{"id":191,"date":"2021-11-08T09:16:24","date_gmt":"2021-11-08T01:16:24","guid":{"rendered":"http:\/\/blog.cloud500.net\/?p=191"},"modified":"2023-09-14T10:43:10","modified_gmt":"2023-09-14T02:43:10","slug":"%e2%80%8b%e5%a5%87%e7%be%8e%e6%8b%89%e7%9a%84%e5%b4%9b%e8%b5%b7","status":"publish","type":"post","link":"http:\/\/blog.cloud500.ai\/?p=191","title":{"rendered":"\u200b\u5947\u7f8e\u62c9\u7684\u5d1b\u8d77"},"content":{"rendered":"\n\n<div class=\"rich_media_content js_underline_content&#10;                       \" id=\"js_content\" style=\"\">\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\" data-mpa-powered-by=\"yiban.io\">\n    <span style=\"color: rgb(0, 0, 0);\">\n      <span style=\"font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;text-align: justify;\">\u4ef7\u503c 10 \u4ebf\u7f8e\u5143\uff08\u72ec\u89d2\u517d\uff09\u5230 1 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src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2021\/11\/wottcy5z02.png\" data-type=\"png\" data-w=\"1265\"\/>\n    <\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;color: rgb(0, 0, 0);\">\u6211\u4eec\u7684\u6295\u8d44\u56e2\u961f\u8bc4\u4f30\u4e86\u5927\u91cf\u7684\u795e\u8bdd\u751f\u7269\uff0c\u4ee5\u627e\u5230\u7b26\u5408\u4ef7\u503c 1 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0);\">\u4e8b\u5b9e\u4e0a\uff0c\u76ee\u524d\u5730\u7403\u4e0a\u6240\u5b58\u5728\u7684\u5e02\u573a\u89c4\u6a21\u52a8\u6001\u5b58\u5728\u7740\u7269\u7406\u9650\u5236\uff0c\u5982\u679c\u6ca1\u6709\u6d88\u8d39\u8005\u548c\u4f01\u4e1a\u4f5c\u4e3a\u5ba2\u6237\uff0c\u4ece\u6570\u5b57\u4e0a\u6765\u8bf4\u51e0\u4e4e\u4e0d\u53ef\u80fd\u5b9e\u73b0 1 \u4e07\u4ebf\u7f8e\u5143\u7684\u5947\u7f8e\u62c9\u4f30\u503c\uff08\u8bf7\u76f8\u4fe1\u6211\u4eec\uff0c\u6211\u4eec\u505a\u4e86\u6570\u5b66\u8ba1\u7b97\uff0c\u8be6\u89c1\u4e0b\u9762\u7684\u4e09\u4e2a\u77e9\u9635\u56fe\uff09\u3002\u5982\u679c\u4e00\u5bb6\u516c\u53f8\u53ea\u4e13\u6ce8\u5176\u4e2d\u4e00\u79cd\u7c7b\u578b\u7684\u5ba2\u6237\uff0c\u90a3\u4e48\u5c31\u6ca1\u6709\u8db3\u591f\u7684\u4eba\u6216\u4f01\u4e1a\u6765\u8ba9\u4ed6\u7684\u4f30\u503c\u8d85\u8fc7 1 \u4e07\u4ebf\u7f8e\u5143\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;color: rgb(0, 0, 0);\">\u6b64\u5916\uff0c\u8fd9\u4e9b\u5947\u7f8e\u62c9\u516c\u53f8\u5df2\u7ecf\u8fdb\u884c\u4e86\u5927\u91cf\u7684\u6536\u8d2d\uff0c\u4ed6\u4eec\u540c\u65f6\u4e5f\u662f\u72ec\u89d2\u517d\u4f01\u4e1a\u7684\u6700\u5927\u6536\u8d2d\u8005\uff0c\u901a\u8fc7\u4e0d\u540c\u7684\u65b9\u5f0f\u5c06\u72ec\u89d2\u517d\u4f01\u4e1a\u5438\u6536\u5230\u81ea\u5df1\u7684 DNA \u4e2d\u3002\u6709\u65f6\uff0c\u4ed6\u4eec\u56e0\u4e3a\u4eba\u624d\u800c\u6536\u8d2d\uff0c\u5e76\u5c06\u4ed6\u4eec\u5438\u6536\u5230\u4ed6\u4eec\u7684\u7ec4\u7ec7\u4e2d\uff0c\u51e0\u4e4e\u4e0d\u7559\u4e0b\u4efb\u4f55\u539f\u59cb\u6536\u8d2d\u7684\u5b9e\u4f53\u75d5\u8ff9\u3002\u6709\u65f6\uff0c\u4ed6\u4eec\u6536\u8d2d\u7684\u4f01\u4e1a\u4f1a\u7ee7\u7eed\u4f5c\u4e3a\u4e00\u4e2a\u72ec\u7acb\u4f46\u76f8\u4e92\u5173\u8054\u7684\u5b9e\u4f53\u8fd0\u8425\u3002\u51fa\u4e8e\u4e0a\u8ff0\u539f\u56e0\uff0c\u6211\u4eec\u7684\u56e2\u961f\u53d1\u73b0\uff0c\u201c\u5947\u7f8e\u62c9\u201d\u662f\u4e00\u4e2a\u5f3a\u6709\u529b\u7684\u9690\u55bb\uff0c\u5b83\u4ee3\u8868\u4e86\u4e00\u4e2a\u7531\u591a\u79cd\u4e8b\u7269\u7ec4\u6210\u7684\u5e73\u53f0\uff0c\u5e76\u652f\u6301\u5b9e\u73b0 1 \u4e07\u4ebf\u7f8e\u5143\u4ee5\u4e0a\u4f30\u503c\u89c4\u6a21\u6240\u9700\u7684\u7279\u5f81\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;color: rgb(0, 0, 0);\">\u4ee5\u4e0b\u662f\u622a\u81f3 2021 \u5e74 8 \u6708\uff0c\u5e02\u503c\u5728 1 \u4e07\u4ebf\u7f8e\u5143\u4ee5\u4e0a\u7684 6 \u5bb6\u5947\u7f8e\u62c9\u516c\u53f8\u540d\u5355\uff0c\u5e76\u9644\u6709\u4e00\u4e9b\u5173\u4e8e\u4f01\u4e1a\u4ef7\u503c\uff08\u5e02\u503c + \u503a\u52a1 &#8211; \u73b0\u91d1\uff09\u3001\u6536\u5165\u3001\u4f01\u4e1a\u4ef7\u503c \/ \u6536\u5165\uff08\u6536\u5165\u4f30\u503c\u500d\u6570\uff09\u3001\u6bdb\u5229\u7387\u548c EBITDA \u5229\u6da6\u7387\u7684\u989d\u5916\u7edf\u8ba1\u6570\u636e\uff1a<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;color: rgb(0, 0, 0);\">\n      <img decoding=\"async\" class=\"rich_pages wxw-img\" data-fileid=\"100002618\" data-ratio=\"0.34765625\" src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2021\/11\/94sik6txmd.png\" data-type=\"png\" data-w=\"2048\"\/>\n    <\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u6211\u4eec\u7684\u56e2\u961f\u8fd8\u6574\u7406\u4e86\u4e00\u4efd\u5e02\u503c\u6392\u540d\u524d 100 \u7684\u516c\u53f8\u540d\u5355\uff0c\u4ee5\u66f4\u597d\u5730\u8bc4\u4f30\u548c\u7406\u89e3\u8fc4\u4eca\u4e3a\u6b62\u4eba\u7c7b\u6587\u660e\u521b\u9020\u7684\u6700\u5927\u4e0a\u5e02\u516c\u53f8\u7684\u6027\u8d28\u3002\u4e0b\u9762\u662f\u5947\u7f8e\u62c9\u516c\u53f8\u4e0e\u6309\u5e02\u503c\u8ba1\u7b97\u7684\u524d 100 \u5f3a\u516c\u53f8\u4e4b\u95f4\u7684\u7edf\u8ba1\u6570\u636e\u6bd4\u8f83\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: center;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;color: rgb(0, 0, 0);\">\n      <strong>\u5947\u7f8e\u62c9 VS. \u524d 100 \u5f3a\u516c\u53f8\uff08\u6309\u5e02\u503c\uff09<\/strong>\n    <\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;color: rgb(0, 0, 0);\">\n      <strong>\n        <img decoding=\"async\" class=\"rich_pages wxw-img\" data-fileid=\"100002611\" data-ratio=\"0.4222573007103394\" src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2021\/11\/gpip2loay5.png\" data-type=\"png\" data-w=\"1267\"\/>\n      <\/strong>\n    <\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <br\/>\n  <\/p>\n  <p style=\"text-align: center;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"font-size: 16px;color: rgb(0, 