{"id":2446,"date":"2026-03-12T15:57:37","date_gmt":"2026-03-12T07:57:37","guid":{"rendered":"https:\/\/www.anxinlirong.com\/?p=2446"},"modified":"2026-03-17T16:03:07","modified_gmt":"2026-03-17T08:03:07","slug":"%e5%87%80%e8%b5%9a117%e4%ba%bf%ef%bc%8c%e4%bb%8a%e5%b9%b4%e6%96%b0%e8%8c%b6%e9%a5%ae%e5%9c%88%e6%9c%80%e5%a4%a7%e7%9a%84pe%e9%80%80%e5%87%ba%e8%a6%81%e6%9d%a5%e4%ba%86","status":"publish","type":"post","link":"https:\/\/www.anxinlirong.com\/?p=2446","title":{"rendered":"\u51c0\u8d5a117\u4ebf\uff0c\u4eca\u5e74\u65b0\u8336\u996e\u5708\u6700\u5927\u7684PE\u9000\u51fa\u8981\u6765\u4e86"},"content":{"rendered":"

\u672c\u6587\u6765\u6e90\uff1a<\/span>\u51c0\u8d5a117\u4ebf\uff0c\u4eca\u5e74\u65b0\u8336\u996e\u5708\u6700\u5927\u7684PE\u9000\u51fa\u8981\u6765\u4e86<\/a><\/p>\n

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\u867d\u7136\u56de\u62a5\u53ef\u89c2\uff0c\u4f46\u79c1\u52df\u80a1\u6743\u6295\u8d44\u516c\u53f8TA Associates\u5bf9LP\u8868\u793a\uff0c”\u5728\u53ef\u9884\u89c1\u7684\u672a\u6765\uff0c\u4e0d\u518d\u8fdb\u884c\u65b0\u7684\u6d88\u8d39\u4ea7\u54c1\u6295\u8d44”\u3002<\/p>\n
\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n
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\u53c8\u4e00\u5bb6\u77e5\u540d\u996e\u6599\u54c1\u724c\u8981\u5356\u4e86\u3002<\/p>\n<\/section>\n

\u636e\u5f6d\u535a\u793e\u62a5\u9053\uff0c\u7f8e\u56fd\u8001\u724c\u79c1\u52df\u80a1\u6743\u6295\u8d44\u516c\u53f8TA Associates\u6b63\u5728\u8003\u8651\u51fa\u552e\u5176\u6301\u6709\u7684\u5168\u7403\u77e5\u540d\u8336\u996e\u54c1\u724c\u8d21\u8336\uff08Gong Cha\uff09\uff0c\u4ea4\u6613\u5bf9\u8d21\u8336\u7684\u4f30\u503c\u53ef\u80fd\u8fbe\u5230\u7ea620\u4ebf\u7f8e\u5143\uff08\u6298\u5408\u4eba\u6c11\u5e01\u8d85\u8fc7137\u4ebf\u5143\uff09\u3002<\/p>\n

\u77e5\u60c5\u4eba\u58eb\u900f\u9732\uff0cTA\u00a0Associates<\/span>\u5df2\u59d4\u6258\u534e\u5c14\u8857\u9876\u7ea7\u6295\u884c\u6469\u6839\u5927\u901a\u4f5c\u4e3a\u8d22\u52a1\u987e\u95ee\u63a8\u8fdb\u8fd9\u4e00\u6f5c\u5728\u4ea4\u6613\u3002\u4e0d\u8fc7\uff0c\u76f8\u5173\u8ba8\u8bba\u5c1a\u5904\u4e8e\u65e9\u671f\u9636\u6bb5\uff0c\u5c1a\u672a\u505a\u51fa\u6700\u7ec8\u51b3\u5b9a\u3002<\/p>\n

\u4ea4\u6613\u82e5\u6700\u7ec8\u8fbe\u6210\uff0c\u5176\u5c06\u6210\u4e3a\u8fd1\u5e74\u6765\u5168\u7403\u65b0\u5f0f\u8336\u996e\u884c\u4e1a\u89c4\u6a21\u6700\u5927\u7684PE\u9000\u51fa\u6848\u4f8b\u4e4b\u4e00\u3002<\/p>\n

