拼多多的"第二战场"，正在遭遇提现黑箱。 作者|王铁梅 编辑|文昌龙 如果说拼多多常被冠以"消费者体验捍卫者"的称号，那么其旗下的快团团，则已然成为"私域交易的自由地"。这个在黄峥退居幕后之前的线下团购产物， 最早诞生在疫情期间，拼多多意图协助商家收集社区居民相关的生活物资需求，完成在线下单。 但自由往往伴随着一些未知的风险。快团团团长刘维维的处境十分典型，在受益于快团团平台机制的同时，"距离我无法提现已经一年了，多次沟通无 果，目前我正在寻求法律途径解决。"。 快团团的提现困境是一场已持续发酵多年的"慢性病"。 "早在2023年，我们的团长群里就陆续有人反映提现突然被限制。即便按要求上传了所有材料，款项依旧被冻结。今年以来，这种情况变得越来越普遍 了。"团长刘维维向「市象」透露。 据刘维维描述，当平台冻结团长货款时，通常仅以"账户存在风险"为由模糊告知，却从不明确说明具体风险所在。在多次联系客服后，他得到的唯一实质 性反馈是"履约情况不良"。 快团团区别于其他制度完善的电商平台，其并未设置自动确认收货机制。如果买家不手动确认，团长需逐一提醒，否则将直接影响店铺的履约率评 分。"但我后台显示的履约率明明是10 ...

证 券 研 究 报 告 拼多多（PDD）2025 年三季报点评 推荐（维持） 拐点显现，持续投入长期质量建设 目标价：139.04 美元 事项： ❖ 公司发布 2025 年三季报： 2025Q3 实现收入 1,082.8 亿元，同比+9%；经营利 润 250.3 亿元，同比+3%；Non-GAAP 经营利润 270.8 亿元，同比+1%；Non- GAAP 归属于普通股东净利润 313.8 亿元，同比+14%。 评论： [主要财务指标 Indicator_FinchinaSimpleHK] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 393,836 | 430,666 | 495,501 | 557,627 | | 同比增速(%) | 59.0% | 9.4% | 15.1% | 12.5% | | 归属于普通股东净利润(百万元) | 112,435 | 106,031 | 129,743 | 155,149 | | 同比增速(%) | 87.3% | -5.7% | 22.4% | 19 ...

Market Overview - The Hang Seng Index closed at 25,220, down 2.38% for the day and 5.09% for the week, but up 25.72% year-to-date[3] - The Hang Seng Technology Index fell 3.21% to 5,395, with a year-to-date increase of 20.76%[3] - The Hang Seng China Enterprises Index decreased by 2.45% to 8,920, with a year-to-date rise of 22.36%[3] - The Shanghai Composite Index dropped 2.45% to 3,835, with a year-to-date increase of 14.41%[3] Sector Performance - The lithium battery sector saw significant declines, with Ganfeng Lithium down over 12% and Tianqi Lithium down over 11%[9] - Semiconductor stocks also performed poorly, with Innolux down over 8% and SMIC and Hua Hong Semiconductor both down over 6%[9] - Xiaomi-related stocks rose against the trend, driven by the launch of Xiaomi's enhanced smart driving system[9] U.S. Market Insights - On November 21, U.S. markets saw all major indices rise, with the Dow Jones gaining approximately 1.1%[9] - The probability of a 25 basis point rate cut by the Federal Reserve in December increased from under 40% to over 70% following dovish comments from New York Fed President Williams[9] - Notable movements in large tech stocks included Google up 3.53% and Nvidia down 0.96%[9] Japanese Market Trends - The Nikkei 225 index fell 2.4%, with a cumulative decline of 3.5% over the past week[13] - Japanese semiconductor stocks faced significant drops, with Tokyo Electron down 7.14% and Advantest down 12.10%[13] - The Japanese government announced a $135 billion economic stimulus plan, adding pressure to the yen and government bonds[13]