0, 0);\">\n      <strong>\n        <span style=\"font-size: 16px;font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;\">\u6709\u8da3\u7684\u89c1\u89e3<\/span>\n      <\/strong>\n    <\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u6309\u5e02\u503c\u8ba1\u7b97\uff0cTesla \u76ee\u524d\u4ee5 7000 \u4ebf\u7f8e\u5143\u7684\u5e02\u503c\u6392\u540d\u7b2c\u4e03\uff0c\u662f\u524d 100 \u5f3a\u516c\u53f8\uff08\u975e\u5947\u7f8e\u62c9\u516c\u53f8\uff09\u4e2d\u6392\u540d\u7b2c\u4e00\u7684\u516c\u53f8\u3002\u6839\u636e\u4f30\u503c\uff0cTesla \u5c06\u6210\u4e3a\u4e0b\u4e00\u4e2a\u5947\u7f8e\u62c9\u516c\u53f8\uff0c\u5982\u679c\u5b83\u7684\u5e02\u503c\u80fd\u591f\u8d85\u8fc7 1 \u4e07\u4ebf\u7f8e\u5143\uff0c\u90a3\u4e48\u5b83\u5c06\u662f\u4e00\u4e2a\u201c\u4e0d\u540c\u54c1\u79cd\u201d\u7684\u5947\u7f8e\u62c9\u516c\u53f8\u3002Tesla \u7684\u6536\u5165\u500d\u6570\uff08\u4f01\u4e1a\u4ef7\u503c \/ \u6536\u5165\uff09\u663e\u8457\u9ad8\u4e8e\u76ee\u524d\u5947\u7f8e\u62c9\u516c\u53f8\u7684\u5e73\u5747\u6c34\u5e73\uff0c\u4e24\u8005\u5206\u522b\u4e3a 16 \u500d\u548c 7 \u500d\uff08\u56e0\u4e3a\u5b83\u7684\u6210\u719f\u671f\u66f4\u65e9\uff09\uff0c\u6bdb\u5229\u7387\u8f83\u4f4e\uff08Tesla \u4e3a 22%\uff0c\u5947\u7f8e\u62c9\u516c\u53f8\u7684\u5e73\u5747\u6c34\u5e73\u4e3a 59%\uff0cTesla \u7684\u4e1a\u52a1\u672c\u8d28\u4e0a\u66f4\u6ce8\u91cd\u7ebf\u4e0b\uff0c\u800c\u4e0d\u662f\u6570\u5b57\uff09\u3002Tesla \u7684 EBITDA \u5229\u6da6\u7387\u4e5f\u5f88\u4f4e\uff0c\u4e3a 14%\uff0c\u8fdc\u4f4e\u4e8e\u5947\u7f8e\u62c9\u516c\u53f8\u5e73\u5747\u6c34\u5e73\u7684 41%\uff0c\u4f46\u8fd9\u53ef\u80fd\u662f\u56e0\u4e3a Tesla \u76f8\u6bd4\u4e8e\u5176\u4ed6\u5947\u7f8e\u62c9\u516c\u53f8\u62e5\u6709\u66f4\u591a\u7684\u6295\u8d44\uff0cAmazon \u4e5f\u662f\u7279\u4f8b\uff0c\u5b83\u7684 EBITDA \u5229\u6da6\u7387\u7ea6\u4e3a 13%\u3002Amazon \u5728\u5bf9\u81ea\u5df1\u8fdb\u884c\u518d\u6295\u8d44\u65b9\u9762\u6709\u7740\u5f88\u597d\u7684\u8bb0\u5f55\uff0c\u4e5f\u8bc1\u660e\u4e86\u5b83\u5e76\u4e0d\u7f3a\u4e4f\u5982\u4f55\u53d8\u5f97\u6bd4\u81ea\u5df1\u66f4\u4f1f\u5927\u7684\u60f3\u6cd5\u3002<br\/><\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">Berkshire Hathaway \u76ee\u524d\u5e02\u503c\u4e3a 6450 \u4ebf\u7f8e\u5143\uff0c\u6392\u540d\u7b2c 8\uff0c\u5176\u4f01\u4e1a\u4ef7\u503c\u8d85\u8fc7 1 \u4e07\u4ebf\u7f8e\u5143\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);\">\n      <strong>\n        <span style=\"font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u4f01\u4e1a\u4ef7\u503c \/ \u6536\u5165\uff1a<\/span>\n      <\/strong>\n      <span style=\"font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">Shopify \u7684\u4f30\u503c\u500d\u6570\u6700\u5927\uff0c\u4e3a 47 \u500d\u3002\u63a5\u4e0b\u6765\u7684 6 \u5bb6\u516c\u53f8\u7684\u4f30\u503c\u7ea6\u4e3a\u6536\u5165\u7684 20~ 24 \u500d\uff08NVIDIA\u3001Prosus\u3001Visa\u3001Moderna\u3001Mastercard \u548c Adobe\uff09\uff0c\u7d27\u968f\u5176\u540e\u7684 10 \u5bb6\u516c\u53f8\uff0c\u4f30\u503c\u500d\u6570\u5728 11~ 19 \u500d\u300280% \u4ee5\u4e0a\u7684\u5e02\u503c\u524d 100 \u516c\u53f8\uff0c\u5305\u62ec\u5927\u591a\u6570\u5947\u7f8e\u62c9\u516c\u53f8\uff0c\u5176\u6536\u5165\u500d\u6570\u4e3a 1~10 \u500d\uff0c\u5728\u8fd9\u4e00\u8303\u56f4\u5185\u7684\u516c\u53f8\uff0c\u6536\u5165\u500d\u6570\u5728\u5f88\u5927\u7a0b\u5ea6\u4e0a\u53d7\u5230\u5176\u6536\u5165\u8d28\u91cf\u7684\u5f71\u54cd\uff1a\u4e00\u6b21\u6027\u6536\u5165 vs. \u7ecf\u5e38\u6027\u6536\u5165\u3001\u6536\u5165\u589e\u957f\u548c\u6bdb\u5229\u7387\u3002<\/span>\n      <br\/>\n    <\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;color: rgb(0, 0, 0);\">\n      <strong>\n        <img decoding=\"async\" class=\"rich_pages wxw-img\" data-fileid=\"100002612\" data-ratio=\"1.0361581920903955\" src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2021\/11\/xapqxbg23l.png\" data-type=\"png\" data-w=\"885\"\/>\n      <\/strong>\n    <\/span>\n  <\/p>\n  <p style=\"text-align: center;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"font-size: 16px;color: rgb(0, 0, 0);\">\n      <strong style=\"text-align: center;font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\n        <br\/>\n      <\/strong>\n    <\/span>\n  <\/p>\n  <p style=\"text-align: center;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"font-size: 16px;color: rgb(0, 0, 0);\">\n      <strong>\n        <span style=\"font-size: 16px;font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;\">\u4e86\u89e3\u5e02\u573a\u89c4\u6a21\u52a8\u6001\u548c\u672a\u6765\u4f30\u503c\u6f5c\u529b<\/span>\n      <\/strong>\n    <\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u4f5c\u4e3a VC\uff0c\u4e00\u76f4\u5728\u5e02\u573a\u7684\u65e9\u671f\u9636\u6bb5\u5bfb\u627e\u5927\u91cf\u7684\u6295\u8d44\u673a\u4f1a\u3002\u6839\u636e\u4e00\u822c\u7684\u7ecf\u9a8c\u6cd5\u5219\uff0cVC \u5bfb\u627e\u7684\u662f\u5e02\u573a\u89c4\u6a21\u8d85\u8fc7 100 \u00a0\u4ebf\u7f8e\u5143\u7684\u673a\u4f1a\uff0c\u5373 TAM\uff08\u603b\u6f5c\u5728\u5e02\u573a\uff09\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u5728\u6211\u4eec\u7684\u98ce\u9669\u57fa\u91d1\u4e2d\uff0c\u6211\u4eec\u66f4\u559c\u6b22 100 \u4ebf\u7f8e\u5143\u4ee5\u4e0a\u7684 SAM\uff08\u5373\u53ef\u670d\u52a1\u7684\u5e02\u573a\uff09\uff0c\u800c\u4e0d\u662f 100 \u4ebf\u7f8e\u5143\u7684\u603b\u6f5c\u5728\u5e02\u573a\uff0c\u56e0\u4e3a SAM \u901a\u5e38\u66f4\u660e\u786e\u5730\u5b9a\u4e49\u4e3a\u4f60\u7684\u5730\u7406\u76ee\u6807\u5e02\u573a\u7126\u70b9\u548c\u6838\u5fc3\u76ee\u6807\u5ba2\u6237\u7fa4\u4f53\u3002\u5728\u6211\u4eec\u770b\u6765\uff0c\u4f60\u5f88\u53ef\u80fd\u4f1a\u5728\u8ffd\u9010\u4f60\u7684 TAM \u4e4b\u524d\u5c31\u88ab\u6536\u8d2d\u6216 IPO\uff0c\u6240\u4ee5\u4f5c\u4e3a VC\uff0cTAM \u5bf9\u6211\u4eec\u6765\u8bf4\u610f\u4e49\u5e76\u4e0d\u5927\u3002\u5728\u4e0e\u4ed6\u4eec\u6240\u4ece\u4e8b\u7684\u5b9e\u9645\u5546\u4e1a\u673a\u4f1a\u7684\u76f8\u5173\u6027\u65b9\u9762\uff0cTAM \u4e5f\u7ecf\u5e38\u88ab\u521b\u59cb\u4eba\u5938\u5927\u3002SAM \u66f4\u591a\u7684\u662f\u57fa\u4e8e\u4f60\u771f\u6b63\u76ee\u6807\u5ba2\u6237\u5e02\u573a\u89c4\u6a21\u7684\u6536\u5165\u6f5c\u529b\uff0c\u662f\u4e00\u4e2a\u53ef\u4ee5\u7528\u7b80\u5355\u7684\u7b49\u5f0f\u5c31\u80fd\u8f7b\u677e\u5f97\u5230\u7684\u6570\u5b57\uff1a\u6f5c\u5728\u5ba2\u6237\u6570\uff08\u73b0\u5728\u6216\u5c06\u6765\uff09* \u4f60\u6bcf\u5e74\u5e73\u5747\u6bcf\u4e2a\u5ba2\u6237\u7684\u6536\u5165<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;color: rgb(0, 0, 0);\">\u4ee5\u4e0b\u662f SAM \u4e24\u4e2a\u7b80\u5355\u7684\u4f8b\u5b50\uff1a<\/span>\n  <\/p>\n  <ul class=\"list-paddingleft-2\" style=\"list-style-type: disc;\">\n    <li style=\"color: rgb(0, 0, 0);\">\n      <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n        <span style=\"font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;color: rgb(0, 0, 0);\">\u79df\u7528\u4f34\u5a18\u793c\u670d\u5e02\u573a\u89c4\u6a21 = \u7f8e\u56fd\u6bcf\u5e74\u7ea6 250 \u4e07\u573a\u5a5a\u793c * \u6bcf\u573a\u5a5a\u793c\u7ea6\u6709 5 \u540d\u4f34\u5a18 * 150 \u7f8e\u5143\u7684\u793c\u670d\u79df\u91d1 = 18.75 \u4ebf\u7f8e\u5143\u3002<\/span>\n      <\/p>\n    <\/li>\n    <li style=\"color: rgb(0, 0, 0);\">\n      <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n        <span style=\"font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;color: rgb(0, 0, 0);\">\u9500\u552e\u5e8a\u57ab\u5e02\u573a\u89c4\u6a21 = \u5168\u7f8e 1.32 \u4ebf\u4e2a\u5bb6\u5ead * 2.5 \u5f20\u5e8a \/ \u5bb6\u5ead * \u6bcf\u4e2a\u5e8a\u57ab 1000 \u7f8e\u5143 \/ \u6bcf 8 \u5e74\u6362\u4e00\u6b21\u5e8a\u57ab = 412.5 \u4ebf\u7f8e\u5143\u3002<\/span>\n      <\/p>\n    <\/li>\n  <\/ul>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u8fd9\u4e24\u4e2a SAM \u7684\u89c4\u6a21\u76f8\u5dee 22 \u500d\u3002\u5c31\u5e02\u573a\u89c4\u6a21\u548c\u673a\u4f1a\u800c\u8a00\uff0c\u8fd9\u662f\u4e00\u4e2a\u5f88\u5927\u7684\u5dee\u5f02\u3002\u8fd9\u4e9b SAM \u4ee3\u8868\u4e86\u4e24\u5bb6\u516c\u53f8\u5728\u83b7\u5f97 100% \u5e02\u573a\u4efd\u989d\u7684\u60c5\u51b5\u4e0b\uff0c\u672a\u6765\u7684\u6536\u5165\u80fd\u589e\u957f\u5230\u591a\u5927\u3002\u5982\u679c\u6709\u4e24\u5bb6\u516c\u53f8\u90fd\u80fd\u5728 5 \u5e74\u5de6\u53f3\u7684\u65f6\u95f4\u91cc\u83b7\u5f97\u5404\u81ea\u5e02\u573a 1% \u7684\u4efd\u989d\uff0c\u90a3\u4e48\u4ed6\u4eec\u7684\u8425\u6536\u5c06\u5206\u522b\u8fbe\u5230 1875 \u4e07\u4ebf\u7f8e\u5143\u548c 4.125 \u4ebf\u7f8e\u5143\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">VC \u4e4b\u6240\u4ee5\u7784\u51c6 100 \u4ebf\u7f8e\u5143\u4ee5\u4e0a\u7684\u5e02\u573a\u673a\u4f1a\uff0c\u4e00\u4e2a\u7b80\u5355\u7684\u539f\u56e0\u662f\uff0c\u5927\u7ea6 1% \u7684\u5e02\u573a\u6e17\u900f\u7387\u5c31\u76f8\u5f53\u4e8e 1 \u4ebf\u7f8e\u5143\u4ee5\u4e0a\u7684\u6536\u5165\u3002\u5982\u679c\u67d0\u5bb6\u516c\u53f8\u76f8\u4fe1\u4ed6\u4eec\u80fd\u5728\u7b2c 5 \u5e74\u83b7\u5f97 1% \u7684\u5e02\u573a\u4efd\u989d\uff0c\u90a3\u4e48\u8fd9\u4e2a 1 \u4ebf\u591a\u7f8e\u5143\u4fbf\u662f SOM\uff08\u53ef\u83b7\u5f97\u7684\u670d\u52a1\u5e02\u573a\uff09\u3002SOM \u901a\u5e38\u662f\u516c\u53f8\u901a\u8fc7\u5e76\u8d2d\u6216IPO\u9000\u51fa\u65f6\u7684\u6536\u5165\u76ee\u6807\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">1~ 10 \u500d\u7684\u6536\u5165\u500d\u6570\u662f\u5927\u591a\u6570\u4fdd\u5b88\u516c\u53f8\u7684\u6536\u5165\u500d\u6570\u8303\u56f4\uff0c\u5305\u62ec\u5927\u90e8\u5206\u5947\u7f8e\u62c9\u516c\u53f8\u548c\u5e02\u503c\u524d 100 \u7684\u516c\u53f8\u3002\u5982\u679c\u4e00\u5bb6\u516c\u53f8\u7684\u5e74\u6536\u5165\u5728 1 \u4ebf\u7f8e\u5143\u4ee5\u4e0a\uff0c\u90a3\u4e48\u5b83\u7684\u4f01\u4e1a\u4ef7\u503c\u5c06\u5728 1 \u4ebf\u7f8e\u5143 ~ 10 \u4ebf\u7f8e\u5143\uff08\u901a\u8fc7\u5e76\u8d2d\u6216 IPO \u00a0\u7684\u9000\u51fa\u4ef7\u503c\uff09\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u5982\u679c\u4f60\u662f\u4e00\u540d VC\u3001PE \u6295\u8d44\u8005\uff0c\u4ee5 1000 \u4e07\u7f8e\u5143\u7684\u4f30\u503c\u6295\u8d44\u67d0\u5bb6\u516c\u53f8\uff0c\u5e76\u5728\u672a\u6765\u4ee5 1 \u4ebf\u81f3 10 \u4ebf\u7f8e\u5143\u7684\u4f30\u503c\u9000\u51fa\uff0c\u90a3\u4e48\u5728\u672a\u6765\u51e0\u8f6e\u878d\u8d44\u7684\u80a1\u6743\u7a00\u91ca\u4e4b\u524d\uff0c\u4f60\u5c06\u83b7\u5f97 10~100 \u500d\u7684\u56de\u62a5\u3002\u8fd9\u5c31\u662fVC \u548c PE \u6295\u8d44\u8005\u7684\u7b80\u5355\u8ba1\u7b97\u65b9\u6cd5\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u5927\u591a\u6570\u516c\u53f8\u7684\u4f30\u503c\u901a\u5e38\u662f\u6536\u5165\u7684 1~10\u500d\uff0c\u4f46 Fintech \u516c\u53f8\u662f\u4e00\u4e2a\u4f8b\u5916\uff0c\u4ed6\u4eec\u901a\u5e38\u4f1a\u5728 10~20 \u500d\u7684\u6536\u5165\u8303\u56f4\u5185\u4ea4\u6613\u3002\u6b64\u5916\uff0c\u5927\u591a\u6570\u4e00\u6b21\u6027\u4ea7\u54c1\u9500\u552e\u516c\u53f8\u7684\u4ea4\u6613\u4ef7\u683c\u662f\u6536\u5165\u7684 1~3 \u500d\uff1b\u7ecf\u5e38\u6027\u6536\u5165\u4e1a\u52a1\u7684\u516c\u53f8\uff0c\u5176\u4ea4\u6613\u4ef7\u683c\u662f\u6536\u5165\u7684 4~10 \u500d\u3002\u8fd9\u4e9b\u516c\u53f8\u5728\u5f88\u5927\u7a0b\u5ea6\u4e0a\u4f1a\u53d7\u5230\u6536\u5165\u8d28\u91cf\u7684\u5f71\u54cd\uff0c\u5305\u62ec\uff1a\u5ba2\u6237\u7684\u7ec8\u8eab\u4ef7\u503c\u3001\u6536\u5165\u589e\u957f\u548c\u6bdb\u5229\u7387\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u4e00\u5bb6\u516c\u53f8\u901a\u5e38\u9700\u8981\u591a\u8f6e\u878d\u8d44\u624d\u80fd\u6210\u957f\uff0c\u7136\u540e\u624d\u80fd\u901a\u8fc7\u5e76\u8d2d\u6216 IPO \u9000\u51fa\u3002\u00a0\u5982\u679c VC \u80fd\u591f\u9884\u8ba1\u672a\u6765\u6bcf\u4e00\u8f6e\u878d\u8d44\u7684\u7a00\u91ca\u7387\u5728 20% \u5de6\u53f3\uff0c\u5305\u62ec\u65b0\u6295\u8d44\u8005\u7684\u7a00\u91ca\u548c\u5458\u5de5\u80a1\u6743\u671f\u6743\u5236\u7684\u589e\u52a0\uff08ESOP\uff0c\u5373\u5458\u5de5\u6301\u80a1\u8ba1\u5212\uff09\uff0c\u90a3\u4e48\u4ed6\u4eec\u5c31\u53ef\u4ee5\u66f4\u4fdd\u5b88\u5730\u9884\u6d4b\u67d0\u4e00\u7279\u5b9a\u673a\u4f1a\u7684\u6f5c\u5728\u56de\u62a5\u500d\u6570\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u8fd9\u91cc\u6709\u4e00\u4e2a\u5f88\u68d2\u7684\u6570\u5b57\u6280\u5de7\u53ef\u4ee5\u5e2e\u52a9\u521b\u4e1a\u8005\u548c\u6295\u8d44\u8005\u9884\u4f30\u80a1\u6743\u7684\u7a00\u91ca\u7a0b\u5ea6\uff1a\u7ecf\u8fc7 3 \u8f6e\u878d\u8d44\uff0c\u6bcf\u8f6e\u7a00\u91ca 20%\uff0c\u4f60\u5c06\u62e5\u6709 50% \u7684\u521d\u59cb\u80a1\u6743\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u4e3e\u4e2a\u4f8b\u5b50\uff1a\u5982\u679c\u4f60\u62e5\u6709 10% \u7684\u80a1\u6743 *0.8\uff08\u7b2c\u4e00\u8f6e\u540e\u7a00\u91ca 20%\uff09 *0.8\uff08\u7b2c\u4e8c\u8f6e\u540e\u7a00\u91ca 20%\uff09 *0.8\uff08\u7b2c\u4e09\u8f6e\u540e\u7a00\u91ca 20%\uff09=5.12% \u7684\u80a1\u6743\u3002\u8fd9\u662f\u4f60\u6700\u521d 10% \u80a1\u6743\u7684 50%\u3002\u56e0\u6b64\uff0cVC \u6700\u521d 10 &#8211; 100 \u500d\u7684\u56de\u62a5\u6f5c\u529b\u5728\u7ecf\u8fc7\u4e09\u8f6e\u878d\u8d44\u540e\uff08\u6bcf\u8f6e\u7a00\u91ca20%\uff09\uff0c\u5c06\u53d8\u62105 &#8211; 50\u500d\u7684\u56de\u62a5\u6f5c\u529b\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u65e9\u671f VC \u7684\u76ee\u6807\u662f\u6bcf\u9879\u6295\u8d44\u90fd\u80fd\u62e5\u6709 10 \u500d\u4ee5\u4e0a\u7684\u56de\u62a5\uff0c\u5305\u62ec\u7a00\u91ca\u3002\u5bf9\u4e8e VC \u800c\u8a00\uff0c\u90a3\u4e9b\u4f01\u4e1a\u4ef7\u503c\u53ea\u6709 1 \u4ebf\u7f8e\u5143\u7684\u516c\u53f8\u5e76\u4e0d\u662f\u7406\u60f3\u7684\u6295\u8d44\u5bf9\u8c61\u3002\u5982\u679c VC \u4ee5 1000 \u4e07\u7f8e\u5143\u7684\u4f30\u503c\u6295\u8d44\uff0c\u5e76\u4ee5 1 \u4ebf \u7f8e\u5143\u7684\u4f30\u503c\u9000\u51fa\uff0c\u90a3\u4e48\u5728\u672a\u6765\u4efb\u4f55\u4e00\u8f6e\u878d\u8d44\u7684\u7a00\u91ca\u524d\uff0c\u6295\u8d44\u8005\u5c06\u83b7\u5f97 10 \u500d\u7684\u56de\u62a5\u3002\u7136\u800c\uff0c\u5927\u591a\u6570\u516c\u53f8\u9700\u8981\u591a\u8f6e\u878d\u8d44\u624d\u80fd\u5927\u5e45\u589e\u52a0\u6536\u5165\u3002\u5982\u679c\u4e00\u5bb6\u516c\u53f8\u9700\u8981\u7b2c\u4e8c\u8f6e\u878d\u8d44\u6765\u589e\u957f\uff0c\u90a3\u4e48 10 \u500d\u7684\u6f5c\u5728\u56de\u62a5\u5c31\u53d8\u6210\u4e86 8 \u500d\u7684\u6f5c\u5728\u56de\u62a5\uff08\u5047\u8bbe 20% \u7684\u7a00\u91ca\uff09\uff0c\u5982\u679c\u4e00\u4e2a\u516c\u53f8\u9700\u8981\u7b2c\u4e09\u8f6e\u878d\u8d44\u6765\u589e\u957f\uff0c\u90a3\u4e48 8 \u500d\u7684\u56de\u62a5\u5c31\u53d8\u6210\u4e86 6.4 \u500d\u7684\u6f5c\u5728\u56de\u62a5\uff08\u5047\u8bbe 20% \u7684\u7a00\u91ca\uff09\uff0c\u5982\u679c\u516c\u53f8\u9700\u8981\u7b2c\u56db\u8f6e\u878d\u8d44\u6765\u589e\u957f\uff0c\u90a3\u4e48 6.4 \u500d\u7684\u56de\u62a5\u5c31\u53d8\u6210\u4e86 5.12 \u500d\u7684\u6f5c\u5728\u56de\u62a5\u3002\u8fd9\u5047\u8bbe\u57fa\u4e8e\u540e\u7eed\u4e0d\u7ee7\u7eed\u6295\u8d44\uff0c\u4e0d\u7ef4\u6301\u80a1\u6743\u6bd4\u4f8b\u3002\u5982\u679c\u4f60\u786e\u5b9e\u53c2\u4e0e\u4e86\u540e\u7eed\u7684\u6295\u8d44\uff0c\u4ee5\u589e\u52a0\u6216\u4fdd\u6301\u4f60\u7684\u6240\u6709\u6743\uff0c\u90a3\u4e48\u4f60\u7684\u56de\u62a5\u4ecd\u7136\u5c0f\u4e8e 10 \u500d\uff0c\u56e0\u4e3a\u4f60\u5c06\u5728\u53ef\u80fd\u9ad8\u4e8e\u6700\u521d 1000 \u4e07\u7f8e\u5143\u4f30\u503c\u7684\u60c5\u51b5\u4e0b\u6295\u5165\u989d\u5916\u8d44\u672c\uff0c\u964d\u4f4e\u4e86\u4f60\u6bcf\u6295\u8d44\u4e00\u5757\u94b1\u7684\u5e73\u5747\u56de\u62a5\u500d\u6570\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u4f5c\u4e3a\u4e00\u4e2a\u66ff\u4ee3\u9009\u62e9\uff0c\u6295\u8d44\u8005\u662f\u53ef\u4ee5\u6295\u8d44\u623f\u5730\u4ea7\u7684\uff0c\u4ee5\u663e\u8457\u964d\u4f4e\u98ce\u9669\uff0c\u6bcf 5~7 \u5e74\u83b7\u5f97 2~3 \u500d\u7684\u7a33\u5b9a\u56de\u62a5\u3002\u56e0\u6b64\uff0c\u5bf9\u4e8e VC \u800c\u8a00\uff0c\u4e00\u5bb6\u516c\u53f8\u9700\u8981\u6709 10 \u500d\u4ee5\u4e0a\u7684\u56de\u62a5\uff08\u5305\u62ec\u7a00\u91ca\uff09\u624d\u503c\u5f97\u6295\u8d44\u65e9\u671f\u7684\u9ad8\u98ce\u9669\u516c\u53f8\uff0c\u5e76\u4e14\u9700\u8981\u6709\u8db3\u591f\u5927\u7684\u5e02\u573a\u89c4\u6a21\u673a\u4f1a\u624d\u80fd\u5b9e\u73b0 10 \u500d\u4ee5\u4e0a\u7684\u56de\u62a5\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u90a3\u4e48\uff0c\u600e\u6837\u624d\u80fd\u521b\u5efa\u4e00\u5bb6\u4ef7\u503c 1 \u4ebf\u81f3 1 \u4e07\u4ebf\u7f8e\u5143\u7684\u516c\u53f8\u5462\uff1f\u8ba9\u6211\u4eec\u6765\u770b\u770b\u6570\u5b66\u95ee\u9898\uff01<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;color: rgb(0, 0, 0);\">\u6211\u4eec\u5728\u4e0b\u9762\u6784\u5efa\u4e86\u4e09\u4e2a\u77e9\u9635\uff0c\u5206\u522b\u4ee3\u8868\u4ef7\u503c 1 \u4ebf\u591a\u7f8e\u5143\uff08Horse\uff09\u300110 \u4ebf\u591a\u7f8e\u5143\uff08\u72ec\u89d2\u517d\uff09\u548c 1 \u4e07\u591a\u4ebf\u7f8e\u5143\uff08\u5947\u7f8e\u62c9\uff09\u7684\u5e02\u573a\u89c4\u6a21\u673a\u4f1a\u7684\u5dee\u5f02\uff1a<\/span>\n  <\/p>\n  <ul class=\"list-paddingleft-2\" style=\"list-style-type: disc;margin-left: 8px;margin-right: 8px;\">\n    <li style=\"color: rgb(0, 0, 0);\">\n      <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n        <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u77e9\u9635 1: \u2014\u2014 \u6536\u5165\u8303\u56f4\uff1a\u4f01\u4e1a\u4ef7\u503c\u4e0e\u6536\u5165\u500d\u6570\uff1b<\/span>\n      <\/p>\n    <\/li>\n    <li style=\"color: rgb(0, 0, 0);\">\n      <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n        <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u77e9\u96352 \u2014\u2014 \u6536\u5165\u8303\u56f4\uff1a\u5e02\u573a\u89c4\u6a21\u4e0e\u5e02\u573a\u6e17\u900f\uff1b<\/span>\n      <\/p>\n    <\/li>\n    <li style=\"color: rgb(0, 0, 0);\">\n      <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n        <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u77e9\u9635 3 \u2014\u2014 \u5ba2\u6237\u8303\u56f4\uff1a\u6536\u5165 vs. \u6bcf\u4e2a\u5ba2\u6237\u6bcf\u5e74\u7684\u5e73\u5747\u6536\u5165\uff1b<\/span>\n      <\/p>\n    <\/li>\n  <\/ul>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <img decoding=\"async\" class=\"rich_pages wxw-img\" data-fileid=\"100002610\" data-ratio=\"0.5892648774795799\" src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2021\/11\/ya8vdnnea9.png\" data-type=\"png\" data-w=\"857\" style=\"font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\"\/>\n    <br\/>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);\">\n      <strong>\n        <span style=\"font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;caret-color: transparent;\">\u77e9\u9635 1: \u2014\u2014 \u6536\u5165\u8303\u56f4\uff1a\u4f01\u4e1a\u4ef7\u503c\u4e0e\u6536\u5165\u500d\u6570<\/span>\n      <\/strong>\n    <\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;caret-color: transparent;color: rgb(0, 0, 0);\">\u5982\u679c\u4e00\u5bb6\u516c\u53f8\u7684\u4f01\u4e1a\u4ef7\u503c\u4e3a10 \u4ebf\u7f8e\u5143\uff0c\u5373\u201c\u72ec\u89d2\u517d\u4f01\u4e1a\u201d\uff0c\u5982\u679c\u4e00\u5bb6\u516c\u53f8\u7684\u4f30\u503c\u60f3\u8981\u91c7\u7528 1~10 \u500d\u7684\u6536\u5165\u500d\u6570\uff0c\u90a3\u4e48\u5b83\u5c31\u9700\u8981\u4ee5 10 \u500d\u7684\u6536\u5165\u500d\u6570\u5b9e\u73b01\u4ebf\u7f8e\u5143\u7684\u6536\u5165\uff0c\u6216\u8005\u4ee5 1 \u500d\u7684\u6536\u5165\u500d\u6570\u5b9e\u73b0 10 \u4ebf\u7f8e\u5143\u7684\u6536\u5165\uff0c\u518d\u6216\u8005\u4ecb\u4e8e\u4e24\u8005\u4e4b\u95f4\u7684\u6240\u6709\u6536\u5165\uff08\u4f8b\u5982\uff0c\u4ee5 5 \u500d\u7684\u6536\u5165\u500d\u6570\u5b9e\u73b0 2 \u4ebf\u7f8e\u5143\u7684\u6536\u76ca\uff09\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;caret-color: transparent;\">\u5bf9\u4e8e\u4e00\u5bb6\u5947\u7f8e\u62c9\u516c\u53f8\uff0c\u5176\u4f01\u4e1a\u4ef7\u503c\u4e3a 1 \u4e07\u4ebf\u7f8e\u5143\uff0c\u5982\u679c\u5b83\u60f3\u8981\u4f7f\u7528 1~10 \u500d\u7684\u6536\u5165\u500d\u6570\uff0c\u90a3\u4e48\u5b83\u5c31\u9700\u8981\u4ee5 10 \u500d\u7684\u6536\u5165\u500d\u6570\u5b9e\u73b0 1000 \u4ebf\u7f8e\u5143\u7684\u6536\u5165\uff0c\u6216\u8005\u4ee5 1 \u500d\u7684\u6536\u5165\u500d\u6570\u5b9e\u73b01\u4e07\u4ebf\u7f8e\u5143\u7684\u6536\u5165\uff0c\u518d\u6216\u8005\u4ecb\u4e8e\u4e24\u8005\u4e4b\u95f4\uff08\u4f8b\u5982\uff0c\u4ee5 5 \u500d\u7684\u6536\u5165\u500d\u6570\u5b9e\u73b0 2000 \u4ebf\u7f8e\u5143\u7684\u6536\u5165\uff09\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;color: rgb(0, 0, 0);\">\u4ef7\u503c 10\u00a0\u4ebf\u7f8e\u5143\u548c\u4ef7\u503c 1 \u4e07\u4ebf\u7f8e\u5143\u7684\u516c\u53f8\uff0c\u5b83\u4eec\u4e4b\u95f4\u76f8\u5dee 1000 \u500d\uff0c\u8fd9\u662f\u4e00\u4e2a\u5de8\u5927\u7684\u5dee\u5f02\uff01<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;color: rgb(0, 0, 0);\">\u4ee5\u4e0b\u662f\u4e00\u4e2a\u53c2\u8003\uff0c\u9664\u53bb\u5947\u7f8e\u62c9\u516c\u53f8\uff0c\u6309\u5e02\u503c\u8ba1\u7b97\uff0c\u5728\u524d 100 \u5f3a\u516c\u53f8\u4e2d\uff0c\u6700\u5c0f\u516c\u53f8\u7684\u4f01\u4e1a\u4ef7\u503c\u4e5f\u8fbe 1220 \u4ebf\u7f8e\u5143\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u6536\u8d2d\u4e00\u5bb6\u4f01\u4e1a\u4ef7\u503c\u5728 1 \u4ebf\u81f3 10 \u4ebf\u7f8e\u5143\u7684\u516c\u53f8\uff0c\u5927\u7ea6\u76f8\u5f53\u4e8e\u4e00\u5bb6\u89c4\u6a21 1000 \u4ebf\u7f8e\u5143\u516c\u53f8\u4f01\u4e1a\u4ef7\u503c\u7684 0.1% \u81f3 1%\u3002\u5982\u679c\u4f60\u662f\u4e00\u5bb6\u5947\u7f8e\u62c9\u516c\u53f8\u6216\u662f\u5e02\u503c\u6392\u540d\u524d 100 \u7684\u516c\u53f8\uff0c\u90a3\u4e48\u4ee5 1 \u4ebf\u81f3 10 \u4ebf\u7f8e\u5143\u6536\u8d2d\u4e00\u5bb6\u516c\u53f8\u66f4\u50cf\u662f\u5728\u5403\u5f00\u80c3\u83dc\u800c\u4e0d\u662f\u4e3b\u83dc\uff0c\u6bd5\u7adf\u6536\u8d2d\u4ef7\u683c\u53ea\u5360\u4f60\u603b\u4f01\u4e1a\u4ef7\u503c\u7684 1% \u4e0d\u5230\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u867d\u7136\u80fd\u591f\u4ee5 1 \u4ebf\u81f3 10 \u4ebf\u7f8e\u5143\u7684\u4f30\u503c\u9000\u51fa\u5bf9\u521b\u59cb\u4eba\u548c\u6295\u8d44\u8005\u6765\u8bf4\u662f\u597d\u4e8b\uff0c\u4f46\u4ee5 10 \u4ebf\u81f3 100 \u4ebf\u7f8e\u5143\u7684\u4f30\u503c\u9000\u51fa\u65e0\u7591\u66f4\u597d\u3002\u5982\u679c\u4f60\u62e5\u6709\u4e00\u652f 1 \u4ebf\u7f8e\u5143\u89c4\u6a21\u7684\u57fa\u91d1\uff0c\u5e76\u4e14\u6301\u6709\u67d0\u5bb6\u88ab\u6295\u4f01\u4e1a 10% \u7684\u80a1\u6743\uff0c\u4e00\u65e6\u8fd9\u5bb6\u516c\u53f8\u80fd\u591f\u4ee5 10 \u4ebf\u7f8e\u5143\u9000\u51fa\uff0c\u90a3\u4e48\u4f60\u5df2\u7ecf\u8fd4\u8fd8\u4e86\u6574\u4e2a\u57fa\u91d1\uff01\u5982\u679c\u516c\u53f8\u80fd\u591f\u4ee5 10 \u4ebf\u7f8e\u5143\u7684\u4ef7\u683c\u9000\u51fa\uff0c\u4f60\u5c06\u4ece\u6295\u8d44\u7ec4\u5408\u4e2d\u7684\u4e00\u5bb6\u516c\u53f8\u83b7\u5f97 10 \u500d\u7684\u8d44\u91d1\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u5bf9\u4e8e VC \u800c\u8a00\uff0c\u4e00\u4e2a\u6709\u6548\u7684\u7ecf\u9a8c\u6cd5\u5219\u662f\uff0c\u5728\u5b8c\u5168\u7a00\u91ca\u7684\u57fa\u7840\u4e0a\uff0c\u6bcf\u4e2a\u6295\u8d44\u7ec4\u5408\u516c\u53f8\u7684\u56de\u62a5\u7387\u5e94\u8be5\u662f\u6574\u4e2a\u57fa\u91d1\u7684 25%~100%\u3002\u8fd9\u6837\u4e00\u6765\uff0c\u4f60\u53ea\u9700\u8981 1~4 \u6b21\u9000\u51fa\u5c31\u80fd\u83b7\u5f97 1 \u500d\u7684\u56de\u62a5\uff0c\u800c\u5176\u4f59\u7684\u6295\u8d44\u7ec4\u5408\u516c\u53f8\u5c31\u80fd\u83b7\u5f97\u5927\u4e8e1\u500d\u7684\u57fa\u91d1\u56de\u62a5\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u8425\u6536\u5728 