\u51c0\u8d5a117\u4ebf<\/strong><\/p>\n

\u4f46TA\u8868\u793a\u201c\u4e0d\u518d\u6295\u8d44\u65b0\u7684\u6d88\u8d39\u9879\u76ee\u201d<\/strong><\/p>\n

TA Associates\u5bf9\u8d21\u8336\u7684\u6536\u8d2d\u53d1\u751f\u57282019\u5e74\uff0c\u5177\u4f53\u4ea4\u6613\u91d1\u989d\u4ece\u672a\u516c\u5f00\u62ab\u9732\u3002\u4f46\u6839\u636e\u884c\u4e1a\u60ef\u4f8b\u548c\u8d21\u8336\u5f53\u65f6\u7684\u89c4\u6a21\u63a8\u6d4b\uff0c\u6536\u8d2d\u4f30\u503c\u53ef\u80fd\u7ea63\u4ebf\u7f8e\u5143\u4e0a\u4e0b\u3002<\/p>\n

\u82e5\u6b64\u6b21\u4ee520\u4ebf\u7f8e\u5143\u4f30\u503c\u6210\u529f\u9000\u51fa\uff0c\u610f\u5473\u7740TA Associates\u5728\u8fd17\u5e74\u6301\u6709\u671f\u5185\uff0c\u5b9e\u73b0\u4e8617\u4ebf\u7f8e\u5143\uff08\u6298\u5408\u4eba\u6c11\u5e01\u63a5\u8fd1117\u4ebf\u5143\uff09\u6536\u76ca\uff0c\u6295\u8d44\u56de\u62a5\u8fd17\u500d\u51e0\u4e4e\u4e00\u5e74\u6536\u76ca\u4e00\u500d\u3002<\/p>\n

\u8003\u8651\u52302020-2022\u5e74\u671f\u95f4\u5168\u7403\u9910\u996e\u4e1a\u906d\u53d7\u65b0\u51a0\u75ab\u60c5\u91cd\u521b\uff0c\u8d21\u8336\u80fd\u591f\u5728\u6b64\u73af\u5883\u4e0b\u5b9e\u73b0\u6570\u500d\u7684\u4f30\u503c\u589e\u957f\uff0c\u8fd9\u4e00\u4e1a\u7ee9\u5df2\u662f\u4e0d\u4fd7\u3002<\/p>\n

\u516c\u5f00\u8d44\u6599\u663e\u793a\uff0cTA Associates\u6210\u7acb\u4e8e1968\u5e74\uff0c\u603b\u90e8\u4f4d\u4e8e\u7f8e\u56fd\u6ce2\u58eb\u987f\uff0c\u662f\u5168\u7403\u5386\u53f2\u6700\u60a0\u4e45\u3001\u89c4\u6a21\u6700\u5927\u7684\u6210\u957f\u578b\u79c1\u52df\u80a1\u6743\u516c\u53f8\u4e4b\u4e00\u3002<\/p>\n

\u516c\u53f8\u521b\u59cb\u4eba\u4e3aPeter Brooke\uff0c\u5176\u672c\u4eba\u65e9\u671f\u4ee5\u98ce\u9669\u6295\u8d44\u8d77\u5bb6\uff0c\u540e\u9010\u6b65\u8f6c\u578b\u4e3a\u4e13\u6ce8\u4e2d\u540e\u671f\u6210\u957f\u578b\u4f01\u4e1a\u7684\u79c1\u52df\u80a1\u6743\u6295\u8d44\u673a\u6784\u3002<\/p>\n

