<p><strong>多鄰國</strong>(DUOL 1.35%) 的股票最近表現非常火爆。在過去的 12 個月裏，由於強勁的財務業績和增長前景，其股價上漲了 164%。</p>
<p>如果你錯過了這次令人印象深刻的反彈，你可能現在考慮在該股票上建立一個頭寸。以下是你需要了解的關於這家高增長科技公司的信息。</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>圖片來源：Getty Images。</p>
<h2>多鄰國交出了又一個出色的季度業績</h2>
<p>多鄰國提供全球第一的語言學習應用，並在 2024 年表現卓越。所有關鍵指標，包括收入、預訂和淨收入，都達到了創紀錄的水平。收入激增 41%，達到 7.48 億美元，而淨收入則從 1400 萬美元增長了六倍多，達到了 8900 萬美元。</p>
<p>而且公司在 2025 年也開局強勁。第一季度，收入同比增長 38%，達到 2.31 億美元，預訂量增長 38%，達到 2.72 億美元。調整後的息税折舊攤銷前利潤（EBITDA）利潤率也提高了約 900 個基點，達到了 27.2%。</p>
<p>這種強勁表現的基礎是穩定的用户增長。月活躍用户（MAU）達到了 1.302 億，同比增長 33%。日活躍用户的增長更為顯著，增長了 49%，達到了 4660 萬。</p>
<p>但整體用户增長只是故事的一部分。多鄰國還在提高其付費訂閲者的滲透率，年同比從 8.6% 提高到 8.9%。對內容和用户體驗的持續改進導致了更好的用户參與度。例如，應用程序的虛擬助手 Lily 允許多鄰國 Max 的訂閲者在一個有趣、低風險的環境中練習語言技能，幫助他們逐漸建立信心。</p>
<h2>多鄰國的長期前景依然光明</h2>
<p>儘管公司已經擁有令人印象深刻的覆蓋面和規模，但其仍有很長的增長空間。管理層表示，在線語言學習行業到 2025 年將價值 470 億美元，這只是每年 6 萬億美元全球教育支出的一小部分。</p>
<p>公司還估計，全球有 20 億人正在學習一門新語言。在其 1.302 億的月活躍用户中，付費訂閲者不到十分之一，這為這家科技公司提供了巨大的機會，以擴大其用户基礎並逐步轉化他們。</p>
<p>為此，多鄰國的持續改進努力將顯著有助於吸引、留住和轉化普通學習者為付費訂閲者。它增加了音樂和數學等新科目，以努力超越其語言課程。</p>
<p>將人工智能引入平台是多鄰國改善學習成果的另一個例子。公司計劃通過將 Lily 及其環境製作成 3D，並添加互動背景，使對話對學習者更加沉浸式，從而提升用户體驗。</p>
<h2>股票非常昂貴</h2>
<p>儘管多鄰國的穩健執行和增長前景有許多值得稱道之處，但該股票並不便宜。截至目前，其市盈率超過 250。即使你認為這是一個以增長為首的故事，並專注於其市銷率，按照 30 倍的 trailing revenue，多鄰國也是 <strong>納斯達克綜合指數</strong> 中最昂貴的大型股票之一。</p>
<p>大多數成長型股票都預期會有溢價，但支付如此高的價格伴隨着顯著的風險。即使是一個小的波動，質疑多鄰國的樂觀前景，也可能導致其估值大幅收縮。</p>
<p>然而，這種短期波動的潛在性不應立即嚇跑投資者，尤其是對於一家顯然在全力以赴應對巨大市場機會的公司。考慮到這一點，對於至少有五年長期投資視野或極高風險承受能力的投資者來説，建立多鄰國的頭寸是最有意義的。</p>

