[{"data":1,"prerenderedAt":566},["ShallowReactive",2],{"dao-shangyemoshi":3},{"id":4,"title":5,"body":6,"category":554,"description":555,"extension":556,"meta":557,"navigation":558,"order":559,"path":40,"seo":560,"seoDescription":561,"seoTitle":562,"slug":563,"stem":564,"__hash__":565},"dao\u002Fdao\u002Fshangyemoshi.md","商业模式",{"type":7,"value":8,"toc":527},"minimark",[9,12,28,32,46,60,72,75,80,100,104,115,134,138,154,167,180,184,195,198,205,216,231,252,259,268,272,275,286,290,304,307,311,331,335,348,352,365,368,379,391,406,421,424,440,448,468,485,493,504],[10,11,5],"h1",{"id":5},[13,14,15],"blockquote",{},[16,17,18,19,23,24,27],"p",{},"注：",[20,21,22],"strong",{},"段永平","本人更常使用\"",[20,25,26],{},"生意模式","\"一词，两者含义相同。",[29,30,31],"h2",{"id":31},"定义与起源",[16,33,34,36,37,41,42,45],{},[20,35,22],{},"对",[38,39,5],"a",{"href":40},"\u002Fdao\u002Fshangyemoshi","的重视源于2006年与",[20,43,44],{},"巴菲特","共进午餐时的关键对话。这是他在投资理念上最重要的一次进化。",[13,47,48],{},[16,49,50,51,53,54,56,57,59],{},"\"我最重要的收获就是我问他，你看公司最重要的什么，他说",[38,52,5],{"href":40},"。那个给我印象很深，因为我们看公司就是什么都看。我说你第一个看什么，他说",[38,55,5],{"href":40},"，如果",[38,58,5],{"href":40},"不对，我就不往下看了。他有过滤器。\"（2025年）",[16,61,62,63,65,66,68,69,71],{},"在此之前，他虽然也知道",[20,64,26],{},"重要，\"但往往是和其他很多重要的东西混在一起看的。当年",[20,67,44],{},"特别提醒我，应该首先看",[20,70,26],{},"，这几年下来慢慢觉得确实应该如此。\"",[29,73,74],{"id":74},"核心要义",[76,77,79],"h3",{"id":78},"_1-商业模式是投资的第一过滤器","1. 商业模式是投资的第一过滤器",[13,81,82],{},[16,83,84,85,87,88,90,91,93,94,96,97,99],{},"\"大道第一次见",[20,86,44],{},"时，曾经问过一个问题：当你看一家公司时，首先看什么？",[20,89,44],{},"说：",[38,92,5],{"href":40},"（",[20,95,26],{},"）！大道从听到这句话后大概花了10年的时间才真的理解了这句话的威力。首先看'",[38,98,5],{"href":40},"'很重要，刮到一个'谢'字时就不用再往下刮了吧。\"（2025-10-24）",[76,101,103],{"id":102},"_2-商业模式的定义赚钱的模式","2. 商业模式的定义：赚钱的模式",[13,105,106],{},[16,107,108,109,111,112,114],{},"\"顺便说一下什么叫",[20,110,26],{},"：",[20,113,26],{},"就是赚钱的模式，最后赚得越多的模式就应该越好。\"（2013-03-04）",[13,116,117],{},[16,118,119,120,122,123,125,126,130,131,133],{},"\"",[38,121,5],{"href":40},"简单讲就是公司赚钱的模式。好的",[38,124,5],{"href":40},"是有",[38,127,129],{"href":128},"\u002Fdao\u002Fhuchenghe","护城河","的，举个极端的例子就是海关（虽然这不是通常意义的",[38,132,5],{"href":40},"）。\"（2019-03-14）",[76,135,137],{"id":136},"_3-商业模式与护城河企业文化的关系","3. 商业模式与护城河、企业文化的关系",[13,139,140],{},[16,141,119,142,144,145,147,148,150,151,153],{},[38,143,129],{"href":128},"实际上我觉得是",[20,146,26],{},"的一部分，好的",[20,149,26],{},"往往具有很宽的",[38,152,129],{"href":128},"。\"",[13,155,156],{},[16,157,158,159,161,162,166],{},"\"好的",[20,160,26],{},"往往是好的未来",[38,163,165],{"href":164},"\u002Fdao\u002Fxianjinliu","现金流","的保障。