Core Viewpoint - Pinduoduo's third-quarter financial results reflect a strategic shift towards long-term ecological development, prioritizing investment over short-term profit, as evidenced by the "100 billion support" initiative aimed at enhancing merchant growth and platform sustainability [1][4][8] Financial Performance - Pinduoduo reported Q3 revenue of 108.3 billion yuan, a 9% year-on-year increase, marking the first time growth has fallen to single digits [1][2] - Net profit attributable to ordinary shareholders was 29.33 billion yuan, up 17% year-on-year, although this performance fell short of market expectations [1][2] - The company's operating profit for the quarter was 27.1 billion yuan, down from 28 billion yuan in the same period last year, with an operating margin of 25%, down from 27% [3] Investment Strategy - The "100 billion support" plan, launched in April, involves investing over 100 billion yuan in resources to support merchants over three years, which has led to a 47% increase in agricultural product sales and a 31% rise in the number of post-95 merchants [1][6] - Pinduoduo's R&D expenses increased by 41% to 4.33 billion yuan, reflecting a commitment to enhancing technological infrastructure and employee-related costs [2] Market Positioning - Pinduoduo is adopting a low-profile approach in a competitive landscape, choosing not to engage in the food delivery wars or heavily promote AI initiatives, instead focusing on long-term ecological investments [1][4] - The company aims to balance growth with support for the industry, particularly in agriculture, by leveraging its platform to enhance supply chain quality and efficiency [5][6] Industry Impact - The "100 billion support" initiative has positively influenced the agricultural sector, with significant investments in local specialties and initiatives to improve product quality and market access [5][6] - The number of post-00 merchants increased by 44%, indicating a growing trend of younger entrepreneurs entering the market, which is expected to drive further innovation and quality improvements [7] Future Outlook - Pinduoduo's leadership emphasizes a commitment to long-term value creation and social responsibility, indicating a strategic pivot from mere scale to sustainable ecological development [4][8] - The company plans to continue investing in its platform and industry, focusing on high-quality development and user value creation as it moves into its next decade [8]

在电商竞争如此激烈的今天，拼多多以其独特的"社交裂变"和"低价爆款"逻辑，成为了无数新品牌和商家不可忽视的战场。然而，平台玩法迥异于天猫、京 东，这让许多初来乍到的商家感到迷茫：规则复杂、活动门槛高、竞争激烈……于是，"找代运营"成了一个诱人的选项。但问题也随之而来：拼多多的代运 营服务商，到底靠谱吗？作为新商家，我为什么要找他们？ 首先，我们必须客观地看待这个问题：代运营行业鱼龙混杂，既有顶尖的专业选手，也有不负责任的皮包公司。 因此，"靠谱"与否，关键在于你能否甄别 出真正有价值的合作伙伴。 一个靠谱的拼多多代运营服务商通常具备以下特质： 反之，那些"满口承诺、收费低廉、缺乏案例" 的服务商，则需要你高度警惕。 1. 精通拼多多核心玩法：他们不仅懂操作，更深谙拼多多的"灵魂"。包括： 2. 爆款逻辑：如何选品、定价，打造具有极致性价比的爆款。 3. 活动运营：熟练掌握限时秒杀、百亿补贴、9块9特卖等核心活动的报名技巧与资源协调。 4. 搜索与场景推广：能高效运用OCPX（优化点击付费）等智能推广工具，实现低价引流。 5. 社交裂变：擅长设计砍价、拼单等玩法，利用平台社交属性实现低成本病毒式传播。 6. 数 ...

China Internet & New Media Global Markets Research EQUITY: INTERNET & NEW MEDIA Takeaways from Douyin ecommerce expert call Douyin's ecommerce slowed down but managed to outperform on less tough base effect Nomura's China internet team hosted a conference call with a Douyin (unlisted) ecommerce expert to discuss the platform's Double 11 shopping festival performance (from Oct 09 to Nov 11). Douyin ecommerce growing 25% y-y during Double 11 According to the expert, Douyin's Double 11 gross merchandise value ...

19 November 2025 PDD Holdings (PDD US) Buy: Competition challenges domestic market growth Investing for long-term growth: 3Q25 revenue met expectations as the domestic segment was weaker on keener competition (exhibits 8) but overseas recovery beat on improved Temu performance. We trim domestic growth assumptions on intensified competition with peers' hefty investment into quick e-commerce despite continuing to expect a reduced government subsidy effect in 2026. We lift expected contributions from transacti ...

