wen|chuangyezuiqianxian lili

编辑|蛋总

jinri，meigushangshijinrongkejigongsixinyekejifabule2023niandisijidujiquannianweijingshenjidecaiwuyeji。

caibaoxianshi，2023nianxinyekejishixiannianduyingyeshouru125.5yiyuan（renminbi，xiatong），tongbizengzhang12.7%；shixianjinglirun23.8yiyuan，tongbizengzhang4.5%。

jinguanyingyeshouruhejinglirunshixianshuangzeng，dan12.7%deyingshouzengsuxiangbi2022niande17.6%mingxianxiajiang。

xinyekejichengliyu2007nian，qiqianshenweip2ppingtaipaipaidai。2018nianxiabannian，paipaidaikaiqilezhudaizhuanxingzhilu。2019nian11yue，paipaidaigaimingwei“xinyekeji”，bingyudangniangaobiep2pyewu。

dangxia，zhudaijigoupubianmianlinhuokeheliuliangzengzhangpingjing。

chuangyezuiqianxianguanchadao，duiyuzhuanxingzhihoudexinyekejieryan，zengqiangkejishuxinghechuhaichengweiliangdafalidian。youqishichuhaiyewu，xinyekejixiangguanfuzerenzaitouzizhedianhuahuiyishangbiaoshi，weilaigongsijiangjiadapaizhaotouru，kaituoxindeguojiashichang、jiasuhaiwaizhanlveshishi。

buguomuqian，gaigongsidezhuyaoyingyeshourulaiyuanrengzaiguonei，guoneishichangyingshouzhanbida83%；yucitongshi，haiwaiyewufazhanyejiaorongyishoudaodangdijianguanzhengcedeyingxiang。

jiaoyinguojifangmianfabuyanjiubaogaocheng，xinyekejiyinglidiyuyuqi，guojiyewumianlintiaozhan。jiaoyinguojixiadiaoyingliyuce，yuji2024nianyinglitongbizeng5%；mubiaojiaxiadiaozhi6.3meiyuan。

jiezhi3yue28rishoupan，xinyekejigujiawei5.04meiyuan/gu，shizhijin14.12yimeiyuan，kejianqigujiaxiangjiaoyufaxingjia13meiyuan/guyidiequ61%。

01 “双增”之下，营收增速降5%

caibaoxianshi，xinyekeji2023nianshixianyingshou、jinglishuangzeng。

2023nian，xinyekejishixiannianduyingyeshouru125.5yiyuan，tongbizengzhang12.7%；shixianjinglirun23.8yiyuan，tongbizengzhang4.5%。qizhong，jingyingzhibiaofangmian，nianducuchengjiaoyieda1943yiyuan，tongbizengzhang10.8%；zaidaiyuewei674yiyuan，tongbizengzhang4.3%。

zaiyejizhanwangshang，xinyekejiyujigongsi2024nianquannianguoneicuchengjiekuanjinejiangzai1957yiyuanzhi2050yiyuanzhijian，tongbizengzhangyue5%zhi10%；quannianguojicuchengjiekuanjinejiangwei94yiyuanzhi110yiyuanzhijian，tongbizengzhangyue20%zhi40%。

zhidezhuyideshi，xinyekeji2023nian12.7%deyingyeshouruzengsu，yu2022niantongqi17.6%dezengzhangxiangbi，xiajiang4.9%。

congzhuyingyewulaikan，xinyekejideyingyeshouruzhuyaofenweicuchengdaikuanfuwushouru、daihoufuwushouru、danbaoshouru、jinglixishouruheqitashouru。

qizhong，yingyeshourudezengzhangzhuyaolaizicuchengdaikuanfuwushouru、daihoufuwushouru、danbaoshourudezengjia。

shujuxianshi，2023niancuchengdaikuanfuwushouruwei45.21yiyuan，zengfuwei2.0%；daihoufuwushouruwei19.70yiyuan，zengfuwei2.1%；danbaoshouruwei44.79yiyuan，zengfuwei46.2%。

jinglixishouruyijiqitashouruyousuoxiajiang。caibaoxianshi，youyudaikuanshulianghebiaoneidaikuanweichangyuejianshao，yu2022nianxiangbi，2023nianjinglixishouruxiajiang10.6%zhi10.494yiyuan，qitashouruxiajiangzhi5.29yiyuan，jiangfuwei1.1%。

ciwai，jinguanquannianyejizongtichengshangshengqushi，dan2023niandisijiduxinyekejibiaoxianbujia。

caibaoxianshi，2023niandisijidu，xinyekejiyingyeshouruwei32.24yiyuan，tongbizengzhang5.7%；jinglirunwei5.29yiyuan，tongbijianshao4.9%；yunyinglirunwei5.12yiyuan，jiaoshangniantongqide6.17yiyuanjiang17%。jingdiaozhenglirunwei5.47yiyuan，jiaoshangniantongqixiajiang14.2%。

