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\u3000\u3000\u7f16\u8005\u6309\uff1a<\/strong><\/p>\n\n\n\n

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\u3000\u3000\u8bb0\u8005\u591a\u6b21\u8054\u7cfb\u643a\u7a0b\uff0c\u622a\u81f3\u53d1\u7a3f\uff0c\u643a\u7a0b\u672a\u5c31\u4e0a\u8ff0\u5546\u6237\u53cd\u9988\u7684\u5177\u4f53\u95ee\u9898\u4f5c\u51fa\u56de\u5e94\u3002<\/p>\n\n\n\n

\u3000\u3000\u7279\u724c\u7684\u4ee3\u4ef7\uff1a\u9ad8\u4f63\u91d1\u4e0e\u201c\u4e8c\u9009\u4e00\u201d<\/strong><\/p>\n\n\n\n

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\u3000\u3000\u8fd9\u662f\u4e00\u5957\u4e0e\u66dd\u5149\u6392\u540d\u3001\u6d41\u91cf\u503e\u659c\u6df1\u5ea6\u7ed1\u5b9a\u7684\u9152\u5e97\u6302\u724c\u5206\u7ea7\u4f53\u7cfb\u3002<\/p>\n\n\n\n

\u3000\u3000\u9655\u897f\u7701\u897f\u5b89\u5e02\u4e00\u4f4d\u7279\u724c\u9152\u5e97\u8001\u677f\u544a\u8bc9\u8bb0\u8005\uff0c\u7279\u724c\u4f63\u91d1\u4e3a15%\uff0c\u4e14\u53ea\u80fd\u4e0e\u643a\u7a0b\u5408\u4f5c\u3002\u201c\u5982\u679c\u4e0a\u67b6\u5176\u4ed6\u5e73\u53f0\u88ab\u643a\u7a0b\u53d1\u73b0\uff0c\u7279\u724c\u8d44\u683c\u5c31\u4f1a\u88ab\u53d6\u6d88\u3002\u201d<\/p>\n\n\n\n

\u3000\u3000\u8fd9\u79cd\u201c\u72ec\u5bb6\u8981\u6c42\u201d\u5e76\u672a\u5199\u5728\u7eb8\u9762\u5408\u540c\u4e0a\uff0c\u800c\u662f\u7531\u4e1a\u52a1\u7ecf\u7406\u53e3\u5934\u4f20\u8fbe\u3002\u53d8\u76f8\u8981\u6c42\u5546\u5bb6\u201c\u4e8c\u9009\u4e00\u201d\u3002<\/p>\n\n\n\n

\u3000\u3000\u8bb0\u8005\u62ff\u5230\u7684\u4e00\u4efd\u7279\u724c\u534f\u8bae\u4e2d\uff0c\u53ea\u51fa\u73b0\u201c\u5bf9\u643a\u7a0b\u65e0\u4ef7\u683c\u6b67\u89c6\uff0c\u9152\u5e97\u53d8\u4ef7\u80fd\u53ca\u65f6\u901a\u77e5\u201d\u7b49\u6761\u6b3e\u3002\u4f46\u534f\u8bae\u540c\u65f6\u89c4\u5b9a\uff1a\u9152\u5e97\u7b7e\u7ea6\u4e00\u7ea7\u5206\u9500\u5408\u4f5c\u534f\u8bae\u540e\uff0c\u643a\u7a0b\u53ef\u4ee5\u628a\u5b83\u7684\u623f\u6e90\u5206\u9500\u5230\u5176\u4ed6\u4efb\u4f55OTA\u5e73\u53f0\u3002\u8fd9\u610f\u5473\u7740\uff0c\u7279\u724c\u5546\u5bb6\u81ea\u5df1\u4e0d\u80fd\u5728\u5176\u4ed6\u5e73\u53f0\u5356\uff0c\u643a\u7a0b\u5374\u53ef\u4ee5\u66ff\u4ed6\u4eec\u5356\u5230\u5176\u4ed6\u5e73\u53f0\u2014\u2014\u5305\u62ec\u672a\u7ecf\u5546\u5bb6\u660e\u786e\u540c\u610f\u7684\u6e20\u9053\u3002<\/p>\n\n\n\n

\u3000\u3000\u6210\u4e3a\u7279\u724c\u5546\u5bb6\uff0c\u53ea\u662f\u5f00\u59cb\u3002\u82e5\u60f3\u5728\u5e73\u53f0\u4e0a\u83b7\u5f97\u66f4\u591a\u66dd\u5149\uff0c\u8fd8\u9700\u8fdb\u884c\u6d41\u91cf\u63a8\u5e7f\u3002<\/p>\n\n\n\n

\u3000\u3000\u4e91\u5357\u7701\u5927\u7406\u5e02\u6c11\u5bbf\u8001\u677f\u674e\u4e1c\u7ff0\u66fe\u662f\u643a\u7a0b\u7684\u7279\u724c\u5546\u5bb6\u30022024\u5e74\uff0c\u674e\u4e1c\u7ff0\u53d1\u73b0\uff0c\u5c3d\u7ba1\u81ea\u5df1\u4ecd\u5728\u7f34\u7eb3\u9ad8\u989d\u4f63\u91d1\uff0c\u5e97\u94fa\u5728\u5e73\u53f0\u4e0a\u7684\u6d41\u91cf\u5374\u5df2\u5927\u4e0d\u5982\u524d\uff0c\u201c\u643a\u7a0b\u4e0a\u7684\u7279\u724c\u5546\u5bb6\u8d8a\u6765\u8d8a\u591a\u3002\u201d<\/p>\n\n\n\n

