<p>在 6 月底，房地产公司 <strong>Opendoor Technologies</strong>(OPEN 14.69%) 的股东们手中的股票较 2021 年创下的历史高点下跌了 99%。这是一只被忽视的便士股，似乎注定要失败。</p>
<p>但在不到三个月的时间里，Opendoor 的股票从低点上涨了约 17 倍，目前年初至今的涨幅达 467%。</p>
<p>兴奋的情绪显然已经在积聚。但在 9 月 10 日，Opendoor 股票在聘请 Kaz Nejatian 担任新 CEO 时又获得了一次提振。Nejatian 离开了他在电商软件巨头 <strong>Shopify</strong> 的首席运营官职位，加入了公司。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM0MTYvc3VycHJpc2Utc21hcnRwaG9uZS1uZXdzLXN0b2NrLXNob2NrLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM0MTYvc3VycHJpc2Utc21hcnRwaG9uZS1uZXdzLXN0b2NrLXNob2NrLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>在 Nejatian 的同一公告中，Opendoor 还宣布了董事会的变动。公司的联合创始人 Keith Rabois 和 Eric Wu 将与 Nejatian 一起重返董事会。</p>
<p>Opendoor 显然正在重组其整个管理团队。这是否会继续推动 Opendoor 股票的复苏故事？</p>
<h2>Opendoor 如何赚钱</h2>
<p>Opendoor 的商业模式通常被称为 iBuying——它为卖家提供现金报价，然后在报价被接受后进行必要的修缮再转售。因此，它必须找到好的交易并迅速行动以获利。</p>
<p>确实，Opendoor 还有其他赚钱的方式。该公司允许卖家获得现金报价，但仍然可以与 Opendoor 关联的代理合作，尝试在其他地方获得更好的报价。它还拥有一个在线市场，并提供产权和托管服务。但绝大多数收入来自于出售其直接拥有的房屋。</p>
<p>当涉及到盈利能力时，Opendoor 的商业模式面临着艰难的挑战。当房地产市场火热时，很难找到交易。公司更有可能在房地产市场降温时获得好交易。但市场降温意味着它可能会比预期更长时间持有房屋。而当这种情况发生时，持有成本会妨碍盈利能力。</p>
<p>正如图表所示，自几年前上市以来，Opendoor 的毛利率平均仅为 8%。这在支付运营费用时几乎没有余地。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/16071cf5d589e82572466c48ab289b49.png?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://media.ycharts.com/charts/16071cf5d589e82572466c48ab289b49.png"/></p>
<p>OPEN 收入（TTM）数据来源于 YCharts</p>
<p>这就是为什么 Opendoor 自上市以来在过去 12 个月内没有报告正的营业收入。</p>
<h2>保持你的 iBuying 帽子</h2>
<p>Opendoor 的新管理层已经到位，业务不再是老样子。重大变革可能即将到来。</p>
<p>Rabois 是新的 Opendoor 董事长，他毫不犹豫地表示，大多数公司的员工并不需要。他认为大约 85% 的员工可以被解雇。即使假设他是 100% 正确，这也需要一些时间和资金来实施。</p>
<p>根据 Rabois 的说法，Opendoor 盈利能力的问题与买卖房屋无关。实际上，他似乎认为商业模式是好的。相反，他认为一般和行政（G&amp;A）费用才是真正的罪魁祸首——这些是与公司管理相关的费用。作为首席运营官，Nejatian 帮助 Shopify 降低了其 G&amp;A 费用占收入的比例，Rabois 相信他可以为 Opendoor 做到同样。</p>
<p>Rabois 和 Wu 都认为 Opendoor 需要创新，这也是引入 Nejatian 的另一个原因。他曾领导团队在 Shopify 开发产品，Opendoor 的董事会希望他能在经历了几年的创新干旱后，在 Opendoor 做同样的事情。</p>
<p>换句话说，Opendoor 获得了新管理层，现在进入了一个变革的季节，无论是从员工数量还是产品角度。</p>
<h2>Opendoor 股票值得购买吗？</h2>
<p>降低费用在利润缺失时总是有帮助的。但如果我可以温和地反驳 Rabois 对 G&amp;A 的评估，这一项在 2024 年占 Opendoor 收入的比例不到 4%，在 2025 年上半年不到 3%。这实际上低于 Shopify。</p>
<p>此外，即使 Opendoor 以某种方式神奇地能够以零 G&amp;A 费用运营其业务，它仍然会有负的营业收入。因此，似乎改善其毛利率才是解锁盈利能力的真正关键。</p>
<p>iBuying 商业模式很难，我认为改善毛利率说起来容易做起来难。出于这个原因，我今天不会购买 Opendoor 的股票。</p>
<p>也许产品创新可以为 Opendoor 带来利润改善，我希望情况确实如此。但要为股东实现这些变化需要时间和资金，因此我将耐心地在一旁观察和等待。</p>

OPEN

<p>Opendoor Technologies 的股票今年迄今已上涨 467%，从大幅下跌中恢复。该公司任命 Kaz Nejatian 为首席执行官，此前他是 Shopify 的首席运营官，并宣布了董事会的变动。尽管市场对此感到兴奋，Opendoor 仍面临由于其 iBuying 模式和高昂的管理费用而导致的盈利挑战。新管理层旨在创新和降低成本，但分析师对该股票的潜力保持谨慎，强调需要改善毛利率以实现盈利</p>

<p>In late June, shareholders of real estate company <strong>Opendoor Technologies</strong>(OPEN 14.69%) were holding a stock that was down 99% from its all-time high set back in 2021. It was a disregarded penny stock, seemingly doomed for ultimate failure.</p>
<div class="lb-trans"><p>在 6 月底，房地产公司 <strong>Opendoor Technologies</strong>(OPEN 14.69%) 的股东们手中的股票较 2021 年创下的历史高点下跌了 99%。这是一只被忽视的便士股，似乎注定要失败。</p>
</div><p>But in under three months, Opendoor stock has increased about 17 times in value from its lows, and it's now sitting on a 467% gain year to date.</p>
<div class="lb-trans"><p>但在不到三个月的时间里，Opendoor 的股票从低点上涨了约 17 倍，目前年初至今的涨幅达 467%。</p>
</div><p>Excitement was clearly building already. But Opendoor stock got another boost on Sept. 10 when it hired Kaz Nejatian to be its new CEO. Nejatian is coming to the company, leaving his position as the COO of e-commerce software giant <strong>Shopify</strong>.</p>
