浦银国际研究●整体业绩优于预期：公司4Q25整体业绩优于预期，并首次实现全年GAAP盈利，这标志着公司跨越了重要的商业化拐点。4Q25总营收人民币83.2亿元，同比增长8%，超出市场预期1.7%。在盈利端，毛利率持续扩张至37.0%，同比提升0.9个百分点。得益于高毛利业务占比的提升以及精细化的成本管控，调整后净利润达到8.78亿元，调整后净利率提升至10.6%，优于市场预期6.4%。●用户生态...
Source Link浦银国际研究●整体业绩优于预期：公司4Q25整体业绩优于预期，并首次实现全年GAAP盈利，这标志着公司跨越了重要的商业化拐点。4Q25总营收人民币83.2亿元，同比增长8%，超出市场预期1.7%。在盈利端，毛利率持续扩张至37.0%，同比提升0.9个百分点。得益于高毛利业务占比的提升以及精细化的成本管控，调整后净利润达到8.78亿元，调整后净利率提升至10.6%，优于市场预期6.4%。●用户生态...
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