拼多多 20251222 摘要 拼多多估值极具吸引力，2025 年市盈率低于 8 倍，2026 年或低于 7 倍， 远低于电商行业平均水平，管理层加大投入推动增长，提升了低估值的 吸引力。 拼多多国内市场依赖原厂电商业务，GMV 增速保持在 10%-15%，核心 竞争力在于低价和消费者体验，受经济环境影响较小，国家对 3C 类目 补贴政策影响有限。 拼多多跨境电商平台 Temu 迅速扩张至欧美、拉美、东南亚等地，欧美 市场贡献超 60%GMV，但面临地缘政治风险和关税问题，通过调整物 流模式降低关税风险，海外业务增速仍保持 20%以上。 美国合规问题借鉴 TikTok 经验，通过数据本地化解决，关税问题通过 半托管模式提高时效性并降低风险，预计今年 Temu 的 GMV 将达到 750 亿美元，同比增长约 25%。 国内电商投流抵扣政策对拼多多影响有限，但平台代替商家报税的新规 增加了平台责任，拼多多已采取措施维护商家生态，并推出减免和补贴 措施应对合规成本。 Q&A 拼多多近期在管理层和公司战略上有哪些重要变化？ 拼多多在最近的股东大会上进行了高管任命，赵佳臻被提升为联席董事长。此 外，管理层对公司未来前景 ...

2025年12月19日，获任拼多多联席董事长的赵佳臻，在集团年度股东大会上说，相信下一个三年，我们将有机会再造一个拼多多。许多人都以为这是拼多 多的野心，但或许在拼多多自己眼中，这只是一种基于事实的判断——与其说是拼多多想要再造一个拼多多，不如说是拼多多觉得，下一个三年，中国供 应链的进化，足以再成就一个拼多多。 毕竟，拼多多的十年，一直都是"长"在中国供应链上的十年。 从初创期深入产业带的"拼工厂"，到如今试图通过"新质供给"专项推动源头制造升级，其发 展轨迹始终都是与中小制造企业的成长同频共振的。 就连Temu的狂飙突进，也是这一逻辑的验证——这个诞生仅3年的平台，以"走完拼多多国内电商10年路"的速度，跻身全球电商头部阵营，背后正是中国 供应链的完备性与高效性在做支撑。依托在中国本土被磨练出来成熟模式降维打击，让全世界都见识了一把什么叫做中国制造业的高效、敏捷、全面、强 大。 所以，想要再造一个拼多多，答案也不在线上，而在中国广袤土地上不断升级的工厂与车间里。豪言既出的拼多多，下一个目标，无疑是重仓中国供应 链。 根基——同频共振的"共生十年" 外界或许会把拼多多当成一个商业模式的奇迹，但对拼多多来说， ...

Core Viewpoint - Pinduoduo is undergoing significant organizational changes and strategic shifts, focusing on supply chain optimization and profitability rather than solely on growth, as indicated by the appointment of co-CEOs and the impact of new regulatory measures on pricing strategies [1][8][14]. Group 1: Organizational Changes - Pinduoduo has implemented a co-chairman system, appointing Zhao Jiazhen as co-chairman alongside Chen Lei, indicating a dual leadership approach to navigate the company's future [1]. - The departure of founder Huang Zheng suggests a shift in focus from aggressive growth to balancing growth and profitability, reflecting a strategic pivot in response to market conditions [1][12]. Group 2: Regulatory Environment - Recent regulatory documents emphasize the importance of pricing strategies in the e-commerce sector, effectively limiting the ability to use low prices as a competitive advantage [2][4]. - The new regulations aim to curb practices that lead to unhealthy competition, particularly those encouraging merchants to sell below operational costs, which could significantly impact Pinduoduo's low-price strategy [4][5]. Group 3: Market Dynamics - Pinduoduo's user growth is slowing, with Q4 2025 domestic monthly active users increasing by only 3.2%, the lowest in five years, primarily due to a reduction in ultra-low-priced products [5][7]. - The competitive landscape is intensifying, with platforms like Douyin and Kuaishou targeting price-sensitive users, further squeezing Pinduoduo's market share [7][13]. Group 4: Supply Chain Strategy - The focus on supply chain optimization is becoming critical for Pinduoduo, as the company seeks to enhance efficiency and profitability in light of regulatory constraints on pricing [8][10]. - Zhao Jiazhen's leadership is expected to drive the company's strategy towards high-quality, brand-oriented supply chain development, moving away from reliance on low prices [10][11]. Group 5: Future Outlook - Analysts predict that Pinduoduo's overseas business, particularly Temu, will face challenges due to regulatory changes, but still maintain high expectations for growth [11][14]. - The shift towards supply chain efficiency and brand development is seen as a necessary evolution for Pinduoduo to sustain its competitive edge in a changing market environment [12][14].

