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小肥狼
小肥狼
·
11:37
我开仓了2手
$MIU.HK 20250929 44.00 PUT$
,长期看到40以下
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小肥狼
小肥狼
·
07-16
Replying to
@小雨不说话
:来了 [财迷]//
@小雨不说话
:
@小肥狼
一块秀一下？
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小肥狼
小肥狼
·
07-16
小赚一点 [开心] [开心] [开心]
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小肥狼
小肥狼
·
07-16
不知道大家有没有发现 小米的股价全靠消息拉升
英伟达CEO黄仁勋：我非常希望购买一辆小米汽车
与小米在许多方面都密切合作。
英伟达CEO黄仁勋：我非常希望购买一辆小米汽车
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小肥狼
小肥狼
·
07-07
这是想抄底拼多多吗 各大平台卖的都是没有3c的充电宝 不止拼多多一家 多多利润暴跌是提前把后期投入算在Q1成本里了 不做市值管理而已 不代表拼多多不是好公司
利润暴跌47%，拼多多慌不慌？
尽管随着业务规模扩大与市场竞争愈加激烈，拼多多增速放缓不可避免，但利润暴跌47%而且市值腰斩让人意外，拼多多的增长神话是否已悄然终结？2025年第一季度财报披露，拼多多总运营费用为386.395亿元，同比增长37%。二来，阿里、京东、抖音同步推行低价策略，拼多多的价格优势遭受多方挤压，低价护城河正在被逐步瓦解。
利润暴跌47%，拼多多慌不慌？
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小肥狼
小肥狼
·
06-26
“友商经常讲，安全是最大的豪华。但我们却认为，安全是前提，安全是基础，安全是一切。” 想表达啥？“却认为”后边不应该跟着反义句吗？用得着你把余总的话再用营销话术解读一遍？
小米YU 7正式发布，标准版25.35万元，美股ADR一度涨近8%
小米正式发布其首款SUV汽车小米YU7，售价25.35万元起。全系超长续航，标准版835km；小米YU7pro版售价27.99万元，YU7 max版售价32.99万元。小米集团董事长雷军表示，小米在辅助驾驶领域坚持长期持续投入，第一期总投资57.9亿元，专属团队规模超1800人，持续投入测试车辆超400台。据雷军透露，小米XLA大模型，预计今年下半年升级。“友商经常讲，安全是最大的豪华。但我们却认为，安全是前提，安全是基础，安全是一切。”雷军强调称。
小米YU 7正式发布，标准版25.35万元，美股ADR一度涨近8%
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小肥狼
小肥狼
·
06-24
$曹操出行(02643)$
话说，交易所不限制一下这种垃圾股票上市吗
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小肥狼
小肥狼
·
06-23
暗盘赶紧卖
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小肥狼
小肥狼
·
06-21
TACO
特朗普：留给伊朗谈判的时间“最多”两周，也许美国根本无需介入冲突
特朗普表示，伊朗希望跟美国对话，而不是欧洲。他给予伊朗进行外交努力的最长时间是两周，这一时间表与白宫新闻秘书莱维特周四公布的一致。特朗普在接受记者采访时说，“我想两周是最长时间”。但他没有明确说明两周后将采取何种行动。他补充道“也许美国根本不需要介入”。他表示，“可能”支持伊朗与以色列之间停火，具体视情况而定。
特朗普：留给伊朗谈判的时间“最多”两周，也许美国根本无需介入冲突
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小肥狼
小肥狼
·
06-19
银在工业中的应用更广泛，作为高价值贵金属，银本位见证了白银曾经的辉煌，长远看白银早晚恢复荣光(〃'▽'〃)
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[开心]","images":[{"img":"https://static.tigerbbs.com/7b36c754e170e5fa0662da1953408c7e"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/457240842310056","isVote":1,"tweetType":1,"viewCount":342,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":457185228480616,"gmtCreate":1752654439591,"gmtModify":1752654440766,"author":{"id":"3573818931800493","authorId":"3573818931800493","name":"小肥狼","avatar":"https://static.tigerbbs.com/6e84208dd37da6774cf295955acec8fc","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3573818931800493","authorIdStr":"3573818931800493"},"themes":[],"htmlText":"不知道大家有没有发现 