<div class="lb-trans"><p>兴奋的情绪显然已经在积聚。但在 9 月 10 日，Opendoor 股票在聘请 Kaz Nejatian 担任新 CEO 时又获得了一次提振。Nejatian 离开了他在电商软件巨头 <strong>Shopify</strong> 的首席运营官职位，加入了公司。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM0MTYvc3VycHJpc2Utc21hcnRwaG9uZS1uZXdzLXN0b2NrLXNob2NrLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833416%2Fsurprise-smartphone-news-stock-shock.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><p>In the same announcement as Nejatian, Opendoor also announced changes to its board of directors. Keith Rabois and Eric Wu, co-founders of the company, are returning to the board, along with Nejatian.</p>
<div class="lb-trans"><p>在 Nejatian 的同一公告中，Opendoor 还宣布了董事会的变动。公司的联合创始人 Keith Rabois 和 Eric Wu 将与 Nejatian 一起重返董事会。</p>
</div><p>Opendoor is clearly remaking its entire management team. Is this something that continue propelling the comeback story for Opendoor stock?</p>
<div class="lb-trans"><p>Opendoor 显然正在重组其整个管理团队。这是否会继续推动 Opendoor 股票的复苏故事？</p>
</div><h2>How Opendoor makes money</h2>
<div class="lb-trans"><h2>Opendoor 如何赚钱</h2>
</div><p>Opendoor's business model is commonly called iBuying -- it gives sellers a cash offer for their home and then, once the offer is accepted, it makes necessary repairs before reselling. Therefore, it must find good deals and move fast to make a profit.</p>
<div class="lb-trans"><p>Opendoor 的商业模式通常被称为 iBuying——它为卖家提供现金报价，然后在报价被接受后进行必要的修缮再转售。因此，它必须找到好的交易并迅速行动以获利。</p>
</div><p>It's true that Opendoor has other ways of making money. The company allows sellers to get a cash offer, but still work with an Opendoor-affiliated agent to try to get a better offer elsewhere. It also has an online marketplace and provides title and escrow services. But the vast majority of revenue comes from selling the houses it directly owns.</p>
<div class="lb-trans"><p>确实，Opendoor 还有其他赚钱的方式。该公司允许卖家获得现金报价，但仍然可以与 Opendoor 关联的代理合作，尝试在其他地方获得更好的报价。它还拥有一个在线市场，并提供产权和托管服务。但绝大多数收入来自于出售其直接拥有的房屋。</p>
</div><p>Opendoor's business model fights an uphill battle when it comes to profitability. When housing is hot, it's hard to find a deal. The company is more apt to get a good deal when the housing market cools down. But a cooler market means that it can hold on to a house longer than hoped. And when that happens, there are holding costs that hinder profitability.</p>
<div class="lb-trans"><p>当涉及到盈利能力时，Opendoor 的商业模式面临着艰难的挑战。当房地产市场火热时，很难找到交易。公司更有可能在房地产市场降温时获得好交易。但市场降温意味着它可能会比预期更长时间持有房屋。而当这种情况发生时，持有成本会妨碍盈利能力。</p>
</div><p>As the chart shows, Opendoor's gross profit margin has only averaged 8% since going public several years ago. That doesn't leave much to work with when it comes to paying its operating expenses.</p>
<div class="lb-trans"><p>正如图表所示，自几年前上市以来，Opendoor 的毛利率平均仅为 8%。这在支付运营费用时几乎没有余地。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/16071cf5d589e82572466c48ab289b49.png" alt="" original-src="https://media.ycharts.com/charts/16071cf5d589e82572466c48ab289b49.png"/></p>
<p>OPEN Revenue (TTM) data by YCharts</p>
<div class="lb-trans"><p>OPEN 收入（TTM）数据来源于 YCharts</p>
</div><p>This is why Opendoor hasn't reported positive operating income on a trailing-12-month basis since going public.</p>
<div class="lb-trans"><p>这就是为什么 Opendoor 自上市以来在过去 12 个月内没有报告正的营业收入。</p>
</div><h2>Hold on to your iBuying hats</h2>
<div class="lb-trans"><h2>保持你的 iBuying 帽子</h2>
