受访企业供图 "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。只有商家好了，消费者才能享受到更好的商品和服务，平台才能长期健康发 展。"拼多多集团董事长、联席CEO陈磊已经给出了答案。 ●南方日报记者 叶丹 为产业"锦上添花"创造新动能 虽然拼多多因为财报的数据成为了舆论的焦点，但是对于众多正在享受着因为拼多多618大促而带来铺天盖地订单的商家而言，如何能够借助平台提供的优 惠政策进一步扩大生产做大品牌，才是他们最关心的问题。 一个上市公司单季度盈利达到了近170亿元，在大多数人眼中这无疑是一个优秀的企业。但是当一个互联网公司单季度营收增速只有10%，则又会被人解读 为"增速堪忧"。刚刚发布了2025年第一季度财报的拼多多，如今就处于一个如此"分裂"的舆论当中。 作为一家链接着千千万万的商家和近10亿消费者的互联网电商平台，在面对外界的不确定性和内在消费周期的挑战时，刚满10岁的拼多多应该如何定位和选 择？ "希望能够尽快通过拼多多对品牌的审核，这样我们就可以争取加入'百亿补贴'活动当中，进一步推动品牌的发展。"在拼多多鞋类品牌商公牛世家的品牌负 责人陈成材看来，他当下更关心的是即将要迎 ...

文｜未来迹FBeauty 史上最长618，各电商平台首轮战报出炉！ 一方面，今年618各电商平台规则发生了较大变化，周期再拉长、简化大促规则、扶持商家利益等；另一方面，美妆品牌格局也因此生变，国际品牌"重返 高地"、国货品牌承压，白牌更是消失得"无影无踪"。 当电商平台"价格战"时代正式宣告落幕，各大平台和品牌商家也开始重新考量自身的生意路径和品牌价值，需要通过这次大促验证策略可行性和市场信 心。 那么，作为年中最重要的618大促，对美妆品牌而言具有哪些新的意义？ 四电商平台618首轮战报出炉，国际品牌实现"大反攻"？ 品牌表现无疑是每年618业内最关注的焦点，而今年各平台的排名情况，相较去年发生了较大变化，线上头部美妆品牌格局正在发生剧烈变革。 天猫于5月16日正式开启618大促，从各方数据来看，美妆总体表现不错。从品牌看，珀莱雅、兰蔻、欧莱雅、修丽可、雅诗兰黛、CPB成为最早一批 GMV破亿的品牌；从产品看，可复美胶原棒2.0、SK-II神仙水、修丽可AGE面霜、海蓝之谜精萃水、珀莱雅双抗精华等32个单品在开卖前30分钟成交额就 超过千万。 同时，国际美妆品牌在天猫上的表现略胜一筹。天猫最新公布的"天猫美 ...

弘则研究 问答·国内互联网的一季报怎么看？20250605 摘要 AI 技术正驱动中国互联网公司产品迭代和效率提升，腾讯在游戏和搜索 广告，阿里在电商和云服务均受益，头部公司利润释放速度超收入增速， 凸显投资价值。 中国互联网公司估值集中在 15-18 倍，低于海外 Meta、Google 等公 司，考虑到 AI 带来的边际效应，以及国内企业脉冲式资本开支特点，当 前是投资良机。 国内云业务加速增长，阿里云增速从 13%提升至接近 20%，百度云增 长超 40%。企业内部效率提升和 AI 场景嵌入是主要驱动力，预计二季 度将保持加速态势。 电商竞争格局分化，阿里聚焦品牌，拼多多关注产业链投放，京东侧重 政府补贴电子品类，抖音回归内容导向，各平台策略差异化。 即时零售市场进入第二阶段，美团外卖单量增速放缓但盈利稳定，闪购 业务高速增长。阿里通过饿了么与淘天集团融合，京东补贴收敛，行业 竞争趋于理性。 Q&A 2025 年一季度互联网公司财报的主要特点是什么？ 2025 年一季度互联网公司的财报显示出明显的拐点。自 2024 年四季度以来， 以腾讯和阿里为代表的公司出现了资本开支加速的趋势，尤其是在 AI 领域。 ...

转自：前瞻产业研究院 短视频行业主要上市公司：快手(01024.HK);腾讯控股(00700.HK);百度集团(09888.HK);哔哩哔哩(09626.HK); 拼多多(PDD.O)等 本文核心数据：中国短视频行业上市公司业务布局;中国短视频行业上市公司业绩对比 1、短视频行业上市公司汇总 短视频即短片视频，是一种互联网内容传播方式，一般是在互联网新媒体上传播的时长在5分钟以内的视 频。短视频内容融合了技能分享、幽默搞怪、时尚潮流、社会热点、街头采访、公益教育、广告创意、商业 定制等主题。由于内容较短，可以单独成片，也可以成为系列栏目。 目前，我国短视频行业的上市公司数量不多，具体包括： 上游UGC平台：奥飞娱乐(002292.SZ);宋城演艺(300144.SZ);爆米花(839898.OC);值得买(300785.SZ);汽车之 家-S(02518.HK);荔枝(SOGP.O);PGC平台：视觉中国(000681.SZ);芒果超媒(300413.SZ);青藤文化(839044.OC); 年轮映画(871813.OC);博纳影业(001330.SZ);万达电影(002739.SZ); 中游MCN机构：中广 ...