1000 \u4ebf\u7f8e\u5143\u6216\u4ee5\u4e0a\u7684\u516c\u53f8\uff0c\u5176\u6240\u9762\u5bf9\u7684\u5e02\u573a\u673a\u9047\u7684\u89c4\u6a21\u5b8c\u5168\u4e0d\u540c\uff0c\u6309 1~10 \u500d\u7684\u6536\u5165\u500d\u6570\u8ba1\u7b97\uff0c\u5176\u4ef7\u503c\u53ef\u4ee5\u8fbe\u5230 1000 \u591a\u81f3 1 \u4e07\u591a\u4ebf\u7f8e\u5143\u3002\u76ee\u524d\u8425\u6536\u89c4\u6a21\u6700\u5c0f\u7684\u662f Facebook\uff0c\u5176\u8425\u6536\u7ea6\u4e3a 1040 \u4ebf\u7f8e\u5143\uff0c\u5e02\u76c8\u7387\u7ea6\u4e3a 9 \u500d\uff0c\u4f30\u503c\u7ea6\u8fbe 1 \u4e07\u4ebf\u7f8e\u5143\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);\">\n      <strong>\n        <span style=\"font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u77e9\u9635 2 \u2014\u2014 \u6536\u5165\u8303\u56f4\uff1a\u5e02\u573a\u89c4\u6a21\u4e0e\u5e02\u573a\u6e17\u900f<\/span>\n      <\/strong>\n    <\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u5982\u679c\u4e00\u5bb6\u516c\u53f8\u6267\u884c\u5f97\u597d\uff0c\u5b83\u53ef\u80fd\u4f1a\u5728\u76ee\u6807\u5e02\u573a\u4e2d\u83b7\u5f97\u7ea6 1% \u7684\u5e02\u573a\u6e17\u900f\uff0c\u5982\u679c\u5b83\u771f\u7684\u505a\u5230\u4e86\uff0c\u5b83\u53ef\u80fd\u4f1a\u83b7\u5f97\u66f4\u5927\u7684\u5e02\u573a\u6e17\u900f\u3002\u8bf7\u8bb0\u4f4f\uff0c\u5373\u4f7f\u662f 5% \u7684\u5e02\u573a\u6e17\u900f\u7387\u4e5f\u610f\u5473\u7740\u8be5\u516c\u53f8\u80fd\u591f\u5728\u5176\u76ee\u6807\u5e02\u573a\u83b7\u5f97 1 \/ 20 \u7684\u5ba2\u6237\uff0c\u8fd9\u542c\u8d77\u6765\u76f8\u5f53\u9ad8\u3002\u56e0\u6b64\uff0c\u4f01\u4e1a\u901a\u5e38\u9700\u8981\u50cf\u5784\u65ad\u8005\u4e00\u6837\u601d\u8003\uff0c\u624d\u80fd\u83b7\u5f97\u4e00\u4e2a\u5927\u5e02\u573a\u673a\u4f1a\u7684 1%\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">VC \u901a\u5e38\u4f1a\u5bfb\u627e\u76ee\u6807\u5e02\u573a\u89c4\u6a21\u5728 100 \u4ebf\u7f8e\u5143\u4ee5\u4e0a\u7684\u516c\u53f8\uff0c\u5176\u4e2d1% \u7684\u5e02\u573a\u6e17\u900f\u7387\u5c31\u76f8\u5f53\u4e8e1\u4ebf\u7f8e\u5143\u4ee5\u4e0a\u7684\u6536\u5165\u3002\u8bb0\u4f4f\u8fd9\u662f\u4e00\u4e2a\u6709\u7528\u7684\u521d\u59cb\u9608\u503c\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u4f5c\u4e3a\u4e00\u4e2a\u53c2\u8003\uff0c\u5728\u6211\u4eec\u7684\u98ce\u9669\u57fa\u91d1\u4e2d\uff0c\u6211\u4eec\u6295\u8d44\u7684\u5927\u591a\u6570\u516c\u53f8\u90fd\u5728\u8ffd\u9010 100 \u4ebf\u81f3 1000 \u4ebf\u7f8e\u5143\u5e02\u573a\u89c4\u6a21\u7684\u673a\u4f1a\u3002\u6211\u4eec\u8981\u6c42\u6211\u4eec\u7684\u6295\u8d44\u56e2\u961f\u5728\u6211\u4eec\u7684\u6295\u8d44\u59d4\u5458\u4f1a\u671f\u95f4\u63d0\u4f9b\u4e00\u4e2a\u7b80\u5355\u7684\u6570\u5b66\u516c\u5f0f\uff0c\u4ee5\u7406\u89e3\u5e02\u573a\u89c4\u6a21\u673a\u4f1a\u80cc\u540e\u7684\u903b\u8f91\u3002\u8fd9\u4e2a\u7b80\u5355\u7684\u6570\u5b66\u516c\u5f0f\u4fbf\u662f\uff1a\u5e02\u573a\u89c4\u6a21 = \u6f5c\u5728\u5ba2\u6237\u6570\uff08\u73b0\u5728\u548c\u672a\u6765\uff09*\u6bcf\u5e74\u5e73\u5747\u6536\u5165\u5ba2\u6237 = 100 \u4ebf\u7f8e\u5143\u4ee5\u4e0a\u3002\u5982\u679c\u4e00\u5bb6\u516c\u53f8\u7684\u5e02\u573a\u89c4\u6a21\u4f4e\u4e8e 100 \u4ebf\u7f8e\u5143\uff0c\u90a3\u4e48\u6295\u8d44\u56e2\u961f\u9700\u8981\u89e3\u91ca\u4e3a\u4ec0\u4e48\u4ed6\u4eec\u8ba4\u4e3a\u6709\u53ef\u80fd\u83b7\u5f97\u663e\u8457\u8d85\u8fc7 1% \u7684\u5e02\u573a\u6e17\u900f\u7387\uff0c\u5728\u9000\u51fa\u65f6\u4ecd\u80fd\u5b9e\u73b0 1 \u4ebf\u591a\u7f8e\u5143\u7684\u6536\u5165\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u4f5c\u4e3a\u4e00\u540d\u521b\u59cb\u4eba\uff0c\u4f60\u9700\u8981\u80fd\u591f\u8bf4\u660e\u8fd9\u4e2a\u7b80\u5355\u7684\u6570\u5b66\u516c\u5f0f\u662f\u5982\u4f55\u5bf9\u4f60\u7684\u516c\u53f8\u8d77\u4f5c\u7528\u7684\uff0c\u5e76\u652f\u6491\u4f60\u5728\u5ba3\u4f20\u6750\u6599\u4e2d\u5305\u542b\u7684\u76ee\u6807\u5e02\u573a\u89c4\u6a21\u3002\u4e0d\u8981\u5f15\u7528\u5e02\u573a\u89c4\u6a21\u8d85\u8fc7 XX \u4ebf\u7f8e\u5143\u7684\u4e00\u822c\u6027\u7814\u7a76\u62a5\u544a\uff0c\u56e0\u4e3a\u8fd9\u4e2a\u6570\u5b57\u5f88\u53ef\u80fd\u4e0d\u662f\u57fa\u4e8e\u516c\u53f8\u7684\u6f5c\u5728\u5ba2\u6237\u6570\u91cf\u4e58\u4ee5\u516c\u53f8\u6bcf\u5e74\u6bcf\u4e2a\u5ba2\u6237\u7684\u6536\u76ca\u3002\u8ba9\u6211\u4eec\u8ba8\u8bba\u4e00\u4e0b\u76f8\u5173\u7684\u6570\u5b57\u5427\uff01<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u6709\u8da3\u7684\u4e8b\u5b9e\uff1a\u76ee\u524d\u5df2\u77e5\u7684\u62e5\u6709\u5168\u7403\u6700\u5927\u5e02\u573a\u89c4\u6a21\u7684\u662f\u623f\u5730\u4ea7\u5e02\u573a\uff0c\u7ea6\u8fbe 280 \u591a\u4e07\u4ebf\u7f8e\u5143\u3002\u8fd9\u4e00\u73b0\u8c61\u5728\u672a\u6765\u53ef\u80fd\u4f1a\u53d1\u751f\u6539\u53d8\uff0c\u56e0\u4e3a\u6570\u5b57\u4e16\u754c\u521b\u9020\u7684\u8d44\u4ea7\u4ef7\u503c\u53ef\u80fd\u4e0e\u6240\u6709\u5b9e\u4f53\u623f\u5730\u4ea7\u8d44\u4ea7\u7684\u603b\u548c\u76f8\u540c\u6216\u66f4\u591a\u3002280 \u591a\u4e07\u4ebf\u7f8e\u5143\u7684\u5e02\u573a\u89c4\u6a21\u4f7f\u5f97 VC \u5bfb\u627e\u7684 100 \u591a\u4ebf\u7f8e\u5143\u7684\u521d\u59cb\u95e8\u69db\u663e\u5f97\u5fae\u4e0d\u8db3\u9053\u3002100 \u4ebf\u7f8e\u5143\u7684\u5e02\u573a\u89c4\u6a21\u548c 1 \u4e07\u4ebf\u7f8e\u5143\u7684\u5e02\u573a\u89c4\u6a21\u4e4b\u95f4\u7684\u91cf\u7ea7\u5dee 100 \u500d\uff0c\u76f8\u5dee 100 \u4e07\u4ebf\u7f8e\u5143\u5e02\u573a\u89c4\u6a21\uff08\u623f\u5730\u4ea7 280 \u591a\u4e07\u4ebf\u7f8e\u5143\u7684 1\/3\uff09\u7684 1 \u4e07\u500d\u3002\u6240\u4ee5\u8003\u8651\u90a3\u4e9b\u5e02\u573a\u89c4\u6a21\u5927\u7684\u521b\u59cb\u4eba\uff0c\u5e02\u573a\u89c4\u6a21\u4e00\u5b9a\u8981\u5927\uff01<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);\">\n      <strong>\n        <span style=\"font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u77e9\u9635 