小米的股价全靠消息拉升","listText":"不知道大家有没有发现 小米的股价全靠消息拉升","text":"不知道大家有没有发现 小米的股价全靠消息拉升","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/457185228480616","repostId":"1180055495","repostType":2,"repost":{"id":"1180055495","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1752651034,"share":"https://www.laohu8.com/m/news/1180055495?lang=&edition=full","pubTime":"2025-07-16 15:30","market":"us","language":"zh","title":"英伟达CEO黄仁勋：我非常希望购买一辆小米汽车","url":"https://stock-news.laohu8.com/highlight/detail?id=1180055495","media":"老虎资讯综合","summary":"与小米在许多方面都密切合作。","content":"<html><head></head><body><p>周三，小米集团股价尾盘直线拉升。<strong>英伟达CEO黄仁勋表示，我非常希望购买一辆小米汽车。中国电动汽车过去五年的发展可能是最让世界惊讶的。我们与小米在许多方面都密切合作。</strong></p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c35d8a57f65b61372df658cf8428684\" 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class=\"title\">\n英伟达CEO黄仁勋：我非常希望购买一辆小米汽车\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\">2025-07-16 15:30</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>周三，小米集团股价尾盘直线拉升。<strong>英伟达CEO黄仁勋表示，我非常希望购买一辆小米汽车。中国电动汽车过去五年的发展可能是最让世界惊讶的。我们与小米在许多方面都密切合作。</strong></p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c35d8a57f65b61372df658cf8428684\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7c52ba759923af526cbeba91b8305697","relate_stocks":{"01810":"小米集团-W"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180055495","content_text":"周三，小米集团股价尾盘直线拉升。英伟达CEO黄仁勋表示，我非常希望购买一辆小米汽车。中国电动汽车过去五年的发展可能是最让世界惊讶的。我们与小米在许多方面都密切合作。","news_type":1,"symbols_score_info":{"01810":1.1}},"isVote":1,"tweetType":1,"viewCount":397,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3538458176058351","authorId":"3538458176058351","name":"Ruosong","avatar":"https://static.tigerbbs.com/d815eb794e0dfe4ac8a13f8e0d781888","crmLevel":7,"crmLevelSwitch":1,"idStr":"3538458176058351","authorIdStr":"3538458176058351"},"content":"[笑哭]你说的那个叫特斯拉。小米实打实的销量，利润增长","text":"[笑哭]你说的那个叫特斯拉。小米实打实的销量，利润增长","html":"[笑哭]你说的那个叫特斯拉。