\u3000\u3000\u4e1a\u52a1\u7ecf\u7406\u4e0a\u95e8\uff0c\u63a8\u8350\u4ed6\u53c2\u4e0e\u201c\u91d1\u5b57\u5854\u201d\u201c\u4e91\u68af\u201d\u7b49\u4ed8\u8d39\u63a8\u6d41\u9879\u76ee\u2014\u2014\u524d\u8005\u6309\u70b9\u51fb\u4ed8\u8d39\uff0c\u540e\u8005\u9700\u8981\u63d0\u9ad8\u4f63\u91d1\u3001\u6309\u8ba2\u5355\u62bd\u6210\uff0c\u53ef\u4ee5\u7ed9\u6c11\u5bbf\u66f4\u9760\u524d\u7684\u663e\u793a\u4f4d\u7f6e\u548c\u66f4\u5927\u7684\u66dd\u5149\u3002<\/p>\n\n\n\n

\u3000\u3000\u5bf9\u4e8e\u8fd9\u7c7b\u63a8\u5e7f\uff0c\u6d59\u6c5f\u7701\u7ecd\u5174\u5e02\u4e00\u5bb6\u56fd\u9645\u54c1\u724c\u7279\u8bb8\u7ecf\u8425\u9152\u5e97\u603b\u7ecf\u7406\u5362\u534e(\u5316\u540d)\u6df1\u6709\u4f53\u4f1a\u3002\u4ed6\u8bf4\uff0c\u73b0\u5728\u4e2d\u7aef\u9152\u5e97\u6807\u51c6\u5316\u7a0b\u5ea6\u9ad8\uff0c\u5ba2\u4eba\u5165\u4f4f\u4f53\u9a8c\u5dee\u5f02\u4e0d\u5927\uff0c\u201c\u5f53\u670d\u52a1\u62c9\u4e0d\u5f00\u5dee\u8ddd\u65f6\uff0c\u51b3\u5b9a\u6392\u540d\u7684\u4e0d\u662f\u786c\u4ef6\uff0c\u800c\u662f\u8c01\u6295\u5165\u66f4\u591a\u63a8\u5e7f\u3001\u53c2\u52a0\u66f4\u591a\u6d3b\u52a8\u201d\u3002<\/p>\n\n\n\n

\u3000\u3000\u4ed6\u6240\u5728\u7684\u9152\u5e97\u6bcf\u5929\u5728\u643a\u7a0b\u4e0a\u7684\u63a8\u5e7f\u8d39\u7528\u7ea6200\u81f3300\u5143\uff0c\u4e3b\u8981\u7528\u4e8e\u201c\u91d1\u5b57\u5854\u201d\u70b9\u51fb\u4ed8\u8d39\uff0c\u6295\u5165\u4ea7\u51fa\u6bd4\u7ea610\u81f320\u500d\uff1b\u6b64\u5916\u6bcf\u6708\u8fd8\u6709\u53c2\u52a0\u4fc3\u9500\u6d3b\u52a8\u7684\u9690\u5f62\u6210\u672c\uff0c\u8fc7\u53bb30\u5929\u7ea6\u56db\u5206\u4e4b\u4e00\u7684\u8ba2\u5355\u6765\u81ea\u4fc3\u9500\u6d3b\u52a8\u3002\u201c\u5982\u679c\u6ca1\u6709\u6210\u719f\u7684\u56e2\u961f\uff0c\u666e\u901a\u5546\u5bb6\u5f88\u96be\u7814\u7a76\u900f\u8fd9\u5957\u673a\u5236\uff0c\u5bb9\u6613\u82b1\u51a4\u6789\u94b1\u4e70\u6d41\u91cf\u3002\u201d<\/p>\n\n\n\n

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\n
\"\"<\/figure><\/div>\n\n\n

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\u3000\u30002026\u5e743\u6708\uff0c\u5317\u4eac\u5e02\u5e02\u573a\u76d1\u7ba1\u5c40\u7b49\u4e09\u90e8\u95e8\u8054\u5408\u7ea6\u8c0812\u5bb6\u5e73\u53f0\u4f01\u4e1a\uff0c\u6307\u51fa\uff1a\u643a\u7a0b\u5728\u4e0e\u5e73\u53f0\u5408\u4f5c\u5bc6\u5207\u7684\u7279\u724c\u3001\u91d1\u724c\u9152\u5e97\u540d\u79f0\u4e4b\u540e\u6807\u6ce8\u7684\u201c\u5927\u62c7\u6307\u201d\u6807\u8bc6\u4e0e\u771f\u5b9e\u670d\u52a1\u6c34\u5e73\u65e0\u5173\uff0c\u6d89\u5acc\u8bef\u5bfc\u6d88\u8d39\u8005\uff0c\u5e76\u8981\u6c42\u643a\u7a0b\u53d6\u6d88\u8be5\u6807\u8bc6\u3002<\/p>\n\n\n\n

\u3000\u3000\u5362\u534e\u57283\u6708\u5e95\u63a5\u53d7\u91c7\u8bbf\u65f6\u8bf4\uff1a\u201c\u5c3d\u7ba1\u8fd1\u671f\u76d1\u7ba1\u90e8\u95e8\u5df2\u6307\u5bfc\u643a\u7a0b\u53d6\u6d88\u2018\u5927\u62c7\u6307\u2019\u6807\u8bc6\uff0c\u4f46\u4e4b\u524d\u6392\u540d\u4f18\u5148\u7b49\u76f8\u5173\u6743\u76ca\u672a\u53d8\u3002\u201d<\/strong><\/p>\n\n\n\n

