<p><strong>多邻国</strong>(DUOL 1.35%) 的股票最近表现非常火爆。在过去的 12 个月里，由于强劲的财务业绩和增长前景，其股价上涨了 164%。</p>
<p>如果你错过了这次令人印象深刻的反弹，你可能现在考虑在该股票上建立一个头寸。以下是你需要了解的关于这家高增长科技公司的信息。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk1OTQvY29mZmVlLTIuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk1OTQvY29mZmVlLTIuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>多邻国交出了又一个出色的季度业绩</h2>
<p>多邻国提供全球第一的语言学习应用，并在 2024 年表现卓越。所有关键指标，包括收入、预订和净收入，都达到了创纪录的水平。收入激增 41%，达到 7.48 亿美元，而净收入则从 1400 万美元增长了六倍多，达到了 8900 万美元。</p>
<p>而且公司在 2025 年也开局强劲。第一季度，收入同比增长 38%，达到 2.31 亿美元，预订量增长 38%，达到 2.72 亿美元。调整后的息税折旧摊销前利润（EBITDA）利润率也提高了约 900 个基点，达到了 27.2%。</p>
<p>这种强劲表现的基础是稳定的用户增长。月活跃用户（MAU）达到了 1.302 亿，同比增长 33%。日活跃用户的增长更为显著，增长了 49%，达到了 4660 万。</p>
<p>但整体用户增长只是故事的一部分。多邻国还在提高其付费订阅者的渗透率，年同比从 8.6% 提高到 8.9%。对内容和用户体验的持续改进导致了更好的用户参与度。例如，应用程序的虚拟助手 Lily 允许多邻国 Max 的订阅者在一个有趣、低风险的环境中练习语言技能，帮助他们逐渐建立信心。</p>
<h2>多邻国的长期前景依然光明</h2>
<p>尽管公司已经拥有令人印象深刻的覆盖面和规模，但其仍有很长的增长空间。管理层表示，在线语言学习行业到 2025 年将价值 470 亿美元，这只是每年 6 万亿美元全球教育支出的一小部分。</p>
<p>公司还估计，全球有 20 亿人正在学习一门新语言。在其 1.302 亿的月活跃用户中，付费订阅者不到十分之一，这为这家科技公司提供了巨大的机会，以扩大其用户基础并逐步转化他们。</p>
<p>为此，多邻国的持续改进努力将显著有助于吸引、留住和转化普通学习者为付费订阅者。它增加了音乐和数学等新科目，以努力超越其语言课程。</p>
<p>将人工智能引入平台是多邻国改善学习成果的另一个例子。公司计划通过将 Lily 及其环境制作成 3D，并添加互动背景，使对话对学习者更加沉浸式，从而提升用户体验。</p>
<h2>股票非常昂贵</h2>
<p>尽管多邻国的稳健执行和增长前景有许多值得称道之处，但该股票并不便宜。截至目前，其市盈率超过 250。即使你认为这是一个以增长为首的故事，并专注于其市销率，按照 30 倍的 trailing revenue，多邻国也是 <strong>纳斯达克综合指数</strong> 中最昂贵的大型股票之一。</p>
<p>大多数成长型股票都预期会有溢价，但支付如此高的价格伴随着显著的风险。即使是一个小的波动，质疑多邻国的乐观前景，也可能导致其估值大幅收缩。</p>
<p>然而，这种短期波动的潜在性不应立即吓跑投资者，尤其是对于一家显然在全力以赴应对巨大市场机会的公司。考虑到这一点，对于至少有五年长期投资视野或极高风险承受能力的投资者来说，建立多邻国的头寸是最有意义的。</p>

多邻国

<p>多邻国的股票在过去一年中上涨了 164%，这得益于强劲的财务业绩，包括收入增长 41% 至 7.48 亿美元，净收入增长六倍至 8900 万美元。该公司拥有 1.302 亿月活跃用户，付费订阅用户显著增长。尽管在 470 亿美元的在线语言学习市场中具有增长潜力，但多邻国的股票被认为价格昂贵，市盈率超过 250。投资者被建议谨慎对待，理想情况下应采取长期投资的视角</p>