小米实打实的销量，利润增长"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":454083576201472,"gmtCreate":1751891047272,"gmtModify":1751891049447,"author":{"id":"3573818931800493","authorId":"3573818931800493","name":"小肥狼","avatar":"https://static.tigerbbs.com/6e84208dd37da6774cf295955acec8fc","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3573818931800493","authorIdStr":"3573818931800493"},"themes":[],"htmlText":"这是想抄底拼多多吗 各大平台卖的都是没有3c的充电宝 不止拼多多一家 多多利润暴跌是提前把后期投入算在Q1成本里了 不做市值管理而已 不代表拼多多不是好公司","listText":"这是想抄底拼多多吗 各大平台卖的都是没有3c的充电宝 不止拼多多一家 多多利润暴跌是提前把后期投入算在Q1成本里了 不做市值管理而已 不代表拼多多不是好公司","text":"这是想抄底拼多多吗 各大平台卖的都是没有3c的充电宝 不止拼多多一家 多多利润暴跌是提前把后期投入算在Q1成本里了 不做市值管理而已 不代表拼多多不是好公司","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/454083576201472","repostId":"2549830836","repostType":2,"repost":{"id":"2549830836","kind":"news","pubTimestamp":1751852730,"share":"https://www.laohu8.com/m/news/2549830836?lang=&edition=full","pubTime":"2025-07-07 09:45","market":"us","language":"zh","title":"利润暴跌47%，拼多多慌不慌？","url":"https://stock-news.laohu8.com/highlight/detail?id=2549830836","media":"Ofweek维科网","summary":"尽管随着业务规模扩大与市场竞争愈加激烈，拼多多增速放缓不可避免，但利润暴跌47%而且市值腰斩让人意外，拼多多的增长神话是否已悄然终结？2025年第一季度财报披露，拼多多总运营费用为386.395亿元，同比增长37%。二来，阿里、京东、抖音同步推行低价策略，拼多多的价格优势遭受多方挤压，低价护城河正在被逐步瓦解。","content":"<html><body><article><p>曾经靠“砍一刀”撕裂传统电商格局的<a href=\"https://laohu8.com/S/PDD\">拼多多</a>，如今疲态尽显。</p><p>数据显示，拼多多今年第一季度实现营收957亿元，同比增长10%，市场预估1016亿元，相比预期低了近60亿元；经营利润为161亿元，相比去年同期下降38%；归属于普通股股东的<span>净利润</span>为147亿元，同比下降47%。</p><p>与此同时，拼多多市值也坐上了“过山车”。去年市值一度突破 2180 亿美元，力压国内电商巨头<a href=\"https://laohu8.com/S/BABA\">阿里</a>，今年（7月1日收盘）市值仅余 1497.59 亿美元，已不足<a href=\"https://laohu8.com/S/09988\">阿里</a>（市值2718.63亿美元）一半，往昔<a href=\"https://laohu8.com/S/002296\">辉煌</a>似有渐逝之势。</p><p>尽管随着业务规模扩大与市场竞争愈加激烈，拼多多增速放缓不可避免，但利润暴跌47%而且市值腰斩让人意外，拼多多的增长神话是否已悄然终结？</p><p><strong>营收失速，利润缩水</strong></p><p>众所周知，交易服务收入、在线营销服务收入是拼多多的两大核心营收，当下这两大核心营收增速已从“火箭模式”坠入“爬坡模式”。</p><p>2025年第一季度财报数据显示，在线营销服务及其他服务的营收为487亿元，较2024年同期的425亿元增长15%；交易服务的营收为470亿元，较2024年同期的444亿元增长6%。虽然还在涨，但增速和前几年相比明显变慢。</p><p>与此同时，拼多多推出百亿减免、电商西进，以及新质商家百亿扶持计划，豪掷资金补贴商家与用户，直接推高运营开支与补贴费用。</p><p>2025年第一季度财报披露，拼多多总运营费用为386.395亿元，同比增长37%。其中，销售和营销费用334.027亿元，同比增长43%，主要是促销和广告活动支出增加；一般和管理费用16.589亿元，研发费用35.778亿元。</p><p>不难看出，交易服务收入增速下滑、营销费用大幅攀升导致拼多多净利润腰斩，也反映出拼多多在市场拓展和业务增长方面面临一定挑战。</p><p>一方面，在行业增速见顶、竞争白热化的环境中，拼多多选择牺牲短期收益，加强供给侧投入，试图通过供应链深度重构实现逆周期增长。只要百亿补贴、低价让利等非经营性投入仍处高位，平台的盈利承压状态与运营成本高企的困境，恐难在短期内扭转。</p><p>另一方面，拼多多的“假货标签”影响犹在，负面消息不仅削弱了拼多多在国内外市场的竞争力，还增加了其市场拓展的难度与成本。</p><p>在国内，用户吐槽拼多多出售“无3C标签充电宝”的声音，暴露了低价策略下供应链品控的漏洞；在海外，韩国公正交易委员会对Temu开出的187万元罚单，则撕开了全球化扩张中“欺骗性广告”的合规伤疤。</p><p>增速放缓或许只是表象，利润缩水也只是结果，拼多多真正的风险在于：牺牲短期收益换取长期稳定的做法，是在用当下的现金流为未来的不确定性背书。</p><p><strong>一场又一场电商硬仗</strong></p><p>过去十年，拼多多靠“极致低价+社交裂变”撕开下沉市场缺口，用农村包围城市的路径完成用户积累，最终成功逆袭，稳居电商第二把交椅。但当下的电商江湖已然进入了一个全新的竞争阶段，拼多多还有很多硬仗要打。