\u3000\u3000\u5728\u5e7f\u4e1c\u7701\u6df1\u5733\u5e02\u7ecf\u8425\u4e00\u5bb6\u201c\u91d1\u724c\u201d\u6c11\u5bbf\u7684\u5f20\u660e\u8fdc(\u5316\u540d)\u4e5f\u53cd\u6620\uff0c\u5176\u5728\u643a\u7a0b\u7684\u4ef7\u683c\u88ab\u8981\u6c42\u6bd4\u5176\u4ed6\u5e73\u53f0\u4f4e5%\u3002\u643a\u7a0b\u63a5\u5230\u6574\u6539\u901a\u77e5\u540e\uff0c\u4e1a\u52a1\u7ecf\u7406\u901a\u77e5\u4ed6\u4e0b\u67b6\u6807\u8bc6\uff0c\u4f46\u540c\u65f6\u63d0\u51fa\u65b0\u8981\u6c42\uff1a\u4e0d\u6302\u724c\u4e5f\u4e0d\u80fd\u6709\u4ef7\u683c\u52a3\u52bf\uff0c\u643a\u7a0b\u4ef7\u683c\u4e0d\u80fd\u9ad8\u4e8e\u524d\u53f0\u548c\u5176\u4ed6\u5e73\u53f0\uff0c\u4e14\u4f63\u91d115%\u4fdd\u6301\u4e0d\u53d8\uff0c\u201c\u4f46\u73b0\u5728\u63a8\u6d41\u65b9\u9762\u80fd\u611f\u5230\u6d41\u91cf\u5728\u964d\u4f4e\u3002\u201d<\/strong><\/p>\n\n\n\n

\u3000\u3000\u5c3d\u7ba1\u4e89\u8bae\u4e0d\u65ad\uff0c\u4f46\u5546\u5bb6\u624b\u4e2d\u7684\u8ba2\u5355\u4ecd\u9ad8\u5ea6\u4f9d\u8d56\u643a\u7a0b\u3002<\/p>\n\n\n\n

\u3000\u3000\u201c\u5728\u56fd\u5185\uff0c\u50cf\u6211\u4eec\u8fd9\u7c7b\u54c1\u724c\u9152\u5e97\uff0c\u51e0\u4e4e\u6ca1\u6709\u6562\u4e0d\u8ddf\u643a\u7a0b\u5408\u4f5c\u7684\u3002\u201d<\/p>\n\n\n\n

\u3000\u3000\u5362\u534e\u8868\u793a\uff0c\u9152\u5e97\u62e5\u6709OTA\u5e73\u53f0\u3001\u5b98\u65b9\u7f51\u7ad9\u548cAPP\uff0c\u4ee5\u53ca\u5176\u4ed6\u7ebf\u4e0b\u6e20\u9053\uff0c\u4f46\u8fd1\u51e0\u4e2a\u6708\u6765\u81ea\u643a\u7a0b\u7684\u8ba2\u5355\u91cf\u4f9d\u7136\u5360\u5230\u9152\u5e97\u603b\u9500\u91cf\u768440%\u81f350%\u3002<\/p>\n\n\n\n

\u3000\u3000\u5728\u798f\u5efa\u7701\u9f99\u5ca9\u5e02\u7ecf\u8425\u591a\u5bb6\u7ecf\u6d4e\u578b\u9152\u5e97\u7684\u6797\u6d9b(\u5316\u540d)\u4e5f\u8bf4\uff0c\u5982\u4eca\u8bb8\u591a\u6d88\u8d39\u8005\u5df2\u517b\u6210\u7ebf\u4e0a\u8ba2\u9152\u5e97\u7684\u4e60\u60ef\uff0c\u81ea\u5df1\u7ecf\u8425\u7684\u9152\u5e9770%\u8ba2\u5355\u6765\u81ea\u643a\u7a0b\u3002\u82e5\u4e0d\u4e0e\u643a\u7a0b\u5408\u4f5c\uff0c\u751f\u610f\u4f1a\u53d7\u5230\u5f88\u5927\u5f71\u54cd\u3002<\/p>\n\n\n\n

\u3000\u3000\u660e\u64a4\u201c\u8c03\u4ef7\u52a9\u624b\u201d\uff0c\u6697\u7559\u201c\u4ef7\u683c\u6307\u5bfc\u201d<\/strong><\/p>\n\n\n\n

\u3000\u30002025\u5e74\uff0c\u643a\u7a0b\u66fe\u56e0\u201c\u8c03\u4ef7\u52a9\u624b\u201d\u529f\u80fd\u9677\u5165\u8206\u8bba\u98ce\u6ce2\u3002\u5f7c\u65f6\u90d1\u5dde\u3001\u676d\u5dde\u7b49\u5730\u7684\u9152\u5e97\u5546\u5bb6\u53cd\u6620\uff0c\u643a\u7a0b\u7684\u201c\u8c03\u4ef7\u52a9\u624b\u201d\u529f\u80fd\u9891\u7e41\u8c03\u4ef7\uff0c\u4e14\u529f\u80fd\u65e0\u6cd5\u5173\u95ed\uff0c\u6253\u4e71\u9152\u5e97\u7ecf\u8425\u8282\u594f\u7b49\u3002<\/p>\n\n\n\n

\u3000\u3000\u6709\u9152\u5e97\u8d1f\u8d23\u4eba\u6307\u51fa\uff0c\u201c\u8c03\u4ef7\u52a9\u624b\u201d\u662f\u5185\u7f6e\u5728OTA\u5e73\u53f0\u5546\u5bb6\u7248\u540e\u53f0\u7684\u7a0b\u5e8f\uff0c\u4f1a\u5b9a\u671f\u626b\u63cf\u5176\u4ed6\u5e73\u53f0\u540c\u6b3e\u9152\u5e97\u4ea7\u54c1\u4ef7\u683c\uff0c\u4ee5\u76d1\u6d4b\u5f53\u524d\u4ea7\u54c1\u4ef7\u683c\u662f\u5426\u6bd4\u7ade\u54c1\u5e73\u53f0\u66f4\u4f4e\u3002\u4e00\u65e6\u53d1\u73b0\u67d0\u4e2a\u9152\u5e97\u5b9a\u4ef7\u6bd4\u5176\u4ed6\u5e73\u53f0\u9ad8\uff0c\u201c\u8c03\u4ef7\u52a9\u624b\u201d\u4f1a\u7acb\u5373\u901a\u8fc7\u7cfb\u7edf\u81ea\u52a8\u8c03\u4f4e\u9152\u5e97\u5e95\u4ef7\uff0c\u6216\u4e3a\u9152\u5e97\u4ea7\u54c1\u53c2\u52a0\u4fc3\u9500\u6d3b\u52a8\u3002<\/p>\n\n\n\n