Market Performance - The three major U.S. stock indices closed higher, with the Dow Jones up 0.38%, the S&P 500 rising 0.88%, and the Nasdaq Composite increasing by 1.31% [1] - Chip stocks saw significant gains, with Nvidia rising nearly 4%, Broadcom up 3%, Intel increasing by 1.4%, and Micron Technology surging nearly 7% [1] - The Nasdaq Golden Dragon China Index rose by 0.86%, with Alibaba up 1.68% and Pinduoduo increasing by 3.5% [1] Federal Reserve Insights - Federal Reserve official Harker expressed concerns about persistent inflation and indicated a preference to keep interest rates stable until spring [2] - The CME "FedWatch" tool shows a 79% probability that the Federal Reserve will maintain interest rates unchanged in January 2024 [2] Oil and Energy Sector - The U.S. is reportedly set to seize a third Venezuelan oil tanker, as the Trump administration intensifies its oil blockade against the Maduro regime, which may risk halting Venezuelan oil production [3] IPO Developments - AI company MiniMax has passed the Hong Kong Stock Exchange hearing [4] - Wall Street technology firm Wallen Technology plans to issue over 247 million shares in its Hong Kong IPO, with a maximum pricing of 19.6 HKD, expected to start trading on January 2, 2024 [4] Geopolitical Developments - Israeli officials plan to inform Trump about potential new strikes against Iran, with Prime Minister Netanyahu expected to meet Trump later this month [5] - Ukrainian President Zelensky mentioned a U.S. proposal for a tripartite meeting involving Ukraine and Russia, although Russian officials stated that such talks are not on the agenda [7] Technology Sector - Nvidia has been approved to acquire a stake in Intel, aiming to reshape the global chip industry landscape [8] - Following a power outage that caused disruptions, Waymo has suspended its robotaxi service in San Francisco, while Tesla CEO Musk stated that Tesla's related services were unaffected [9] Commodity Prices - WTI and Brent crude oil opened higher by 0.6% on Monday [10] - Spot gold surpassed $4,350 per ounce, increasing by 0.42%, while spot silver reached a historic high, breaking $67 per ounce with a daily increase of 2.38% [11]