02 砸重金做推广，获客成本居高不下

fenyewuquyulaikan，haiwaiyewuchengwei2023nianxinyekejicaibaozhongdeyidayejiliangdian。

caibaoxianshi，zaiguojishichangxinyekeji2023nianshixianyingyeshouru21.4yiyuan，tongbizengzhang85.9%。ciqian，2022quannianguojiyewuyingyeshouru11.5yiyuan，zhanzongyingyeshouru10.3%。

jutilaikan，jiezhisijidumo，guojishichangzaidaiyuewei12.6yiyuan，tongbizengzhang57.5%。jiezhi2023niandi，xinyekejihaiwaijinrongkejipingtaiyileijiwei480wanyonghutigongxindaikejifuwu。

xiangjiaoyuguojiyewudeliangyanbiaoxian，xinyekejiguoneiyewubiaoxianzeshaoxianxunse。

2023nian，xinyekejiguoneiyewuyingyeshouruda104.1yiyuan，tongbizengzhang4%；sijiduyouzhiyonghuzhanbiweichiwending，da84.9%。

zaiguoneishichang，xinyekejiquniandisijiducuchengjiekuanjine501yiyuan，tongbizengzhang6.1%；jiezhisijidumo，guoneishichangzaidaiyuewei661yiyuan，tongbizengzhang3.6%；sijiduweizhongfujiekuanrencuchengjiekuanjinewei428yiyuan，tongbizengzhang4.4%。

zigaobiep2pyewuzhihou，zhudaiyewuzhubuchengweixinyekejidezhuyingyewu。

suoweizhudaiyewu，shizhizijinfanghedisanfangzhongjiejigou（jizhudaijigou）weimubiaokehutigongdaikuanfuwudehezuofangshi，tongguoshangwuhetongyuedingshuangfangquanliyiwu，youzhudaijigoutigonghuoke、chushaidengbiyaodaiqianfuwu，youzijinfangwanchengshouxinshencha、fengxiankongzhidenghexinyewuhoufafangzijin。

duiyuzhudaijigoulaishuo，huokechengbenshizhichudedatou。youqishijinnianlaitoubuzhudaijigouhuokeyuelaiyuenan，tuiguangfeiyongtongyangshuizhangchuangao。

xinyekejizaicaibaozhongcheng，weihuoquguoneiheguojishichanggenggaozhiliangdejiekuanren，2023niancongxinyekejixiaoshouheyingxiaofeizengzhangle12.0%，dadao18.87yiyuan，yuangaoyuquniande6.4%。

ergenjuliniancaibao，xinyekejidexiaoshoujishichangyingxiaofeigaoqi。

2021-2023zheisannian，xinyekejixiaoshouheyingxiaofeiyongfenbiewei15.84yiyuan、16.85yiyuan、18.87yiyuan。youqishi2021nian，xinyekejigaixiangfeiyongzengzhang3beizhiduo，nianbaochengzhuyaoyouyuwangshanghuokefeiyongyou2020niande4.30yiyuanzengzhi2021niande13.78yiyuan。

disijiducaibaoxianshi，xinyekeji2023niandisijiduchengbenyufeiyongwei27.1yiyuan，jiaoshangniantongqide24.33yiyuanzengzhang11%。qizhong，xiaoshouheyingxiaofeiyongwei4.91yiyuan，guanlifeiyongwei1.152yiyuan；zhiliangbaozhengchengnuoxindaisunshi12.695yiyuan，jiao2022niantongqide9.359yiyuanzengjia35.6%。

ciwai，zhidezhuyideshixinyekejidezichanzhiliangyouxiaxingdejixiang。

2023niandisijidu，xinyekejipingjundaikuanjineyizengzhi9044yuanrenminbi，xiangbi2022niantongqide7682yuanrenminbidafuzengzhangle18%。jiekuanqixianfaneryousuosuojian，pingjundaikuanqixian2022nian8.6geyuejianshaodao8.2geyue。

jiezhi2023niannianmo，qizhongguoshichangde90tianweiyuelvwei1.93%，xiangjiaoyu2022nianmo1.41%shangsheng0.52gebaifendian。er2021nian，zheiyiweiyuelvzhiyou1.26%。

duiyuzichanzhiliangxiaxingfengxian，xinyekejizaitouzizhedianhuahuiyishangbiaoshi，quniansanjidukaishixingyeshoudaozhengtihuanjingyingxiangzichanzhiliangyousuobodong。xinyefangmianjianshaodizhiliangqudaodekehuhuoqu，jiaqianggaozhiliangqudaokehudemoxinggengxin；tongshisijidujinyibujiaqianglexinyongfengxianpingguheqizhajiancejishu，wendingzichanzhiliang。