\u3000\u3000\u6c5f\u82cf\u4e00\u4f4d\u9152\u5e97\u5546\u5bb6\u900f\u9732\uff0c\u643a\u7a0b\u5728\u672a\u83b7\u6388\u6743\u7684\u60c5\u51b5\u4e0b\uff0c\u5148\u540e9\u6b21\u5f3a\u5236\u5f00\u901a\u8be5\u529f\u80fd\uff0c\u201c\u5173\u4e86\u4e5f\u6ca1\u7528\uff0c\u8fd8\u4f1a\u63a5\u7740\u5f00\u201d\u3002\u5f3a\u5236\u8c03\u4ef7\u7684\u7ed3\u679c\u662f\uff0c\u5176\u5e97\u5185480\u5143\u4e00\u665a\u7684\u8282\u5047\u65e5\u623f\u4ef7\u88ab\u6539\u6210\u4e86130\u5143\u3002\u4ed6\u591a\u6b21\u8054\u7cfb\u643a\u7a0b\u65e0\u679c\uff0c\u201c\u4e1a\u52a1\u7ecf\u7406\u7535\u8bdd\u4e0d\u63a5\uff0c\u5fae\u4fe1\u4e0d\u56de\u201d\uff0c\u6700\u540e\u9152\u5e97\u56e0\u62d2\u5355\u88ab\u5e73\u53f0\u6263\u5206\u7f5a\u6b3e\u3002<\/p>\n\n\n\n

\u3000\u3000\u968f\u540e\uff0c\u76d1\u7ba1\u90e8\u95e8\u591a\u6b21\u51fa\u624b\u3002<\/p>\n\n\n\n

\u3000\u30002025\u5e748\u6708\uff0c\u8d35\u5dde\u7701\u5e02\u573a\u76d1\u7ba1\u5c40\u96c6\u4e2d\u7ea6\u8c08\u643a\u7a0b\u7b49\u4e94\u5bb6\u6d89\u65c5\u5e73\u53f0\uff0c\u6307\u51fa\u5176\u53ef\u80fd\u5b58\u5728\u201c\u4e8c\u9009\u4e00\u201d\u3001\u5229\u7528\u6280\u672f\u624b\u6bb5\u5e72\u9884\u5546\u5bb6\u5b9a\u4ef7\u7b49\u95ee\u9898\u3002\u540c\u5e749\u6708\uff0c\u90d1\u5dde\u5e02\u5e02\u573a\u76d1\u7ba1\u5c40\u5bf9\u643a\u7a0b\u4e0b\u8fbe\u300a\u8d23\u4ee4\u6539\u6b63\u901a\u77e5\u4e66\u300b\uff0c\u8ba4\u5b9a\u5176\u201c\u5229\u7528\u670d\u52a1\u534f\u8bae\u3001\u4ea4\u6613\u89c4\u5219\u548c\u6280\u672f\u624b\u6bb5\u5bf9\u5e73\u53f0\u5185\u7ecf\u8425\u8005\u7684\u4ea4\u6613\u53ca\u4ea4\u6613\u4ef7\u683c\u8fdb\u884c\u4e0d\u5408\u7406\u9650\u5236\u201d\uff0c\u8981\u6c42\u9650\u671f\u6574\u6539\u3002<\/p>\n\n\n\n

\u3000\u30002026\u5e743\u6708\uff0c\u5317\u4eac\u5e02\u5e02\u573a\u76d1\u7ba1\u5c40\u7b49\u4e09\u90e8\u95e8\u8054\u5408\u7ea6\u8c0812\u5bb6\u5e73\u53f0\u4f01\u4e1a\uff0c\u643a\u7a0b\u7684\u201c\u81ea\u52a8\u8ddf\u4ef7\uff0c\u5265\u593a\u9152\u5e97\u5b9a\u4ef7\u6743\u201d\u88ab\u5217\u4e3a\u5178\u578b\u4e8b\u4f8b\u3002\u901a\u62a5\u79f0\uff0c\u591a\u5bb6\u9152\u5e97\u53cd\u6620\u643a\u7a0b\u901a\u8fc7\u6280\u672f\u624b\u6bb5\u5b9e\u65f6\u6293\u53d6\u5168\u6e20\u9053\u4ef7\u683c\uff0c\u8981\u6c42\u7ed9\u4e88\u643a\u7a0b\u6700\u4f4e\u4ef7\uff1b\u9152\u5e97\u82e5\u4e0d\u914d\u5408\uff0c\u5e73\u53f0\u4fbf\u4ee5\u7535\u8bdd\u65bd\u538b\u3001\u9650\u5236\u6d41\u91cf\u3001\u81ea\u52a8\u8ddf\u4ef7\u7b49\u65b9\u5f0f\u76f4\u63a5\u5e72\u9884\u3002\u76d1\u7ba1\u90e8\u95e8\u5df2\u7763\u4fc3\u6307\u5bfc\u643a\u7a0b\u4e0b\u67b6\u201c\u8c03\u4ef7\u52a9\u624b\u201d\u3002<\/p>\n\n\n\n

\u3000\u30002026\u5e743\u670810\u65e5\uff0c\u643a\u7a0b\u5ba3\u5e03\u4e0b\u7ebf\u201cAI\u751f\u610f\u52a9\u624b\u201d(\u8c03\u4ef7\u52a9\u624b)\u529f\u80fd\u30025\u67088\u65e5\uff0c\u201c\u643a\u7a0b\u9ed1\u677f\u62a5\u201d\u53d1\u5e03\u300a\u79ef\u6781\u5c65\u884c\u5e73\u53f0\u7b97\u6cd5\u4e3b\u4f53\u8d23\u4efb\uff0c\u6301\u7eed\u63a8\u52a8\u7b97\u6cd5\u5411\u4e0a\u5411\u5584\u300b\u518d\u6b21\u63d0\u53ca\u5df2\u4e0b\u7ebf\u9152\u5e97\u201cAI\u751f\u610f\u52a9\u624b\u201d(\u8c03\u4ef7\u52a9\u624b)\u529f\u80fd\u3002<\/p>\n\n\n\n

