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Yuvi.
$APP 高现金流来自广告效率还是行业顺风？
AppLovin最新季度披露约14亿美元自由现金流。广告主回报越稳定，预算越可能留在平台，但季节性和客户集中会放大单季数字。若淡季仍见复投、现金转化保持，效率改善更可信。若预算回撤与流量成本上升同现，需调低增长外推。
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