</p><p>一来，下沉市场趋于饱和与一二线城市的“低价、低质”刻板印象，将拼多多的增长空间死死锁在“低价舒适区”。</p><p>拼多多活跃用户超过9亿，向下渗透的增量红利基本见顶，而一二线城市用户对拼多多“低价、低质”的刻板印象难以扭转，限制了其在中高端消费群体中的渗透。据QuestMobile数据，2025年Q1拼多多用户日均使用时长同比下降12%，而抖音电商用户时长同比增长28%。</p><p>二来，阿里、<a href=\"https://laohu8.com/S/JD\">京东</a>、抖音同步推行低价策略，拼多多的价格优势遭受多方挤压，低价护城河正在被逐步瓦解。</p><p>淘宝推出“五星价格力”体系，通过大数据精准锚定价格优势，直击拼多多的低价核心；京东则重启“京喜”低价专区，依托自身强大的供应链和物流体系，在低价市场上与拼多多展开贴身肉搏；就连抖音电商也凭借强大的流量优势，高举“全网最低价”的大旗，从各个维度对拼多多的市场份额进行疯狂截流。</p><p>此外，近期国家大力推行“以旧换新”补贴政策，覆盖家电、3C等全品类，而拼多多由于运营模式（白牌商品居多）的独特性，在此领域难以发挥优势，进而陷入被动局面。这也是拼多多选择了加大补贴力度，试图通过这种烧钱的方式来维持平台的价格竞争力的原因。</p><p>三来，即时零售市场已然成为衡量电商平台综合实力的关键战场，京东、阿里、抖音不惜投入大量资源，力求在这场即时零售的激烈角逐中抢占先机，拼多多也被卷进这场争斗。</p><p>电商巨头阿里，凭借淘宝与饿了么的协同，携庞大流量与丰富商家资源强势入局；供应链底蕴深厚的京东，依托多年积累的物流优势和品质口碑，全力打造“京东秒送”；内容生态繁荣、流量分发高效的抖音，也凭借独特的内容营销和庞大用户基础，探索即时零售新路径。</p><p>电商行业的竞争瞬息万变，没有永远的王者，也没有一成不变的成功模式，拼多多低价优势的丧失，又入局即时零售赛道的激烈竞争，有挑战也有机遇。</p><p><strong>高速增长迈向高质量增长</strong></p><p>当流量红利渐趋平缓市场竞争愈加激烈，拼多多面临新的成长挑战：能否在持续扩张市场规模的同时，实现经营质量的实质性跃升，从而完成从“高速增长”到“高质量增长”的关键跨越？</p><p>实现规模与质量的平衡，绝非易事，但却是拼多多可持续发展的必由之路，其需要从多个维度进行深刻变革。</p><p>首先，技术驱动效率与体验升级。深化大数据、AI在选品推荐、精准营销、智能客服、供应链优化、假货识别等环节的应用，通过技术驱动，拼多多能够在提升运营效率的同时，显著改善用户体验，为高质量增长奠定坚实基础。</p><p>其次，深化供应链，打造差异化价值。继续深耕<a href=\"https://laohu8.com/S/000061\">农产品</a>、产业带工厂直供等优势领域，通过源头把控、缩短链路，在保证价格竞争力的同时，提升商品品质确定性，形成“优质优价”的核心竞争力。</p><p>再有，精细化运营与用户分层。从粗放式补贴转向更精准的用户运营，识别不同层级用户的差异化需求，提供分层服务与商品供给，逐步引导核心用户的价值认同与消费升级，提升用户的平均消费金额与消费频次，从而实现平台经营质量的提升。</p><p>此外，构建更健康的平台治理规则。优化平台规则，在保护消费者权益与保障商家合理利益之间寻求更公正、透明的平衡点，通过构建良好平台生态环境，吸引更多优质商家入驻，提升平台的长期吸引力与竞争力。</p><p>综上所述，在当前电商行业竞争日益激烈、市场环境不断变化的大背景下，电商平台面临的挑战无疑是巨大的。而能否在“让利用户”与“自我造血”之间找到新的平衡，这不仅是拼多多的生死题，更是整个电商行业从量增到质变的必答题。</p></article></body></html>","source":"tencent","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>利润暴跌47%，拼多多慌不慌？</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利润暴跌47%，拼多多慌不慌？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-07 09:45 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202507070945429538f670&s=b><strong>Ofweek维科网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>曾经靠“砍一刀”撕裂传统电商格局的拼多多，如今疲态尽显。数据显示，拼多多今年第一季度实现营收957亿元，同比增长10%，市场预估1016亿元，相比预期低了近60亿元；经营利润为161亿元，相比去年同期下降38%；归属于普通股股东的净利润为147亿元，同比下降47%。与此同时，拼多多市值也坐上了“过山车”。去年市值一度突破 2180 亿美元，力压国内电商巨头阿里，今年（7月1日收盘）市值仅余 ...