\u3000\u3000\u201c\u5c3d\u7ba1\u5546\u5bb6\u540e\u53f0\u7684\u2018\u8c03\u4ef7\u52a9\u624b\u2019\u5df2\u4e0b\u7ebf\uff0c\u4f46\u643a\u7a0b\u4e1a\u52a1\u7ecf\u7406\u4e0a\u95e8\u62dc\u8bbf\u65f6\u4ecd\u4f1a\u63d0\u4f9b\u8c03\u4ef7\u5efa\u8bae\u3002\u201d\u6797\u6d9b\u544a\u8bc9\u8bb0\u8005\uff0c\u8fd9\u7c7b\u4ef7\u683c\u5f15\u5bfc\u867d\u672a\u5728\u4e66\u9762\u7ecf\u8425\u534f\u8bae\u4e2d\u4f53\u73b0\uff0c\u4f46\u4e1a\u52a1\u7ecf\u7406\u4e0a\u95e8\u505a\u7ecf\u8425\u6307\u5bfc\u5c31\u4f1a\u63d0\u51fa\uff1a\u60f3\u8981\u83b7\u5f97\u66f4\u591a\u6d41\u91cf\u548c\u66dd\u5149\uff0c\u540c\u6863\u4f4d\u623f\u6e90\u7684\u5b9a\u4ef7\u5fc5\u987b\u6bd4\u5468\u8fb9\u7ade\u54c1\u4f4e\u3002<\/strong><\/p>\n\n\n

\n
\"\"<\/figure><\/div>\n\n\n

2026\u5e745\u6708\uff0c\u4e00\u5bb6\u9152\u5e97\u6536\u5230\u6765\u81ea\u643a\u7a0b\u7cfb\u7edf\u540e\u53f0\u7684\u4ef7\u683c\u6307\u5bfc\u3002\u53d7\u8bbf\u8005\u4f9b\u56fe<\/p>\n\n\n\n

\u3000\u3000\u6b64\u5916\uff0c\u5362\u534e\u900f\u9732\uff0c\u643a\u7a0b\u957f\u671f\u8fdb\u884c\u201c\u4ef7\u683c\u6697\u8bbf\u201d\uff1a\u5e73\u53f0\u5de5\u4f5c\u4eba\u5458\u4ee5\u987e\u5ba2\u8eab\u4efd\u81f4\u7535\u9152\u5e97\u524d\u53f0\u8be2\u95ee\u5f53\u65e5\u623f\u4ef7\u3002\u82e5\u9152\u5e97\u62a5\u51fa\u7684\u7ebf\u4e0b\u4ef7\u683c\u4f4e\u4e8e\u643a\u7a0b\u552e\u4ef7\uff0c\u5373\u88ab\u5224\u5b9a\u201c\u4ef7\u683c\u8fdd\u89c4\u201d\uff0c\u968f\u4e4b\u9650\u6d41\u3002\u201c\u4e3a\u4e86\u9632\u5907\u6697\u8bbf\uff0c\u6211\u4eec\u53ea\u80fd\u7ed9\u6240\u6709\u6765\u7535\u54a8\u8be2\u7684\u5ba2\u4eba\u62a5\u5e38\u89c4\u4ef7\uff0c\u65e0\u6cd5\u63d0\u4f9b\u5f53\u5929\u6298\u6263\u4ef7\u3002\u201d<\/strong><\/p>\n\n\n\n

\u3000\u3000\u9650\u6d41\u7684\u6740\u4f24\u529b\u5f88\u5927\u30022025\u5e74\u5e74\u5e95\uff0c\u5362\u534e\u6240\u5728\u9152\u5e97\u56e0\u53c2\u4e0e\u5176\u4ed6\u5e73\u53f0\u8865\u8d34\u6d3b\u52a8\uff0c\u5bfc\u81f4\u5ba2\u4eba\u5b9e\u9645\u5230\u624b\u4ef7\u4f4e\u4e8e\u643a\u7a0b\uff0c\u5f53\u5373\u88ab\u643a\u7a0b\u9650\u6d41\uff0c\u623f\u6e90\u6392\u540d\u76f4\u63a5\u8dcc\u81f3\u540e\u51e0\u9875\uff0c\u8ba2\u5355\u91cf\u51fa\u73b0\u660e\u663e\u4e0b\u6ed1\u3002<\/p>\n\n\n\n

\u3000\u3000\u8fd1\u671f\uff0c\u5362\u534e\u5411\u8bb0\u8005\u8868\u793a\uff0c\u8fd9\u7c7b\u4ef7\u683c\u6697\u8bbf\u673a\u5236\u76ee\u524d\u4ecd\u5728\u6301\u7eed\u6267\u884c\u3002<\/p>\n\n\n\n

\u3000\u3000\u9664\u4e86\u5b9a\u4ef7\u6743\u88ab\u4fb5\u8680\uff0c\u9ad8\u4f63\u91d1\u4e5f\u662f\u5546\u5bb6\u7684\u6c89\u91cd\u8d1f\u62c5\u3002\u674e\u4e1c\u7ff0\u53cd\u6620\uff0c\u5176\u6c11\u5bbf\u5728\u643a\u7a0b\u5e73\u53f0\u4e0a\u7684\u57fa\u7840\u4f63\u91d1\u4e3a 13%\uff0c\u4f46\u5e73\u53f0\u4e1a\u52a1\u7ecf\u7406\u8fd8\u4f1a\u4e0d\u65ad\u8981\u6c42\u53c2\u52a0\u5404\u79cd\u6d3b\u52a8\uff0c\u201c\u9636\u68af\u7d2f\u8ba1\u7684\u4f63\u91d1\u6700\u9ad8\u53ef\u8fbe40%\u201d\u3002<\/p>\n\n\n

