去年8月，拼多多率先在电商行业推出"百亿减免"举措，为千万商家降佣增效。截至目前，"百亿减 免"在过去一年为商家节省了海量的经营成本，仅推广服务费的退返就超过上百亿元，这在一定程度上 也影响了拼多多今年二季度的利润。 更值得一提的是，今年二季度，拼多多首次在电商行业启动"千亿级别"的惠商行动，一方面持续为千万 商家减佣降本；另一方面加大对中小商家、新质商家及品牌商家的扶持力度。这一系列超预期的投入拖 累了短期的业绩表现，但同时也为产业生态的长效发展创造了新的空间和动力。 8月25日，拼多多发布的二季度财报显示，今年二季度，公司营收增速同比放缓至7%，为1040亿元，至 此，该公司连续多个季度增速放缓。同时，二季度实现净利润307.5亿元，同比下降4%，连续两个季度 呈现下降趋势。 股价方面，当地时间周一，拼多多美股盘前拉升涨超11%。 拼多多业绩放缓，主要还是受"千亿扶持"加码产业投入的影响。 "今年二季度，在商家及产业遭遇挑战的关键时刻，公司上下全力推进'千亿扶持'惠商战略，加大投入 反哺产业生态，坚定护航商家穿越周期。"拼多多集团执行董事、联席CEO赵佳臻表示，在持续投入 下，平台生态效用持续显现，产业侧 ...

格隆汇8月25日｜拼多多(PDD.US)盘前转跌超3%，此前一度涨超11%。 ...

每经AI快讯，8月25日，拼多多美股盘前跌幅扩大至3.5%。 ...

8月25日，拼多多发布的二季度财报显示，今年二季度，公司营收增速同比放缓至7%，为1040亿 元，至此，该公司连续多个季度增速放缓。同时，二季度实现净利润307.5亿元，同比下降4%，连续 两个季度呈现下降趋势。 股价方面，当地时间周一，拼多多美股盘前拉升涨超11%。 拼多多业绩放缓，主要还是受"千亿扶持"加码产业投入的影响。 去年8月，拼多多率先在电商行业推出"百亿减免"举措，为千万商家降佣增效。截至目前，"百亿减免"在过去 一年为商家节省了海量的经营成本，仅推广服务费的退返就超过上百亿元，这在一定程度上也影响了拼多多今 年二季度的利润。 更值得一提的是，今年二季度，拼多多首次在电商行业启动"千亿级别"的惠商行动，一方面持续为千万商家 减佣降本；另一方面加大对中小商家、新质商家及品牌商家的扶持力度。这一系列超预期的投入拖累了短期的 业绩表现，但同时也为产业生态的长效发展创造了新的空间和动力。 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 潜 ...

⑤ 【特朗普支持撤销ABC和NBC的新闻许可】近日，特朗普表示，支持联邦通信委员会（FCC）撤销对ABC和NBC的新闻许可。截至发稿，NBC母公司 康卡斯特集团下跌0.29%。 每经记者｜岳楚鹏 每经编辑｜金冥羽 兰素英 ① 【三大期指齐跌】道指期货跌0.20%、标普500指数期货跌0.22%、纳指期货跌0.31%。 ② 【中概股多数上涨】中概股多数上涨，截至发稿，阿里巴巴上涨3.62%，拼多多上涨3.9%，网易上涨5.4%，蔚来汽车上涨5.3%。 ③ 【英特尔盘前涨超3%】英特尔盘前上涨3.1%，此前，美国商务部长霍华德·卢特尼克确认，美国政府已获得英特尔公司10%的股份。 ④ 【澎泉思蓝宝集团以180亿美元收购欧洲咖啡商JDE Peet's】当地时间8月25日，美国汽水品牌胡椒博士母公司澎泉思蓝宝集团已同意收购荷兰咖啡集团 JDE Peet's，交易价值约180亿美元，此举旨在振兴这家美国公司疲软的咖啡业务。截至发稿，澎泉思蓝宝集团下跌3.17%。 校对|卢祥勇 ⑥ 【SpaceX取消最新星舰发射】当地时间8月24日，SpaceX取消了原定于当天的第十次星舰发射计划，原因是地面系统（指发射台及其周边支持起 ...

PDD Holdings Inc. Sponsored ADR (PDD) came out with quarterly earnings of $3.08 per share, beating the Zacks Consensus Estimate of $1.91 per share. This compares to earnings of $3.2 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +61.26%. A quarter ago, it was expected that this company would post earnings of $2.49 per share when it actually produced earnings of $1.56, delivering a surprise of -37.35%.Over the last four quarte ...

责任编辑：刘明亮 专题：聚焦2025年第二季度美股财报 ...

