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Lemon-90
#奈飞增长或放缓，广告业务成新看点 奈飞2026年的主线不再是“还能新增多少订阅”，而是“存量用户还能挖多深”。广告、体育、游戏三条线都指向同一个问题：观看时长能否变成比会员费更值钱的东西。但财报和市场同时暴露摩擦：增速下移、时长承压、费用前置、估值不便宜。
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