来源：估值之家 11月28日周五收盘，美团(03690.HK)公布了2025年三季度财报，公司于2025Q3实现营业收入955亿元， 同比增长2.0%；实现经调整EBITDA亏损148亿元，实现经调整净利润亏损160亿元。 | | 截至下列日期止三個月 | | | | | | --- | --- | --- | --- | --- | --- | | | 2025年9月30日 2024年9月30日 | | | | | | | | 佔收入 | | 估收入 | | | | 金額 | 百分比 | 金額 | 百分比 | 同比筹動 | | | (人民幣千元,百分比除外) | | | | | | 收入 | 95.488.113 | 100.0% | 93.577.319 | 100.0% | 2.0% | | 經營(虧損)/ 溢利 | (19.759.350) | (20.7%) | 13.685.176 | 14.6% | 不瘦用 | | 期内(虧損)/ 溢利 | (18,632,088) | (19.5%) | 12.864.954 | 13.7% | 不瘦用 | | 非國際財務報告會計準則計量!: | | | | ...

Asia Pacific Equity Research 25 November 2025 PDD HOLDINGS INC Neutral PDD, PDD US Price (24 Nov 25): $113.49 revenue growth in China and headwinds for Temu ▲ Price Target (Dec-26): $130.00 Prior (Jun-26): $125.00 China Style Exposure | Quant | Current | | Hist %Rank (1=Top) | | | | --- | --- | --- | --- | --- | --- | | Factors | %Rank | 6M | 1Y | 3Y | 5Y | | Value | 12 | 8 | 14 | 24 | 51 | | Growth | 22 | 15 | 4 | 19 | 91 | | Momentum | 30 | 85 | 44 | 3 | 20 | | Quality | 5 | 9 | 7 | 72 | ਰੇਰੇ | | Low Vol ...

2025年第四季度，中国电商行业已彻底告别流量红利时代的粗放竞争，进入以技术驱动、生态协同为核心的"硬核比拼"阶段。AI技术商业化落地提速、即 时零售战场持续升温、全域经营成为标配，共同推动行业格局加速重构。本报告基于对阿里、京东、拼多多、抖音电商等核心玩家的战略动态追踪，结合 财务数据、业务进展及行业预测，剖析当前电商行业的竞争逻辑与未来趋势，为行业从业者提供参考。 AI生成 Q4电商行业的战略动作高度聚焦，AI技术落地、即时零售扩张、全域融合深化、竞争维度升级四大趋势形成鲜明主线，各巨头围绕这些方向密集布局。 （一）AI技术全面商业化，成为效率革命核心引擎 AI已从技术储备转向规模化创收，成为电商巨头增长的关键变量。阿里在该领域投入最为激进，追加千亿AI投资后，旗下千问APP下载量突破千万，AI相 关产品收入连续9季度保持三位数增长，其云智能业务同比增速达34%，成为电商板块外的第二增长引擎。京东则将AI深度应用于营销与服务环节，智能 客服覆盖率超90%，"AI全域营销"体系使核心品类转化率提升18%。 中小商家成为AI技术的直接受益者。拼多多的AI选品系统通过用户行为分析精准匹配供需，使合作中小商家的R ...

滴滴 国际业务已覆盖拉美、亚太、非洲的14个国家 和地区 菜鸟开通中非跨境小包专线，首期覆盖非洲8国 零跑汽车正式登陆南美市场 大众点评覆盖海外超1000城 来源｜ 36氪出海（ID：wow36krchuhai） 封面来源 ｜ Unsplash 滴滴国际业务已覆盖拉美、亚太、非洲的14个国家和地区 11月26日，滴滴在官网发布2025年第三季度业绩报告，三季度滴滴核心平台（包括中国出行和国际业务）订单量同比增长 13.8%，攀升至46.85亿单。这也是自2023年以来，滴滴订单量连续11个季度保持了同比双位数的稳定增长。国际业务方面，依托 对巴西、墨西哥等重点市场的持续投入，滴滴国际业务三季度仍保持了超过20%的高增长。目前滴滴国际业务已覆盖拉美、亚 太、非洲的14个国家和地区，向当地用户提供出行、外卖和金融服务。 以下文章来源于36氪出海 ，作者36氪出海 36氪出海 . 36氪出海（letschuhai.com）是关注出海的行业媒体，为企业跨境提供海外咨询及专业服务，同时运营着超万人的出海生态社群。 文远知行与Uber在阿布扎比启动Robotaxi纯无人商业运营 11月22日消息，菜鸟宣布开通非洲跨境小包 ...

