机构：国信证券研究员：张伦可/陈淑媛业绩概览：收入同比增长11%，经调整利润率同比下降0.9pct。25Q1，公司营业收入326 亿元，同比+11%，环比-8%。毛利率54.6%，同比-0.3pct，环比-0.6pct。拆分来看，毛利率环比下降主要系低毛利率直播收入占比提升。25Q1 收入分成占收入比例为30.5%，同比+2.1pct。费用侧来看，25Q1 公司销售费率30%，同比下降2pct，...
Source Link机构：国信证券研究员：张伦可/陈淑媛业绩概览：收入同比增长11%，经调整利润率同比下降0.9pct。25Q1，公司营业收入326 亿元，同比+11%，环比-8%。毛利率54.6%，同比-0.3pct，环比-0.6pct。拆分来看，毛利率环比下降主要系低毛利率直播收入占比提升。25Q1 收入分成占收入比例为30.5%，同比+2.1pct。费用侧来看，25Q1 公司销售费率30%，同比下降2pct，...
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