眼下正是荔枝销售旺季，从广东茂名到海南万宁，新鲜荔枝正通过冷链物流飞奔到消费者手中。 在拼多多下单不到48小时，上海白领张然就收到了发自广东茂名的妃子笑荔枝。荔枝拿到手还是冰的， 果皮鲜红湿润，好像刚从树上摘下来。 近日，电视剧《长安的荔枝》迎来大结局，贵妃寿辰日，岭南荔枝如期送到，贵妃笑了，但这场"千里 接力"背后的代价无人在意。荔农果园毁于一旦，沿途人马伤亡，李善德最终完成任务不止于精密计算 与反复实验，更仰仗举国物力、人力、财力的支持。 现在消费者只需要在电商平台下单，在家中就可以坐等冰鲜荔枝上门。看似风轻云淡背后，仍是一场从 产地到用户的极速赛跑。 《中国经营报》记者采访果农、商家和电商平台发现，新鲜荔枝速递背后，是一场电商平台、商家共同 参与的荔枝速递实验：从产地品质升级、冷链创新到平台的流量、物流补贴，拼多多这些新电商平台要 的不仅是打开一条优质农产品上行通道，还要保证从商家到荔农的每一个环节都赚到钱。 "原产地"升级 今年是荔枝大年，"大年"意味着荔枝高产，对于消费者来说可能意味着价格实惠。对于果农却未必是好 事，因为丰收产量大，荔枝上市后价格一路走低。 6月中旬，在苏州南环桥市场，妃子笑批发价 ...

"国补"商品销量环比增长177% 另外，今年大促，平台百亿补贴"政府补贴"专区也进一步覆盖上海、广东、湖北、福建等23个地区。在 多重优惠叠加之下，"国补"商品销量环比增长了177%，全国用户，尤其是三四线城市的家电换新需求 得到持续满足。 6月18日，电商618大促迎来"收官"，多家平台相继公布成绩单，整体来看，今年618商家与消费者实 现"双向奔赴"。 记者获悉，今年618大促是拼多多"千亿扶持"计划推出后的首个年中大促，活动期间，平台一方面投入 真金白银补贴优质农货、"国货"，推动新质供给加速上行，提升商家订单量、交易额；另一方面向消费 者发放消费券，满足消费者以更大优惠实现年中"囤货"的需求，进一步释放平台用户的消费潜力。 具体来看，在"千亿扶持"的支持下，大促启动以来，全域消费持续火热，生鲜、手机、数码、家电、美 妆、服饰、运动、户外、母婴、家居、百货等数十个类目均创下销量新高。据拼多多百亿补贴相关负责 人表示，大促期间，参与"百亿补贴"多项活动的农货商家、新质商家同比实现翻倍增长，"超级加倍 补"活动的单日订单量就超过了376万单，助力多个类目的中小商家实现了新突破。 在"百亿补贴"多重补贴的带动 ...

记者获悉，今年618是拼多多"千亿扶持"计划推出之后的首个年中大促，拼多多方面表示，为了进一步 促进家电消费，百亿补贴还在国补的基础上推出了大额消费券，消费者最高可领取3750元大额消费券券 包，每单最高可减1000元。 ...

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]