3 \u2014\u2014 \u5ba2\u6237\u8303\u56f4\uff1a\u6536\u5165 vs. \u6bcf\u4e2a\u5ba2\u6237\u6bcf\u5e74\u7684\u5e73\u5747\u6536\u5165<\/span>\n      <\/strong>\n    <\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u4ece\u6570\u5b66\u4e0a\u6765\u8bb2\uff0c\u5982\u679c\u4e0d\u628a\u6d88\u8d39\u8005\u548c\u4f01\u4e1a\u90fd\u89c6\u4e3a\u5ba2\u6237\uff0c\u4f01\u4e1a\u4ef7\u503c\u5c31\u5f88\u96be\u5b9e\u73b0 1000 \u4ebf\u81f3 1 \u4e07\u4ebf\u7f8e\u5143\uff0c\u56e0\u4e3a\u5168\u7403\u5b58\u5728\u7684\u3001\u80fd\u591f\u6210\u4e3a\u516c\u53f8\u5ba2\u6237\u7684\u4eba\u53e3\u548c\u516c\u53f8\u7684\u6570\u91cf\u662f\u6709\u9650\u7684\u3002\u6839\u636e\u8054\u5408\u56fd\u7684\u4e00\u9879\u7814\u7a76\u663e\u793a\uff0c\u5230 2021 \u5e74\uff0c\u5168\u7403\u603b\u4eba\u53e3\u7ea6\u4e3a 79 \u4ebf\uff0c\u9884\u8ba1\u5230 2100 \u5e74\u5c06\u589e\u957f\u5230 109 \u4ebf\uff0c\u5c4a\u65f6\u4eba\u53e3\u6570\u91cf\u53ef\u80fd\u4f1a\u8d8b\u4e8e\u5e73\u7a33\u6216\u4e0b\u964d\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u5e02\u573a\u89c4\u6a21\u673a\u4f1a\u7684\u4e0a\u9650\u53ef\u4ee5\u8d85\u8fc7\u4eba\u53e3\u7684\u589e\u957f\uff0c\u56e0\u4e3a\u4e2a\u4eba\u4e5f\u4f1a\u6210\u4e3a\u4ed6\u4eec\u81ea\u5df1\u7684\u4f01\u4e1a\uff08\u96f6\u5de5\u7ecf\u6d4e\uff09\uff0c\u589e\u52a0\u53ef\u4f9b\u9500\u552e\u7684\u4f01\u4e1a\u6570\u91cf\u3002\u5373\u4f7f\u5728\u4eba\u53e3\u51cf\u5c11\u7684\u60c5\u51b5\u4e0b\uff0c\u5982\u679c\u6570\u5b57\u5b6a\u751f\u6216\u4eba\u5de5\u667a\u80fd\u5b9e\u4f53\u80fd\u591f\u6210\u4e3a\u81ea\u5df1\u7684\u5ba2\u6237\u6216\u4f01\u4e1a\uff0c\u5e02\u573a\u7684\u89c4\u6a21\u53ef\u80fd\u4f1a\u8fdb\u4e00\u6b65\u6269\u5927\u3002\u6211\u4eec\u77e5\u9053\uff0c\u8fd9\u542c\u8d77\u6765\u5f88\u75af\u72c2\uff0c\u4f46\u8fd9\u662f\u6709\u53ef\u80fd\u7684\uff0c\u800c\u4e14\u5df2\u7ecf\u53d1\u751f\u4e86\uff0c\u6240\u4ee5\u3002\u3002\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;color: rgb(0, 0, 0);\">\n      <br\/>\n    <\/span>\n  <\/p>\n  <p style=\"text-align: center;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"font-size: 16px;color: rgb(0, 0, 0);\">\n      <strong>\n        <span style=\"font-size: 16px;font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;\">\u672a\u6765\u7684\u5947\u7f8e\u62c9\u516c\u53f8<\/span>\n      <\/strong>\n    <\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u4f60\u53ef\u4ee5\u4ece\u76f8\u53cd\u7684\u89d2\u5ea6\u6765\u770b\uff0c\u672a\u6765\u5e02\u503c\u8fbe\u4e07\u4ebf\u7f8e\u5143\u7684\u516c\u53f8\u5c06\u4e0e\u6211\u4eec\u4eca\u5929\u7684\u5947\u7f8e\u62c9\u516c\u53f8\u5b8c\u5168\u4e0d\u540c\uff0c\u76ee\u524d\u5927\u591a\u6570\u516c\u53f8\u90fd\u662f\u4ee5\u6570\u5b57\u4f18\u5148\u7684\u516c\u53f8\uff08\u6bd4\u7279\u4e16\u754c\uff09\uff0c\u5b83\u4eec\u770b\u8d77\u6765\u66f4\u50cf\u662f\u7531\u539f\u5b50\u7ec4\u6210\u7684\u516c\u53f8\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">Tesla \u5c31\u662f\u4e00\u4e2a\u4f8b\u5b50\u3002\u672a\u6765\u4e07\u4ebf\u7f8e\u5143\u7684\u516c\u53f8\u4e5f\u53ef\u80fd\u662f\u505a\u6838\u805a\u53d8\u7684\u80fd\u6e90\u516c\u53f8\uff0c\u505a\u5c0f\u884c\u661f\u91c7\u77ff\u7684\u8d44\u6e90\u516c\u53f8\uff0c\u6216\u5728\u592a\u7a7a\u4e2d\u505a\u623f\u5730\u4ea7\u5efa\u8bbe\u548c\u5236\u9020\u7684\u516c\u53f8\uff08\u56e0\u4e3a\u7528\u4e8e\u5efa\u8bbe\u623f\u5730\u4ea7\u7684\u5916\u5c42\u7a7a\u95f4\u6bd4\u5730\u7403\u4e0a\u7684\u8981\u591a\uff09\u2014\u2014 \u6240\u6709\u8fd9\u4e9b\u90fd\u662f\u6709\u53ef\u80fd\u7684\uff0c\u4e5f\u662f\u6211\u4eec\u57fa\u91d1\u5df2\u7ecf\u5728\u63a2\u7d22\u6216\u5728\u6295\u8d44\u7684\u6240\u6709\u5e02\u573a\u673a\u4f1a\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u65e0\u8bba\u4e00\u5bb6\u516c\u53f8\u9500\u552e\u7684\u662f\u6570\u5b57\u4ea7\u54c1\u8fd8\u662f\u5b9e\u4f53\u4ea7\u54c1\uff0c\u6216\u8005\u662f\u4e24\u8005\u7684\u7ed3\u5408\uff0c\u5e02\u573a\u89c4\u6a21\u7684\u91cd\u8981\u6027\u90fd\u662f\u4e00\u6837\u7684\u3002\u4e00\u5bb6\u5e02\u503c\u8d85\u8fc7 1 \u4e07\u4ebf\u7f8e\u5143\u7684\u516c\u53f8\u5fc5\u987b\u80fd\u591f\u5e94\u5bf9\u4e00\u4e2a\u5de8\u5927\u7684\u5e02\u573a\u673a\u4f1a\uff0c\u5e76\u4e14\u5f71\u54cd\u975e\u5e38\u591a\u7684\u5ba2\u6237\u7fa4\u4f53\u3002\u8fbe\u5230 1 \u4e07\u4ebf\u7f8e\u5143\u4f30\u503c\u6240\u9700\u7684\u5ba2\u6237\u6570\u91cf\u5c06\u7531\u6240\u4f7f\u7528\u7684\u6536\u5165\u6a21\u578b\u51b3\u5b9a\uff0c\u8fd9\u5c06\u662f\u4e00\u4e2a\u9ad8\u4ef7\u4f4e\u91cf\u7684\u6e38\u620f\u6216\u4f4e\u4ef7\u9ad8\u91cf\u7684\u6e38\u620f\uff0c\u6216\u4e24\u8005\u517c\u800c\u6709\u4e4b\uff0c\u5176\u4f30\u503c\u662f\u516c\u53f8\u6536\u5165\u4e58\u4ee5\u6536\u5165\u500d\u6570\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">VC \u662f\u201c\u72ec\u89d2\u517d\u4f01\u4e1a\u6355\u624b\u201d\u3002\u4ed6\u4eec\u6b63\u5728\u5bfb\u6c42\u6295\u8d44\u672a\u6765\u4ef7\u503c\u8d85\u8fc7 10 \u4ebf\u7f8e\u5143\u7684\u516c\u53f8\u3002\u4ed6\u4eec\u7684\u76ee\u6807\u662f 10 \u81f3 100 \u500d\u4ee5\u4e0a\u7684\u56de\u62a5\uff0c\u8fd9\u53ef\u4ee5\u901a\u8fc7\u6700\u521d\u5728 1000 \u4e07\u81f3 1 \u4ebf\u7f8e\u5143\u7684\u4f30\u503c\u8303\u56f4\u5185\u6295\u8d44\uff0c\u4ee5\u53ca\u5728 1 \u4ebf\u81f3 100 \u4ebf\u7f8e\u5143\u4ee5\u4e0a\u8303\u56f4\u5185\u9000\u51fa\u7684\u516c\u53f8\u6765\u5b9e\u73b0\u3002\u7136\u800c\uff0c\u66f4\u5927\u7684\u6e38\u620f\u662f\u4e13\u6ce8\u4e8e\u6295\u8d44\u90a3\u4e9b\u6709\u53ef\u80fd\u5728\u4f30\u503c\u8d85\u8fc7 100 \u4ebf\u7f8e\u5143\u65f6\u9000\u51fa\u7684\u516c\u53f8\uff0c\u8fd9\u9700\u8981\u8ffd\u6c42\u5e02\u573a\u89c4\u6a21\u8fdc\u8fdc\u5927\u4e8e100\u4ebf\u7f8e\u5143\u4ee5\u4e0a\u7684\u521d\u59cb\u98ce\u9669\u6295\u8d44\u95e8\u69db\u7684\u673a\u4f1a\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u516c\u5e73\u5730\u8bf4\uff0c\u4f60\u53ef\u4ee5\u5728\u672a\u6765\u9000\u51fa\u4f30\u503c\u4f4e\u4e8e 