<p>在 6 月底，房地產公司 <strong>Opendoor Technologies</strong>(OPEN 14.69%) 的股東們手中的股票較 2021 年創下的歷史高點下跌了 99%。這是一隻被忽視的便士股，似乎註定要失敗。</p>
<p>但在不到三個月的時間裏，Opendoor 的股票從低點上漲了約 17 倍，目前年初至今的漲幅達 467%。</p>
<p>興奮的情緒顯然已經在積聚。但在 9 月 10 日，Opendoor 股票在聘請 Kaz Nejatian 擔任新 CEO 時又獲得了一次提振。Nejatian 離開了他在電商軟件巨頭 <strong>Shopify</strong> 的首席運營官職位，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>圖片來源：Getty Images。</p>
<p>在 Nejatian 的同一公告中，Opendoor 還宣佈了董事會的變動。公司的聯合創始人 Keith Rabois 和 Eric Wu 將與 Nejatian 一起重返董事會。</p>
<p>Opendoor 顯然正在重組其整個管理團隊。這是否會繼續推動 Opendoor 股票的復甦故事？</p>
<h2>Opendoor 如何賺錢</h2>
<p>Opendoor 的商業模式通常被稱為 iBuying——它為賣家提供現金報價，然後在報價被接受後進行必要的修繕再轉售。因此，它必須找到好的交易並迅速行動以獲利。</p>
<p>確實，Opendoor 還有其他賺錢的方式。該公司允許賣家獲得現金報價，但仍然可以與 Opendoor 關聯的代理合作，嘗試在其他地方獲得更好的報價。它還擁有一個在線市場，並提供產權和託管服務。但絕大多數收入來自於出售其直接擁有的房屋。</p>
<p>當涉及到盈利能力時，Opendoor 的商業模式面臨着艱難的挑戰。當房地產市場火熱時，很難找到交易。公司更有可能在房地產市場降温時獲得好交易。但市場降温意味着它可能會比預期更長時間持有房屋。而當這種情況發生時，持有成本會妨礙盈利能力。</p>
<p>正如圖表所示，自幾年前上市以來，Opendoor 的毛利率平均僅為 8%。這在支付運營費用時幾乎沒有餘地。</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）數據來源於 YCharts</p>
<p>這就是為什麼 Opendoor 自上市以來在過去 12 個月內沒有報告正的營業收入。</p>
<h2>保持你的 iBuying 帽子</h2>
<p>Opendoor 的新管理層已經到位，業務不再是老樣子。重大變革可能即將到來。</p>
<p>Rabois 是新的 Opendoor 董事長，他毫不猶豫地表示，大多數公司的員工並不需要。他認為大約 85% 的員工可以被解僱。即使假設他是 100% 正確，這也需要一些時間和資金來實施。</p>
<p>根據 Rabois 的説法，Opendoor 盈利能力的問題與買賣房屋無關。實際上，他似乎認為商業模式是好的。相反，他認為一般和行政（G&amp;A）費用才是真正的罪魁禍首——這些是與公司管理相關的費用。作為首席運營官，Nejatian 幫助 Shopify 降低了其 G&amp;A 費用佔收入的比例，Rabois 相信他可以為 Opendoor 做到同樣。</p>
<p>Rabois 和 Wu 都認為 Opendoor 需要創新，這也是引入 Nejatian 的另一個原因。他曾領導團隊在 Shopify 開發產品，Opendoor 的董事會希望他能在經歷了幾年的創新幹旱後，在 Opendoor 做同樣的事情。</p>
<p>換句話説，Opendoor 獲得了新管理層，現在進入了一個變革的季節，無論是從員工數量還是產品角度。</p>
<h2>Opendoor 股票值得購買嗎？</h2>
<p>降低費用在利潤缺失時總是有幫助的。但如果我可以温和地反駁 Rabois 對 G&amp;A 的評估，這一項在 2024 年佔 Opendoor 收入的比例不到 4%，在 2025 年上半年不到 3%。這實際上低於 Shopify。</p>
<p>此外，即使 Opendoor 以某種方式神奇地能夠以零 G&amp;A 費用運營其業務，它仍然會有負的營業收入。因此，似乎改善其毛利率才是解鎖盈利能力的真正關鍵。</p>
<p>iBuying 商業模式很難，我認為改善毛利率説起來容易做起來難。出於這個原因，我今天不會購買 Opendoor 的股票。</p>
<p>也許產品創新可以為 Opendoor 帶來利潤改善，我希望情況確實如此。但要為股東實現這些變化需要時間和資金，因此我將耐心地在一旁觀察和等待。</p>