Core Viewpoint - Pinduoduo's Q1 2025 financial report shows a revenue of 95.7 billion yuan, a 10% year-on-year increase, but a 47% decline in net profit due to increased marketing expenses related to the "100 Billion Support" initiative [1] Financial Performance - Revenue for Q1 2025 reached 95.7 billion yuan, reflecting a 10% increase compared to the same period last year [1] - Net profit for the same quarter was 14.742 billion yuan, down approximately 47% from 27.998 billion yuan in Q1 2024 [1] - Marketing expenses surged by nearly 10 billion yuan to 33.4 billion yuan, marking a 43% increase year-on-year [1] Business Initiatives - The "100 Billion Support" initiative aims to enhance merchant support and boost domestic consumption, particularly in western regions of China [1] - The initiative includes measures such as the "New Quality Merchant Support Plan" and "E-commerce Westward" to facilitate lower logistics costs and provide subsidies [1][2] - Pinduoduo's management emphasized the importance of investing in long-term value creation rather than focusing solely on short-term profits [2][3] Market Expansion - Sales of seasonal products like zongzi saw over a threefold increase during the recent Dragon Boat Festival, particularly in western provinces [1] - The company has successfully expanded its logistics and service offerings to remote areas, significantly increasing order volumes [2][4] - The "E-commerce Westward" policy has led to a substantial rise in package deliveries in previously underserved regions, contributing to local economic growth [4] Merchant Support and Ecosystem - Pinduoduo's strategy includes reducing commission rates and providing increased traffic support to help merchants build user assets and transition from price competition to value competition [3] - The establishment of the "Merchant Rights Protection Committee" aims to enhance merchant services and optimize the platform ecosystem [3] - The company's focus on supply chain optimization is expected to create a positive feedback loop between supply and demand, benefiting both merchants and the platform [4]

5月27日美股盘前，拼多多发布一季度财报。财报显示，拼多多一季度营收956.7亿元人民币，同比增长 10%，净利润147.42亿元，同比下跌47%，营销费用激增43%拖累整体盈利。从业务结构来看，在线营 销服务收增长15%，交易服务收入增速为6%。 在随后的财报电话会上，拼多多表示： 随着商业竞争加剧和外部不确定性，增长率放缓是不可避免的。由于一季度外部环境的变 化，这一趋势进一步加速，我们的收入增长明显放缓。同时，收入增长放缓和持续的生态系 统投资导致本季度利润显著下降，这主要是由于商业投资和回报周期之间的不匹配。 一季度拼多多加大对商家支持力度，拼多多表示： 此外，我们还进一步升级了平台直补的模式，多类目的对标国补的价格标准，为消费者提供 实在的优惠，也为商家的增收构建了更良性的运营环境。 此外，拼多多还表示，还将对继续以国家补贴计划为基准价格，将补贴范围扩大到日用百货等类目，全 面普惠消费者，进一步激发消费活力。尽管这些投入会影响平台的短期利润，但能为平台的中小商家盘 活库存与产能，创造高质量、差异化的发展的窗口期。 以下是电话会全文 陈磊： 在外部环境不确定性加剧，拼多多果断支持消费者和商家，将他们的 ...

专题：聚焦美股2025年第一季度财报 5月27日晚间消息，拼多多（Nasdaq：PDD）今日发布了截至3月31日的2025年第一季度财报：总营收为 956.722亿元，同比增长10%；不按美国通用会计准则，归属于拼多多普通股股东的净利润为169.160亿 元，同比下滑45%。 详见： 拼多多第一季度营收957亿元 同比增长10% 我们的商家在面对这样的政策环境变化时，必然会有巨大的压力以及应对能力的不足，不能很好地跟上 变化。在这种情况下，拼多多作为一个平台，有必要肩负起平台的责任，花大力气加大平台的投入，优 先保障商家。刚才我们提到的千亿扶持计划，其目的就是为了加大对广大中小商家的帮扶和补贴力度， 帮助平台商家稳定销量，进一步降低经营成本，从而更好应对当下环境的变化以及相关的风险，从而为 平台争取更多的时间以及空间。 此外，在业务模式上，我们也会持续做新的尝试，从而加深在各个市场的服务深度，拓展新的品类、新 服务，来构建一个更加稳健的平台生态。在快速变化的外部环境中，我们全球化业务正在和不同地区的 商家一起，尽自己最大的努力，为全世界各地的消费者带去价格稳定、供给充足的商品。无论政策如何 变化，我们都会持续 ...

