????甯??哄?涓?缁╀???棰??????╃????逛弗????

??????涓?缁╀???棰???褰卞??锛??煎?澶??′环?ㄧ??＄????澶у?璺虫按 锛?涓?搴︽?磋?瓒?20% ???????版???茬??璐㈡?ユ?剧ず
锛??煎?澶?涓?瀛ｅ害?ユ?朵负956.7浜垮??浜烘?甯?锛?涓???锛?锛???姣?澧???0% 锛?浣?浜?棰?????1016浜垮??锛????╂鼎涓?47.42浜垮??
锛???姣??磋?47%锛?璋??村?????╂鼎涓?69.2浜垮??锛?杩?涓???棰?????278.8浜垮??
??

????????????? 锛?浠?骞翠?瀛ｅ害?煎?澶????ユ?跺??????炬?剧?
锛??╂鼎??姣?澶у?涓???锛????崇???煎?澶??ㄢ??????+?舵??
???归?㈢??涓炬?????ヨ?瓒?甯??洪?????

????璐㈡?ュ??甯??? 锛??煎?澶????㈣?ｄ??
????甯?EO??纾?琛ㄧず
锛???浠?骞村??濮?锛???浠??瑙??板??瀹剁兢浣?灏?浼?杩?涓?姝ユ?垮?? 锛?绠＄??灞?涓?瀹??冲?锛????轰?????浜挎?舵?????????ュ?冲? ??杩?涓?????ョ┖?????ｅ?
锛??存???????介?剁?????
??褰?涓???甯??哄?ㄥ????????锛?骞冲?拌?????虹?茬????涓?缁 锛??╁????瀹跺害杩?????娉㈠?????

????绐??跺ぇ璺?

??????浜??堕????27?ユ???
锛??煎?澶????蹭?2025骞寸?涓?瀛ｅ害璐㈡?锛??朵腑?剧ず 锛????镐?瀛ｅ害瀹??拌?ユ??56.7浜垮??
锛???姣?澧???0%锛?浣?浜?棰?浼扮??1016浜垮??锛????╂鼎涓?47.42浜垮?? 锛???姣?澶у?涓???47%锛?璋??村?????╂鼎涓?69.2浜垮??
锛???姣?涓???45%锛?杩?涓???棰?????278.8浜垮??锛?璋??村??姣?ADS?剁??涓?1.41?? 锛?杩?涓???棰?????19.11?? ??

??????姝ゅ奖??
锛??煎?澶??′环缇??＄?????寸嚎璺虫按锛?涓?搴︽?磋?瓒?20% 锛??′环浜﹁???00缇???/?″ぇ?锛??诲??肩缉姘磋?2400浜垮??浜烘?甯?
??

????璐㈡?ユ?剧ず
锛??煎?澶?涓?瀛ｅ害??杩??ュ?╂鼎涓?60.856浜垮??锛?杩??ュ?╂鼎??涓?7%??涓???缇??介???ㄤ?璁″????锛?Non-GAAP锛? 锛?杩??ュ?╂鼎涓?82.597浜垮??
锛???姣?涓?婊?36% ??

????浠?骞翠?瀛ｅ害锛??煎?澶?缁??ユ椿?ㄤ骇?????伴??娴?????棰?涓?55.2浜垮??
?????充?瀛ｅ害? 锛??煎?澶????????伴?????伴??绛?浠风?╁????????璧?涓?645浜垮????

?????跺?ョ????归?
锛?浠?骞翠?瀛ｅ害锛??煎?澶????ㄧ嚎?ラ?????℃?跺?ュ?寰?487.22浜垮?? 锛???姣?澧???5%
锛?棰???涓?79.9浜垮??锛?浜ゆ?????℃?跺?ュ?寰?469.50浜垮??锛???姣?澧???% 锛?涓???棰?????542.3浜垮?? ??杩?琛ㄦ??
锛??煎?澶?涓?瀛ｅ害??浜ゆ????澧??挎?????剧???

????????垂?ㄦ?归?锛?浠?骞翠?瀛ｅ害 锛??煎?澶????????ラ??璐圭?ㄤ负334.03浜垮??锛???姣?澶у?澧???3%
锛?杩????╂鼎涓?婊???涓昏??ㄦ??锛?涓昏??????????浜?????????у???峰???????澶у?涓???
??

?????﹀? 锛??煎?澶?涓?瀛ｅ害??杩??ユ????负409.47浜垮??
锛???姣?澧???5%锛?涓昏??ヨ??饱绾﹀?????澶???璐圭?ㄥ??? 锛?杩?杩?涓?姝ュ??缂╀??╂鼎绌洪???涓?????琛??垮???负16.6浜垮??
锛?浣?浜?棰?????20.4浜垮??锛?????????5.8浜垮??锛?楂?浜?棰?????33.9浜垮?? ??