\u622a\u81f3\u76ee\u524d\uff0cTA Associates\u7d2f\u8ba1\u52df\u96c6\u8d44\u672c\u8d85\u8fc7650\u4ebf\u7f8e\u5143\uff0c\u5728\u5168\u7403\u62e5\u6709\u6ce2\u58eb\u987f\u3001\u95e8\u6d1b\u5e15\u514b\u3001\u5965\u65af\u6c40\u3001\u4f26\u6566\u3001\u5b5f\u4e70\u548c\u9999\u6e2f6\u4e2a\u529e\u516c\u5ba4\uff0c\u6295\u8d44\u56e2\u961f\u8d85\u8fc7150\u4eba\u3002<\/p>\n

TA Associates\u7684\u6295\u8d44\u7b56\u7565\u805a\u7126\u4e8e5\u4e2a\u6838\u5fc3\u884c\u4e1a\uff1a\u79d1\u6280\u3001\u533b\u7597\u5065\u5eb7\u3001\u91d1\u878d\u670d\u52a1\u3001\u6d88\u8d39\u53ca\u5546\u4e1a\u670d\u52a1\u3002\u4e0e\u5176\u4ed6\u79c1\u52df\u5de8\u5934\u4e0d\u540c\uff0cTA Associates\u4e0d\u8ffd\u6c42\u63a7\u80a1\u6536\u8d2d\u6216\u6760\u6746 buyout\uff0c\u800c\u662f\u503e\u5411\u4e8e\u4ee5\u5c11\u6570\u80a1\u6743\u6216\u5171\u540c\u63a7\u5236\u7684\u65b9\u5f0f\uff0c\u4e0e\u4f18\u79c0\u7684\u7ba1\u7406\u56e2\u961f\u957f\u671f\u5408\u4f5c\uff0c\u901a\u8fc7\u6709\u673a\u589e\u957f\u548c\u6218\u7565\u5e76\u8d2d\u5b9e\u73b0\u4ef7\u503c\u63d0\u5347\u3002<\/p>\n

\u4ece\u5386\u53f2\u4e1a\u7ee9\u6765\u770b\uff0cTA Associates\u7684\u8868\u73b0\u76f8\u5f53\u7a33\u5065\u3002\u4ee5\u51762010\u5e74\u6210\u7acb\u7684TA XI\u57fa\u91d1\u4e3a\u4f8b\uff0c\u622a\u81f32025\u5e74\u7b2c\u4e09\u5b63\u5ea6\uff0c\u8be5\u57fa\u91d1\u51c0\u5185\u90e8\u6536\u76ca\u7387\uff08Net IRR\uff09\u8fbe\u523026.7%\uff0c\u6295\u8d44\u500d\u6570\uff08MOIC\uff09\u4e3a3.79\u500d\uff0c\u5728MSCI\u79c1\u52df\u80a1\u6743\u57fa\u51c6\u6392\u540d\u4e2d\u5904\u4e8e\u7b2c\u4e00\u56db\u5206\u4f4d\u3002<\/p>\n

\u4e0d\u8fc7\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0cTA Associates\u57282025\u5e74\u7b2c\u4e09\u5b63\u5ea6\u81f4LP\u7684\u4fe1\u4e2d\u5766\u627f\uff0c\u5176\u6d88\u8d39\u4ea7\u54c1\u6295\u8d44\u7ec4\u5408\u8fd1\u5e74\u6765\u8868\u73b0\u6ce2\u52a8\u8f83\u5927\uff0c\u7279\u522b\u662fTA XIV\u57fa\u91d1\uff082021\u5e74\u6210\u7acb\uff09\u4e2d\u7684\u6d88\u8d39\u54c1\u7c7b\u6295\u8d44\u51fa\u73b0\u4e8f\u635f\uff0c\u56e0\u6b64\u51b3\u5b9a”\u5728\u53ef\u9884\u89c1\u7684\u672a\u6765\u4e0d\u518d\u8fdb\u884c\u65b0\u7684\u6d88\u8d39\u4ea7\u54c1\u6295\u8d44”\u3002<\/p>\n