\n
\"\"<\/figure><\/div>\n\n\n

\u643a\u7a0b\u524d\u53f0\u663e\u793a\u6c11\u5bbf\u91d1\u989d\uff0c\u4e0e\u5546\u5bb6\u540e\u53f0\u5b9e\u9645\u6536\u5230\u91d1\u989d\u3002 \u53d7\u8bbf\u8005\u4f9b\u56fe<\/p>\n\n\n\n

\u3000\u3000\u4e91\u5357\u7701\u65c5\u6e38\u6c11\u5bbf\u884c\u4e1a\u534f\u4f1a\u66fe\u53d1\u5e03\u300a\u5173\u4e8e\u542f\u52a8OTA\u4e0d\u6b63\u5f53\u7ade\u4e89\u53cd\u5784\u65ad\u7ef4\u6743\u5de5\u4f5c\u7684\u51b3\u5b9a\u300b\uff0c\u5411\u4f1a\u5458\u5546\u5bb6\u5f81\u96c6\u643a\u7a0b\u7b49OTA\u5b9e\u884c\u9738\u738b\u6761\u6b3e\u7684\u8bc1\u636e\u3002<\/p>\n\n\n\n

\u3000\u3000\u4f5c\u4e3a\u4e91\u5357\u7701\u65c5\u6e38\u6c11\u5bbf\u884c\u4e1a\u534f\u4f1a\u4f1a\u957f\uff0c\u8d3a\u53cc\u5168\u63d0\u4f9b\u7684\u4e91\u5357\u7701\u65c5\u6e38\u6c11\u5bbf\u884c\u4e1a\u534f\u4f1a\u7edf\u8ba1\u6570\u636e\u663e\u793a\uff0c\u8fd1\u5e74\u6765\u8be5\u534f\u4f1a\u63a5\u5230\u4f1a\u5458\u5355\u4f4d\u6709\u5173\u201c\u643a\u7a0b\u5784\u65ad\u201d\u7684\u6295\u8bc9\u91cf\u6301\u7eed\u6500\u5347\uff0c\u5e73\u53f0\u4f63\u91d1\u4ece\u51e0\u5e74\u524d\u76848%\u201410%\u88ab\u5355\u65b9\u9762\u4e0a\u8c03\u81f312%\u201418%\uff0c\u90e8\u5206\u6c11\u5bbf\u5b9e\u9645\u7efc\u5408\u6210\u672c(\u542b\u9690\u6027\u63a8\u5e7f\u8d39)\u5360\u6bd4\u751a\u81f3\u63a5\u8fd140%\u3002<\/p>\n\n\n\n

\u3000\u3000\u8d3a\u53cc\u5168\u7528\u4e00\u53e5\u8bdd\u6982\u62ec\u5546\u5bb6\u7684\u5904\u5883\uff1a\u201c\u4e0d\u5408\u4f5c\u65e0\u5ba2\u6e90\uff0c\u5408\u4f5c\u5373\u4e8f\u635f\u3002\u201d<\/p>\n\n\n\n

\u3000\u3000\u8bb0\u8005\u591a\u6b21\u8054\u7cfb\u643a\u7a0b\uff0c\u622a\u81f3\u53d1\u7a3f\uff0c\u643a\u7a0b\u672a\u5c31\u4e0a\u8ff0\u5546\u6237\u53cd\u9988\u7684\u201c\u4ef7\u683c\u6697\u8bbf\u201d\u201c\u4ef7\u683c\u6307\u5bfc\u201d\u7b49\u5177\u4f53\u95ee\u9898\u4f5c\u51fa\u56de\u5e94\u3002<\/p>\n\n\n\n

\u3000\u3000\u6bdb\u5229\u7387\u8d8580%\u80cc\u540e\uff1a\u8d44\u672c\u8fd0\u4f5c\u4e0b\u7684\u4e00\u5bb6\u72ec\u5927<\/strong><\/p>\n\n\n\n

\u3000\u3000\u5546\u5bb6\u4eec\u671f\u5f85\u65b0\u7684\u5e02\u573a\u53c2\u4e0e\u8005\u6253\u7834\u73b0\u6709\u884c\u4e1a\u683c\u5c40\uff0c\u4f46\u643a\u7a0b\u5728OTA\u884c\u4e1a\u4e2d\u7684\u7edd\u5bf9\u5934\u90e8\u5730\u4f4d\u81f3\u4eca\u672a\u53d8\u3002<\/p>\n\n\n\n

\u3000\u30002025\u5e74\uff0c\u643a\u7a0b\u96c6\u56e2\u5168\u5e74\u51c0\u8425\u6536624\u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f17%\uff1b\u51c0\u5229\u6da6\u8fbe\u5230334\u4ebf\u5143\uff0c\u540c\u6bd4\u66b4\u589e\u7ea694%\u3002\u5373\u4fbf\u5254\u9664\u4e00\u6b21\u6027\u6295\u8d44\u5229\u5f97\uff0cNon\uff0dGAAP\u51c0\u5229\u6da6\u4e5f\u8fbe\u5230318\u4ebf\u5143\uff0c\u8f832024\u5e74\u589e\u957f\u7ea677%\u3002\u66f4\u503c\u5f97\u5173\u6ce8\u7684\u662f\u5b83\u7684\u6bdb\u5229\u7387\uff1a\u5176\u4f4f\u5bbf\u9884\u8ba2\u4e1a\u52a1\u6bdb\u5229\u7387\u957f\u671f\u7ef4\u6301\u572880%\u4ee5\u4e0a\u3002<\/p>\n\n\n\n