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202507070945429538f670&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0821914370.USD":"贝莱德亚洲成长领袖A2","BK4531":"中概回港概念","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","BK4526":"热门中概股","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU0048580855.USD":"富达大中华区A","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) 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EQUITIES\"DU\" (USD) ACC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS \"A2\" (USD) ACC"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202507070945429538f670&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2549830836","content_text":"曾经靠“砍一刀”撕裂传统电商格局的拼多多，如今疲态尽显。数据显示，拼多多今年第一季度实现营收957亿元，同比增长10%，市场预估1016亿元，相比预期低了近60亿元；经营利润为161亿元，相比去年同期下降38%；归属于普通股股东的净利润为147亿元，同比下降47%。与此同时，拼多多市值也坐上了“过山车”。去年市值一度突破 2180 亿美元，力压国内电商巨头阿里，今年（7月1日收盘）市值仅余 1497.59 亿美元，已不足阿里（市值2718.63亿美元）一半，往昔辉煌似有渐逝之势。尽管随着业务规模扩大与市场竞争愈加激烈，拼多多增速放缓不可避免，但利润暴跌47%而且市值腰斩让人意外，拼多多的增长神话是否已悄然终结？营收失速，利润缩水众所周知，交易服务收入、在线营销服务收入是拼多多的两大核心营收，当下这两大核心营收增速已从“火箭模式”坠入“爬坡模式”。2025年第一季度财报数据显示，在线营销服务及其他服务的营收为487亿元，较2024年同期的425亿元增长15%；交易服务的营收为470亿元，较2024年同期的444亿元增长6%。虽然还在涨，但增速和前几年相比明显变慢。与此同时，拼多多推出百亿减免、电商西进，以及新质商家百亿扶持计划，豪掷资金补贴商家与用户，直接推高运营开支与补贴费用。2025年第一季度财报披露，拼多多总运营费用为386.395亿元，同比增长37%。其中，销售和营销费用334.027亿元，同比增长43%，主要是促销和广告活动支出增加；一般和管理费用16.589亿元，研发费用35.778亿元。不难看出，交易服务收入增速下滑、营销费用大幅攀升导致拼多多净利润腰斩，也反映出拼多多在市场拓展和业务增长方面面临一定挑战。一方面，在行业增速见顶、竞争白热化的环境中，拼多多选择牺牲短期收益，加强供给侧投入，试图通过供应链深度重构实现逆周期增长。只要百亿补贴、低价让利等非经营性投入仍处高位，平台的盈利承压状态与运营成本高企的困境，恐难在短期内扭转。另一方面，拼多多的“假货标签”影响犹在，负面消息不仅削弱了拼多多在国内外市场的竞争力，还增加了其市场拓展的难度与成本。在国内，用户吐槽拼多多出售“无3C标签充电宝”的声音，暴露了低价策略下供应链品控的漏洞；在海外，韩国公正交易委员会对Temu开出的187万元罚单，则撕开了全球化扩张中“欺骗性广告”的合规伤疤。增速放缓或许只是表象，利润缩水也只是结果，拼多多真正的风险在于：牺牲短期收益换取长期稳定的做法，是在用当下的现金流为未来的不确定性背书。一场又一场电商硬仗过去十年，拼多多靠“极致低价+社交裂变”撕开下沉市场缺口，用农村包围城市的路径完成用户积累，最终成功逆袭，稳居电商第二把交椅。但当下的电商江湖已然进入了一个全新的竞争阶段，拼多多还有很多硬仗要打。一来，下沉市场趋于饱和与一二线城市的“低价、低质”刻板印象，将拼多多的增长空间死死锁在“低价舒适区”。拼多多活跃用户超过9亿，向下渗透的增量红利基本见顶，而一二线城市用户对拼多多“低价、低质”的刻板印象难以扭转，限制了其在中高端消费群体中的渗透。据QuestMobile数据，2025年Q1拼多多用户日均使用时长同比下降12%，而抖音电商用户时长同比增长28%。二来，阿里、京东、抖音同步推行低价策略，拼多多的价格优势遭受多方挤压，低价护城河正在被逐步瓦解。淘宝推出“五星价格力”体系，通过大数据精准锚定价格优势，直击拼多多的低价核心；京东则重启“京喜”低价专区，依托自身强大的供应链和物流体系，在低价市场上与拼多多展开贴身肉搏；就连抖音电商也凭借强大的流量优势，高举“全网最低价”的大旗，从各个维度对拼多多的市场份额进行疯狂截流。此外，近期国家大力推行“以旧换新”补贴政策，覆盖家电、3C等全品类，而拼多多由于运营模式（白牌商品居多）的独特性，在此领域难以发挥优势，进而陷入被动局面。这也是拼多多选择了加大补贴力度，试图通过这种烧钱的方式来维持平台的价格竞争力的原因。三来，即时零售市场已然成为衡量电商平台综合实力的关键战场，京东、阿里、抖音不惜投入大量资源，力求在这场即时零售的激烈角逐中抢占先机，拼多多也被卷进这场争斗。电商巨头阿里，凭借淘宝与饿了么的协同，携庞大流量与丰富商家资源强势入局；供应链底蕴深厚的京东，依托多年积累的物流优势和品质口碑，全力打造“京东秒送”；内容生态繁荣、流量分发高效的抖音，也凭借独特的内容营销和庞大用户基础，探索即时零售新路径。电商行业的竞争瞬息万变，没有永远的王者，也没有一成不变的成功模式，拼多多低价优势的丧失，又入局即时零售赛道的激烈竞争，有挑战也有机遇。