访问36氪出海网站letschuhai.com，获取更多全球商业相关资讯。 近日，美团、小米、快手、拼多多等多家头部公司发布一季度财报。 在出海领域，这几家公司同样也走在前列，横跨即时配送、智能硬件、AI、跨境电商等出海重点领域，其业绩表现与策略也反应了相关行业的最新变化与 趋势。 美团：海外，另一个百亿战场 | 指标 | | 2025年Q1 2024年Q1 同比变化 | 2024年Q4 环比变化 | | | --- | --- | --- | --- | --- | | 新业务收入 | 222亿元 | 187亿元 19.20% | 229亿元 | -3.00% | | 新业务经营亏损 23亿元 | | 28亿元 | 收窄17.5% 22亿元 | 亏损扩大4.5% | | 经营亏损率 | 10.20% | 14.80% 改善4.6% | 9.50% | 增加0.7% | 智能手机出货量由2024年第四季度的42.7百万部减少2.0%至2025年第一季度的41.8百万部，主要由于印度等境外市场需求疲软导致出货量减少，但部分被中 国大陆出货量增加所抵消。 新兴市场中，非洲正成为手机品牌的争夺焦点之一，小米等品牌对 ...

5月27日，拼多多发布的2025年第一季度财报，公司一季度总营收为956.722亿元，同比增长10%，但低 于市场预期的1016亿元。归属于普通股股东的净利润为147.418亿元，同比下降47%；非美国通用会计 准则下净利润为169.16亿元，同比下降45%。 从收入结构来看，拼多多高毛利的数字广告收入——在线营销服务及其他服务营收487.22亿元，同比增 长15%；而交易服务营收469.55亿元，同比增长6%，预期542.31亿元，表明交易量增长有所放缓。 具体来看，销售营销费用从234.11亿元激增43%至334.03亿元，这是利润下滑的主要推手，主要反映的 是竞争环境的加剧和获客成本的大幅上升。同时，一季度拼多多的运营成本也同比上升25%，主要来自 履约和支付处理费用的增加，进一步压缩了利润空间。 业绩一经发布后，盘前股价最高跌幅超过20%，最终收跌接近14%。 陈磊认为，当下的市场在加速变化，平台要敢于牺牲短期业绩，助力商家度过短期波动。 陈磊强调，无论政策如何变化，都会持续加强本地化业务运营，帮助更多的当地商家在平台上成长，实 现更多的订单本地发货。陈磊还表示，在高质量发展，合规经营的前提下，拼多多 ...

Investment Rating - The report maintains a "Buy" rating for Pinduoduo (PDD US) with a target price adjusted from $165 to $135, indicating a potential upside of 31.1% from the current price of $102.98 [2][3][12]. Core Insights - The company's Q1 2025 performance fell short of expectations, with revenue and gross profit impacted by tariff uncertainties affecting TEMU and rising short-term logistics costs. The mainland e-commerce advertising revenue growth met expectations, but net profit was below forecasts due to increased subsidies in response to national policies [3][7]. - The report anticipates continued pressure on profits in Q2 2025 due to these factors, leading to a downward revision of revenue and profit forecasts by 9% and 25% respectively for 2025 [3][4]. - The long-term outlook remains positive, with expectations for a return to normalized profit levels by 2026, supported by strategic adjustments and merchant support plans [3][4]. Financial Forecast Summary - Revenue projections for 2025 have been revised to RMB 449.83 billion, down from RMB 496.41 billion, reflecting a 9.4% decrease. For 2026 and 2027, revenue is expected to be RMB 556.01 billion and RMB 630.39 billion, respectively [4][15]. - Adjusted net profit for 2025 is forecasted at RMB 104.83 billion, a 25.4% decrease from previous estimates, with further declines expected in 2026 and 2027 [4][15]. - The adjusted operating profit margin is projected to decline from 28.5% in 2024 to 24.6% in 2025, with a gradual recovery anticipated thereafter [4][15]. Performance Metrics - The report highlights a significant drop in adjusted net profit for Q1 2025, which fell 45% year-on-year to RMB 16.92 billion, significantly below consensus estimates [7][8]. - The gross margin for Q1 2025 was reported at 57%, down from 62% in the previous quarter, indicating pressure on profitability [8][9]. - The company's market capitalization is approximately $143.36 billion, with a year-to-date change of 6.18% [6][10].

