文 | 新响

kafeixingyemataixiaoyingtuxiankudiruhecainengbuxiapaizhuo？

jingzhengjiliedekafeixingye，xipaizhengzaijiasu。youqishisuizhedanjidelailin，xingyedemataixiaoyingyeyufamingxian。

zheiyeshidekafeishichangqiangzhehengqiangdefazhangejuyufaqingxi。yifangmianshiruixing、xingbakedengtoubupinpaitongguochixudemendiankuozhangheshichangyingxiaocelve，jinyibugongguleqishichangdiwei；lingyifangmianzeshikudidengxinxingpinpaizaishengshihaodadejiaojuguochengzhongzhujian“yanqixigu”。

youqishisuizhechayinshichangdanjidelailin，kudidetuishibujintixianzaizhupinpai，qiqixiachayinpinpaichamaogengshibeibaodaozaoyudaliangbidian，baokuoguangzhoushoudianzainei，chamaozaiquanguozhishaoyou25jiamendianguanbi，bidianlvdadao22.32%。

kudihainengzhilengqilaima？

01 联营商情绪悲观，库迪进入“生死考验”

kafeishichangdemataixiaoyingzhuyaotixianzaipinpaijizhongdutisheng、ziyuanxiangtoubupinpaiqingxiedengfangmian。

zheidaozhitoubupinpaipingjiegengwanshandegongyingliantixi、gengjuzhimingduyumeiyududepinpaiyoushi，xiyingengduodexiaofeizhehetouzizhe，congerjiasushichangguimodekuoda。

toubupinpaibuduankuozhangdejiaobuxia，zhongxiaopinpaizaishichangzhongdeshengcunkongjianzhujianbeiyasuo，mianlindeshichangjingzhengyaliriyizengda。

genjuzhaimencanyandengquanweishujupingtaixianshi，2024nianyilai，kafeixingyedebidianshuliangxianzhuzengjia。eryilanshangyebuwanquantongjideshujuxianshi，20jialiansuokafeipinpaizuijinyinianjingzengzhangmendianshuwei50328jia，erguanbidemendianshuchaoguoxinzengmendianshudeyiban，dadaole37302jia，jingyingyalijuda。

zheizhongshengcunyali，kudizuoweizheilunjiagezhandeshizuoyongzhe，tixiandexiangdangmingxian。

jihaipinpaijianceshujuxianshi，7yue25ri，kudidebidianshuliangwei872jia，erzaiyingyemendianshuliangwei6841jia。erdaole8yue4ri，bidianshuliangzengzhi1002jia，erzaiyingyemendianshuliangzelvejiangzhi6814jia。eryaoxiangjinnianjinnian2yue，kudicaixuanbumendiantupo7000jia，bannianduomendianbujinmeiyouzengzhang，fanerzaixiahua。

daduoshulianyingshangdoushiyinweinanyizhuanqian，huibenyaoyaowuqi，zhinengxuanzezhuanranghuoguanbimendian。

kudimoushengzhonggaocenglingdaoduiyuyibeikudikafeiyinpinchaijiedechengbenwei：5.7yuanyuanliao+1.5yuanbaocai+1.9rengong+0.2yuanshuidian+1.8yuanfangzu=11.1。jibianbusuanyuanliaosunhaohejiqizhejiu，haianzhaodanji200deribeiliangdinggejisuan，zairujinkudituixingde9.9jiagecelvexia，haidetieqianpeipao。

danhaiyouyidapilianyingshang，lian200debeiliangdoubuganxiang。zheiyangdexiaoliangshujuxianranwufazhichenglianyingshangdeyunyingchengben。

genjuhaituntouyancesuan，yikudi11yuanzuoyoudejunjiashuiping，500beicaiyouhuibenyuqi，danxuyaosinian。

zhishi，zaiquniandongtianbeiliangzhiyou100beidelianyingshangdabadexianshi，wuyijisuilebushaokudilianyingshangde“huibenmeng”。zheizhongqingkuangxia，guandianzhisunshizuihaodexuanze。

weileyingduimendianzengzhangtingzhidewenti，kuditichulexiabanniankaishe8000jiabianjiediandejihua。yinweitongguokuaisukuozhangguimo，tigaoshichangfene，keyizaiyidingchengdushanghuanjiekudiyizhidajiagezhandailaideshengcunyali。

dancongjinnianjinruchayinwangjiyilai，bushaokudilianyingshangyinweihuibenwuwangerxianqilewangjizhuandianchao，bingzhiyan“jingyingkuisunbashiwanle”，biaoshi“zheiyangxiaquzhipayihoutuibaozhengjinlianzhazhadoumeiyou”。

bujinruci，youkailekuaijiediandelianyingshangzaishejiaopingtaitucaolianxujitian100beidoumeimaidao，tongshibiaoshi“zhendekuaijuewangle”。haiyoubuzhiyiweilianyingshangzaineibuqunlishaichu“dingdanliang20”dengbingbuleguanderibeiliang。

zheizhongbeiguanqingxuzailianyingshangzhongmanyankailai，shidegengduorenduikudikuaijiediandeqianjingchihuaiyitaidu。