点击上图▲立即购票 12月28日，在厦门，一起相约"AI闪耀中国"吴晓波科技人文秀。本次活动由吴晓波 频道、优酷、七维动力联合主办， 【点击此处立即购票】 。 " 女性 CEO 更倾向于降低财务杠杆、减少激进并购或投资行为、保留更高现金以应对不确定性，这类行为在金融、运营压力大的时期能提高 ' 存活率 ' ，在行业进入 ' 止 血 ' 阶段时可能成为明显优势。 " 文 /巴九灵（微信公众号：吴晓波频道） 在中国残酷的零售江湖中，越来越多的女性正在执掌大权。从跨国零售商到本土连锁超市和电商平台，这股女性力量逐步走向最高的决策层。她们 的崛起，代表了中国零售行业的解题新思路。 1996年，瑞典家具零售企业宜家准备在上海筹划第一家门店。它在中国招聘的001号员工是个女孩，名叫朱昌来。她回忆说，首家门店开在上海， 面积不大，也没有自建仓，全靠进口，运输周期长，还经常断货，但确实给大家打开了一扇窗。 朱昌来从基层销售做起，踏实肯干，职级几乎是三年一升，历经店长、中国区销售总监等职后，2011年升任宜家德国零售副总裁，2013年出任宜 家中国零售总裁，成为宜家首位中国区华人CEO，最后又升任宜家全球商业总裁，成为这家公司 ...

NO.1 字节将中国电商、生活服务、中国广告工程技术团队整合为"中国交易与广告"部门 11月17日，在第3场京东品酒会现场，京东集团创始人、京东集团董事局主席刘强东宣布，京东外卖将 推出独立App（应用程序），同时推出京东点评以及京东真榜。刘强东现场承诺京东点评"永不商业 化"。 点评：京东外卖的独立App有助于其在即时配送市场中占据更大份额。京东点评和京东真榜的推出能在 一定程度上提升用户参与度和平台透明度。这一举措也显示了京东在本地生活市场的长期战略布局。 11月18日消息，为了加强广告与交易业务（即电商、生活服务）的研发建设，进一步提升研发效率，字 节跳动将中国电商、生活服务、中国广告的工程技术团队整合为"产品研发与工程架构—中国交易与广 告"部门。 点评：字节跳动的这一整合或有助于其在电商和生活服务领域提升竞争力。通过整合工程技术团队，字 节能够更好地协调资源，加速产品研发和技术创新，提升用户体验。此外，这一整合也显示了字节跳动 在广告和交易业务上的战略布局。 NO.2 拼多多三季度营收近1083亿元 11月18日，拼多多发布2025年第三季度财报，财报显示，拼多多三季度实现营收1082.8亿元，同比 ...

E-commerce and Retail - ByteDance integrates its Chinese e-commerce, lifestyle services, and advertising engineering teams into a new "China Transaction and Advertising" department to enhance R&D efficiency and competitiveness in the e-commerce sector [1] - Pinduoduo reports Q3 revenue of 108.28 billion yuan, a 9% year-on-year increase, with net profit rising 17% to 29.33 billion yuan, indicating a slowdown in revenue growth and a strategic shift towards long-term value over short-term profits [2] - Vipshop achieves Q3 net revenue of 21.4 billion yuan, a 3.4% year-on-year increase, with adjusted net profit rising 14.6%, reflecting improved platform activity despite the need for ongoing reforms in core business areas [3] - JD.com announces the launch of an independent app for its food delivery service, aiming to capture a larger share of the instant delivery market and enhance user engagement through new features [3] - Hema's founder, Hou Yi, announces the closure of several physical stores for the pet food brand "Paiteshengsheng," citing a mismatch between operational performance and initial goals, while shifting focus to online business [4] - Xibei raises salaries for frontline employees by an average of 500 yuan per person per month to boost morale and service quality amid recent controversies [5][6] Logistics and Supply Chain - The State Post Bureau reports that in October, express delivery revenue reached 131.67 billion yuan, a 4.7% year-on-year increase, with business volume growing by 6.5%, highlighting the increasing reliance on online shopping [6] - Flash Delivery reports Q3 revenue of 1.005 billion yuan, a slight decline year-on-year, but net profit increases by 83.6% to 43.7 million yuan, indicating effective cost control [7] - ZTO Express announces Q3 revenue of 11.86 billion yuan, an 11.1% year-on-year increase, with adjusted net profit growing by 5% to 2.51 billion yuan, reflecting strong market competitiveness [8] Innovation and Investment - Keling AI reports Q3 revenue exceeding 300 million yuan, with Kuaishou's total revenue growing by 14.2% to 35.6 billion yuan, indicating progress in AI commercialization and strengthening competitiveness in live commerce [8]