\u4ece\u53f0\u6e7e\u5230\u4f26\u6566<\/strong><\/p>\n

\u8d21\u8336\u672a\u6765\u8981\u5f0010000\u5bb6\u5e97<\/strong><\/p>\n

\u8d21\u8336\u7684\u6545\u4e8b\u59cb\u4e8e2006\u5e74\u7684\u4e2d\u56fd\u53f0\u6e7e\u9ad8\u96c4\u3002\u5f7c\u65f6\uff0c\u54c1\u724c\u521b\u59cb\u4eba\u9ec4\u59d3\u4e0e\u5434\u59d3\u4e24\u4f4d\u597d\u53cb\uff0c\u6000\u63e3\u7740\u5bf9\u8336\u996e\u7684\u70ed\u7231\uff0c\u5728\u5f53\u5730\u5f00\u8bbe\u4e86\u7b2c\u4e00\u5bb6\u8d21\u8336\u95e8\u5e97\u3002<\/p>\n

“\u8d21\u8336”\u4e8c\u5b57\u6e90\u81ea\u4e2d\u56fd\u53e4\u4ee3\u8336\u6587\u5316\uff0c\u610f\u4e3a”\u5411\u7687\u5e1d\u8fdb\u8d21\u7684\u8336\u53f6”\uff0c\u8c61\u5f81\u7740\u6700\u9ad8\u54c1\u8d28\u7684\u8336\u53f6\u3002\u8fd9\u4e00\u547d\u540d\u65e2\u4f53\u73b0\u4e86\u521b\u59cb\u4eba\u5bf9\u4ea7\u54c1\u54c1\u8d28\u7684\u6781\u81f4\u8ffd\u6c42\uff0c\u4e5f\u4e3a\u54c1\u724c\u8d4b\u4e88\u4e86\u6df1\u539a\u7684\u6587\u5316\u5e95\u8574\u3002<\/p>\n

2009\u5e74\uff0c\u8d21\u8336\u5f00\u59cb\u8de8\u51fa\u53f0\u6e7e\uff0c\u5148\u540e\u8fdb\u5165\u9999\u6e2f\u3001\u65b0\u52a0\u5761\u3001\u9a6c\u6765\u897f\u4e9a\u7b49\u4e9a\u6d32\u5e02\u573a\u30022011\u5e74\uff0c\u4e00\u4f4d\u524d\u94f6\u884c\u5bb6\u5728\u65b0\u52a0\u5761\u8d2d\u7269\u4e2d\u5fc3\u5076\u9047\u8d21\u8336\uff0c\u88ab\u5176\u4ea7\u54c1\u6253\u52a8\uff0c\u968f\u540e\u5c06\u54c1\u724c\u5f15\u5165\u7f8e\u56fd\u5e02\u573a\uff0c\u5f00\u542f\u4e86\u8d21\u8336\u7684\u5168\u7403\u5316\u5f81\u7a0b\u3002<\/p>\n

\u4e0d\u8fc7\uff0c\u8d21\u8336\u53d1\u5c55\u53f2\u4e0a\u6700\u4e3a\u5173\u952e\u7684\u8f6c\u6298\u70b9\u53d1\u751f\u57282019\u5e74\u3002\u8fd9\u4e00\u5e74\uff0cTA Associates\u5b8c\u6210\u5bf9\u8d21\u8336\u7684\u6536\u8d2d\uff0c\u5e76\u5c06\u516c\u53f8\u5168\u7403\u603b\u90e8\u8fc1\u81f3\u82f1\u56fd\u4f26\u6566\u3002<\/p>\n

\u8fd9\u4e00\u4e3e\u63aa\u5177\u6709\u6df1\u8fdc\u7684\u6218\u7565\u610f\u4e49\uff1a\u4e00\u65b9\u9762\uff0c\u4f26\u6566\u4f5c\u4e3a\u56fd\u9645\u91d1\u878d\u4e2d\u5fc3\uff0c\u4fbf\u4e8e\u8d21\u8336\u5bf9\u63a5\u5168\u7403\u8d44\u672c\u548c\u4eba\u624d\uff1b\u53e6\u4e00\u65b9\u9762\uff0c\u4e5f\u6807\u5fd7\u7740\u8d21\u8336\u4ece\u4e00\u5bb6\u4e9a\u6d32\u533a\u57df\u54c1\u724c\u6b63\u5f0f\u8f6c\u578b\u4e3a\u5168\u7403\u5316\u4f01\u4e1a\u3002<\/p>\n

