不过，尽管 AI 相关营收的规模已经披露，增速也确实比较客观，且在 Q4 的占比已经达到了 43%，但真正让外界关心的是，百度并没有主动公布 AI 新业务的相关毛利率、净利率等关键盈利指标。
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On the logistics side, fees paid to a single service provider increased from RMB 94 million to RMB 158 million, and the company operated 16 overseas warehouses. On the production side, it adopted a dual self-operated factory model in China and Thailand, emphasizing in-house R&D and manufacturing to control quality—but this also raised its fixed-cost base. In 2024, net profit margin was below 2%, leaving limited room for earnings leverage.，推荐阅读clash下载 - clash官方网站获取更多信息