近些年来，长期主义逐渐成为商业和投资领域里一个颇为时髦的词汇，标榜和宣传企业的精神内核是长期主义似乎成为了一种新的风尚。然而，置于时间的 长河里，能以长期主义的觉悟和定力始终坚持同一件事绝非易事。尤其是在商业世界里，各种新潮的概念"乱花渐欲迷人眼"才是常态，能够五年、十年朝着 同一个目标坚定前行的企业恐怕寥寥无几。 就拿最近的例子来说，DeepSeek的爆火出圈，让AI赛道一下子变得拥挤不堪，一时间不论是传统行业里的前辈，还是互联网行业里的新贵，纷纷跨界过去 想要分一杯羹。 AI如此热闹，不过也有一些企业面对热点显得十分淡定，拼多多（PDD.US）便属于此列。就在刚刚过去的4月里，拼多多继"百亿减免"后，又火线推出 了"千亿扶持"，大有将电商行业有史以来最大的惠商行动进行到底的气势。 更难得的是，结合拼多多日前披露的2025年第一季度财报来看，公司所主张的惠商并非是一句空喊的口号，而是实实在在真金白银的投入。数据显示，Q1 期间拼多多的销售费用大增至334亿元。哪怕是在短期业绩增速面临下滑的压力之下，拼多多仍义无反顾地开启"全面惠商"的新时代。在笔者看来，这其实 也与拼多多重视平台与产业生态的风格一脉相承。 ...

凤凰网科技讯（作者/于雷）5月28日，拼多多集团昨晚发布2025年第一季度财报，营收约957亿元人民 币，同比增长10%，这一增速创下近几个季度以来的最低水平。财报显示，公司经营利润为183亿元， 同比大幅下降38%。 财报数据显著低于市场预期。据了解，拼多多本季度营收较市场预期低约60亿元，利润更是低于预期近 90亿元。受此影响，拼多多股价在盘前交易中一度暴跌超过20%，最终收跌接近14%。 业绩承压的背后，是拼多多在商家扶持方面的巨额投入。财报数据显示，公司本季度营销费用达334亿 元，较去年同期激增近100亿元，投入力度前所未有。这主要源于拼多多今年重磅推出的"千亿扶持"战 略，该计划在去年"百亿减免"基础上进一步加码，通过降本减佣等方式直接反哺商家。 "千亿扶持"计划启动后，拼多多已推出多项惠商举措反哺产业生态。 从盈利能力来看，拼多多本季度毛利润同比市场预期低50亿元，广告变现率进一步走低。业内分析认 为，这主要受"百亿减免"政策影响，平台大幅降低了商家运营成本，直接影响了短期收入表现。 面对股价波动和市场质疑，拼多多管理层在业绩电话会上释放了继续加码商家扶持的明确信号。拼多多 集团董事长、联席CE ...

Investment Rating - The report maintains a "Strong Buy" rating for Pinduoduo (PDD) with a target price range of $113 to $134 per share [3][4]. Core Insights - Pinduoduo reported Q1 2025 revenue of 95.67 billion yuan, a year-over-year increase of 10%, but GAAP net profit decreased by 45% to 16.9 billion yuan due to increased merchant support and changes in overseas tariff policies [1][2]. - The company is implementing a 100 billion yuan support plan aimed at enhancing the merchant ecosystem, which is expected to pressure short-term profitability but is viewed as a long-term investment for sustainable growth [1][4]. - The impact of tariff policies has led to a temporary slowdown in the growth of TEMU, but the long-term outlook for global market expansion and profitability remains positive [1][4]. Financial Data Summary - Revenue projections for Pinduoduo are as follows: 2023 at 247.639 billion yuan, 2024 at 393.836 billion yuan, and 2025E at 455.799 billion yuan, with year-over-year growth rates of 90%, 59%, and 16% respectively [2][7]. - Non-GAAP net profit is expected to be 67.899 billion yuan in 2023, 122.344 billion yuan in 2024, and 112.979 billion yuan in 2025E, reflecting a year-over-year growth of 72%, 80%, and a decline of 8% respectively [2][7]. - The report indicates a projected P/E ratio (Non-GAAP) of 14.9 for 2023, decreasing to 5.7 by 2027, suggesting a favorable valuation trend over the forecast period [2][7]. Stock Performance - The stock has shown a 1-month performance of -1.0%, a 6-month performance of +3.7%, and a 12-month performance of -34.6% [4]. - Relative performance indicates a decline of -4.8% over 1 month, -14.1% over 6 months, and -53.6% over 12 months compared to the market [4]. Shareholder Information - The total share capital is 567.859 million shares, with a market capitalization of $146.2 billion [3]. - The major shareholder, Huang Zheng, holds a 24.8% stake in the company [3]. Profitability Metrics - The gross margin for Q1 2025 was reported at 57%, a decrease of 5 percentage points year-over-year [1]. - The report highlights that the company is focusing on high-quality development strategies to foster a healthy merchant ecosystem, which is expected to support long-term sustainable growth [1][4].