10 \u4ebf\u7f8e\u5143\u7684\u60c5\u51b5\u4e0b\uff0c\u5efa\u7acb\u4e00\u4e2a\u56de\u62a5\u7387\u5728 10 \u500d\u4ee5\u4e0a\u7684\u98ce\u9669\u6295\u8d44\u7ec4\u5408\uff0c\u4f46\u4f60\u9700\u8981\u5c3d\u65e9\u6295\u8d44\uff0c\u5728\u4f30\u503c\u8db3\u591f\u4f4e\u7684\u5730\u65b9\u8fdb\u884c\u6295\u8d44\u3002\u4f8b\u5982\uff1a\u6211\u4eec\u4ee5 2700 \u4e07\u7f8e\u5143\u7684\u4f30\u503c\u6295\u8d44\u4e86 Bear Flag Robotics\uff0c14 \u4e2a\u6708\u540e\u5b83\u4ee5 2.5 \u4ebf\u7f8e\u5143\u7684\u4f30\u503c\u9000\u51fa\uff0c\u8fd9\u4e4b\u4e2d\u6ca1\u6709\u4efb\u4f55\u7a00\u91ca\uff0c\u5728\u77ed\u65f6\u95f4\u5185\u83b7\u5f97\u4e86 9 \u500d\u4ee5\u4e0a\u7684\u56de\u62a5\u3002\u5728\u8fd9\u4e48\u77ed\u7684\u65f6\u95f4\u5185\u6301\u7eed\u8fd9\u4e48\u505a\u662f\u975e\u5e38\u7f55\u89c1\u7684\uff0c\u4e5f\u4e0d\u4f1a\u662f\u4f60\u80fd\u591f\u9884\u6d4b\u5230\u7684\u4e8b\u60c5\uff0c\u5c3d\u7ba1\u9876\u7ea7\u6295\u8d44\u673a\u6784\u901a\u5e38\u4f1a\u6295\u8d44\u89c4\u6a21\u66f4\u5927\u7684\u516c\u53f8\uff0c\u8fd9\u4e9b\u516c\u53f8\u4e5f\u786e\u5b9e\u4f1a\u53d1\u751f\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u4f8b\u5982\uff0c\u6211\u4eec\u7684\u57fa\u91d1\u6700\u8fd1\u6709\u4e09\u6b21\u9000\u51fa\uff0c\u5728\u6295\u8d44\u6bcf\u4e2a\u516c\u53f8\u7684\u5927\u7ea6 12 \u4e2a\u6708\u5185\uff0c\u90fd\u6709 1\u81f3 10 \u500d\u7684\u6b63\u5411\u9000\u51fa\uff0c\u5185\u90e8\u6536\u76ca\u7387\u5206\u522b\u8fbe 5%\u300117% \u548c 650%\u3002\u5bf9\u4e8e\u5176\u4e2d\u7684\u4e00\u4e9b\u516c\u53f8\uff0c\u6211\u4eec\u5f53\u7136\u5e0c\u671b\u516c\u53f8\u53d1\u5c55\u7684\u65f6\u95f4\u80fd\u591f\u66f4\u957f\u4e9b\uff0c\u8fbe\u5230\u66f4\u5927\u7684\u91cc\u7a0b\u7891\uff0c\u5e76\u4ee5\u66f4\u5927\u7684\u91d1\u989d\u9000\u51fa\uff0c\u4f46\u5728\u98ce\u9669\u6295\u8d44\u4e2d\uff0c\u8d85\u8fc7 1 \u500d\u7684\u56de\u62a5\u5c31\u662f\u80dc\u5229\uff0c\u6709\u65f6\u521b\u59cb\u4eba\u5f88\u96be\u62d2\u7edd\u65e9\u671f\u7684\u6536\u8d2d\u8981\u7ea6\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">VC \u559c\u6b22\u6295\u8d44\u90a3\u4e9b\u6709\u201cIPO \u6f5c\u529b\u201d\u7684\u516c\u53f8\u3002\u6211\u4eec\u4ece\u4e8b\u98ce\u9669\u6295\u8d44\u4e1a\u52a1\u4e0d\u662f\u4e3a\u4e86\u4e13\u6ce8\u4e8e\u201c\u5feb\u901f\u8f6c\u624b\u201d\u3002\u5f53\u4e00\u4e2a\u521b\u59cb\u4eba\u628a\u4ed6\u4eec\u7684\u516c\u53f8\u8bf4\u6210\u662f\u4e00\u4e2a\u5feb\u901f\u8f6c\u624b\uff0c\u53ef\u4ee5\u83b7\u5f97 2 &#8211; 3 \u500d\u7684\u56de\u62a5\u65f6\uff0c\u8fd9\u5bf9\u4ed6\u4eec\u6765\u8bf4\u901a\u5e38\u662f\u4ef6\u597d\u4e8b\uff0c\u4f46\u5bf9\u6211\u4eec\u6765\u8bf4\u5374\u662f\u4ef6\u574f\u4e8b\u3002\u5f53\u4e00\u4e2a\u516c\u53f8\u62e5\u6709\u201cIPO 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14px;\">\u5f53\u521b\u59cb\u4eba\u4e13\u6ce8\u4e8e\u8ba9\u4ed6\u4eec\u7684\u516c\u53f8\u88ab\u66f4\u5927\u7684\u516c\u53f8\u6536\u8d2d\u65f6\uff0c\u8fd9\u5c31\u8bf4\u660e\u521b\u59cb\u4eba\u5728\u627f\u8ba4\u5b83\u4eec\u6b63\u5728\u6253\u9020\u7684\u4e1c\u897f\u6709\u5f88\u5927\u7684\u6f5c\u529b\uff0c\u4f46\u5e76\u4e0d\u62e5\u6709\u5de8\u5927\u7684\u6f5c\u529b\u3002\u4ed6\u4eec\u4eff\u4f5b\u5728\u8bf4\uff0c\u516c\u53f8\u6700\u597d\u7684\u672a\u6765\u662f\u6210\u4e3a\u4e00\u5bb6\u66f4\u5927\u516c\u53f8\u7684\u5b50\u516c\u53f8\u3002\u6709\u5de8\u5927\u6f5c\u529b\u7684\u516c\u53f8\u4f1a\u8fdb\u884c IPO\uff0c\u7136\u540e\u968f\u7740\u516c\u53f8\u89c4\u6a21\u7684\u4e0d\u65ad\u6269\u5927\uff0c\u4ed6\u4eec\u4f1a\u6536\u8d2d\u5176\u4ed6\u516c\u53f8\u3002\u6700\u7ec8\uff0c\u5982\u679c\u5b83\u4eec\u80fd\u591f\u53d1\u5c55\u5f97\u8db3\u591f\u5927\uff0c\u5b83\u4eec\u5c31\u4f1a\u6210\u4e3a\u4ee5\u72ec\u89d2\u517d\u4e3a\u5348\u9910\u7684\u5947\u7f8e\u62c9\u516c\u53f8\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <span style=\"color: rgb(0, 0, 0);font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 14px;\">\u72ec\u89d2\u517d\u6700\u521d\u662f\u56e0\u4e3a\u4f5c\u4e3a\u4e00\u79cd\u76f8\u5f53\u7f55\u89c1\u7684\u795e\u8bdd\u751f\u7269\u800c\u5f97\u540d\u7684\uff0c\u800c\u4e0d\u662f\u56e0\u4e3a\u5b83\u4eec\u6709\u591a\u53ef\u7231\uff0c\u5c3d\u7ba1\u8fd9\u4e5f\u6709\u6240\u5e2e\u52a9\u3002\u968f\u7740\u65b0\u7684\u72ec\u89d2\u517d\u4f01\u4e1a\u4ee5\u8d8a\u6765\u8d8a\u5feb\u7684\u901f\u5ea6\u500d\u521b\u9020\u51fa\u6765\uff0c\u72ec\u89d2\u517d\u4f01\u4e1a\u4e0d\u518d\u50cf\u4ee5\u524d\u90a3\u6837\u7a00\u5c11\u4e86\u3002\u5728\u6211\u4eec\u7684\u57fa\u91d1 VU Venture Partners \u4e2d\uff0c\u5305\u62ec\u6211\u5728\u5185\u7684\u4e09\u540d\u6295\u8d44\u5408\u4f19\u4eba\u90fd\u662f\u6700\u65e9\u548c\u6700\u5927\u7684 10 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Steel\uff08\u7f8e\u56fd\u94a2\u94c1\u516c\u53f8\uff09\u662f\u7b2c\u4e00\u5bb6\u5728\u4e0a\u5e02\u65f6\u4f30\u503c\u8fbe\u5230 10 \u4ebf\u7f8e\u5143\u7684\u7f8e\u56fd\u516c\u53f8\u3002General Electric\uff08\u901a\u7528\u7535\u6c14\uff09\u82b1\u4e86 95 \u5e74\u7684\u65f6\u95f4\u624d\u8fbe\u5230\u53e6\u4e00\u4e2a\u91cc\u7a0b\u7891 \u2014\u2014 1000 \u4ebf\u7f8e\u5143\u5927\u5173\uff1b\u56db\u5e74\u540e\uff0cMicrosoft \u8fbe\u5230 5000 \u4ebf\u7f8e\u5143\u5927\u5173\uff1b\u5728\u7f8e\u56fd\u7b2c\u4e00\u5bb6\u5341\u4ebf\u7f8e\u5143\u516c\u53f8\u7684 117 \u5e74\u540e\uff0cApple \u7684\u5e02\u503c\u5728 2018 \u5e74\u8fbe\u5230 1 \u4e07\u591a\u4ebf\u7f8e\u5143\u3002\u5f88\u660e\u663e\uff0c\u516c\u53f8\u7684\u589e\u957f\u4e0d\u662f\u4e00\u4e2a\u7ebf\u6027\u51fd\u6570\uff0c\u800c\u662f\u4ee5\u6307\u6570\u5f62\u5f0f\u589e\u957f\u7740\u3002<\/span>\n  <\/p>\n  <p style=\"text-align: justify;margin: 15px 8px;line-height: 1.75em;\">\n    <img decoding=\"async\" class=\"rich_pages wxw-img\" 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