Core Points - A significant fire occurred in Hong Kong's Tai Po district, resulting in major casualties and prompting over 100 companies and foundations to donate for emergency relief and community recovery efforts, with total donations exceeding HKD 1.2 billion [2][4]. Donation Summary - Major companies such as Yuexiu Group donated HKD 10 million, while China Overseas and China State Construction contributed HKD 20 million [3]. - Tencent donated HKD 30 million, and Alibaba made an initial donation of HKD 20 million [3]. - Other notable contributions include HKD 30 million from the Li Ka Shing Foundation and HKD 12 million from the Chaozhou Association [4]. - The total amount of donations has surpassed HKD 1.2 billion as of the latest reports [4].

大家好，我是老陈瞰世界。 你有没有发现，最近几年，咱们刷手机、逛淘宝、点京东的感觉，好像没以前那么"爽"了？以前一搞大 促就剁手，现在连618、双11都懒得点开。 曾经那个"躺着都能赚钱"的黄金时代，真的过去了。2025年前三季度，全国实物商品网上零售额增速只 有0.89%——你没看错，几乎就是原地踏步。 更扎心的是，这已经是连续第二年增速跌到个位数以下。要知道，过去十年电商可是动不动就30%、 50%地狂奔。 如今，线上零售占社会消费品零售总额的比例，已经卡在24%到27%之间好几年了，就像一辆油快耗尽 的车，怎么踩油门都提不起速。 而线下反而悄悄回暖了。今年前三个季度，实体零售同比增长4.59%，比线上还快。这说明啥？说明大 家不是不买东西了，而是买得更理性、更讲究体验了。 你可能宁愿多走两步去店里试穿衣服，也不愿在家对着屏幕猜尺码、等退货。 这背后其实不是你变了，而是整个电商行业正在经历一场悄无声息但极其深刻的"大洗牌"。 增长神话褪色 这种变化直接反映在巨头们的财报上。阿里最新一季营收虽然微增5%，但净利润暴跌72%，只剩103 亿。 京东营收涨了近15%，可利润却缩水超过一半；拼多多虽然还在赚钱，但 ...

为帮助有需要的用户预防火灾隐患，储备应急消防用品，即日起拼多多设置专区针对灭火毯、家用火警报警 器、求生装备等商品推出特定平台补贴，对于公益专区全场商品，香港地区消费者均可用低至0.01元的价格下单 购买。活动期间，香港地区用户登陆拼多多APP首页，即可点击进入活动专区下单。 香港大埔宏福苑五级火灾牵动人心，灾情目前已基本受控，救援工作及灾后恢复备受各界关注。 继捐赠1000万港元用于香港受灾居民救援、过渡安置等工作后，11月28日拼多多又上线了香港消防用品公益专 区，针对灭火毯等多个品类的消防用品推出专项补贴，香港地区消费者可以用低至0.01元的补贴价下单相关产 品。 拼多多已成立救援响应专项小组，相关负责人表示，除了密切关注此次灾情动态的应急帮扶外，还将持续扩大 香港消防用品补贴范围、增加补贴力度，为香港同胞助力。 ...

