4ebf\u7f8e\u5143\u3002\u9884\u8ba2\u603b\u989d\uff08GBV\uff09\u540c\u6bd4\u589e\u957f16%\uff0c\u8fbe\u5230272\u4ebf\u7f8e\u5143\uff0c\u8fd9\u4e3b\u8981\u5f97\u76ca\u4e8e\u6301\u7eed\u5f3a\u52b2\u7684\u5e02\u573a\u9700\u6c42\u4ee5\u53ca\u5e73\u5747\u95f4\u591c\u623f\u4ef7\uff08ADR\uff09\u7684\u9002\u5ea6\u4e0a\u6da8\u3002\u4f4f\u5bbf\u3001\u4f53\u9a8c\u4e0e\u670d\u52a1\u9884\u8ba2\u91cf\uff08Nights and Seats Booked\uff09\u540c\u6bd4\u589e\u957f10%\uff0c\u589e\u901f\u8f832026\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8fdb\u4e00\u6b65\u52a0\u5feb\u3002\u7b2c\u4e8c\u5b63\u5ea6\u51c0\u5229\u6da6\u8fbe8.16\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540e\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6\uff08Adjusted EBITDA\uff09\u540c\u6bd4\u589e\u957f21%\u81f313\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540eEBITDA\u5229\u6da6\u7387\u63d0\u5347\u81f335%\u3002 \u7b2c\u4e8c\u5b63\u5ea6\uff0c\u7231\u5f7c\u8fce\u5728\u5168\u7403\u591a\u4e2a\u5e02\u573a\u7684\u589e\u957f\u52a8\u80fd\u8fdb\u4e00\u6b65\u589e\u5f3a\uff0c\u4e0d\u4ec5\u65b0\u5174\u5e02\u573a\u5ef6\u7eed\u4e86\u826f\u597d\u52bf\u5934\uff0c\u7f8e\u56fd\u3001\u6cd5\u56fd\u3001\u82f1\u56fd\u548c\u6fb3\u5927\u5229\u4e9a\u7b49\u4e3b\u8981\u6838\u5fc3\u5e02\u573a\u7684\u51c0\u5ba2\u6e90\u5730\u9884\u8ba2\u95f4\u591c\u91cf\u540c\u6bd4\u589e\u901f\u4e5f\u8fdb\u4e00\u6b65\u63d0\u5347\u3002\u8fd9\u4e00\u8868\u73b0\u8fdb\u4e00\u6b65\u5370\u8bc1\u4e86\u4ea7\u54c1\u521b\u65b0\u5bf9\u7528\u6237\u9700\u6c42\u7684\u6709\u6548\u62c9\u52a8\uff0c\u589e\u5f3a\u4e86\u6211\u4eec\u5bf9\u4e1a\u52a1\u6301\u7eed\u589e\u957f\u7684\u4fe1\u5fc3\u3002 \u7231\u5f7c\u8fce\u6b63\u52a0\u901f\u5411AI\u539f\u751f\uff08AI-native\uff09\u516c\u53f8\u8f6c\u578b\uff0c\u8fd9\u4e00\u8f6c\u53d8\u5df2\u5f00\u59cb\u8f6c\u5316\u4e3a\u5b9e\u9645\u4e1a\u52a1\u6210\u679c\u3002\u4eba\u5de5\u667a\u80fd\u7684\u8d4b\u80fd\uff0c\u7ed3\u5408\u5353\u8d8a\u7684\u56e2\u961f\u4e0e\u66f4\u9ad8\u6548\u7684\u6267\u884c\u529b\uff0c\u4f7f\u6211\u4eec\u7684\u4ea7\u54c1\u6784\u5efa\u548c\u8fed\u4ee3\u901f\u5ea6\u8fbe\u5230\u4e86\u524d\u6240\u672a\u6709\u7684\u6c34\u5e73\u3002\u5728\u5173\u952e\u9879\u76ee\u4e0a\uff0c\u6211\u4eec\u5c06\u4ea7\u54c1\u4ece\u6982\u5ff5\u5230\u4ea4\u4ed8\u7684\u5468\u671f\u7f29\u77ed\u4e86\u9ad8\u8fbe60%\u3002\u4e0e\u53bb\u5e74\u540c\u671f\u76f8\u6bd4\uff0c\u4eca\u5e74\u53d1\u5e03\u7684\u529f\u80fd\u548c\u6539\u8fdb\u6570\u91cf\u589e\u52a0\u4e86\u8fd180%\u3002\u521b\u65b0\u6548\u7387\u7684\u5927\u5e45\u63d0\u5347\u6b63\u5728\u63a8\u52a8\u7231\u5f7c\u8fce\u5404\u9879\u4e1a\u52a1\u6301\u7eed\u5347\u7ea7\u3002\u6211\u4eec\u76f8\u4fe1\uff0c\u8fd9\u4e5f\u662f\u7231\u5f7c\u8fce\u80fd\u591f\u9886\u5148\u4e3b\u8981\u540c\u4e1a\u8868\u73b0\u7684\u91cd\u8981\u539f\u56e0\u4e4b\u4e00\u3002 