02 库迪要支棱起来，应该问联营商要什么？

duiyukudilaishuo，zishendebibingbuchu，jinjiangkaikuaijiedianlashengguimozuowei“jiumingdaocao”，hennanfanpan，genghuituoleixinlaolianyingshang，chixushenxiankuisundeninao。

duiyukudidelianyingshanglaishuo，tamendexinxinbingfeimendianguimodezengzhang，ruhejiejueyixiehexinwenti，shitamenzuiguanxinde。

qiyishi，chixudedijiacelve，yizhizaixueruoyinglidenengli。

kudicaiyongdijiabutiecelvexiyinxiaofeizhe，danzheizhongmoshizaixiyinliuliangdetongshi，queshidelianyingshangzaichengbenyalixiananyiweichiwendingdeyunying，lirunkongjianbeiyanzhongyasuo。

youzaifanhuashangyequkaishekudimendiandelianyingshangbiaoshi，“9.9meibeikafeideshoujia，daozhiyuancailiaochengbenzhanbijiaogao，genbenbuzhuanqian”。tongshi，zujin、shuidianfei、yuangonggongzidenggudingzhichuquebingweijianshao。zaijiashangweileweichidijiacelve，kudijingchangjinxinggezhongcuxiaohuodong，zheiyexuyaolianyingshangchengdanyidingdeyingxiaochengben，jinyibuyasuolelirunkongjian。

jibianzaixiaoshouwangji，yixielianyingshangyirannanyiyingli，shenzhixuanzebidianzhisun。zheizhongqingkuangbujinyingxianglelianyingshangdejijixing，yexueruolekudidepinpaixingxiangheshichangjingzhengli。

zheizhongqingkuangxia，shichangjingzhengyouyichangjilie，jiageshangqulebeiliangquewufabaozhenggenzheshanglai，zheijiushidelianyingshangduikudizhujianshiquxinxin。

qiershi，kuaisukuozhangdailaidegongyinglianyinhuan。

kudizaixunsukuozhangzhi7000jiamendianhou，qigongyinglianhennangenshangbufa，yuanliao、wuliaoquehuowentipinfa，tongshichanpinyequefachuangxinnengli，nanyichixuxiyinxiaofeizhebingbaochishichangfene。bujinyingxianglexiaofeizhedetiyan，yexueruolepinpaidekoubeihejingzhengli。

tongshi，gongyinglianwentijinyibujiajulemendiandeyunyingyali，shidelianyingshangduipinpaidexinxinxiajiang，chuxianlemendianzhuanrangheguanbidexianxiang。zheiyiwentizaikudirujinlituidekuaijiedianshang，zhanxiandegengweijuti。

youkuaijiedianlianyingshangzaishejiaopingtaibiaoshi，mendianyudaoleyanzhongdegongyinglianbuwendingwenti，jingchangchuxianyuancailiaoquehuodeqingkuang。tebieshixiangshengyenatie、panpasilandengzhudachanpin，changyinquehuoerwufamanzuchanneng，jinyibudaozhilemendianxiaoliangdexiahua。gailianyingshangbiaoshi，tademendianzaiquehuoqijian，xiaoliangxiajianglejin30%。

qisanshi，guanlinengliqianqueyupinpaidingweimohu。

kudizaiguanlinenglishangdejibi，yeyinfalianyingshangshenzhineibuyuangongdepinpintucao。moushejiaopingtaishang，youlizhiyuangongbiaoshikudi“lianruzhipeixundoumeiyou”，qiegongzuoqiangduda、mubiaogao。

zheixiewentibujinyingxiangleyuangongdegongzuojijixinghegongzuoxiaolv，xueruolekudidezhengtijingzhengli，haiyanzhongtuoleilekudipinpaixingxiang。

qianduanshijian，zaijiangxiruijin，youkudilianyingshangzaiweijingkudizongbutongyideqingkuangxia，shanzizhaorenmaochongyunyingjingli，jiangtongyijiamendianfenbiezhuanmaijileduojiamaijia。cijuzaiyeneiyinfayipianyoulv，duiqitalianyingshanglaishuo，houxujishiyexiangzhuandianzhisun，danzheiyangeliedepinpaixingxiangrangzhuanshounanshangjianan。

zaimouhongshushang，kudiyoubeiyigeanhuideyuangongbaoliaotuoqiangongzi，qiyuetichulizhihou，beiqiangzhiyaoqiuzuomanyigeyuecainengzou，lianggeduoyueyiranweijieqinggongzi……

duirujindekudilaishuo，bianzhehuayangzuoyingxiaotuiguangyushengsicunwangyiranguanxibuda，jiejuelianyingshangzhenzhengguanxindejibicaishihexinwenti。zaishangyemoshi、pinpaijianshe、neibuguanlidengfangmiandouxuyaoquanmianduibiaoxingbake、ruixingdengzhimingpinpai，erbujinjinzhishidingzhekeyi“dazuowenzhang”deguimo。

kafeishichangdexipaihezhengheguocheng，shitoubupinpaigengjujingzhengliheshichangdiwei。tongshi，yejiangtuidongzhenggekafeixingyedechuangxinhefazhan。zaijingzhengjiliedekafeishichangzhong，kudixuyaoyigengjijidetaiduyingduizheixietiaozhan，xunqiuruhezaibaochidijiayoushidetongshitishenglianyingshangdeyinglinengli，weipinpaizhaodaotupodianhezengzhangdian，liuzhuneixieyixinshengquyidelianyingshang。