高速增长迈向高质量增长当流量红利渐趋平缓市场竞争愈加激烈，拼多多面临新的成长挑战：能否在持续扩张市场规模的同时，实现经营质量的实质性跃升，从而完成从“高速增长”到“高质量增长”的关键跨越？实现规模与质量的平衡，绝非易事，但却是拼多多可持续发展的必由之路，其需要从多个维度进行深刻变革。首先，技术驱动效率与体验升级。深化大数据、AI在选品推荐、精准营销、智能客服、供应链优化、假货识别等环节的应用，通过技术驱动，拼多多能够在提升运营效率的同时，显著改善用户体验，为高质量增长奠定坚实基础。其次，深化供应链，打造差异化价值。继续深耕农产品、产业带工厂直供等优势领域，通过源头把控、缩短链路，在保证价格竞争力的同时，提升商品品质确定性，形成“优质优价”的核心竞争力。再有，精细化运营与用户分层。从粗放式补贴转向更精准的用户运营，识别不同层级用户的差异化需求，提供分层服务与商品供给，逐步引导核心用户的价值认同与消费升级，提升用户的平均消费金额与消费频次，从而实现平台经营质量的提升。此外，构建更健康的平台治理规则。优化平台规则，在保护消费者权益与保障商家合理利益之间寻求更公正、透明的平衡点，通过构建良好平台生态环境，吸引更多优质商家入驻，提升平台的长期吸引力与竞争力。综上所述，在当前电商行业竞争日益激烈、市场环境不断变化的大背景下，电商平台面临的挑战无疑是巨大的。而能否在“让利用户”与“自我造血”之间找到新的平衡，这不仅是拼多多的生死题，更是整个电商行业从量增到质变的必答题。","news_type":1,"symbols_score_info":{"PDD":1}},"isVote":1,"tweetType":1,"viewCount":6106,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":450220828348472,"gmtCreate":1750945609070,"gmtModify":1750945611369,"author":{"id":"3573818931800493","authorId":"3573818931800493","name":"小肥狼","avatar":"https://static.tigerbbs.com/6e84208dd37da6774cf295955acec8fc","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3573818931800493","authorIdStr":"3573818931800493"},"themes":[],"htmlText":"“友商经常讲，安全是最大的豪华。但我们却认为，安全是前提，安全是基础，安全是一切。” 想表达啥？“却认为”后边不应该跟着反义句吗？用得着你把余总的话再用营销话术解读一遍？","listText":"“友商经常讲，安全是最大的豪华。但我们却认为，安全是前提，安全是基础，安全是一切。” 想表达啥？“却认为”后边不应该跟着反义句吗？用得着你把余总的话再用营销话术解读一遍？","text":"“友商经常讲，安全是最大的豪华。但我们却认为，安全是前提，安全是基础，安全是一切。” 想表达啥？“却认为”后边不应该跟着反义句吗？用得着你把余总的话再用营销话术解读一遍？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/450220828348472","repostId":"1189971504","repostType":2,"repost":{"id":"1189971504","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1750947006,"share":"https://www.laohu8.com/m/news/1189971504?lang=&edition=full","pubTime":"2025-06-26 22:10","market":"us","language":"zh","title":"小米YU 7正式发布，标准版25.35万元，美股ADR一度涨近8%","url":"https://stock-news.laohu8.com/highlight/detail?id=1189971504","media":"老虎资讯综合","summary":"小米正式发布其首款SUV汽车小米YU7，售价25.35万元起。全系超长续航，标准版835km；小米YU7pro版售价27.99万元，YU7 max版售价32.99万元。小米集团董事长雷军表示，小米在辅助驾驶领域坚持长期持续投入，第一期总投资57.9亿元，专属团队规模超1800人，持续投入测试车辆超400台。据雷军透露，小米XLA大模型，预计今年下半年升级。“友商经常讲，安全是最大的豪华。但我们却认为，安全是前提，安全是基础，安全是一切。”雷军强调称。","content":"<html><head></head><body><p>小米正式发布其首款SUV汽车小米YU7，售价25.35万元起。全系超长续航，标准版835km；小米YU7pro版售价27.99万元，YU7 max版售价32.99万元。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/809fa9d9de8fdf792efd8a4e3ac0fd88\" title=\"\" tg-width=\"1883\" tg-height=\"1088\"/></p><p>小米集团董事长雷军表示，小米在辅助驾驶领域坚持长期持续投入，第一期总投资57.9亿元，专属团队规模超1800人，持续投入测试车辆超400台。