\u5728TA Associates\u7684\u63a7\u80a1\u671f\u95f4\uff0c\u8d21\u8336\u7ecf\u5386\u4e86\u7206\u53d1\u5f0f\u589e\u957f\u3002\u6839\u636e\u516c\u53f8\u5b98\u65b9\u6570\u636e\uff0c\u622a\u81f32024\u5e74\u5e95\uff0c\u8d21\u8336\u5728\u5168\u740328\u4e2a\u5e02\u573a\u62e5\u67092162\u5bb6\u95e8\u5e97\uff0c\u8f832019\u5e74\u6536\u8d2d\u65f6\u589e\u957f\u8d85\u8fc71\u500d\u3002 \u5176\u4e2d\uff0c\u7f8e\u56fd\u5e02\u573a\u95e8\u5e97\u6570\u91cf\u4ece2014\u5e74\u8fdb\u5165\u65f6\u7684\u96f6\u661f\u51e0\u5bb6\u589e\u957f\u81f3230\u5bb6\u4ee5\u4e0a\uff0c\u8986\u76d623\u4e2a\u5dde\u53ca\u534e\u76db\u987f\u7279\u533a\u3002<\/p>\n

\u66f4\u503c\u5f97\u5173\u6ce8\u7684\u662f\u8d21\u8336\u7684\u957f\u671f\u76ee\u6807\u2014\u2014\u516c\u53f8\u8ba1\u5212\u57282032\u5e74\u524d\u5c06\u5168\u7403\u95e8\u5e97\u6570\u91cf\u6269\u5c55\u81f310000\u5bb6\uff0c\u8fd9\u610f\u5473\u7740\u672a\u6765\u516b\u5e74\u9700\u8981\u4fdd\u6301\u5e74\u5747\u65b0\u589e\u7ea61000\u5bb6\u95e8\u5e97\u7684\u5f00\u5e97\u901f\u5ea6\u3002<\/p>\n

\u4e3a\u5b9e\u73b0\u8fd9\u4e00\u76ee\u6807\uff0c\u8d21\u8336\u57282024\u5e74\u63a8\u51fa\u4e86”Gong Cha 2.0″\u95e8\u5e97\u6a21\u578b\uff0c\u901a\u8fc7\u6570\u5b57\u5316\u53a8\u623f\u3001\u81ea\u52a9\u70b9\u9910 kiosk \u548c\u667a\u80fd\u914d\u8336\u7cfb\u7edf\uff0c\u5c06\u8fd0\u8425\u6548\u7387\u63d0\u534730%\uff0c\u540c\u65f6\u964d\u4f4e\u5bf9\u4eba\u5de5\u7684\u4f9d\u8d56\u3002<\/p>\n

\u5e02\u573a\u5206\u6790\u4eba\u58eb\u6307\u51fa\uff0c\u5982\u4eca20\u4ebf\u7f8e\u5143\u7684\u4f30\u503c\u6c34\u5e73\u76f8\u5f53\u4e8e\u8d21\u83362024\u5e74\u96c6\u56e2\u6536\u51651.9\u4ebf\u7f8e\u5143\u7684\u7ea610.5\u500d\uff0c\u8fd9\u4e00\u500d\u6570\u5728\u9910\u996e\u8fde\u9501\u884c\u4e1a\u4e2d\u5c5e\u4e8e\u4e2d\u9ad8\u6c34\u5e73\u3002\u8003\u8651\u5230\u5f53\u524d\u5168\u7403\u8d44\u672c\u5e02\u573a\u6ce2\u52a8\u4ee5\u53ca\u6d88\u8d39\u884c\u4e1a\u4f30\u503c\u56de\u8c03\u7684\u5927\u73af\u5883\uff0c\u6700\u7ec8\u4ea4\u6613\u4ef7\u683c\u4ecd\u5b58\u5728\u8f83\u5927\u8c08\u5224\u7a7a\u95f4\u3002<\/p>\n