多鄰國

<p>多鄰國的股票在過去一年中上漲了 164%，這得益於強勁的財務業績，包括收入增長 41% 至 7.48 億美元，淨收入增長六倍至 8900 萬美元。該公司擁有 1.302 億月活躍用户，付費訂閲用户顯著增長。儘管在 470 億美元的在線語言學習市場中具有增長潛力，但多鄰國的股票被認為價格昂貴，市盈率超過 250。投資者被建議謹慎對待，理想情況下應採取長期投資的視角</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>多鄰國</strong>(DUOL 1.35%) 的股票最近表現非常火爆。在過去的 12 個月裏，由於強勁的財務業績和增長前景，其股價上漲了 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>如果你錯過了這次令人印象深刻的反彈，你可能現在考慮在該股票上建立一個頭寸。以下是你需要了解的關於這家高增長科技公司的信息。</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>圖片來源：Getty Images。</p>
</div><h2>Duolingo delivered another quarter of outstanding performance</h2>
<div class="lb-trans"><h2>多鄰國交出了又一個出色的季度業績</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>多鄰國提供全球第一的語言學習應用，並在 2024 年表現卓越。所有關鍵指標，包括收入、預訂和淨收入，都達到了創紀錄的水平。收入激增 41%，達到 7.48 億美元，而淨收入則從 1400 萬美元增長了六倍多，達到了 8900 萬美元。</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 年也開局強勁。第一季度，收入同比增長 38%，達到 2.31 億美元，預訂量增長 38%，達到 2.72 億美元。調整後的息税折舊攤銷前利潤（EBITDA）利潤率也提高了約 900 個基點，達到了 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>這種強勁表現的基礎是穩定的用户增長。月活躍用户（MAU）達到了 1.302 億，同比增長 33%。日活躍用户的增長更為顯著，增長了 49%，達到了 4660 萬。</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>但整體用户增長只是故事的一部分。多鄰國還在提高其付費訂閲者的滲透率，年同比從 8.6% 提高到 8.9%。對內容和用户體驗的持續改進導致了更好的用户參與度。例如，應用程序的虛擬助手 Lily 允許多鄰國 Max 的訂閲者在一個有趣、低風險的環境中練習語言技能，幫助他們逐漸建立信心。</p>
</div><h2>Duolingo's long-term prospects remain bright</h2>
<div class="lb-trans"><h2>多鄰國的長期前景依然光明</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>儘管公司已經擁有令人印象深刻的覆蓋面和規模，但其仍有很長的增長空間。管理層表示，在線語言學習行業到 2025 年將價值 470 億美元，這只是每年 6 萬億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>公司還估計，全球有 20 億人正在學習一門新語言。在其 1.302 億的月活躍用户中，付費訂閲者不到十分之一，這為這家科技公司提供了巨大的機會，以擴大其用户基礎並逐步轉化他們。</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>為此，多鄰國的持續改進努力將顯著有助於吸引、留住和轉化普通學習者為付費訂閲者。它增加了音樂和數學等新科目，以努力超越其語言課程。</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>將人工智能引入平台是多鄰國改善學習成果的另一個例子。公司計劃通過將 Lily 及其環境製作成 3D，並添加互動背景，使對話對學習者更加沉浸式，從而提升用户體驗。</p>
</div><h2>The stock is very expensive</h2>
<div class="lb-trans"><h2>股票非常昂貴</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>儘管多鄰國的穩健執行和增長前景有許多值得稱道之處，但該股票並不便宜。截至目前，其市盈率超過 250。即使你認為這是一個以增長為首的故事，並專注於其市銷率，按照 30 倍的 trailing revenue，多鄰國也是 <strong>納斯達克綜合指數</strong> 中最昂貴的大型股票之一。</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>大多數成長型股票都預期會有溢價，但支付如此高的價格伴隨着顯著的風險。即使是一個小的波動，質疑多鄰國的樂觀前景，也可能導致其估值大幅收縮。</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，這種短期波動的潛在性不應立即嚇跑投資者，尤其是對於一家顯然在全力以赴應對巨大市場機會的公司。考慮到這一點，對於至少有五年長期投資視野或極高風險承受能力的投資者來説，建立多鄰國的頭寸是最有意義的。</p>
</div>

在 2025 年下半年，多鄰國的股票是否值得買入？