卖出拼多多的核心理由_老虎社区_美港股上老虎

dearbing
03-19

卖出拼多多的核心理由：营收增速从高增长降至个位数（2025年Q3仅9%），毛利率持续下滑；Temu面临美国关税政策风险，低价优势可能削弱；国内遭遇阿里、抖音低价围剿，竞争白热化；管理层明确不分红不回购，巨额现金使用效率低；估值虽处低位，但若盈利不及预期，PE将不再便宜。

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