Group 1 - Pinduoduo announced an organizational restructuring during its annual shareholder meeting on December 19, implementing a co-chairman system with Zhao Jiazhen and Chen Lei serving as co-chairmen and co-CEOs [1][8] - The management expressed optimism about Temu's future, stating that it has the potential to recreate Pinduoduo's success over the next three years, having already achieved significant market scale globally in just three years [1][8] - The company will focus on leveraging the Chinese supply chain as a core element of its business strategy moving forward, aiming for high-quality development and brand enhancement [1][8] Group 2 - Ant Group rebranded its AI health application AQ to "Ant Aifu" on December 15, launching a new version of the app that enhances features such as health companionship, health Q&A, and health services [2][10] - "Ant Aifu" has surpassed 15 million monthly active users, making it the largest AI health management app and ranking among the top five AI applications, with over 5 million health inquiries answered daily [2][10] - The app's monthly active user growth rate reached 83.4%, significantly outpacing industry growth, indicating strong market demand [2][10] Group 3 - The Hang Seng Index fell by 1.10% this week, while the Hang Seng Technology Index decreased by 2.82% and the Hang Seng China Enterprises Index dropped by 1.96% [12][17] - Among the 12 Hang Seng industry indices, the non-essential consumer sector saw the largest decline at -2.98%, while the essential consumer sector was the only one to gain, increasing by 1.59% [13][17] - In the US market, the Dow Jones Industrial Average decreased by 0.67%, while the S&P 500 rose by 0.10% and the Nasdaq Composite increased by 0.48% [20][22]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights ongoing trends in the AI industry, with companies like MiniMax and Zhiyu AI passing hearings, indicating a strong interest in AI investments [2] - The education sector is experiencing slight pressure, with increased competition among small and medium institutions, while leading companies like Alpha are stabilizing [4] - The coffee and tea beverage industry maintains high enthusiasm, with brands actively opening new stores despite seasonal fluctuations [4] - E-commerce is under pressure due to the domestic consumption environment, with online retail sales for physical goods reaching 11.82 trillion yuan, a 5.7% increase year-on-year [4] - Music streaming platforms are seen as quality internet assets driven by domestic demand, suggesting continued investment interest [4] - The automotive service sector is witnessing a decline in sales for traditional luxury brands, while domestic luxury and new force brands are experiencing growth [4] - The internet medical sector is expanding, with companies like JD Health and Ant Group's AI health application gaining traction [4] - Concerns remain regarding the sustainability of capital expenditure and returns in the AI industry, but there is optimism about the long-term trends [4] Summary by Sections 1.1 Consumer & Internet - The non-essential consumption index fell by 2.98%, with notable stock performances from companies like HuShang Auntie (+4.27%) and Luckin Coffee (-3.62%) [9] - E-commerce index decreased by 2.86%, with Pinduoduo's stock rising by 24.51% while Alibaba's stock fell by 5.71% [13] 1.2 Platform & Technology - The media index dropped by 2.23%, with Netflix and Tencent Music experiencing slight declines [19] - The virtual asset market saw a decrease in total cryptocurrency market value to $296.84 billion, with Bitcoin and Ethereum prices falling by 2.4% and 3.5% respectively [25] - The automotive service sector's index fell by 1.21%, with significant declines in stocks like Advance Auto Parts (-12.87%) [34] 1.3 Media - The media index decreased by 0.1763%, with Perfect World (+10.68%) and Giant Network (+8.97%) showing positive performance [50] - The report emphasizes the importance of new game releases and innovations in the gaming sector, with a projected revenue of 350.79 billion yuan for the domestic gaming market by 2025 [4]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the sustained high demand in the storage sector, with expectations for H200 to be approved for export to China [3] - AI demand continues to validate and enhance computing power requirements, with significant growth in domestic AI chip production [5][8] - The approval of L3 level autonomous driving vehicles marks a critical step towards commercialization in China, with Robotaxi services expected to accelerate [6][30] Summary by Sections Internet - The daily usage of tokens for Doubao has surpassed 50 trillion, indicating deep penetration of large models [17] - The release of the "Internet Platform Pricing Behavior Rules" aims to regulate price competition and protect consumer rights, shifting focus from low prices to ensuring merchant profits and promoting consumption upgrades [20][21] - Recommended stocks include Alibaba-W, Pinduoduo, and Baidu Group-SW, with Tencent Holdings as a beneficiary [58] AI - Google TPU's commercial potential is further confirmed with Anthropic's significant orders, totaling $21 billion, indicating strong demand for AI products [21] - The launch of the Skill paradigm by Anthropic aims to enhance the capabilities of AI agents, facilitating easier development and deployment of complex AI applications [22][26] - The market for Agentic AI is projected to grow significantly, with a potential market size of 1.8 trillion yuan by 2030 [22] Intelligent Driving - The first L3 level autonomous driving models have received approval for trial operation, indicating a shift from testing to commercial application [30] - Robotaxi services are expected to accelerate due to technological advancements, cost reductions, and supportive policies [35] - Key players in the Robotaxi market include Baidu, Xiaopeng Motors, and WeRide, with ongoing trials and commercial operations in various cities [43][44]