目前一件代发的个人生意模式正在面临结构性红利，各大电商平台乐见其成，而唯独闲鱼有自己的"忧愁"。 一件代发是指一种不需要压货，从厂家直接发货，从中赚取提成的生意模式，适合无资金、无资源、无人脉的新手卖家，创业风险相对较小。 早在几年前，个人用户从1688、拼多多等低价/货源平台搬运商品到闲鱼及其他电商平台售卖的一件代发教程就已层出不穷，这类商品在闲鱼上有时以"清 仓"、"甩卖"等理由出现。 在闲鱼上一件代发，加之这些闲鱼卖家对闲鱼用户偏好的精准洞悉，个人卖家可以通过信息差和流量运营赚钱。 近一年，平台们的变化似乎为这种个人生意模式增加了一层"确定性"：闲鱼在阿里内部战略地位升高后持续优化平台个人交易策略；多个电商平台优化仅 退款；1688活跃买家破亿；拼多多利润同比大幅下滑…… 一方面，目前闲鱼的增长还未见顶，仍需要更多个人货源以继续扩大平台规模；另一方面，闲鱼的用户心智区别于其他电商平台，这样的"一件代发"模式 如果继续占领闲鱼超过一个尺度，又不利于闲鱼的用户心智建设。 毫无疑问，闲鱼正在面临进一步抉择和平台规则优化。 01、1688们现在需要闲鱼们 不论从货源平台的现状，还是电商平台自身的发展需求来看，这 ...

Core Viewpoint - The Chinese government emphasizes the importance of building a strong agricultural nation as a foundation for national strength, highlighting the need for innovation and international collaboration in agriculture [1]. Group 1: Event Overview - The "2025 Digital Agriculture Innovation Training Camp" took place in Dali, Yunnan, involving 18 young agricultural entrepreneurs from eight countries, aimed at promoting digital agriculture innovation [1][2]. - The training camp is co-hosted by the Food and Agriculture Organization (FAO), Zhejiang University, and Pinduoduo, focusing on technology-driven agricultural practices and farmer behavior analysis [2]. Group 2: Pinduoduo's Role - Pinduoduo has actively contributed to building a strong agricultural nation by supporting various agricultural competitions and initiatives, including a "100 Billion Support" plan aimed at agricultural research and innovation [2][8]. - The company emphasizes the importance of integrating global agricultural entrepreneurs and technology to foster innovation and sustainable agricultural practices [4][8]. Group 3: Training Camp Activities - Participants engaged in field research to understand local farming practices, with a focus on sustainable and high-value agricultural methods [3][4]. - The training camp showcased innovative agricultural technologies, such as a nutrient management platform that can reduce nitrogen and phosphorus runoff into the Erhai Lake by over 30% [4][6]. Group 4: Impact and Future Initiatives - The training camp is part of a broader initiative that has seen the establishment of over 1,800 technology-driven agricultural training centers across China, extending its influence to countries like Tanzania and Brazil [6][8]. - The "Global Agricultural Innovators Competition" has identified and nurtured 600 youth agricultural projects since its inception, aiming to enhance global agricultural technology applications [8].

Investment Rating - The report maintains a "Buy" rating for Pinduoduo (PDD) [7][24] Core Views - The company's Q1 2025 performance fell short of expectations, with revenue of RMB 95.67 billion, a year-on-year increase of 10%, but below the Bloomberg consensus estimate of RMB 101.6 billion. Non-GAAP net profit was RMB 16.92 billion, down 45% year-on-year, also below the expected RMB 27.88 billion [12][16] - Pinduoduo is focusing on high-quality platform ecology and supply chain capability construction, emphasizing sustainable development through various measures such as "reduction, support, and governance" [13][16] - The company is implementing a RMB 100 billion support initiative to bolster both merchant and consumer sides, aiming to stimulate demand and assist small and medium-sized businesses [16][24] Summary by Sections Revenue Growth and Ecosystem Development - In Q1 2025, Pinduoduo's advertising revenue reached RMB 48.72 billion, up 15% year-on-year, exceeding market expectations, while commission revenue was RMB 46.95 billion, up 6% year-on-year, but below expectations [12][13] - The company continues to promote its high-quality development strategy and platform ecosystem, leveraging digital advantages to expand "new quality supply" and create a win-win ecosystem for users, merchants, and the platform [13][16] Gross Margin and Profitability Challenges - The gross margin for Q1 2025 was 57.2%, a decrease of 5.1 percentage points year-on-year, indicating short-term profitability challenges [18][21] - The report notes an increase in expenses, with sales expense ratio rising to 34.9%, up 7.9 percentage points year-on-year, while management and R&D expense ratios remained relatively stable [21][24] Earnings Forecast and Investment Rating - Due to increased investments in ecosystem development, the report adjusts the Non-GAAP net profit forecasts for 2025-2027 to RMB 98.55 billion, RMB 130.32 billion, and RMB 153.98 billion, respectively, with corresponding PE ratios of 10.2, 7.7, and 6.5 [24][28]

