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商业模式是投资的第一过滤器",[379,447,448],{},[382,449,450,451,453,454,456,457,459,460,462,463,465],{},"\"大道第一次见",[386,452,410],{},"时，曾经问过一个问题：当你看一家公司时，首先看什么？",[386,455,410],{},"说：",[404,458,48],{"href":406},"（",[386,461,392],{},"）！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'",[404,464,48],{"href":406},"'很重要，刮到一个'谢'字时就不用再往下刮了吧。\"（2025-10-24）",[442,467,469],{"id":468},"_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",[379,471,472],{},[382,473,474,475,477,478,480],{},"\"顺便说一下什么叫",[386,476,392],{},"：",[386,479,392],{},"就是赚钱的模式，最后赚得越多的模式就应该越好。\"（2013-03-04）",[379,482,483],{},[382,484,485,486,488,489,491,492,495,496,498],{},"\"",[404,487,48],{"href":406},"简单讲就是公司赚钱的模式。好的",[404,490,48],{"href":406},"是有",[404,493,51],{"href":494},"\u002Fhuchenghe","的，举个极端的例子就是海关（虽然这不是通常意义的",[404,497,48],{"href":406},"）。\"（2019-03-14）",[442,500,502],{"id":501},"_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",[379,504,505],{},[382,506,485,507,509,510,512,513,515,516,518],{},[404,508,51],{"href":494},"实际上我觉得是",[386,511,392],{},"的一部分，好的",[386,514,392],{},"往往具有很宽的",[404,517,51],{"href":494},"。\"",[379,520,521],{},[382,522,523,524,526,527,530],{},"\"好的",[386,525,392],{},"往往是好的未来",[404,528,62],{"href":529},"\u002Fxianjinliu","的保障。\"",[379,532,533],{},[382,534,535,536,539,540,542],{},"\"不好的",[404,537,99],{"href":538},"\u002Fqiyewenhua","，它可能会把好的",[404,541,48],{"href":406},"毁掉。\"（2025年）",[442,544,546],{"id":545},"_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",[379,548,549],{},[382,550,551,552,554,555,557],{},"\"因为价格是你的运气，但是",[404,553,48],{"href":406},"的第一关一定要过，你还要看他",[404,556,99],{"href":538},"是不是你喜欢的。\"（2025年）",[395,559,560],{"id":560},"实战案例",[442,562,564,567],{"id":563},"苹果梦寐以求的生意模式",[386,565,566],{},"苹果","：梦寐以求的生意模式",[382,569,570,572,573,575,576,578],{},[386,571,388],{},"2011年买入",[386,574,566],{},"，核心原因是看懂了它的",[386,577,392],{},"。",[379,580,581],{},[382,582,583,584,587,588,590,591,593],{},"\"本人喜欢",[386,585,586],{},"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，",[386,589,566],{},"是我一直梦寐以求但似乎难以达到的",[386,592,392],{},"。\"（2013-01-22）",[382,595,596,597,599,600,602,603,605,606,609,610,612,613,578],{},"他曾在2019年与",[386,598,410],{},"聚会时说",[386,601,566],{},"的",[386,604,392],{},"比",[386,607,608],{},"可口可乐","好，",[386,611,410],{},"一句\"Wow\"就get了这个点，随后大量买入",[386,614,566],{},[442,616,618,621],{"id":617},"网易看懂游戏行业的本质",[386,619,620],{},"网易","：看懂游戏行业的本质",[382,623,624,625,627,628,630],{},"2001年买入",[386,626,620],{},"，是因为理解了游戏行业的",[386,629,392],{},"和市场空间。",[442,632,634],{"id":633},"通用电气ge失败案例","通用电气（GE）：失败案例",[382,636,637],{},"2008年买入GE，后来反思这是一个错误。",[379,639,640],{},[382,641,642,643,645,646,648],{},"\"它当然是个错误，因为它不符合我后来决定的，要符合",[404,644,99],{"href":538},"和",[404,647,48],{"href":406},"这两个过滤器。\"（2025年方三文对话）",[442,650,652],{"id":651},"zoom生意模式不够强大","Zoom：生意模式不够强大",[379,654,655],{},[382,656,657,658,660,661,663,664,666],{},"\"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",[404,659,51],{"href":494},"在哪里（或者说",[404,662,48],{"href":406},"不是很强大）。在看到强大的",[404,665,51],{"href":494},"之前，我是不敢大投的。\"（2022-01-30）",[395,668,669],{"id":669},"常见误解",[442,671,673],{"id":672},"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",[379,675,676],{},[382,677,485,678,680,681,684,685,687,688,690,691,693],{},[386,679,392],{},"可以复制吗?复制一下",[386,682,683],{},"谷歌","或者",[386,686,566],{},"试试?好的",[386,689,392],{},"是包括",[404,692,99],{"href":538},"在里面的，非常非常难复制。