OPEN

<p>Opendoor Technologies 的股票今年迄今已上漲 467%，從大幅下跌中恢復。該公司任命 Kaz Nejatian 為首席執行官，此前他是 Shopify 的首席運營官，並宣佈了董事會的變動。儘管市場對此感到興奮，Opendoor 仍面臨由於其 iBuying 模式和高昂的管理費用而導致的盈利挑戰。新管理層旨在創新和降低成本，但分析師對該股票的潛力保持謹慎，強調需要改善毛利率以實現盈利</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，房地產公司 <strong>Opendoor Technologies</strong>(OPEN 14.69%) 的股東們手中的股票較 2021 年創下的歷史高點下跌了 99%。這是一隻被忽視的便士股，似乎註定要失敗。</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>但在不到三個月的時間裏，Opendoor 的股票從低點上漲了約 17 倍，目前年初至今的漲幅達 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>興奮的情緒顯然已經在積聚。但在 9 月 10 日，Opendoor 股票在聘請 Kaz Nejatian 擔任新 CEO 時又獲得了一次提振。Nejatian 離開了他在電商軟件巨頭 <strong>Shopify</strong> 的首席運營官職位，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>圖片來源：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 還宣佈了董事會的變動。公司的聯合創始人 Keith Rabois 和 Eric Wu 將與 Nejatian 一起重返董事會。</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 顯然正在重組其整個管理團隊。這是否會繼續推動 Opendoor 股票的復甦故事？</p>
</div><h2>How Opendoor makes money</h2>
<div class="lb-trans"><h2>Opendoor 如何賺錢</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 的商業模式通常被稱為 iBuying——它為賣家提供現金報價，然後在報價被接受後進行必要的修繕再轉售。因此，它必須找到好的交易並迅速行動以獲利。</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>確實，Opendoor 還有其他賺錢的方式。該公司允許賣家獲得現金報價，但仍然可以與 Opendoor 關聯的代理合作，嘗試在其他地方獲得更好的報價。它還擁有一個在線市場，並提供產權和託管服務。但絕大多數收入來自於出售其直接擁有的房屋。</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>當涉及到盈利能力時，Opendoor 的商業模式面臨着艱難的挑戰。當房地產市場火熱時，很難找到交易。公司更有可能在房地產市場降温時獲得好交易。但市場降温意味着它可能會比預期更長時間持有房屋。而當這種情況發生時，持有成本會妨礙盈利能力。</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>正如圖表所示，自幾年前上市以來，Opendoor 的毛利率平均僅為 8%。這在支付運營費用時幾乎沒有餘地。</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）數據來源於 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>這就是為什麼 Opendoor 自上市以來在過去 12 個月內沒有報告正的營業收入。</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 的新管理層已經到位，業務不再是老樣子。重大變革可能即將到來。</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 董事長，他毫不猶豫地表示，大多數公司的員工並不需要。他認為大約 85% 的員工可以被解僱。即使假設他是 100% 正確，這也需要一些時間和資金來實施。</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>根據 Rabois 的説法，Opendoor 盈利能力的問題與買賣房屋無關。實際上，他似乎認為商業模式是好的。相反，他認為一般和行政（G&amp;A）費用才是真正的罪魁禍首——這些是與公司管理相關的費用。作為首席運營官，Nejatian 幫助 Shopify 降低了其 G&amp;A 費用佔收入的比例，Rabois 相信他可以為 Opendoor 做到同樣。</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 都認為 Opendoor 需要創新，這也是引入 Nejatian 的另一個原因。他曾領導團隊在 Shopify 開發產品，Opendoor 的董事會希望他能在經歷了幾年的創新幹旱後，在 Opendoor 做同樣的事情。</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>換句話説，Opendoor 獲得了新管理層，現在進入了一個變革的季節，無論是從員工數量還是產品角度。</p>
</div><h2>Is Opendoor stock a buy?</h2>
<div class="lb-trans"><h2>Opendoor 股票值得購買嗎？</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>降低費用在利潤缺失時總是有幫助的。但如果我可以温和地反駁 Rabois 對 G&amp;A 的評估，這一項在 2024 年佔 Opendoor 收入的比例不到 4%，在 2025 年上半年不到 3%。這實際上低於 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 以某種方式神奇地能夠以零 G&amp;A 費用運營其業務，它仍然會有負的營業收入。因此，似乎改善其毛利率才是解鎖盈利能力的真正關鍵。</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 商業模式很難，我認為改善毛利率説起來容易做起來難。出於這個原因，我今天不會購買 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>也許產品創新可以為 Opendoor 帶來利潤改善，我希望情況確實如此。但要為股東實現這些變化需要時間和資金，因此我將耐心地在一旁觀察和等待。</p>
</div>

2025 年，一隻股票上漲了 467%，而公司剛剛任命了一位令人振奮的新任 CEO