<h2>关键要点</h2>
<ul>
<li>AppLovin 已经克服了空头报告的逆风，但关于其商业模式的监管调查仍在进行中。</li>
<li>该公司继续交出卓越的财务业绩和更高的利润率。</li>
<li>AppLovin 在广告市场的份额增长速度超过了 Alphabet 和 Meta Platforms，并已稳固确立了其行业领导者地位。</li>
<li>我们更看好的 10 只股票 ›</li>
</ul>
<p><strong>AppLovin</strong>（NASDAQ: APP）今年迄今下跌约 27%，但在过去五年中，其股价上涨了 687%。这只广告科技股票的长期回报是否预示着未来的走势，还是近期的下跌更具意义？AppLovin 吸引了一些空头报告，但其基本面表明公司仍在增长。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MDYxNC9nZXR0eWltYWdlcy0xMzk4Njk3MDQ1LTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw?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-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MDYxNC9nZXR0eWltYWdlcy0xMzk4Njk3MDQ1LTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<p><em><strong>人工智能会创造出世界上第一个万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供 Nvidia 和 Intel 都需要的关键技术。<strong>继续 »</strong></em></p>
<h2>面临空头的压力</h2>
<p>近年来，AppLovin 成为多份空头报告的目标。CapitalWatch 是最新的做空者，声称 AppLovin 运营着一个后端洗钱计划。AppLovin 驳斥了这些指控，其法律团队要求做空者撤回报告；不久后收到了道歉。</p>
<p>其他做空者去年声称 AppLovin 从 <strong>Meta Platforms</strong>（NASDAQ: META）和 <strong>Alphabet</strong>（NASDAQ: GOOG）（NASDAQ: GOOGL）复制数据用于其广告网络。这引发了恐慌，但这两家广告科技巨头并未就这些指控对 AppLovin 采取行动。AppLovin 团队也否认了这些报告，但美国证券交易委员会（SEC）对该公司的调查在二月份仍在进行中。</p>
<p>如果 SEC 调查发现 AppLovin 的商业模式围绕非法行为展开，这无疑会对股价造成伤害。与此同时，该公司继续实现巨大的收入增长，包括第一季度同比增长 59%。</p>
<p>尽管面临空头报告，AppLovin 仍保持了大部分涨幅，因为其诱人的基本面。如果 SEC 调查的结果没有预期的那么严重，可能会引发该股的另一波反弹。</p>
<h2>AppLovin 在扩大利润率的同时与巨头竞争</h2>
<p>在第一季度，AppLovin 实现了 65.4% 的净利润率——这并不是过去一年中首次交出超过 60% 的利润率。这家广告科技公司在该季度的收入接近 20 亿美元。与 Meta Platforms 的 563 亿美元或 Alphabet 的 1099 亿美元相比，显然它不会在短期内追赶上这些公司。然而，AppLovin 的增长速度超过了它们。这一增长也伴随着利润的上升，因为其人工智能广告引擎继续为企业带来积极的结果。</p>
<p>这家广告科技公司的增长也没有放缓的迹象。AppLovin 的第一季度财务更新显示，自 2023 年第二季度以来，每个季度都实现了正向的环比增长。持续经营的净收入也遵循了同样的趋势。</p>
<p>AppLovin 的规模越大，其利润率就会越高。其第一季度的总成本和费用同比仅增长 26.2%。如果成本继续保持低增长，而收入增长仍然高企，那么将为进一步的利润率扩张奠定基础。</p>
<h2>现在应该购买 AppLovin 的股票吗？</h2>
<p>在你购买 AppLovin 的股票之前，请考虑以下几点：</p>
<p><em>Motley Fool Stock Advisor</em> 分析师团队刚刚确定了他们认为的 <strong>10 只最佳股票</strong>，供投资者现在购买……而 AppLovin 并不在其中。入选的 10 只股票在未来几年可能会产生巨大的回报。</p>
<p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日上榜时……如果你在我们推荐时投资了 1000 美元，<strong>你现在将拥有 483,476 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日上榜时……如果你在我们推荐时投资了 1000 美元，<strong>你现在将拥有 1,362,941 美元</strong>！*</p>
<p>现在值得注意的是 <em>Stock Advisor</em> 的总平均回报为 998%——相比之下，标准普尔 500 指数的回报为 207%。<strong>不要错过最新的前 10 名股票列表，加入由个人投资者为个人投资者建立的投资社区。</strong></p>
<p><strong>查看这 10 只股票 »</strong></p>
<p><em>*Stock Advisor 回报截至 2026 年 5 月 19 日。</em></p>
<p><em>Marc Guberti 在提到的任何股票中没有持仓。Motley Fool 在 Alphabet 和 Meta Platforms 中持有头寸并推荐它们。Motley Fool 有披露政策。</em></p>
<p>此处表达的观点和意见是作者的观点和意见，并不一定反映 Nasdaq, Inc. 的观点。</p>

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<p>AppLovin 的股票今年迄今已下跌 27%，尽管过去五年上涨了 687%。该公司面临空头的审查以及针对其商业模式的持续 SEC 调查。然而，AppLovin 仍然报告了强劲的财务业绩，包括 65.4% 的净利润率和显著的收入增长。分析师建议在投资前保持谨慎，因为 AppLovin 未被列入推荐的顶级股票名单</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>关键要点</h2>
</div><ul>
<li>AppLovin has pushed through the headwind of short-seller reports, but a regulatory probe about its business model is still underway.</li>
<li>The company continues to deliver exceptional financial results and higher margins.</li>
<li>AppLovin is gaining ad market share faster than Alphabet and Meta Platforms, and has firmly established itself as a leader in the industry.</li>
<li>10 stocks we like better than AppLovin ›</li>
</ul>
<div class="lb-trans"><ul>
<li>AppLovin 已经克服了空头报告的逆风，但关于其商业模式的监管调查仍在进行中。</li>
<li>该公司继续交出卓越的财务业绩和更高的利润率。</li>
<li>AppLovin 在广告市场的份额增长速度超过了 Alphabet 和 Meta Platforms，并已稳固确立了其行业领导者地位。</li>
<li>我们更看好的 10 只股票 ›</li>
</ul>