\"（2013-05-31）",[442,695,697],{"id":696},"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",[379,699,700],{},[382,701,702,703,705,706,709],{},"\"首先，好赛道是不会进入低毛利的，低毛利的都是",[404,704,48],{"href":406},"比较差的，产品",[404,707,108],{"href":708},"\u002Fchayihua","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）",[442,711,713],{"id":712},"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",[379,715,716],{},[382,717,718,719,722,723,725],{},"\"这是个",[404,720,83],{"href":721},"\u002Fjihuichengben","问题，你总是挑你自己能看懂的公司里面",[404,724,48],{"href":406},"最好的投。\"（2021-10-24）",[395,727,728],{"id":728},"思想演变",[382,730,731,477,734,736,737,739],{},[386,732,733],{},"2006年之前",[386,735,388],{},"看公司是\"什么都看\"，",[386,738,392],{},"只是众多考量因素之一。",[382,741,742,745,746,748,749,751],{},[386,743,744],{},"2006年（转折点）","：与",[386,747,410],{},"午餐后，开始将",[404,750,48],{"href":406},"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\"。",[382,753,754,757,758,760,761,763,764,766],{},[386,755,756],{},"2010年代（融会贯通期）","：明确了\"",[404,759,48],{"href":406},"+",[404,762,99],{"href":538},"\"的两道过滤器体系。在雪球上大量讨论各行业的",[386,765,392],{},"优劣。",[382,768,769,772,773,775,776,778,779,781],{},[386,770,771],{},"2020年代（极简表达期）","：将",[404,774,48],{"href":406},"的判断更加简化——\"好的",[404,777,48],{"href":406},"很简单，就是利润和净",[404,780,62],{"href":529},"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）",[395,783,784],{"id":784},"原话引用",[379,786,787],{},[382,788,485,789,791,792,794,795,797,798,800],{},[386,790,410],{},"说",[386,793,392],{},"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",[386,796,410],{},"这个说法有道理。和",[386,799,410],{},"吃顿饭没白吃，这句话就已经值个100顿饭了吧?\"",[379,802,803],{},[382,804,805,806,808],{},"\"什么是",[386,807,392],{},"?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。\"",[379,810,811],{},[382,812,813,814,816,817,819,820,822,823,825,826,828],{},"\"一般来说，",[404,815,48],{"href":406},"经常要看的东西不外是",[404,818,51],{"href":494},"是否长期坚固（产品",[404,821,108],{"href":708},"的持续性，",[404,824,99],{"href":538},"），长期的毛利率是否合理（产品的可替代性），长期的净",[404,827,62],{"href":529},"（长期而言其实就是净利润）是否让人满意……\"（2020-11-06）",[379,830,831],{},[382,832,485,833,602,835,838,839,841,842,844],{},[386,834,566],{},[404,836,120],{"href":837},"\u002Fpingtai","建立起来了，或者说",[386,840,392],{},"或者说",[404,843,51],{"href":494},"已经形成了（光软件一年都几十亿的收入了）。\"（2011年）",[379,846,847],{},[382,848,849,850,852],{},"\"投资也好，创业也好，其实都是要很认真地去想一个",[404,851,48],{"href":406},"的。\"（2025年浙大演讲）",[379,854,855],{},[382,856,857,858,860,861,863],{},"\"如果",[404,859,48],{"href":406},"不对，我就不往下看了。\"（引述",[386,862,410],{},"，2025年）",[379,865,866],{},[382,867,868,869,871,872,875,876,878,879,878,881,884],{},"\"所有有关投资的说法实际上都是在讨论如何看懂",[404,870,62],{"href":529},"的问题（如何",[404,873,18],{"href":874},"\u002Fbashiqingzuodui","），比如",[386,877,392],{},"、",[404,880,51],{"href":494},[404,882,22],{"href":883},"\u002Fnengliquan","，等等。\"",{"title":886,"searchDepth":12,"depth":12,"links":887},"",[888,889,895,903,908,909],{"id":397,"depth":12,"text":397},{"id":440,"depth":12,"text":440,"children":890},[891,892,893,894],{"id":444,"depth":16,"text":445},{"id":468,"depth":16,"text":469},{"id":501,"depth":16,"text":502},{"id":545,"depth":16,"text":546},{"id":560,"depth":12,"text":560,"children":896},[897,899,901,902],{"id":563,"depth":16,"text":898},"苹果：梦寐以求的生意模式",{"id":617,"depth":16,"text":900},"网易：看懂游戏行业的本质",{"id":633,"depth":16,"text":634},{"id":651,"depth":16,"text":652},{"id":669,"depth":12,"text":669,"children":904},[905,906,907],{"id":672,"depth":16,"text":673},{"id":696,"depth":16,"text":697},{"id":712,"depth":16,"text":713},{"id":728,"depth":12,"text":728},{"id":784,"depth":12,"text":784},null,"段永平对商业模式的重视源于2006年与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。","md",{},true,"\u002Fdao\u002Fconcepts\u002Fshangyemoshi",{"title":48,"description":911},"段永平谈商业模式：段永平对商业模式的重视源于2006年与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。","商业模式｜大道总纲","dao\u002Fconcepts\u002Fshangyemoshi","QPbriJCHGDIqM694lG1Cv1iOZLv7ad-iy-mV_xbol_c","dao",1778608453556]