最近刷短视频，总能看到一条信息在不断循环：一件衣服只要十块钱，一盒牛奶才三块五，电子产品便宜到几乎跳楼价。每次看到这样的评论区，都 是清一色的"不买我是孙子"。我们身边的朋友也在源源不断地往拼多多上砸钱，什么东西都要先上拼多多看看能不能便宜一半买到。可你真的想过没 有，为什么拼多多的东西这么便宜？是商家良心发现了，还是这背后有什么我们没看透的逻辑？ 我最开始也想不通这个问题。直到有一次，我花了九块九买了一条牛仔裤，穿了一个月缝线就散了。同样的风格和面料，在其他平台要价一百多，质 量完全是两个概念。那时候我才意识到，便宜这个东西，看起来像馅饼，其实可能是陷阱。后来我开始深入了解拼多多的商业逻辑，才明白这套系统 究竟是怎么运转的。 但这只是表面的逻辑。深层的东西要复杂得多。 我们先从最直观的现象说起。拼多多上的价格为什么能这么低，首先是因为它的商品结构跟其他平台完全不同。你在拼多多买的大多数产品，背后对 应的不是品牌方或者官方旗舰店，而是工厂、小作坊、甚至是代工厂的库存。这些工厂生产出来的商品，本来是打算供应给大品牌的。但是当销量不 达预期，或者生产过剩的时候，这些货就堆积在仓库里。拼多多做的事情就是把这部分库存 ...

Group 1 - Major fire incident occurred in Hong Kong's Tai Po district, leading to significant casualties and damages, prompting various internet companies to provide assistance [1] - Alibaba Group initiated a donation of 20 million HKD, while Ant Group and AlipayHK contributed 10 million HKD to support fire rescue and subsequent relief efforts [1] - Didi announced a donation of 10 million HKD for emergency rescue and humanitarian aid, and will continue to provide support based on the progress of disaster relief [1] Group 2 - Tencent Charity Foundation launched an initial donation of 10 million HKD for urgent relief, transitional housing, and emotional support for affected residents [2] - Pinduoduo also initiated a donation of 10 million HKD for emergency relief and community recovery efforts [2] - Meituan's Keeta platform donated 5 million HKD and provided free mobile charging stations to support rescue efforts and community recovery [2]

Core Insights - Alibaba's CEO Wu Yongming emphasized the dual strategy of "AI to C" and "AI to B" as core directions for the company, signaling a shift towards consumer-facing AI applications in the competitive landscape of internet giants [1][3] - The launch of the "Qianwen" app represents a significant move in this new battle for user engagement and market share, as companies seek to control the next generation of digital interaction [1][10] Group 1: Strategic Focus - Alibaba's AI strategy includes becoming a leading full-stack AI service provider in the "AI to B" sector while developing AI-native applications for consumers in the "AI to C" sector, leveraging its ecosystem advantages [3][4] - The timing of this push into AI to C is critical, as large model technologies have matured, providing a solid foundation for high-quality consumer applications [3][4] - The competitive landscape in e-commerce is intensifying, with rivals like Pinduoduo and Douyin posing significant challenges to Alibaba's market dominance, necessitating new traffic sources [3][10] Group 2: Market Dynamics - The AI-native applications are reshaping traffic distribution rules, with the ability to control the new generation of AI entry points becoming crucial for future e-commerce positioning [4][5] - The future online ecosystem will center around AI-native applications that serve as both traffic distribution points and value transmission hubs, akin to the roles of browsers and search engines in the past [5][6] - The transition from traditional interaction methods to conversational interfaces represents a fundamental shift in user engagement, with AI-driven chatbots emerging as key entry points [5][6] Group 3: Competitive Landscape - The AI to C battlefield is characterized by a bifurcated structure, with native AI companies on one side and traditional tech giants like Google, Microsoft, and Alibaba on the other, all vying for high-frequency user interactions [7][8] - ByteDance is leveraging its extensive content ecosystem and user behavior data to enhance its AI capabilities, creating a feedback loop that optimizes user experience and engagement [8][9] - Other companies like Tencent and Baidu are also navigating their strategies, with Tencent embedding AI into its WeChat ecosystem while Baidu struggles with a lack of diverse user scenarios [11][13] Group 4: Future Outlook - The competition for AI entry points is ultimately a contest for control over user scenarios, with companies needing to integrate AI deeply into everyday life to establish user habits and barriers to entry [12][17] - The success of AI strategies will depend on the ability to create a "scene-data-model" closed loop, ensuring continuous user feedback and model optimization [17][18] - The future landscape may see a few dominant AI applications emerging as primary entry points, while traditional platforms adapt to maintain relevance in a rapidly evolving digital environment [18][19]