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max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/moneycompass.com.my\/cn\/airbnb\u7231\u5f7c\u8fce\u53d1\u5e032026\u5e74\u7b2c\u4e8c\u5b63\u5ea6\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\u5e032026\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8d22\u52a1\u4e1a\u7ee9 - Money Compass CN\" \/>\n<meta property=\"og:description\" content=\"2026\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5ef6\u7eed\u5f3a\u52b2\u589e\u957f\u52bf\u5934\uff0c\u591a\u9879\u6838\u5fc3\u6307\u6807\u521b\u8fd1\u5e74\u6765\u65b0\u9ad8\uff0c\u8425\u6536\u8fbe36\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f17%\u30022026\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u51c0\u5229\u6da6\u8fbe8.16\u4ebf\u7f8e\u5143\uff0c\u9884\u8ba2\u603b\u989d\u540c\u6bd4\u589e\u957f16%\u3002 \u5317\u4eac2026\u5e748\u67087\u65e5 \/\u7f8e\u901a\u793e\/ — Airbnb\u7231\u5f7c\u8fce\u53d1\u5e032026\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8d22\u52a1\u4e1a\u7ee9\u3002\u8bf7\u8bbf\u95ee\u6b64\u94fe\u63a5\u83b7\u53d6\u66f4\u591a\u8be6\u7ec6\u4fe1\u606f\u3002 2026\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8d22\u52a1\u4e1a\u7ee9\u6982\u89c8 2026\u5e74\u4e0a\u534a\u5e74\uff0c\u7231\u5f7c\u8fce\u6574\u4f53\u4e1a\u7ee9\u8868\u73b0\u5f3a\u52b2\uff0c\u53d6\u5f97\u8fd1\u5e74\u6765\u6700\u4f73\u8868\u73b0\u4e4b\u4e00\u3002\u7b2c\u4e8c\u5b63\u5ea6\u589e\u957f\u52bf\u5934\u8fdb\u4e00\u6b65\u63d0\u901f\uff0c\u5404\u9879\u5173\u952e\u6307\u6807\u5747\u8d85\u51fa\u9884\u671f\u3002\u8425\u6536\u540c\u6bd4\u589e\u957f17%\uff0c\u8fbe\u523036\u4ebf\u7f8e\u5143\u3002\u9884\u8ba2\u603b\u989d\uff08GBV\uff09\u540c\u6bd4\u589e\u957f16%\uff0c\u8fbe\u5230272\u4ebf\u7f8e\u5143\uff0c\u8fd9\u4e3b\u8981\u5f97\u76ca\u4e8e\u6301\u7eed\u5f3a\u52b2\u7684\u5e02\u573a\u9700\u6c42\u4ee5\u53ca\u5e73\u5747\u95f4\u591c\u623f\u4ef7\uff08ADR\uff09\u7684\u9002\u5ea6\u4e0a\u6da8\u3002\u4f4f\u5bbf\u3001\u4f53\u9a8c\u4e0e\u670d\u52a1\u9884\u8ba2\u91cf\uff08Nights and Seats Booked\uff09\u540c\u6bd4\u589e\u957f10%\uff0c\u589e\u901f\u8f832026\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8fdb\u4e00\u6b65\u52a0\u5feb\u3002\u7b2c\u4e8c\u5b63\u5ea6\u51c0\u5229\u6da6\u8fbe8.16\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540e\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6\uff08Adjusted EBITDA\uff09\u540c\u6bd4\u589e\u957f21%\u81f313\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540eEBITDA\u5229\u6da6\u7387\u63d0\u5347\u81f335%\u3002 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