</div><p>There's new management in town for Opendoor, and it's not business as usual. Big changes could be coming down the pipe.</p>
<div class="lb-trans"><p>Opendoor 的新管理层已经到位，业务不再是老样子。重大变革可能即将到来。</p>
</div><p>Rabois is the new Opendoor chairman, and he's wasted no time saying that most of the company's workers aren't needed. He believes that perhaps 85% of employees can be let go. Even assuming he's 100% correct, this will take some time and money to implement.</p>
<div class="lb-trans"><p>Rabois 是新的 Opendoor 董事长，他毫不犹豫地表示，大多数公司的员工并不需要。他认为大约 85% 的员工可以被解雇。即使假设他是 100% 正确，这也需要一些时间和资金来实施。</p>
</div><p>According to Rabois, the problem with Opendoor's profitability has nothing to do with buying and selling homes. Indeed, he seems to believe that the business model is fine. By contrast, he views general and administrative (G&amp;A) expenses as the real culprit -- these are expenses related to corporate overhead. As COO, Nejatian helped Shopify lower its G&amp;A expenses as a percentage of revenue, and Rabois believes he can do the same for Opendoor.</p>
<div class="lb-trans"><p>根据 Rabois 的说法，Opendoor 盈利能力的问题与买卖房屋无关。实际上，他似乎认为商业模式是好的。相反，他认为一般和行政（G&amp;A）费用才是真正的罪魁祸首——这些是与公司管理相关的费用。作为首席运营官，Nejatian 帮助 Shopify 降低了其 G&amp;A 费用占收入的比例，Rabois 相信他可以为 Opendoor 做到同样。</p>
</div><p>Both Rabois and Wu also believe that Opendoor needs to innovate, which is another reason to bring in Nejatian. He led a team building products at Shopify, and Opendoor's board hopes that he can do the same at Opendoor after several years of innovation drought at the company.</p>
<div class="lb-trans"><p>Rabois 和 Wu 都认为 Opendoor 需要创新，这也是引入 Nejatian 的另一个原因。他曾领导团队在 Shopify 开发产品，Opendoor 的董事会希望他能在经历了几年的创新干旱后，在 Opendoor 做同样的事情。</p>
</div><p>In other words, Opendoor got new management and now enters a season of change, both from a head count and product perspective.</p>
<div class="lb-trans"><p>换句话说，Opendoor 获得了新管理层，现在进入了一个变革的季节，无论是从员工数量还是产品角度。</p>
</div><h2>Is Opendoor stock a buy?</h2>
<div class="lb-trans"><h2>Opendoor 股票值得购买吗？</h2>
</div><p>Lowering expenses is always helpful when profits are missing. But if I may gently push back against Rabois' assessment of G&amp;A, this line accounted for less than 4% of Opendoor's revenue in 2024 and less than 3% in the first half of 2025. That's actually lower than Shopify.</p>
<div class="lb-trans"><p>降低费用在利润缺失时总是有帮助的。但如果我可以温和地反驳 Rabois 对 G&amp;A 的评估，这一项在 2024 年占 Opendoor 收入的比例不到 4%，在 2025 年上半年不到 3%。这实际上低于 Shopify。</p>
</div><p>Moreover, even if Opendoor were somehow magically able to run its business with zero G&amp;A expenses, it would still have negative operating income. Therefore, it seems that improving its gross margin is the real key to unlocking profitability.</p>
<div class="lb-trans"><p>此外，即使 Opendoor 以某种方式神奇地能够以零 G&amp;A 费用运营其业务，它仍然会有负的营业收入。因此，似乎改善其毛利率才是解锁盈利能力的真正关键。</p>
</div><p>The iBuying business model is hard, and I would say gross margin improvement is easier said than done. For this reason, I wouldn't buy Opendoor stock today.</p>
<div class="lb-trans"><p>iBuying 商业模式很难，我认为改善毛利率说起来容易做起来难。出于这个原因，我今天不会购买 Opendoor 的股票。</p>
</div><p>Perhaps product innovation can deliver margin improvements for Opendoor, and I hope that's the case. But it will take time and money to deliver these changes for shareholders, so I'll patiently watch and wait from the sidelines for the time being.</p>
<div class="lb-trans"><p>也许产品创新可以为 Opendoor 带来利润改善，我希望情况确实如此。但要为股东实现这些变化需要时间和资金，因此我将耐心地在一旁观察和等待。</p>
</div>

2025 年，一只股票上涨了 467%，而公司刚刚任命了一位令人振奋的新任 CEO