????涓?缁╀负浣?涓???棰???

???????瑙 锛?浠?骞翠互?
锛??煎?澶???缁?????楂?璐ㄩ????灞????锛??ㄢ???句嚎???? ??绛?????涓炬?????虹?涓? 锛?杩??ㄥ?轰?????浜挎?舵??
???版???
锛?缁х画涓哄??瀹堕??????浣锛???蹇??ㄥ?ㄤ骇涓??拌川杞???
??

????????????? 锛?浠?杩??诲??涓??搴︾??璐㈡?ヨ〃?版?ョ??锛??煎?澶????ユ? ???╂鼎??澧??胯?缁??剧?
锛?浠?骞翠?瀛ｅ害???ユ?跺????存?????炬?剧?锛??╂鼎??姣?澶у?涓??? 锛????崇???煎?澶??ㄢ??????+?舵?????归?㈢??涓炬?????ヨ?瓒?甯??洪?????

?????ㄤ?瀛ｅ害璐㈡?ュ??甯???
锛??煎?澶????㈣?ｄ??
????甯?EO??纾?琛ㄧず锛???浠?骞村??濮?锛???浠??瑙??板??瀹剁兢浣?灏?浼?杩?涓?姝ユ?垮?? 锛????朵????颁?楂?璐ㄩ????灞????胯?浠峰?
锛?绠＄??灞?涓?瀹??冲?锛????轰?????浜挎?舵?????????ュ?冲? ?? ??

??????纾?琛ㄧず 锛?褰?????甯??虹??????????
锛?骞冲?拌????ヤ?涓???绀句???褰?锛?涓??х?????虹? 锛???瀹?杩?琛??挎?????
锛????芥?よ????瀹剁┛瓒??ㄦ??
??

??????纾?绉帮????ㄧ?涓?瀛ｅ害锛???浠??ㄥ钩?扮????绯荤??归?㈣?琛?浜?澶ч????璧? 锛?浠ユ??????瀹跺??娑?璐硅??搴?瀵瑰揩????????澶??ㄧ?????????绯荤???璧?褰卞??浜????????╄?藉??锛?浣?涓哄??瀹舵??渚?浜???搴?绌洪?
锛???寮轰?骞冲?扮???挎???ュ悍 ??
??

????瀵逛??煎?澶??ユ?跺????剧?锛???纾???搴?绉帮???杩????崇?????? 锛????崇?稿?涓?娈垫?舵????
锛???浠????╂鼎灏????板?澶х???????????? 锛?浣???浠?????????骞??10骞翠互???撮?垮?ㄦ????浼?涓????ㄤ环?
????

??????纾???? 锛????哄??瀹剁?????ヨ?界?惰?浣?浼?璁¤垂?
锛?浣??存???挎????璧?锛???浠???淇″????浼???淇????ㄦ?峰????瀹剁???╃?? 锛????藉?????翠?璐ㄧ??骞冲?扮??????

??????杩??昏?涓??搴
锛?澶??ㄧ?????????缁???瀹跺甫?ヤ??版???? ???ㄨ?涓??抽???跺?锛???浠????ュ钩?颁?涓???绀句????藉??璐ｄ换??褰? 锛??ㄥ?轰?????浜挎?舵?????????版???
锛???瀹??よ????瀹剁┛瓒??ㄦ??
?? ???煎?澶????㈡?ц??ｄ? ????甯?EO璧典匠?昏〃绀猴?????浠??姹????镐?涓????轰?瀛?锛??ㄩ?㈡???ヨ?涓??版??? 锛?浼???淇?璇??ㄦ?峰????瀹剁???╃??锛?????涓哄??瀹舵??渚??村?纭???
锛??╂?ㄤ骇涓?骞崇ǔ杞?????
??

????璧典匠?昏〃绀锛?涓??归? 锛?骞冲?板?缁х画?㈢储?村?????浣ｄ妇?
锛???缁?负??瀹堕??????璐?锛??????村???????┖?
??缁??ョ┖?村?????扮┖?达??︿??归? 锛?骞冲?板???瀹剁??甯??惰???村?浠?澶撮?ㄨ?伴?ㄦ??灞??颁腑灏???瀹
锛?瑕?灏???澶??????卞?ㄤ腑灏???瀹惰韩涓?锛??????楂?璐ㄩ????灞?涓???纭??澶 锛???澶у?????句腑灏???瀹剁??娼???
锛??ㄥ?ㄤ骇涓?甯﹀??版?村ぇ瑙?妯???撮?璐ㄩ?????翠???绾 ??