</div><p><strong>AppLovin</strong>(NASDAQ: APP) is down by roughly 27% year to date, but over the past five years, it has achieved a 687% gain. Do the adtech stock's longer-term returns indicate what lies ahead, or is the recent dip a more meaningful sign of things to come? AppLovin has attracted some short-seller reports, but its fundamentals indicate the company is still growing.</p>
<div class="lb-trans"><p><strong>AppLovin</strong>（NASDAQ: APP）今年迄今下跌约 27%，但在过去五年中，其股价上涨了 687%。这只广告科技股票的长期回报是否预示着未来的走势，还是近期的下跌更具意义？AppLovin 吸引了一些空头报告，但其基本面表明公司仍在增长。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MDYxNC9nZXR0eWltYWdlcy0xMzk4Njk3MDQ1LTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F870614%2Fgettyimages-1398697045-1200x800-5b2df79.jpg&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p><em><strong>Will AI create the world's first trillionaire?</strong> Our team just released a report on the one little-known company, called an &#34;Indispensable Monopoly&#34; providing the critical technology Nvidia and Intel both need. <strong>Continue »</strong></em></p>
<div class="lb-trans"><p><em><strong>人工智能会创造出世界上第一个万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供 Nvidia 和 Intel 都需要的关键技术。<strong>继续 »</strong></em></p>
</div><h2>Under fire from short-sellers</h2>
<div class="lb-trans"><h2>面临空头的压力</h2>
</div><p>AppLovin has been the target of multiple short reports in recent years. CapitalWatch was the latest bear to take aim at it, claiming that AppLovin operated a back-end money-laundering scheme. AppLovin rejected those claims, and its legal team demanded that the short-seller retract the report; it received an apology shortly after.</p>
<div class="lb-trans"><p>近年来，AppLovin 成为多份空头报告的目标。CapitalWatch 是最新的做空者，声称 AppLovin 运营着一个后端洗钱计划。AppLovin 驳斥了这些指控，其法律团队要求做空者撤回报告；不久后收到了道歉。</p>
</div><p>Other short-sellers claimed last year that AppLovin copies data from <strong>Meta Platforms</strong>(NASDAQ: META) and <strong>Alphabet</strong>(NASDAQ: GOOG)(NASDAQ: GOOGL) for its ad network. That caused a scare, but neither advertising tech giant has taken action on AppLovin related to these claims. The AppLovin team has denied these reports as well, but a Securities and Exchange Commission (SEC) probe of the company remained active in February.</p>
<div class="lb-trans"><p>其他做空者去年声称 AppLovin 从 <strong>Meta Platforms</strong>（NASDAQ: META）和 <strong>Alphabet</strong>（NASDAQ: GOOG）（NASDAQ: GOOGL）复制数据用于其广告网络。这引发了恐慌，但这两家广告科技巨头并未就这些指控对 AppLovin 采取行动。AppLovin 团队也否认了这些报告，但美国证券交易委员会（SEC）对该公司的调查在二月份仍在进行中。</p>
</div><p>If the SEC probe finds that AppLovin's business model revolves around illegal practices, it would undeniably hurt the stock. In the meantime, the company continues to post tremendous revenue growth, including a 59% year-over-year improvement in the first quarter.</p>
<div class="lb-trans"><p>如果 SEC 调查发现 AppLovin 的商业模式围绕非法行为展开，这无疑会对股价造成伤害。与此同时，该公司继续实现巨大的收入增长，包括第一季度同比增长 59%。</p>
</div><p>AppLovin has held onto most of its gains despite the short-seller reports because of its enticing fundamentals. If the SEC probe delivers a verdict that is less impactful than feared, it could trigger another rally for the stock.</p>
<div class="lb-trans"><p>尽管面临空头报告，AppLovin 仍保持了大部分涨幅，因为其诱人的基本面。如果 SEC 调查的结果没有预期的那么严重，可能会引发该股的另一波反弹。</p>
</div><h2>AppLovin can compete with the giants while expanding its profit margins</h2>
<div class="lb-trans"><h2>AppLovin 在扩大利润率的同时与巨头竞争</h2>