\u3000\u3000\u800c\u9152\u5e97\u884c\u4e1a\u5219\u662f\u53e6\u4e00\u756a\u666f\u8c61\u3002\u636e\u4e1c\u65b9\u8d22\u5bccChoice\u6570\u636e\uff0c2025\u5e74\u4e0a\u534a\u5e74\uff0c\u9664\u643a\u7a0b\u96c6\u56e2\u5916\uff0cA\u80a1\u3001\u6e2f\u80a1\u548c\u7f8e\u80a1\u4e0a\u5e02\u768440\u5bb6\u4e2d\u56fd\u65c5\u6e38\u9152\u5e97\u4f01\u4e1a\u5408\u8ba1\u8425\u4e1a\u603b\u6536\u5165900\u4ebf\u5143\uff0c\u662f\u643a\u7a0b\u540c\u671f\u7684\u4e24\u500d\u6709\u4f59\uff1b\u4f46\u5408\u8ba1\u5f52\u6bcd\u51c0\u5229\u6da6\u4ec5\u4e3a53.66\u4ebf\u5143\uff0c\u53ea\u6709\u643a\u7a0b\u51c0\u5229\u6da6\u7684\u7ea658%\u3002<\/p>\n\n\n\n

\u3000\u3000\u8fd9\u8ba9\u4e0d\u5c11\u4eba\u60f3\u5230\u4e86\u643a\u7a0b\u96c6\u56e2\u8054\u5408\u521b\u59cb\u4eba\u3001\u8463\u4e8b\u5c40\u4e3b\u5e2d\u6881\u5efa\u7ae0\u5728\u8206\u8bba\u573a\u4e0a\u7684\u7ecf\u5178\u53d1\u8a00\uff1a\u643a\u7a0b\u7684\u8840\u6db2\u91cc\u6d41\u6dcc\u7740\u76c8\u5229\u57fa\u56e0\u3001\u643a\u7a0b\u62ff\u7740\u9ad8\u500d\u671b\u8fdc\u955c\u90fd\u770b\u4e0d\u5230\u7ade\u4e89\u5bf9\u624b\u3002<\/p>\n\n\n\n

\u3000\u3000\u6839\u636e\u4ea4\u94f6\u56fd\u9645\u7b49\u673a\u6784\u7684\u6570\u636e\uff0c\u4ee5\u603b\u4ea4\u6613\u989d(GMV)\u8ba1\u7b97\uff0c\u643a\u7a0b2024\u5e74\u5728\u56fd\u5185OTA\u5e02\u573a\u4efd\u989d\u7ea6\u4e3a56%\uff0c\u82e5\u5c06\u5176\u6295\u8d44\u7684\u53bb\u54ea\u513f\u3001\u540c\u7a0b\u65c5\u884c\u7b49\u5e73\u53f0\u5408\u5e76\u8ba1\u7b97\u4e3a\u201c\u643a\u7a0b\u7cfb\u201d\uff0c\u6574\u4f53\u4efd\u989d\u5219\u8fd170%\u3002\u540c\u671f\uff0c\u7f8e\u56e2\u3001\u98de\u732a\u3001\u6296\u97f3\u7684\u5e02\u573a\u4efd\u989d\u5206\u522b\u7ea6\u4e3a13%\u30018%\u30013%\uff0c\u4e09\u5927\u5e73\u53f0\u4efd\u989d\u76f8\u52a0\uff0c\u4ecd\u8fdc\u4e0d\u53ca\u643a\u7a0b\u4e00\u5bb6\u4f53\u91cf\u3002<\/p>\n\n\n\n

\u3000\u3000\u800c\u643a\u7a0b\u80fd\u6709\u4eca\u5929\u7684\u5730\u4f4d\uff0c\u6e90\u4e8e2015\u5e74\u8d77\u7684\u4e00\u8fde\u4e32\u8d44\u672c\u8fd0\u4f5c\uff1a2015\u5e74\u63a7\u80a1\u53bb\u54ea\u513f\uff0c2017\u5e74\u6210\u4e3a\u540c\u7a0b\u65c5\u884c\u7b2c\u4e00\u5927\u80a1\u4e1c\uff0c\u5e76\u9646\u7eed\u5e03\u5c40\u827a\u9f99\u3001\u9014\u5bb6\u3001\u667a\u884c\u7b49\u5e73\u53f0\u3002<\/p>\n\n\n\n

\u3000\u3000\u4e0d\u6b62\u6a2a\u5411\u6574\u5408\u540c\u884c\uff0c\u643a\u7a0b\u4e5f\u7eb5\u5411\u6e17\u900f\u65c5\u6e38\u4ea7\u4e1a\u4e0a\u6e38\u3002\u5230\u5982\u4eca\uff0c\u5728\u9152\u5e97\u7aef\uff0c\u5176\u5df2\u5168\u9762\u8986\u76d6\u56fd\u5185\u4e3b\u6d41\u5934\u90e8\u9152\u5e97\u96c6\u56e2\uff0c\u6301\u6709\u534e\u4f4f\u96c6\u56e2\u7ea67%\u80a1\u4efd\u3001\u9996\u65c5\u9152\u5e97\u7ea610%\u80a1\u4efd\u3001\u4e9a\u6735\u9152\u5e97\u7ea613%\u80a1\u4efd\uff1b\u5728\u822a\u53f8\u7aef\uff0c2016\u5e74\u65a5\u8d4430\u4ebf\u5143\u5165\u80a1\u4e1c\u822a\uff0c2021\u5e74\u53c8\u4e0e\u5409\u7965\u822a\u7a7a\u8fbe\u6210\u6df1\u5ea6\u6218\u7565\u5408\u4f5c\u3002<\/p>\n\n\n\n