</p><p>据雷军透露，小米XLA大模型，预计今年下半年升级。“友商经常讲，安全是最大的豪华。但我们却认为，安全是前提，安全是基础，安全是一切。”雷军强调称。</p><p>随后， <a href=\"https://laohu8.com/S/XIACY\">小米集团ADR</a> 美股盘初涨近8%，截至发稿报38.75美元：</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ba16212ac575528e5e15854112c669f\" tg-width=\"538\" tg-height=\"127\"/></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>小米YU 7正式发布，标准版25.35万元，美股ADR一度涨近8%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; 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8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; 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小米YU 7正式发布，标准版25.35万元，美股ADR一度涨近8%\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\">2025-06-26 22:10</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>小米正式发布其首款SUV汽车小米YU7，售价25.35万元起。全系超长续航，标准版835km；小米YU7pro版售价27.99万元，YU7 max版售价32.99万元。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/809fa9d9de8fdf792efd8a4e3ac0fd88\" title=\"\" tg-width=\"1883\" tg-height=\"1088\"/></p><p>小米集团董事长雷军表示，小米在辅助驾驶领域坚持长期持续投入，第一期总投资57.9亿元，专属团队规模超1800人，持续投入测试车辆超400台。</p><p>据雷军透露，小米XLA大模型，预计今年下半年升级。“友商经常讲，安全是最大的豪华。但我们却认为，安全是前提，安全是基础，安全是一切。”雷军强调称。</p><p>随后， <a href=\"https://laohu8.com/S/XIACY\">小米集团ADR</a> 美股盘初涨近8%，截至发稿报38.75美元：</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ba16212ac575528e5e15854112c669f\" tg-width=\"538\" tg-height=\"127\"/></p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/529958ccf70e57b3f5b5c4f7405468e4","relate_stocks":{"XIACY":"小米集团ADR","01810":"小米集团-W"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189971504","content_text":"小米正式发布其首款SUV汽车小米YU7，售价25.35万元起。全系超长续航，标准版835km；小米YU7pro版售价27.99万元，YU7 max版售价32.99万元。小米集团董事长雷军表示，小米在辅助驾驶领域坚持长期持续投入，第一期总投资57.9亿元，专属团队规模超1800人，持续投入测试车辆超400台。据雷军透露，小米XLA大模型，预计今年下半年升级。“友商经常讲，安全是最大的豪华。但我们却认为，安全是前提，安全是基础，安全是一切。”雷军强调称。随后， 小米集团ADR 美股盘初涨近8%，截至发稿报38.75美元：","news_type":1,"symbols_score_info":{"01810":1.1,"XIACY":1.1}},"isVote":1,"tweetType":1,"viewCount":4227,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4197523713667142","authorId":"4197523713667142","name":"山药当归","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"idStr":"4197523713667142","authorIdStr":"4197523713667142"},"content":"别人原话中间差几句你给截取下来这么拼？","text":"别人原话中间差几句你给截取下来这么拼？","html":"别人原话中间差几句你给截取下来这么拼？"