Group 1 - Pinduoduo's Q1 2025 financial report shows a total revenue growth of 10.21% year-on-year, but a significant decline in net profit by 47.35%, from 28 billion to 14.74 billion [1] - Over the past five years, Pinduoduo has emerged as one of the healthiest internet platforms, with explosive growth in Q1 2024, establishing itself as a leading e-commerce platform and a national-level application [3] - The management team emphasizes a "long-termism" strategy, investing over hundreds of billions in cultivating the merchant and user ecosystems [3] Group 2 - The "100 billion subsidy" and "100 billion reduction" initiatives have evolved into a "1 trillion support plan," benefiting consumers overall [6] - The e-commerce platform plays a crucial role in driving national economic growth through consumer spending, investment, and exports, with the support plan aimed at helping merchants and promoting digital transformation [6] - Pinduoduo's international version, TEMU, will also see increased subsidies for small and medium-sized cross-border e-commerce merchants [6] Group 3 - The "1 trillion support plan" aims to benefit farmers, merchants, and consumers, marking a significant opportunity for the e-commerce industry [24] - The plan includes direct support for agricultural products, helping farmers become e-commerce entrepreneurs and integrating local products into the e-commerce supply chain [29] - Pinduoduo's initiatives have already assisted thousands of agricultural regions, enhancing brand value and promoting rural revitalization [33] Group 4 - The plan has led to substantial reductions in platform fees, with technical service fees being significantly lowered, saving merchants billions annually [34] - Pinduoduo has reduced the store deposit for various categories by over 50%, facilitating easier access for merchants [36] - The platform's ability to understand consumer needs allows for real-time adjustments in sales strategies, enhancing product design and functionality [37] Group 5 - Pinduoduo's commitment to high-quality development is evident in its strategic focus on consumer and merchant benefits, aiming for a win-win ecosystem [42] - The "1 trillion support plan" is expected to be the largest benefit for e-commerce merchants, providing consumers with greater savings [42]

史上最长6 1 8，各电商平台首轮战报出炉！ 一方面，今年6 1 8各电商平台规则发生了较大变化，周期再拉长、简化大促规则、扶持商家利 益等；另一方面，美妆品牌格局也因此生变，国际品牌"重返高地"、国货品牌承压，白牌更是 消失得"无影无踪"。 当电商平台"价格战"时代正式宣告落幕，各大平台和品牌商家也开始重新考量自身的生意路径 和品牌价值，需要通过这次大促验证策略可行性和市场信心。 那么，作为年中最重要的6 1 8大促，对美妆品牌而言具有哪些新的意义？ 品牌表现无疑是每年6 1 8业内最关注的焦点，而今年各平台的排名情况，相较去年发生了较大 变化，线上头部美妆品牌格局正在发生剧烈变革。 天 猫 于 5 月 1 6 日 正 式 开 启 6 1 8 大 促 ， 从 各 方 数 据 来 看 ， 美 妆 总 体 表 现 不 错 。 从 品 牌 看 ， 珀 莱 雅、兰蔻、欧莱雅、修丽可、雅诗兰黛、CPB成为最早一批GMV破亿的品牌；从产品看，可 复美胶原棒2 . 0、SK-II神仙水、修丽可AGE面霜、海蓝之谜精萃水、珀莱雅双抗精华等3 2个 单品在开卖前3 0分钟成交额就超过千万 。 同时，国际美妆品牌在天猫上的表现 ...

作者 | 闰然 统筹 | 张鹏霞 视觉 | 顾芗 围绕在拼多多身上的困惑、争议接踵而至。因为，2025年第一季度财报显示，拼多多的业绩增速有所放 缓——营收957亿元，同比增长10%。 数字里暗藏着拼多多的战略取舍。"今年初始，我们预见到商家群体将会进一步承压，同时也看到了高 质量发展的长远价值，管理层下定决心，做出了'千亿扶持'的战略决定。"拼多多集团董事长、联席CEO 陈磊表示。 在压力巨大的电商行业里，"千亿扶持"着实稀缺。这句口号成为了拼多多商业价值观的公然宣示，其背 后是真金白银的投入。 这个社会需要拼多多吗？此前，拼多多用陡峭的增长曲线证明了中国最广大老百姓的市场价值与消费潜 力。如今，拼多多平台敢于牺牲短期业绩，激进投入商家扶持。 专注的力量，在持续 电商早已不是一门容易做的生意。过去这个季度，外部环境的变化给商家带来了诸多的新挑战。 拼多多战略转向的轨迹透露了许多行业变化——去年推出了 "电商西进""新质供给"等创新举措，今年成 立了"商家权益保护委员会"。为了与商家共同应对这些外部环境带来的新挑战，"商保会"于今年4月初正 式启动了"千亿扶持"重磅惠商新战略。 拼多多启动"多多好特产"项目， ...