当中国互联网只剩“一个王座”

港股研究社
Feb 18

在资本市场的喧嚣中,人们习惯于仰望市值的巅峰。如果只看市值,中国互联网江湖仍然像一场尚未落幕的“旧王对峙”,腾讯、阿里巴巴、字节跳动在万亿估值的边缘相互角力,仿佛 BAT(百度、阿里、腾讯)时代依然固若金汤。然而,市值是预期的泡沫,利润才是现实的骨骼。一旦把视角从充满想象力的市梦率切换到冷冰冰的利润表,结论会异常冷酷,甚至带着一丝血腥味。2025 年中国互联网公司利润榜单的披露,如同一记重锤,敲碎...

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