\u661f\u5df4\u514b\u4e2d\u56fd\u3001\u84dd\u74f6\u3001\u5927\u7a91\u3001Costa\u2026<\/strong><\/p>\n

\u5168\u7403\u996e\u6599\u54c1\u724c\u51fa\u552e\u6f6e<\/strong><\/p>\n

\u8d21\u8336\u7684\u51fa\u552e\u5e76\u975e\u5b64\u7acb\u4e8b\u4ef6\uff0c\u800c\u662f\u5168\u7403\u996e\u6599\u884c\u4e1a\u65b0\u4e00\u8f6e\u8d44\u672c\u91cd\u7ec4\u6d6a\u6f6e\u7684\u7f29\u5f71\u3002<\/p>\n

2024-2025\u5e74\uff0c\u5305\u62ec\u661f\u5df4\u514b\u4e2d\u56fd\u3001\u84dd\u74f6\u3001\u5927\u7a91\u3001Costa\u7b49\u5728\u5185\u7684\u591a\u4e2a\u77e5\u540d\u996e\u54c1\u54c1\u724c\u5148\u540e\u88ab\u6446\u4e0a\u51fa\u552e\u53f0\uff0c\u5176\u4e2d\u5927\u90e8\u5206\u5df2\u7ecf\u4f20\u51fa\u4e86\u80a1\u6743\u53d8\u52a8\u6d88\u606f\u3002<\/p>\n

\u5176\u4e2d\u6700\u77e5\u540d\u3001\u5f71\u54cd\u6700\u5927\u7684\u662f\u2014\u20142024\u5e7411\u6708\uff0c\u661f\u5df4\u514b\u4e2d\u56fd\u51fa\u552e\u4f20\u95fb\u9996\u6b21\u66dd\u5149\u3002\u968f\u540e\u6570\u6708\uff0c\u8d85\u8fc720\u5bb6\u673a\u6784\u88ab\u66dd\u51fa\u4e0e\u661f\u5df4\u514b\u4e2d\u56fd\u6709\u8fc7\u63a5\u89e6\uff0c\u5305\u62ec\u535a\u88d5\u8d44\u672c\u3001KKR\u3001\u6625\u534e\u8d44\u672c\u3001\u592a\u76df\u6295\u8d44\uff08PAG\uff09\u3001\u9ad8\u74f4\u8d44\u672c\u3001\u5927\u94b2\u8d44\u672c\u7b49\u3002<\/span><\/p>\n

2025\u5e7411\u6708\uff0c\u9774\u5b50\u7ec8\u4e8e\u843d\u5730\u2014\u2014\u661f\u5df4\u514b\u5ba3\u5e03\u4e0e\u535a\u88d5\u8d44\u672c\uff08Boyu Capital\uff09\u8fbe\u6210\u6218\u7565\u5408\u4f5c\uff0c\u535a\u88d5\u5c06\u4ee5\u7ea640\u4ebf\u7f8e\u5143\u7684\u4f01\u4e1a\u4ef7\u503c\u6536\u8d2d\u661f\u5df4\u514b\u4e2d\u56fd\u6700\u591a60%\u7684\u80a1\u6743\uff0c\u661f\u5df4\u514b\u4fdd\u755940%\u80a1\u4efd\u5e76\u7ee7\u7eed\u6388\u6743\u54c1\u724c\u4f7f\u7528\u6743\u3002<\/p>\n

