个人中心 - 老虎社区

老虎小艾

IP属地：浙江

帖子 · 1帖子 · 1
关注 · 0关注 · 0
粉丝 · 0粉丝 · 0

- 老虎小艾老虎小艾
  ·03-25 18:55
  拼多多的所谓极致供应链就是狗屁，作为一个制造业工厂老板，开办过拼多多和TEMU店铺的商家来看。就是无限的要求便宜，一波一波的割韭菜而已
  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”
  30 1
  5
  分享
  举报
暂无粉丝

热议股票

{"i18n":{"language":"zh_CN"},"isCurrentUser":false,"userPageInfo":{"id":"4201507911052682","uuid":"4201507911052682","gmtCreate":1738404738455,"gmtModify":1739765960859,"name":"老虎小艾","pinyin":"lhxalaohuxiaoai","introduction":"","introductionEn":null,"signature":"","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":0,"headSize":1,"tweetSize":1,"questionSize":0,"limitLevel":999,"accountStatus":1,"level":{"id":0,"name":"","nameTw":"","represent":"","factor":"","iconColor":"","bgColor":""},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":2,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"228c86a078844d74991fff2b7ab2428d-2","templateUuid":"228c86a078844d74991fff2b7ab2428d","name":"投资总监虎","description":"证券账户累计交易金额达到30万美元","bigImgUrl":"https://static.tigerbbs.com/9d20b23f1b6335407f882bc5c2ad12c0","smallImgUrl":"https://static.tigerbbs.com/ada3b4533518ace8404a3f6dd192bd29","grayImgUrl":"https://static.tigerbbs.com/177f283ba21d1c077054dac07f88f3bd","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.11.29","exceedPercentage":"80.55%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"35ec162348d5460f88c959321e554969-2","templateUuid":"35ec162348d5460f88c959321e554969","name":"宗师交易员","description":"证券或期货账户累计交易次数达到100次","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.11.29","exceedPercentage":"80.24%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"976c19eed35f4cd78f17501c2e99ef37-1","templateUuid":"976c19eed35f4cd78f17501c2e99ef37","name":"博闻投资者","description":"累计交易超过10只正股","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.10.10","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.02.19","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":4,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":5,"crmLevelSwitch":0,"location":"浙江","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"page":1,"watchlist":null,"tweetList":[{"id":546453009975456,"gmtCreate":1774436104700,"gmtModify":1774442974481,"author":{"id":"4201507911052682","authorId":"4201507911052682","name":"老虎小艾","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4201507911052682","idStr":"4201507911052682"},"themes":[],"title":"","htmlText":"拼多多的所谓极致供应链就是狗屁，作为一个制造业工厂老板，开办过拼多多和TEMU店铺的商家来看。就是无限的要求便宜，一波一波的割韭菜而已","listText":"拼多多的所谓极致供应链就是狗屁，作为一个制造业工厂老板，开办过拼多多和TEMU店铺的商家来看。就是无限的要求便宜，一波一波的割韭菜而已","text":"拼多多的所谓极致供应链就是狗屁，作为一个制造业工厂老板，开办过拼多多和TEMU店铺的商家来看。就是无限的要求便宜，一波一波的割韭菜而已","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/546453009975456","repostId":"1178775023","repostType":2,"repost":{"id":"1178775023","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":1774434662,"share":"https://www.laohu8.com/m/news/1178775023?lang=zh_CN&edition=full","pubTime":"2026-03-25 18:31","market":"us","language":"zh","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”","url":"https://stock-news.laohu8.com/highlight/detail?id=1178775023","media":"老虎资讯综合","summary":"预估1,237.2亿元。","content":"<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>","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 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; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 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":30,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3519533181652260","authorId":"3519533181652260","name":"鱼翅炒饭","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":6,"crmLevelSwitch":0,"authorIdStr":"3519533181652260","idStr":"3519533181652260"},"content":"它还好意思讲高品质，真够不要脸了","text":"它还好意思讲高品质，真够不要脸了","html":"它还好意思讲高品质，真够不要脸了"}],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"followers","isTTM":false}