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":449442541494984,"gmtCreate":1750753685155,"gmtModify":1750753738165,"author":{"id":"3573818931800493","authorId":"3573818931800493","name":"小肥狼","avatar":"https://static.tigerbbs.com/6e84208dd37da6774cf295955acec8fc","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3573818931800493","authorIdStr":"3573818931800493"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/02643\">$曹操出行(02643)$ </a> 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class=\"meta\">\n\n\n2025-06-21 07:52 北京时间 <a href=https://finance.sina.com.cn/stock/usstock/c/2025-06-21/doc-infaunps5652204.shtml><strong>环球市场播报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>特朗普表示，伊朗希望跟美国对话，而不是欧洲。他给予伊朗进行外交努力的最长时间是两周，这一时间表与白宫新闻秘书莱维特周四公布的一致。特朗普在接受记者采访时说，“我想两周是最长时间”。但他没有明确说明两周后将采取何种行动。他补充道“也许美国根本不需要介入”。他表示，“可能”支持伊朗与以色列之间停火，具体视情况而定。20日，伊朗外长阿拉格齐与英国、法国、德国三国外长及欧盟代表20日在瑞士日内瓦举行会谈。...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/usstock/c/2025-06-21/doc-infaunps5652204.shtml\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d8a41fb152b53004320bc772daff0bc0","relate_stocks":{},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2025-06-21/doc-infaunps5652204.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2545410897","content_text":"特朗普表示，伊朗希望跟美国对话，而不是欧洲。他给予伊朗进行外交努力的最长时间是两周，这一时间表与白宫新闻秘书莱维特周四公布的一致。特朗普在接受记者采访时说，“我想两周是最长时间”。但他没有明确说明两周后将采取何种行动。他补充道“也许美国根本不需要介入”。他表示，“可能”支持伊朗与以色列之间停火，具体视情况而定。20日，伊朗外长阿拉格齐与英国、法国、德国三国外长及欧盟代表20日在瑞士日内瓦举行会谈。欧洲方面要求伊朗就伊朗核问题与美国恢复谈判。伊方重申，只有以色列“停止侵略”，伊朗才会再次考虑通过外交途径解决伊核问题。会谈持续大约3个半小时。这是以色列13日凌晨对伊朗发起大规模空袭以来，西方国家与伊朗高级官员首次面对面会晤。阿拉格齐在会谈后对媒体记者表示，只有以色列停止对伊朗的侵略，伊朗才会再次考虑通过外交途径解决伊核问题。他强调，伊朗核计划始终具有和平性质，并一直接受国际原子能机构监督。阿拉格齐对英法德三国及欧盟未对以色列袭击伊朗作出谴责表达关切。他同时表示，伊朗支持继续与英法德三国及欧盟展开磋商，并愿在不久的将来为推动和平作出努力。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":4137,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":447723167158864,"gmtCreate":1750330077954,"gmtModify":1750330079424,"author":{"id":"3573818931800493","authorId":"3573818931800493","name":"小肥狼","avatar":"https://static.tigerbbs.com/6e84208dd37da6774cf295955acec8fc","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3573818931800493","authorIdStr":"3573818931800493"},"themes":[],"htmlText":"银在工业中的应用更广泛，作为高价值贵金属，银本位见证了白银曾经的辉煌，长远看白银早晚恢复荣光(〃'▽'〃)","listText":"银在工业中的应用更广泛，作为高价值贵金属，银本位见证了白银曾经的辉煌，长远看白银早晚恢复荣光(〃'▽'〃)","text":"银在工业中的应用更广泛，作为高价值贵金属，银本位见证了白银曾经的辉煌，长远看白银早晚恢复荣光(〃'▽'〃)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/447723167158864","isVote":1,"tweetType":1,"viewCount":724,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"posts","isTTM":false}