Investment Rating - The report assigns a "Buy" rating to PDD Holdings with a 12-month sum-of-the-parts (SOTP) based target price of US$152, indicating an upside potential of 27.5% from the current price of US$119.24 [9][10]. Core Insights - PDD Holdings reported mixed results for 1Q25, with a 10% year-over-year increase in net revenues, but a significant 36% decline in adjusted EBIT. The online marketing revenue grew by 15% year-over-year, aligning with expectations [1][2]. - The negative market reaction, with a 17% drop in pre-market trading, was primarily due to a profit miss attributed to higher-than-expected Selling & Marketing expenses during a typically low season [1][2]. - The company is focusing on investments in its platform ecosystem to support small and medium-sized enterprises (SMEs), allowing them to compete effectively on pricing [1]. Revenue Performance - Online marketing revenue for 1Q25 was reported at RMB 48.722 million, reflecting a 15% year-over-year growth, which was in line with Goldman Sachs estimates and above the Visible Alpha consensus [2][10]. - Transaction commission revenue grew by only 6% year-over-year, falling short of expectations due to a shift in Temu's business model and ongoing investments in the platform ecosystem [2][10]. Future Outlook - Key discussion points for the results call include Pinduoduo's growth drivers, the impact of ongoing investments, and the differentiation of Temu's revenue outlook amidst changing market conditions [3]. - The report highlights potential challenges such as geopolitical headwinds, increased competition, and the need for reinvestments to sustain growth, which may affect core profit margins [9].

2025年，拼多多旗下跨境电商平台Temu展现惊人的爆发力，在波兰超越本土巨头Allegro登顶市场份额第一，同时在巴西以9.9%的份额超越Shopee成为第二 大电商平台。 这一成绩不仅印证了Temu"极致性价比+裂变营销"模式的全球适应性，也体现了黄峥的独特商业思维与战略，同时，也为跨境卖家带来新的选择。 Temu黄峥 一、Temu全球扩张：低价风暴席卷新兴市场 1. 巴西市场：点击量激增5600万，份额冲至9.9% 市场份额跃升：根据Conversion报告，4月份，Temu巴西访问量激增5600万次，月活用户达3900万，市场份额达9.9%，超越Shopee成为第二（仅次于 Mercado Livre的12.3%）。 流量结构优势：自然搜索流量占比26.7%，移动端访问量占比79%（含APP与浏览器），为卖家提供低成本引流机会。 2. 波兰市场：1810万用户反超本土巨头Allegro 用户量反超：Gemius数据显示，Temu波兰真实用户达1810万，超越Allegro的1780万。 增长逻辑：裂变营销+社交媒体广告投入，家居、工具、电子产品类目爆发式增长。 用户规模：Bernstein报告显示，T ...

小米第一季度收入同比增长47.4% 小米集团发布2025年第一季度财报。财报显示，小米第一季度营收1112.93亿元，同比增长47.4%；经调 整的净利润106.76亿元，同比增长64.5%，首次突破百亿。小米第一季度智能手机业务收入506亿，智能 手机毛利率达12.4%，创历史新高；小米SU7系列自上市以来累计交付 25.8 万台。财报会议上，集团总 裁卢伟冰称自研芯片表现超预期，希望外界多些耐心。 近日，社交平台上流传着不少"微信朋友圈有访客记录了"的相关内容，并附有详细使用教程。但不少已 购买的用户也评论称："千万不要购买""还是看不到"。随后媒体以用户身份联系腾讯客服，工作人员回 应称："微信暂无查询访客功能"，并强调"不建议轻信此类信息，以免造成资金损失。" 字节辟谣大额存款可获实习机会 针对近日网传"通过银行大额存款可获得字节实习机会"的消息，字节跳动招聘官方账号澄清称：相关传 闻不属实，字节实习岗位录用均需符合公司业务招聘需求。 深蓝向老车主投放降价广告引争议 27日，大量深蓝汽车老车主公开吐槽称，深蓝汽车在没经过车主同意的情况下，给48万老车主投放车机 开屏广告，发放10000元S09专属购车 ...

| | | | | | PDD quarterly result wrap | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Rmb '00mn | | 1Q23A | 2Q23A | 3Q23A | 4Q23A | 1Q24A | 2Q24A | 3024A | 4Q24A | 1025A | 1Q25E | var. | | | Total revenue | 376 | 523 | 688 | 889 | 868 | 971 | 994 | 1,106 | 957 | 1,016 | -6% | | | yoy | 58% | 66% | 94% | 123% | 131% | 86% | 44% | 24% | 10% | 17.0% | | | | Gross profit | ટ્ટર | 336 | 420 | 538 | 541 | 634 | 596 | 628 | 547 | 597 | -8% | | | yoy | 59% | 43% | 5 ...