03 出海能否撑起第二增长曲线？

xinyekejiqianshenweipaipaidai，2019nian11yue，paipaidaigengmingwei“xinyekeji”，bingyudangnianwanchengpingtaizijinlaiyuanquanbutongguojigouzijintigongdezhanlvezhuanxing。

dangqian，“keji，rangjinronggengmeihao”shixinyekejiguanwangslogan。xinyekejizaijieshaozhongcheng，jituanweiraoxindaikeji、guojihuayewuyijikejishengtaifuhuasandabankuai。

cong2023nianquannianlaikan，xinyekejiyanfafeiyong5.11yiyuan，zengfu4.0%。zaixiaoweifuwupingtaijianshe、shijuefanqizha、duoyuzhongyuyinjiqirendengfangmianduoyouzhanhuo。

jiezhisijidumo，xinyekejigongdengjiruanjianzhuzuoquan239xiang。chenggongtijiao179xiangzhuanlishenqing，53xiangyishouyudefamingzhuanli。

xuyaozhichudeshi，suiranxinyekejiquannianyanfafeitourutupo5yiyuan，danyu2023nianxinyekejiquannian18.87yiyuandexiaoshouheyingxiaofeiyong、12.0%dezengfuxiangbi，rengranxiangchashenyuan。er2023niandisijidu，xinyekejiyanfafeiyongkaizhijin1.21yiyuan，tongbixiahua7.2%。

jinnianlai，weilexunqiuchulu，yixietoubuzhudaijigoufenfenchangshichuhai，xiwangnengzaihaiwaizhaodaoxindeyewuzengzhangdian。

xinyekejiyeshiqizhongzhiyi，qichuhaishouzhanshidongnanyaguojia，muqianyizaiyinnihefeilvbinliangdihuodedangdijianguanbumenbanfadexiangguanjinrongjiedaipaizhao。

caibaoxianshi，xinyekejimuqianyizaifeilvbinchenglileliangjiazigongsi，yijiabeishouquanzuoweidaikuangongsiyunying，lingyijiabeishouquanzuoweirongzigongsiyunying。

zairenshibujushang，2023nian5yue，yuanmayijituanguojiyewucro（shouxifengxianguan）gumingchurenxinyekejiyinniyewuceo。gumingcengduocizai2023nianchuxigongkaihuodongshitidao“yaoshengengyinnishichang。”

caibaoshujuxianshi，2023nianxinyekejizaihaiwaideleijiyonghudadao2460wan，tongbidazeng58.7%；yonghushuliangwei1.556yi，tongbizengzhang8.1%。

buguo，congmuqiandeyingyeshourushouruzhanbilaikan，xinyekejidezhuyaoshourulaiyuanrengranhaishiguoneishichang，qi2023niandeguojishichangjinzhanjituan17%。

kejian，xinyekejideguojiyewujinguanzengsuhenkuai，danyuzhongguobentushichangxiangbiyingshouguimorengxiangchashenyuan。

guojiyewuzhanbishouxiandetongshi，xinyekejidechuhaizhanlvekenenghuimianlinguowaifuzadeshichanghezhengcefengxian。

2023nian11yue，yinnijinrongfuwujianguanjufabuzhengcewenjian，jiaqiangduijiyujishudelianhezizhufuwu(p2pjiedaifuwu）dejianguan，neirongbaokuojiangdiheguililv、xianzhijiedaipingtaishuliang、kongzhifangkuaneduyijiguifancuishoudengdeng。

ciwai，zhidezhuyideshi，xinyekejizaicaibaozhonghaigongbuleyizezhongbangrenshirenming——dongshihuirenmingchenpingpingdanrenzongcaiyizhi，zi2024nian3yue18riqishengxiao。

chenpingpingzi2019nianqidanrenfalv、hegui、renliziyuanheneibukongzhibumendefuzeren；2016nianzhi2018nian，danrenpaipaixinshouxizhixingguan。zaicizhiqian，tacengdanrenxinyekejifuzongcai。

zonghelaikan，xinyekeji2023nianyejijibenbaochiwenjianzengzhang，danyingshouzengsu、zichanzhiliang、huokechengbendengfangmianmianlinyidingyali。xinzongcaidezoumashangrenyoujiangweizheijiagongsidailainaxiegaibian？chuangyezuiqianxianjiangchixuguanzhu。