</div><p>In Q1, AppLovin achieved a net profit margin of 65.4% -- and that wasn't the first time over the past year that it delivered margins above 60%. The adtech company earned almost $2 billion in the quarter. Compare that to the $56.3 billion that Meta Platforms brought in or the $109.9 billion that Alphabet booked, and it's obvious that it's not going to catch up to those companies anytime soon. However, AppLovin is growing faster than both of them. This growth also comes with rising profits as its AI ad engine continues to deliver positive results for businesses.</p>
<div class="lb-trans"><p>在第一季度，AppLovin 实现了 65.4% 的净利润率——这并不是过去一年中首次交出超过 60% 的利润率。这家广告科技公司在该季度的收入接近 20 亿美元。与 Meta Platforms 的 563 亿美元或 Alphabet 的 1099 亿美元相比，显然它不会在短期内追赶上这些公司。然而，AppLovin 的增长速度超过了它们。这一增长也伴随着利润的上升，因为其人工智能广告引擎继续为企业带来积极的结果。</p>
</div><p>The adtech company's growth hasn't shown signs of slowing, either. AppLovin's Q1 financial update shows positive sequential growth in every quarter starting from Q2 2023. Net income from continuing operations follows the same script.</p>
<div class="lb-trans"><p>这家广告科技公司的增长也没有放缓的迹象。AppLovin 的第一季度财务更新显示，自 2023 年第二季度以来，每个季度都实现了正向的环比增长。持续经营的净收入也遵循了同样的趋势。</p>
</div><p>The more AppLovin scales, the more its margins will expand. Its total costs and expenses went up by only 26.2% year over year in Q1. If costs continue to grow minimally while revenue growth remains elevated, the stage will be set for further margin expansions.</p>
<div class="lb-trans"><p>AppLovin 的规模越大，其利润率就会越高。其第一季度的总成本和费用同比仅增长 26.2%。如果成本继续保持低增长，而收入增长仍然高企，那么将为进一步的利润率扩张奠定基础。</p>
</div><h2>Should you buy stock in AppLovin right now?</h2>
<div class="lb-trans"><h2>现在应该购买 AppLovin 的股票吗？</h2>
</div><p>Before you buy stock in AppLovin, consider this:</p>
<div class="lb-trans"><p>在你购买 AppLovin 的股票之前，请考虑以下几点：</p>
</div><p>The <em>Motley Fool Stock Advisor</em> analyst team just identified what they believe are the <strong>10 best stocks</strong> for investors to buy now… and AppLovin wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.</p>
<div class="lb-trans"><p><em>Motley Fool Stock Advisor</em> 分析师团队刚刚确定了他们认为的 <strong>10 只最佳股票</strong>，供投资者现在购买……而 AppLovin 并不在其中。入选的 10 只股票在未来几年可能会产生巨大的回报。</p>
</div><p>Consider when <strong>Netflix</strong> made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, <strong>you’d have $483,476</strong>!* Or when <strong>Nvidia</strong> made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, <strong>you’d have $1,362,941</strong>!*</p>
<div class="lb-trans"><p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日上榜时……如果你在我们推荐时投资了 1000 美元，<strong>你现在将拥有 483,476 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日上榜时……如果你在我们推荐时投资了 1000 美元，<strong>你现在将拥有 1,362,941 美元</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 998% — a market-crushing outperformance compared to 207% for the S&amp;P 500. <strong>Don't miss the latest top 10 list, available with <em>Stock Advisor</em>, and join an investing community built by individual investors for individual investors.</strong></p>
<div class="lb-trans"><p>现在值得注意的是 <em>Stock Advisor</em> 的总平均回报为 998%——相比之下，标准普尔 500 指数的回报为 207%。<strong>不要错过最新的前 10 名股票列表，加入由个人投资者为个人投资者建立的投资社区。</strong></p>
</div><p><strong>See the 10 stocks »</strong></p>
<div class="lb-trans"><p><strong>查看这 10 只股票 »</strong></p>
</div><p><em>*Stock Advisor returns as of May 19, 2026.</em></p>
<div class="lb-trans"><p><em>*Stock Advisor 回报截至 2026 年 5 月 19 日。</em></p>
</div><p><em>Marc Guberti has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet and Meta Platforms. The Motley Fool has a disclosure policy.</em></p>
<div class="lb-trans"><p><em>Marc Guberti 在提到的任何股票中没有持仓。Motley Fool 在 Alphabet 和 Meta Platforms 中持有头寸并推荐它们。Motley Fool 有披露政策。</em></p>
</div><p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
<div class="lb-trans"><p>此处表达的观点和意见是作者的观点和意见，并不一定反映 Nasdaq, Inc. 的观点。</p>
</div>

你是否应该趁 AppLovin 股票下跌 27% 时买入？