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- 鱼翅炒饭鱼翅炒饭
  ·03-25 23:01
  这个恶心的平台也太不要脸了，也好意思说高品质，整个市场的品质都被它拉低了
  拼多多四季度营收1239.1亿元，盈利同比下滑，宣布组建“新拼姆”
  预估1,237.2亿元。
  拼多多四季度营收1239.1亿元，盈利同比下滑，宣布组建“新拼姆”
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style=\"text-align: justify;\">成本的加速扩张直接压缩了利润空间。全年GAAP口径经营利润同比下滑13%至946亿元；剔除股权激励费用后的Non-GAAP经营利润同样下滑13%至1026亿元。</p><p>拼多多管理层明确表示，未来将以&#34;全力押注&#34;的姿态加大供应链投资，并直接警示这将对财务表现带来压力。</p><p><strong>组建“新拼姆”</strong></p><p>拼多多集团正式宣布组建“新拼姆”，开启品牌自营，继续重仓中国供应链。据介绍，“新拼姆”已在上海成立新的专项公司，一期已现金注资150亿元，未来三年计划总计投入1000亿元真金白银，整合“拼多多+Temu”的供应链资源，开启搭建自营品牌模式，重点面向全球市场，系统性自营并孵化面向不同市场、不同品类的品牌，实现中国制造高标准输出，推动中国制造进一步走向价值高端。</p><p>拼多多盘前小幅跳水，跌超2%。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/017b54388b985e6bb9a6d67024ced1aa\" title=\"\" tg-width=\"1287\" tg-height=\"639\"/></p><p></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>拼多多四季度营收1239.1亿元，盈利同比下滑，宣布组建“新拼姆”</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n拼多多四季度营收1239.1亿元，盈利同比下滑，宣布组建“新拼姆”\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2026-03-25 18:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><a href=\"https://laohu8.com/S/PDD\">拼多多</a> 2025年第四季度营收1,239.1亿元人民币，同比增长12%，预估1,237.2亿元。其中，交易服务收入表现更为亮眼，同比增长19%至639亿元；在线营销服务收入同比增长5%至600亿元。</p><p style=\"text-align: justify;\">四季度经营利润同比小幅增长，从上年同期的256亿元升至277亿元。然而，受汇兑损失及其他非经营项目拖累，税前利润承压，加之所得税费用同比大幅增加，季度净利润最终同比下滑11%至245亿元。</p><p style=\"text-align: justify;\">四季度每ADS基本盈利从上年同期的19.76元降至17.50元，稀释每ADS盈利从18.53元降至16.51元。Non-GAAP稀释每ADS盈利为17.69元，同比下降12%。季度经营活动产生的现金净额为241亿元，低于上年同期的295亿元。</p><p><strong>全年成本压力增加</strong></p><p>2025年全年，拼多多总营收达4318亿元，同比增长10%，增速较2024年有所回落。两大收入来源均保持增长：在线营销服务及其他收入同比增长10%至2178亿元；交易服务收入同比增长9%至2141亿元。</p><p style=\"text-align: justify;\">然而，成本端扩张速度明显超过营收增速。全年营业成本同比增长23%至1888亿元，增幅约为营收增速的两倍，主要源于履约费用、带宽及服务器成本以及支付处理费用的上升。总运营费用同比增长13%至1484亿元，其中研发费用增幅最为突出，同比增长30%至165亿元，主要因员工相关成本及带宽服务器支出增加。</p><p style=\"text-align: justify;\">成本的加速扩张直接压缩了利润空间。全年GAAP口径经营利润同比下滑13%至946亿元；剔除股权激励费用后的Non-GAAP经营利润同样下滑13%至1026亿元。</p><p>拼多多管理层明确表示，未来将以&#34;全力押注&#34;的姿态加大供应链投资，并直接警示这将对财务表现带来压力。</p><p><strong>组建“新拼姆”</strong></p><p>拼多多集团正式宣布组建“新拼姆”，开启品牌自营，继续重仓中国供应链。据介绍，“新拼姆”已在上海成立新的专项公司，一期已现金注资150亿元，未来三年计划总计投入1000亿元真金白银，整合“拼多多+Temu”的供应链资源，开启搭建自营品牌模式，重点面向全球市场，系统性自营并孵化面向不同市场、不同品类的品牌，实现中国制造高标准输出，推动中国制造进一步走向价值高端。</p><p>拼多多盘前小幅跳水，跌超2%。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/017b54388b985e6bb9a6d67024ced1aa\" title=\"\" tg-width=\"1287\" tg-height=\"639\"/></p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e42c16a083ab273c19aaae21cdb697a0","relate_stocks":{"PDD":"拼多多"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178775023","content_text":"拼多多 2025年第四季度营收1,239.1亿元人民币，同比增长12%，预估1,237.2亿元。其中，交易服务收入表现更为亮眼，同比增长19%至639亿元；在线营销服务收入同比增长5%至600亿元。四季度经营利润同比小幅增长，从上年同期的256亿元升至277亿元。然而，受汇兑损失及其他非经营项目拖累，税前利润承压，加之所得税费用同比大幅增加，季度净利润最终同比下滑11%至245亿元。四季度每ADS基本盈利从上年同期的19.76元降至17.50元，稀释每ADS盈利从18.53元降至16.51元。Non-GAAP稀释每ADS盈利为17.69元，同比下降12%。季度经营活动产生的现金净额为241亿元，低于上年同期的295亿元。全年成本压力增加2025年全年，拼多多总营收达4318亿元，同比增长10%，增速较2024年有所回落。两大收入来源均保持增长：在线营销服务及其他收入同比增长10%至2178亿元；交易服务收入同比增长9%至2141亿元。然而，成本端扩张速度明显超过营收增速。全年营业成本同比增长23%至1888亿元，增幅约为营收增速的两倍，主要源于履约费用、带宽及服务器成本以及支付处理费用的上升。总运营费用同比增长13%至1484亿元，其中研发费用增幅最为突出，同比增长30%至165亿元，主要因员工相关成本及带宽服务器支出增加。成本的加速扩张直接压缩了利润空间。全年GAAP口径经营利润同比下滑13%至946亿元；剔除股权激励费用后的Non-GAAP经营利润同样下滑13%至1026亿元。拼多多管理层明确表示，未来将以\"全力押注\"的姿态加大供应链投资，并直接警示这将对财务表现带来压力。组建“新拼姆”拼多多集团正式宣布组建“新拼姆”，开启品牌自营，继续重仓中国供应链。据介绍，“新拼姆”已在上海成立新的专项公司，一期已现金注资150亿元，未来三年计划总计投入1000亿元真金白银，整合“拼多多+Temu”的供应链资源，开启搭建自营品牌模式，重点面向全球市场，系统性自营并孵化面向不同市场、不同品类的品牌，实现中国制造高标准输出，推动中国制造进一步走向价值高端。拼多多盘前小幅跳水，跌超2%。","news_type":1,"symbols_score_info":{"PDD":2}},"isVote":1,"tweetType":1,"viewCount":8,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"posts","isTTM":false}