<p><strong>Duolingo</strong>(DUOL 1.35%) stock has been on fire recently. In the last 12 months, it has risen 164% due to strong financial results and growth prospects.</p>
<div class="lb-trans"><p><strong>多邻国</strong>(DUOL 1.35%) 的股票最近表现非常火爆。在过去的 12 个月里，由于强劲的财务业绩和增长前景，其股价上涨了 164%。</p>
</div><p>If you missed out on that impressive rally, you may now be considering initiating a position in the stock. Here's what you need to know about this high-growth tech company.</p>
<div class="lb-trans"><p>如果你错过了这次令人印象深刻的反弹，你可能现在考虑在该股票上建立一个头寸。以下是你需要了解的关于这家高增长科技公司的信息。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk1OTQvY29mZmVlLTIuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819594%2Fcoffee-2.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Duolingo delivered another quarter of outstanding performance</h2>
<div class="lb-trans"><h2>多邻国交出了又一个出色的季度业绩</h2>
</div><p>Duolingo offers the world's No. 1 language learning app, and it enjoyed a stellar 2024. All key metrics, including revenue, bookings, and net income, reached record levels. Revenue surged 41% to $748 million, while net income rose more than sixfold from $14 million to $89 million.</p>
<div class="lb-trans"><p>多邻国提供全球第一的语言学习应用，并在 2024 年表现卓越。所有关键指标，包括收入、预订和净收入，都达到了创纪录的水平。收入激增 41%，达到 7.48 亿美元，而净收入则从 1400 万美元增长了六倍多，达到了 8900 万美元。</p>
</div><p>And the company kicked off 2025 with a bang as well. For the first quarter, revenue jumped 38% year over year to $231 million, and bookings increased 38% to $272 million. Its adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) margin also improved about 900 basis points to 27.2% for the quarter.</p>
<div class="lb-trans"><p>而且公司在 2025 年也开局强劲。第一季度，收入同比增长 38%，达到 2.31 亿美元，预订量增长 38%，达到 2.72 亿美元。调整后的息税折旧摊销前利润（EBITDA）利润率也提高了约 900 个基点，达到了 27.2%。</p>
</div><p>The foundation of that strong performance is steady user growth. Monthly active users (MAU) reached 130.2 million, up 33% year over year. Daily active users saw an even bigger boost, up 49% to 46.6 million.</p>
<div class="lb-trans"><p>这种强劲表现的基础是稳定的用户增长。月活跃用户（MAU）达到了 1.302 亿，同比增长 33%。日活跃用户的增长更为显著，增长了 49%，达到了 4660 万。</p>
</div><p>But overall user growth is just one part of the story. Duolingo is also improving its paid subscriber penetration rate, which increased year over year from 8.6% to 8.9%. Ongoing improvements to its content and user experience have led to better user engagement. The app's virtual assistant Lily, for example, allows Duolingo Max subscribers to practice their language skills in a fun, low-stakes environment to help them gain confidence over time.</p>
<div class="lb-trans"><p>但整体用户增长只是故事的一部分。多邻国还在提高其付费订阅者的渗透率，年同比从 8.6% 提高到 8.9%。对内容和用户体验的持续改进导致了更好的用户参与度。例如，应用程序的虚拟助手 Lily 允许多邻国 Max 的订阅者在一个有趣、低风险的环境中练习语言技能，帮助他们逐渐建立信心。</p>
</div><h2>Duolingo's long-term prospects remain bright</h2>
<div class="lb-trans"><h2>多邻国的长期前景依然光明</h2>
</div><p>Despite the company's already impressive reach and scale, its has a long growth runway. Management says the online language learning industry will be worth $47 billion in 2025, just a small slice of the $6 trillion of annual global education spending.</p>
<div class="lb-trans"><p>尽管公司已经拥有令人印象深刻的覆盖面和规模，但其仍有很长的增长空间。管理层表示，在线语言学习行业到 2025 年将价值 470 亿美元，这只是每年 6 万亿美元全球教育支出的一小部分。</p>
</div><p>The company also estimates 2 billion people worldwide are learning a new language. And of its 130.2 million MAUs, less than one in 10 are paying subscribers, giving the tech company a huge opportunity to grow its user base and convert them over time.</p>
<div class="lb-trans"><p>公司还估计，全球有 20 亿人正在学习一门新语言。在其 1.302 亿的月活跃用户中，付费订阅者不到十分之一，这为这家科技公司提供了巨大的机会，以扩大其用户基础并逐步转化他们。</p>
</div><p>To this end, Duolingo's continuous improvement efforts should significantly contribute to attracting, retaining, and converting normal learners to paid subscribers. It has added new subjects, such as music and math, in an effort to expand beyond its language courses.</p>
<div class="lb-trans"><p>为此，多邻国的持续改进努力将显著有助于吸引、留住和转化普通学习者为付费订阅者。它增加了音乐和数学等新科目，以努力超越其语言课程。</p>
</div><p>Introducing artificial intelligence to the platform is another example of how Duolingo is working to improve learning outcomes. The company plans to enhance the user experience by making Lily and her environment 3D with interactive backgrounds to make conversations more immersive for learners.</p>
<div class="lb-trans"><p>将人工智能引入平台是多邻国改善学习成果的另一个例子。公司计划通过将 Lily 及其环境制作成 3D，并添加互动背景，使对话对学习者更加沉浸式，从而提升用户体验。</p>
</div><h2>The stock is very expensive</h2>
<div class="lb-trans"><h2>股票非常昂贵</h2>
</div><p>While there are many things to like about Duolingo's solid execution and growth prospects, the stock doesn't come cheap. As of this writing, it boasts a price-to-earnings ratio of more than 250. Even if you believe this is a growth-first story and focus on its price-to-sales valuation instead, at 30 times trailing revenue, Duolingo is one of the most expensive large-cap stocks in the <strong>Nasdaq Composite</strong> index.</p>
<div class="lb-trans"><p>尽管多邻国的稳健执行和增长前景有许多值得称道之处，但该股票并不便宜。截至目前，其市盈率超过 250。即使你认为这是一个以增长为首的故事，并专注于其市销率，按照 30 倍的 trailing revenue，多邻国也是 <strong>纳斯达克综合指数</strong> 中最昂贵的大型股票之一。</p>
</div><p>A premium is expected for most growth stocks, but paying such a hefty price comes with significant risk. Even a small hiccup that calls Duolingo's bullish outlook into question could see its valuation contract dramatically.</p>
<div class="lb-trans"><p>大多数成长型股票都预期会有溢价，但支付如此高的价格伴随着显著的风险。即使是一个小的波动，质疑多邻国的乐观前景，也可能导致其估值大幅收缩。</p>
</div><p>That potential for short-term volatility, however, shouldn't immediately scare investors away from a company that's clearly firing on all cylinders as it tackles a massive market opportunity. With that in mind, a position in Duolingo makes the most sense for investors with a long investment horizon of at least five years -- or an immense risk appetite.</p>
<div class="lb-trans"><p>然而，这种短期波动的潜在性不应立即吓跑投资者，尤其是对于一家显然在全力以赴应对巨大市场机会的公司。考虑到这一点，对于至少有五年长期投资视野或极高风险承受能力的投资者来说，建立多邻国的头寸是最有意义的。</p>
</div>

在 2025 年下半年，多邻国的股票是否值得买入？