Core Viewpoint - Pinduoduo's Q1 2025 financial results fell short of market expectations, leading to a significant drop in stock price and investor concerns about the company's future profitability and growth prospects [1][2] Financial Performance - Pinduoduo reported Q1 revenue of 95.7 billion RMB, a year-on-year increase of 10%, but net profit decreased by 45% to 14.7 billion RMB, significantly below the expected 25.7 billion RMB [1] - The company's CFO indicated that profitability will continue to face pressure due to ongoing business expansion and external policy uncertainties [2] Strategic Investments - The company has made substantial investments in its platform ecosystem to help merchants and consumers adapt to external changes, which has compressed profit margins in the short term [1] - Pinduoduo's "100 billion support plan" aims to provide greater subsidies to merchants, which is seen as a strategy for high-quality development despite raising market concerns [2] Market Environment - Pinduoduo's cross-border platform Temu is facing challenges due to tightened U.S. trade policies, requiring a shift in logistics strategy from direct shipping to bulk transport to local warehouses [1] - Competitors like JD.com and Alibaba have shown stronger performance, with JD.com experiencing its fastest revenue growth in three years, while Alibaba's Chinese retail business exceeded market expectations [2] Competitive Challenges - Analysts note that Pinduoduo's extensive subsidies to support Temu merchants amid rising costs and supply chain disruptions have become a key factor dragging down profitability [2] - Regulatory and trade policy pressures in the U.S., Japan, and the EU may further weaken Temu's cost advantages in overseas markets [2]

时隔一年，网友们终于等来荔枝丰收年。 海南荔枝最早成熟。五一前，"多多好特产"水果专项负责人深入海南，穿梭于海南陵水、万宁等地的各 大荔枝园。他每天早晨5点进园看荔枝产量、挂果、好坏果比例等，接着来到重点商家的分拣中心看筛 选设备、过冷是否用冰块、单日打包量等环节，评估供应链上的每一个环节。 据上述负责人介绍，这些评估是拼多多"百亿精品水果"的荔枝产品标准：单果克重18克或20克、外观完 好、发货及时等。在具体标准指导下，平台的优质商家通过提高田间收购价来锁定高规格荔枝，带动农 户增收的同时，实现利润和销量齐升的健康增长。 4月，拼多多推出"千亿扶持"计划，未来三年拟投入1000亿资源，持续发力用户、商家及平台多方共赢 的商业生态。在农业领域，该计划依托"2025多多好特产"专项行动，继续加码水果、海鲜、水产等品类 的扶持力度，深入全国各大农牧产区，与当地农牧产业深入融合，探索农货上行新模式，助力产业提升 附加值，助推农牧产业增产增收。 4月底，"2025多多好特产"农业专项来到海南，为荔枝商家提供解决方案。 "2025多多好特产"农业专项近期正式启动，继首站走进江苏连云港后，4月底来到海南。为让优质商家 跑 ...

新增特殊保证金规则，平台有权根据商家违规情况限制提现资金至少2年，用于赔付或平台损失。 二、评价与销量展示规则 一、商家扶持与补贴政策 千亿扶持计划 平台推出"千亿扶持"计划，未来三年投入超1000亿元资金及资源，重点支持农特产区数字化改造（如"多多好特产"专项行动）及商家回 馈活动； 商家参与"100亿商家回馈计划"可获平台发放的消费券，降低获客成本，家电数码类商品销量最高增长30倍。 类目保障金调整 大家电、二手数码等类目店铺保障金大幅下调，进一步降低商家运营成本； 销量显示限制 评价数＜200时，商品销量仅显示最高1000；评价数≥200后，可展示万以上销量； 商品评分生效周期调整为30天内50条评价，店铺评分仍为90天内50条。 服务体验分考核 修改后的销量需满足月GMV≥1万元，否则会被清除。 评价生效机制 新链接评价需在销量＞评价数的情况下，24小时后显示；老链接需实时满足销量＞评价数； 评价数量直接影响销量展示上限，商家需优先积累真实评价。 三、店铺评分体系升级 评分展示方式 店铺评分由分数制改为百分比制（如"超过行业平均70%"），更直观反映竞争力； 重点培育具备供应链改造能力的新质商家，如广 ...