\"",[13,168,169],{},[16,170,171,172,176,177,179],{},"\"不好的",[38,173,175],{"href":174},"\u002Fdao\u002Fqiyewenhua","企业文化","，它可能会把好的",[38,178,5],{"href":40},"毁掉。\"（2025年）",[76,181,183],{"id":182},"_4-两道过滤器商业模式-企业文化","4. 两道过滤器：商业模式 + 企业文化",[13,185,186],{},[16,187,188,189,191,192,194],{},"\"因为价格是你的运气，但是",[38,190,5],{"href":40},"的第一关一定要过，你还要看他",[38,193,175],{"href":174},"是不是你喜欢的。\"（2025年）",[29,196,197],{"id":197},"实战案例",[76,199,201,204],{"id":200},"苹果梦寐以求的生意模式",[20,202,203],{},"苹果","：梦寐以求的生意模式",[16,206,207,209,210,212,213,215],{},[20,208,22],{},"2011年买入",[20,211,203],{},"，核心原因是看懂了它的",[20,214,26],{},"。",[13,217,218],{},[16,219,220,221,224,225,227,228,230],{},"\"本人喜欢",[20,222,223],{},"苹果****生意模式","的很重要的一点来自于自己在消费电子20多年的体验，",[20,226,203],{},"是我一直梦寐以求但似乎难以达到的",[20,229,26],{},"。\"（2013-01-22）",[16,232,233,234,236,237,239,240,242,243,246,247,249,250,215],{},"他曾在2019年与",[20,235,44],{},"聚会时说",[20,238,203],{},"的",[20,241,26],{},"比",[20,244,245],{},"可口可乐","好，",[20,248,44],{},"一句\"Wow\"就get了这个点，随后大量买入",[20,251,203],{},[76,253,255,258],{"id":254},"网易看懂游戏行业的本质",[20,256,257],{},"网易","：看懂游戏行业的本质",[16,260,261,262,264,265,267],{},"2001年买入",[20,263,257],{},"，是因为理解了游戏行业的",[20,266,26],{},"和市场空间。",[76,269,271],{"id":270},"通用电气ge失败案例","通用电气（GE）：失败案例",[16,273,274],{},"2008年买入GE，后来反思这是一个错误。",[13,276,277],{},[16,278,279,280,282,283,285],{},"\"它当然是个错误，因为它不符合我后来决定的，要符合",[38,281,175],{"href":174},"和",[38,284,5],{"href":40},"这两个过滤器。\"（2025年方三文对话）",[76,287,289],{"id":288},"zoom生意模式不够强大","Zoom：生意模式不够强大",[13,291,292],{},[16,293,294,295,297,298,300,301,303],{},"\"我很欣赏Zoom的创始人和CEO，也觉得Zoom的文化很好，但就是搞不清Zoom的",[38,296,129],{"href":128},"在哪里（或者说",[38,299,5],{"href":40},"不是很强大）。在看到强大的",[38,302,129],{"href":128},"之前，我是不敢大投的。\"（2022-01-30）",[29,305,306],{"id":306},"常见误解",[76,308,310],{"id":309},"误解一好的商业模式可以复制","误解一：好的商业模式可以复制",[13,312,313],{},[16,314,119,315,317,318,321,322,324,325,327,328,330],{},[20,316,26],{},"可以复制吗?复制一下",[20,319,320],{},"谷歌","或者",[20,323,203],{},"试试?好的",[20,326,26],{},"是包括",[38,329,175],{"href":174},"在里面的，非常非常难复制。\"（2013-05-31）",[76,332,334],{"id":333},"误解二低毛利率也可以是好赛道","误解二：低毛利率也可以是好赛道",[13,336,337],{},[16,338,339,340,342,343,347],{},"\"首先，好赛道是不会进入低毛利的，低毛利的都是",[38,341,5],{"href":40},"比较差的，产品",[38,344,346],{"href":345},"\u002Fdao\u002Fchayihua","差异化","很小的产品。那作为创业者你还要进去，那就脑子坏了呗。\"（2025年浙大演讲）",[76,349,351],{"id":350},"误解三商业模式一般但管理好就够了","误解三：商业模式一般但管理好就够了",[13,353,354],{},[16,355,356,357,361,362,364],{},"\"这是个",[38,358,360],{"href":359},"\u002Fdao\u002Fjihuichengben","机会成本","问题，你总是挑你自己能看懂的公司里面",[38,363,5],{"href":40},"最好的投。