Financial Data and Key Metrics Changes - In Q2 2025, total revenues increased by 7% year over year, driven by growth in online marketing services and transaction services [22] - Operating profit declined by 21% year over year, reflecting the company's commitment to long-term investments over short-term financial results [7][27] - Non-GAAP operating profit margin decreased to 27% from 36% in the same quarter last year [27] - Net income attributable to ordinary shareholders decreased by 4% year over year [28] Business Line Data and Key Metrics Changes - Revenues from online marketing services increased by 30% year over year [22] - Revenues from inspection services grew by 1% compared to the same quarter last year [22] - Total cost of revenues increased by 36% from RMB 33.7 billion in Q2 2024 to RMB 45.9 billion in Q2 2025, primarily due to higher fulfillment fees and payment processing fees [23] Market Data and Key Metrics Changes - The company observed a 40% growth in order numbers from remote regions due to logistic support initiatives [8] - The June 18 shopping festival saw record sales across multiple categories, indicating strong consumer demand [10][20] Company Strategy and Development Direction - The company launched a RMB 100 billion support program to invest in the merchant ecosystem and drive long-term value creation [6][14] - Focus on high-quality growth by creating long-term opportunities for merchants and investing in consumer experience [11][20] - The company aims to deepen its support for individual merchants and explore new business models in response to intensified competition [34][37] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the rapid changes in the external environment and the challenges faced by merchants [6] - The company remains committed to long-term value creation, even if it leads to fluctuations in profitability [11][59] - Management expressed confidence in the potential of China's consumer market, despite escalating competition [61] Other Important Information - The company is actively investing in agri-tech and has launched initiatives to support agricultural technology research [10][11] - The total grocery business is viewed as a meaningful long-term investment, with plans to deepen commitments across product quality and delivery efficiency [52] Q&A Session Summary Question: Insights on revenue growth rate narrowing and competitive dynamics - Management noted intensified competition leading to slower revenue growth and emphasized a proactive approach to strengthen the platform ecosystem [34][35] Question: Future directions for global business and growth opportunities - Management highlighted steady consumer demand and the need for continuous investment in supply chain capabilities to adapt to changing market conditions [38][39] Question: Key changes observed since the RMB 100 billion support program launch - Management reported early effects of the support program, including increased merchant efficiency and market reach [45][46] Question: Company's view on the grocery business amidst competition - Management affirmed commitment to the grocery business, emphasizing the importance of creating unique value and addressing supply chain challenges [49][52] Question: Stability of investment cycle and profit margin trends - Management indicated that Q2 profits benefited from seasonality and that fluctuations in profitability are expected in the coming quarters [57][59] Question: Updates on consumer sentiment and macro trends - Management observed steady growth in retail sales and online penetration, while acknowledging the competitive landscape's impact on consumer behavior [61][63]

人民财讯8月25日电，8月25日，拼多多发布二季度财报。在电话会上，拼多多集团董事长、联席CEO陈 磊表示，过去这个季度，外部环境持续变化，电商行业的竞争不断加剧，拼多多将继续加大对产业生态 的投入，为产业的长足发展创造空间。陈磊还表示，在全球化业务方面，平台加大了对出海商家的补贴 力度，并携手商家积极探索了新的业务模式，开拓新的海外市场。"在这个过程中，我们也看到了产业 供应链强大的韧性和优势，这也更加坚定了我们继续加大投入的决心。" ...

Financial Data and Key Metrics Changes - In Q2 2025, total revenues increased by 7% year over year, driven by growth in online marketing services and transaction services [23] - Operating profit declined by 21% year over year, reflecting the company's commitment to long-term investments over short-term financial results [6][28] - Non-GAAP operating profit margin decreased to 27% from 36% in the same quarter last year [28] - Net income attributable to ordinary shareholders decreased by 4% year over year [28] Business Line Data and Key Metrics Changes - Revenues from online marketing services increased by 30% year over year [24] - Revenues from inspection services grew by 1% compared to the same quarter last year [24] - Significant investments in merchant support initiatives impacted revenue growth and profit margins [14][51] Market Data and Key Metrics Changes - The company observed a 40% growth in order numbers from remote regions due to logistic support initiatives [7] - The June 18 shopping festival saw record sales across multiple categories, indicating strong consumer demand [10][67] Company Strategy and Development Direction - The company launched a RMB100 billion support program to enhance the merchant ecosystem and prioritize long-term value creation [5][14] - Focus on high-quality growth by investing in consumer experience and merchant services [11][21] - Commitment to exploring new business models and markets to navigate complex business environments [10][41] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the rapid changes in the external environment and the need for substantial investments to support merchants [5][11] - The company expects fluctuations in profitability due to ongoing investments and competitive pressures [39][63] - Confidence in the resilience of China's consumer market, with steady growth in retail sales and online penetration [65] Other Important Information - The company is actively engaging with agricultural regions and manufacturing belts to provide tailored support to merchants [16][19] - The Doudu grocery business is viewed as a long-term investment despite challenges faced by competitors [52][56] Q&A Session Summary Question: Insights on revenue growth rate narrowing and competitive dynamics - Management noted intensified competition leading to slower revenue growth and a decline in operating profit, emphasizing a long-term investment approach to strengthen the ecosystem [36][38] Question: Future directions for global business and growth opportunities - Management highlighted the need for continuous investment in supply chain capabilities and localized operations to adapt to changing consumer demands and regulatory requirements [41][42] Question: Key changes observed since the launch of the RMB100 billion support program - Management reported early positive effects in agriculture and manufacturing sectors, with a focus on reducing operating costs for merchants [49][51] Question: Company's view on the Doudu grocery business - Management expressed commitment to increasing investments in the grocery business, focusing on supply chain improvements and meeting consumer demand for fresh produce [53][56] Question: Stability of profit margins and consumer demand trends - Management indicated that Q2 profits benefited from e-commerce seasonality and that future profitability may fluctuate due to ongoing investments [61][63]