\u5c31\u5728\u8d21\u8336\u51fa\u552e\u6d88\u606f\u4f20\u51fa\u524d\u4e0d\u4e45\uff0c\u53e6\u4e00\u6869\u5496\u5561\u884c\u4e1a\u4ea4\u6613\u4e5f\u5f15\u53d1\u5173\u6ce8\u30022025\u5e74\u5e95-2026\u5e74\u521d\uff0c\u96c0\u5de2\u96c6\u56e2\uff08Nestl\u00e9\uff09\u88ab\u66dd\u51fa\u8003\u8651\u51fa\u552e\u51762017\u5e74\u6536\u8d2d\u7684\u7cbe\u54c1\u5496\u5561\u54c1\u724c\u84dd\u74f6\u5496\u5561\uff08Blue Bottle Coffee\uff09\u3002\u96c0\u5de2\u57282017\u5e74\u4ee5\u7ea64.25\u4ebf\u7f8e\u5143\u6536\u8d2d\u84dd\u74f6\u5496\u5561\u591a\u6570\u80a1\u6743\u3002<\/span><\/p>\n

2026\u5e743\u6708\uff0c\u5e02\u573a\u4f20\u51fa\u745e\u5e78\u5496\u5561\uff08Luckin Coffee\uff09\u5927\u80a1\u4e1c\u2014\u2014\u5927\u94b2\u8d44\u672c\u53ef\u80fd\u4ee5\u4e0d\u52304\u4ebf\u7f8e\u5143\u7684\u4ef7\u683c\u6536\u8d2d\u84dd\u74f6\u5496\u5561\u7684\u6d88\u606f\u3002\u82e5\u4ea4\u6613\u8fbe\u6210\uff0c\u5c06\u6807\u5fd7\u7740\u4e2d\u56fd\u5496\u5561\u54c1\u724c\u9996\u6b21\u6536\u8d2d\u7f8e\u56fd\u7cbe\u54c1\u5496\u5561\u8fde\u9501\uff0c\u5177\u6709\u91cc\u7a0b\u7891\u610f\u4e49\u3002<\/p>\n

\u9664\u4e86\u84dd\u74f6\u5496\u5561\uff0c\u53ef\u53e3\u53ef\u4e50\u65d7\u4e0b\u5496\u5561\u54c1\u724cCosta\u4e5f\u5728\u7ecf\u5386\u6218\u7565\u8c03\u6574\u3002\u867d\u7136\u56e0\u4e3aPE\u4e0d\u80af\u51fa\u4ef7\uff0cCosta\u6574\u4f53\u51fa\u552e\u5c1a\u672a\u6210\u529f\uff0c\u4f46\u5176\u90e8\u5206\u4e1a\u52a1\u4ecd\u5728\u8003\u8651\u5355\u72ec\u51fa\u552e\u7684\u53ef\u80fd\u6027\u3002<\/p>\n

\u800c\u5728\u66f4\u65e9\u4e4b\u524d\uff0c\u5927\u7a91\u5df2\u7ecf\u88abKKR\u6536\u5165\u56ca\u4e2d\u3002<\/p>\n

\u4f17\u591a\u5b9e\u4f8b\u8868\u660e\uff0c\u5728\u884c\u4e1a\u589e\u901f\u653e\u7f13\u3001\u7ade\u4e89\u52a0\u5267\u7684\u80cc\u666f\u4e0b\uff0c\u8de8\u56fd\u5de8\u5934\u548c\u79c1\u52df\u80a1\u6743\u673a\u6784\u6b63\u5728\u91cd\u65b0\u8c03\u6574\u8d44\u4ea7\u914d\u7f6e\u3002<\/p>\n

\u4e5f\u8bb8\uff0c\u5468\u671f\u4e4b\u5185\uff0c\u672a\u6765\u8fd8\u4f1a\u6709\u66f4\u591a\u7684\u996e\u6599\u54c1\u724c\u4f1a\u88ab\u6446\u4e0a\u8d27\u67b6\u3002<\/p>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n

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–\u00a0<\/strong>END<\/strong>\u00a0–<\/strong><\/p>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n

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\u5c01\u9762\u56fe\u7247\u6765\u6e90\uff1apixabay<\/section>\n
\"\"<\/section>\n<\/section>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

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