「百亿减免」后首份成绩单，拼多多坚定重塑电商生态 3月20日，拼多多公布2024年第四季度及全年的财务报告。财报显示，拼多多2024年实现营收3938.4亿元，同比增长59%，归属于普通股股东的净利润为 1223.4亿元，同比增长80%。 其中第四季度，拼多多实现营收1106.1亿元，同比增长24%。此前彭博分析师一致预期其该季度营收将达1160.3亿元，而相比该季度24%的营收增幅，之 前其单季度增速曾超100%。 增速放缓的趋势自去年二季度已有所体现。与此同时，拼多多持续加码投入平台生态建设，推出多项商家扶持、补贴政策。去年8月，拼多多启动"百亿减 免"计划，为优质商家减免100亿元交易手续费，同时持续进行营商环境治理。 延续至当下，拼多多自身增速遭受一定程度的拖累，但在去年二季度，拼多多集团董事长、联席CEO陈磊就曾表示，完善生态建设并非一夕之功，管理层 做好了牺牲短期利润、长期投入的准备。本期财报发布后的业绩会上，陈磊再次提到，100亿元的费用减免计划、偏远地区物流支持等针对生态系统的投 资，影响了短期财务状况，不过公司的投资承诺仍然坚定，相信可带来长期回报。 而其平台生态也正显示出区别于短期增长的高 ...

Core Viewpoint - The article emphasizes the need for e-commerce platforms to shift from a competitive model focused on "robbing merchants" to one that prioritizes "nurturing merchants" for a healthier business ecosystem [9][10][26]. Group 1: E-commerce Platform Strategies - The emergence of platforms like DeepSeek has sparked discussions on optimizing the business environment, highlighting the importance of "streamlining administration, combining management, and optimizing services" [1]. - Platforms should adopt a service philosophy of "no interference unless needed, and responsive to requests," which is essential for a healthy commercial ecosystem [14][23]. - JD.com has entered the food delivery market with a "0 commission" strategy, positively impacting quality and worker protection in the industry [1]. Group 2: Retail Industry Challenges - The retail industry has been trapped in low-level competition, where new stores struggle to survive due to high advertising costs and complex platform rules [2]. - The article notes that the e-commerce sector has reached a point where change is necessary, advocating for long-term ecological development rather than short-term fee reductions [3]. Group 3: JD.com's Merchant Support Initiatives - JD.com has seen a significant influx of merchants, with many choosing to focus on the platform due to its support for third-party sellers, including increased resource allocation and professional guidance [4][12]. - The "Spring Dawn Plan" by JD.com aims to simplify the process for new merchants, offering zero-cost store openings and advertising subsidies, thereby reducing operational complexity [11][20]. - The plan has resulted in rapid growth for new merchants, with some achieving sales figures that rival those of established competitors within months [5][10]. Group 4: Long-term Ecosystem Development - The article highlights a consensus in the industry that the competition among e-commerce platforms has shifted from "robbing merchants" to "nurturing merchants" [9][27]. - JD.com's approach includes significant investments in advertising and support for merchants, with plans to allocate at least 1 billion in advertising subsidies [20]. - The focus on service quality and operational support is expected to enhance the overall ecosystem, allowing merchants to thrive without excessive costs [25][27].