赵佳臻表示，下一个阶段，公司战略更加聚焦，经过反复讨论，已锚定中国供应链作为接下来业务发展 的核心。公司将继续践行高质量发展，All in中国供应链的高质量、品牌化，实现平台的再造，带动生 态体系价值跃迁。 开启联席董事长制度 自赵佳臻担任联席CEO以来，拼多多全面转向平台及生态高质量发展的新阶段。去年以来，拼多多先后 推出"百亿减免""电商西进""新质供给""千亿扶持"等惠商助农战略，专项团队深入农产区、产业带等供 应链的各个环节，为各地商家推出定制化方案，推动各地产业完成新质转型，同时为广大消费者带来更 多普惠。 12月19日，拼多多集团在年度股东大会中宣布升级公司治理架构，实行联席董事长制度。经董事会批 准，赵佳臻获任联席董事长，与陈磊共同担任集团联席董事长兼联席CEO。此外，拼多多还任命了王密 出任集团工程高级副总裁，李炯出任集团财务总监。 自2021年陈磊接棒公司董事长、2023年公司设置联席CEO以来，拼多多持续完善联席治理机制，以更好 适应日益发展的业务需要。"自赵佳臻担任联席CEO以来，我们的供应链已发展成为支撑整个平台和相 关生态的关键，3年时间Temu走了拼多多差不多十年成长的路，很不容易 ...

12月19日，拼多多集团在年度股东大会上宣布实行联席董事长制度，任命赵佳臻为联席董事长，与陈磊共同担任联席董事长兼联席CEO。 会上，陈磊透露，Temu已在不同国家具有一定的市场规模，3年走完了拼多多国内电商10年的路。陈磊表示，随着业务规模的扩大和各地 监管环境的快速变化，公司深刻认识到，合规是底线。 来源：第一财经 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 茅台、五粮液同日官宣！ 苹果闪送官宣iPhone免运费 ...

Group 1: Major Tech Stocks Performance - Major tech stocks experienced a rally, with Nvidia rising nearly 4%, adding $166.5 billion (approximately 1172.3 billion RMB) to its market value [1] - Broadcom increased by over 3%, while Google saw an increase of over 1% [1] Group 2: Cryptocurrency and Semiconductor Companies - Cryptocurrency mining companies and semiconductor stocks led the gains, with U.S. Gold Corp rising over 11%, Hut 8 up over 14%, Century Aluminum up over 7%, and Micron Technology, AMD, and Circle each rising over 6% [3] - Other notable increases included Supermicro up over 5%, Americas Silver Corp nearly 4%, and Dell Technologies and Coinbase each up over 2% [3] Group 3: Chinese Stocks and Indices - The Nasdaq China Golden Dragon Index closed up 0.86%, with popular Chinese stocks mostly rising, including Xpeng Motors up over 6%, Li Auto up over 5%, and Pinduoduo up over 3% [6] - Baidu and Zhihu increased by over 2%, while iQIYI saw a decline of over 1% [6] Group 4: Commodity Prices - COMEX gold futures rose by 0.1% to $4368.7 per ounce, with a weekly increase of 0.9%; silver futures increased by 3.34% to $67.395 per ounce, with a weekly rise of 8.55% [6] - WTI crude oil futures rose by 0.91% to $56.66 per barrel, while Brent crude oil futures increased by 1.09% to $60.47 per barrel, both showing weekly declines [6] Group 5: Employment Trends and Economic Indicators - The U.S. employment trend index (ETI) for October and November was reported at 105.8, down from a revised 106.24 in September [7][8] - The University of Michigan's consumer confidence index for December was finalized at 52.9, lower than the initial value of 53.3 [6]