\u3000\u3000\u5728\u5206\u9500\u5c42\u9762\uff0c\u643a\u7a0b\u3001\u540c\u7a0b\u3001\u53bb\u54ea\u513f\u3001\u667a\u884c\u7b7e\u7f72\u4e86\u201c\u5e93\u5b58\u5171\u4eab\u548c\u9650\u4ef7\u534f\u8bae\u201d\u2014\u2014\u5171\u4eab\u9152\u5e97\u5e93\u5b58\uff0c\u4e0d\u5f97\u901a\u8fc7\u8865\u8d34\u7b49\u65b9\u5f0f\u8fdb\u884c\u4ef7\u683c\u7ade\u4e89\u3002\u5176\u4e2d\uff0c\u53bb\u54ea\u513f\u3001\u540c\u7a0b\u3001\u667a\u884c\u57fa\u672c\u4e0d\u505a\u9152\u5e97\u81ea\u91c7\uff0c\u800c\u662f\u4f5c\u4e3a\u643a\u7a0b\u7684\u5206\u9500\u6e20\u9053\u3002<\/p>\n\n\n\n

\u3000\u3000\u4e0e\u6b64\u540c\u65f6\uff0c\u643a\u7a0b\u80cc\u540e\u7684\u80a1\u4e1c\u7ed3\u6784\u4e5f\u5728\u4e0d\u65ad\u53d8\u5316\u3002<\/p>\n\n\n\n

\u3000\u3000\u6839\u636e\u643a\u7a0b\u65e5\u524d\u5411\u7f8e\u56fdSEC\u9012\u4ea4\u768420-F\u6587\u4ef6\uff0c\u622a\u81f32026\u5e743\u670831\u65e5\uff0c\u643a\u7a0b\u8054\u5408\u521b\u59cb\u4eba\u3001\u8463\u4e8b\u5c40\u4e3b\u5e2d\u6881\u5efa\u7ae0\u6301\u80a1\u6bd4\u4f8b\u4e3a6.5%\uff1b\u6267\u884c\u8463\u4e8b\u3001CEO\u5b59\u6d01\u6301\u80a1\u6bd4\u4f8b\u4e3a2.5%\uff1b\u6c88\u5357\u9e4f\u6301\u80a1\u6bd4\u4f8b\u4e3a1%\u3002<\/p>\n\n\n\n

\u3000\u3000\u5728\u673a\u6784\u80a1\u4e1c\u65b9\u9762\uff0cCapital World Investors(\u8d44\u672c\u4e16\u754c\u6295\u8d44\u8005)\u6301\u80a1\u6bd4\u4f8b\u8fbe8.9%\uff0c\u4e3a\u7b2c\u4e00\u5927\u80a1\u4e1c\uff1b\u767e\u5ea6(7.3%)\u4e3a\u7b2c\u4e8c\u5927\u80a1\u4e1c\uff1bBlackRock(\u8d1d\u83b1\u5fb7)\u6301\u80a1\u6bd4\u4f8b\u964d\u81f35.2%\u3002<\/p>\n\n\n

\n
\"\"<\/figure><\/div>\n\n\n

\u3000\u3000\u643a\u7a0b\u8fd1\u65e5\u5411\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a(SEC)\u63d0\u4ea4\u7684 20-F\u6587\u4ef6\u62ab\u9732\u4e86\u5176\u6700\u65b0\u80a1\u6743\u7ed3\u6784\u53ca\u9ad8\u7ba1\u6301\u80a1\u53d8\u52a8\u60c5\u51b5<\/p>\n\n\n\n

\u3000\u3000\u9664\u4e0a\u8ff0\u5df2\u62ab\u9732\u7684\u4e3b\u8981\u80a1\u4e1c\u5916\uff0c\u643a\u7a0b\u5927\u91cf\u80a1\u4efd\u7531\u7f8e\u56fd\u5e02\u573a\u7684\u673a\u6784\u6295\u8d44\u8005\u901a\u8fc7ADS\u5f62\u5f0f\u6301\u6709\u3002\u6839\u636e\u7b2c\u4e09\u65b9\u5e73\u53f0\uff0c\u622a\u81f32026\u5e741\u670821\u65e5\uff0cVanguard(\u5148\u950b\u9886\u822a)\u6301\u80a1\u7ea63.97%\u3001Morgan Stanley Investment Management(\u6469\u6839\u58eb\u4e39\u5229\u6295\u8d44\u7ba1\u7406)\u7ea62.13%\u3001Fidelity International(\u5bcc\u8fbe\u56fd\u9645)\u7ea62.00%\u3001Norges Bank Investment Management(\u632a\u5a01\u592e\u884c\u6295\u8d44\u7ba1\u7406)\u7ea61.68%\u3002<\/p>\n\n\n\n

\u3000\u3000\u4e13\u5bb6\uff1a\u53cd\u5784\u65ad\u8c03\u67e5\u6709\u5229\u4e8e\u884c\u4e1a\u5065\u5eb7\u53d1\u5c55<\/strong><\/p>\n\n\n\n

\u3000\u30002026\u5e741\u6708\uff0c\u5e02\u573a\u76d1\u7ba1\u603b\u5c40\u6839\u636e\u524d\u671f\u6838\u67e5\uff0c\u4f9d\u636e\u300a\u4e2d\u534e\u4eba\u6c11\u5171\u548c\u56fd\u53cd\u5784\u65ad\u6cd5\u300b\uff0c\u5bf9\u643a\u7a0b\u96c6\u56e2\u6709\u9650\u516c\u53f8\u6d89\u5acc\u6ee5\u7528\u5e02\u573a\u652f\u914d\u5730\u4f4d\u5b9e\u65bd\u5784\u65ad\u884c\u4e3a\u7acb\u6848\u8c03\u67e5\u3002<\/p>\n\n\n

\n
\"\"<\/figure><\/div>\n\n\n

\u3000\u30001\u6708\uff0c\u5e02\u573a\u76d1\u7ba1\u603b\u5c40\u5bf9\u643a\u7a0b\u96c6\u56e2\u6709\u9650\u516c\u53f8\u6d89\u5acc\u6ee5\u7528\u5e02\u573a\u652f\u914d\u5730\u4f4d\u5b9e\u65bd\u5784\u65ad\u884c\u4e3a\u7acb\u6848\u8c03\u67e5\u3002<\/p>\n\n\n\n

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