\"（2021-10-24）",[29,366,367],{"id":367},"思想演变",[16,369,370,111,373,375,376,378],{},[20,371,372],{},"2006年之前",[20,374,22],{},"看公司是\"什么都看\"，",[20,377,26],{},"只是众多考量因素之一。",[16,380,381,384,385,387,388,390],{},[20,382,383],{},"2006年（转折点）","：与",[20,386,44],{},"午餐后，开始将",[38,389,5],{"href":40},"放在第一位作为过滤器。但他坦言\"大概花了10年的时间才真的理解了这句话的威力\"。",[16,392,393,396,397,399,400,402,403,405],{},[20,394,395],{},"2010年代（融会贯通期）","：明确了\"",[38,398,5],{"href":40},"+",[38,401,175],{"href":174},"\"的两道过滤器体系。在雪球上大量讨论各行业的",[20,404,26],{},"优劣。",[16,407,408,411,412,414,415,417,418,420],{},[20,409,410],{},"2020年代（极简表达期）","：将",[38,413,5],{"href":40},"的判断更加简化——\"好的",[38,416,5],{"href":40},"很简单，就是利润和净",[38,419,165],{"href":164},"一直都是杠杠的，而且竞争对手哪怕用很长的时间也很难抢。\"（2020-10-11）",[29,422,423],{"id":423},"原话引用",[13,425,426],{},[16,427,119,428,430,431,433,434,436,437,439],{},[20,429,44],{},"说",[20,432,26],{},"最重要。我自己大概对这句话想了好几年了，还在继续想，但确实越来越感觉到",[20,435,44],{},"这个说法有道理。和",[20,438,44],{},"吃顿饭没白吃，这句话就已经值个100顿饭了吧?\"",[13,441,442],{},[16,443,444,445,447],{},"\"什么是",[20,446,26],{},"?我也说不清楚，也许大学里的教授能给个文点的定义吧。但是，我觉得我大致知道那到底是什么意思。\"",[13,449,450],{},[16,451,452,453,455,456,458,459,461,462,464,465,467],{},"\"一般来说，",[38,454,5],{"href":40},"经常要看的东西不外是",[38,457,129],{"href":128},"是否长期坚固（产品",[38,460,346],{"href":345},"的持续性，",[38,463,175],{"href":174},"），长期的毛利率是否合理（产品的可替代性），长期的净",[38,466,165],{"href":164},"（长期而言其实就是净利润）是否让人满意……\"（2020-11-06）",[13,469,470],{},[16,471,119,472,239,474,478,479,481,482,484],{},[20,473,203],{},[38,475,477],{"href":476},"\u002Fdao\u002Fpingtai","平台","建立起来了，或者说",[20,480,26],{},"或者说",[38,483,129],{"href":128},"已经形成了（光软件一年都几十亿的收入了）。\"（2011年）",[13,486,487],{},[16,488,489,490,492],{},"\"投资也好，创业也好，其实都是要很认真地去想一个",[38,491,5],{"href":40},"的。\"（2025年浙大演讲）",[13,494,495],{},[16,496,497,498,500,501,503],{},"\"如果",[38,499,5],{"href":40},"不对，我就不往下看了。\"（引述",[20,502,44],{},"，2025年）",[13,505,506],{},[16,507,508,509,511,512,516,517,519,520,519,522,526],{},"\"所有有关投资的说法实际上都是在讨论如何看懂",[38,510,165],{"href":164},"的问题（如何",[38,513,515],{"href":514},"\u002Fdao\u002Fbashiqingzuodui","把事情做对","），比如",[20,518,26],{},"、",[38,521,129],{"href":128},[38,523,525],{"href":524},"\u002Fdao\u002Fnengliquan","能力圈","，等等。\"",{"title":528,"searchDepth":529,"depth":529,"links":530},"",2,[531,532,539,547,552,553],{"id":31,"depth":529,"text":31},{"id":74,"depth":529,"text":74,"children":533},[534,536,537,538],{"id":78,"depth":535,"text":79},3,{"id":102,"depth":535,"text":103},{"id":136,"depth":535,"text":137},{"id":182,"depth":535,"text":183},{"id":197,"depth":529,"text":197,"children":540},[541,543,545,546],{"id":200,"depth":535,"text":542},"苹果：梦寐以求的生意模式",{"id":254,"depth":535,"text":544},"网易：看懂游戏行业的本质",{"id":270,"depth":535,"t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