持续投入平台生态建设，收入表现低于预期。本季度公司营业收入1106 亿元，同比增长24%，其中广告营销收入570 亿元，yoy+17%；支付通道收入536亿元，yoy+33%，环比看广告和支付通道收入增速均有下降。分拆看，广告收入为主站广告营销收入，据我们测算，Q4 公司主站GMV 增速为14%左右，广告与GMV 增速GAP 同比收窄，延续24 年的货币化率提升趋势。支付通道收入包含主站佣金、多多...
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