证券研究报告 | 2025年08月26日 拼多多（PDD.O） 优于大市 2025Q2 财报点评：利润表现亮眼，继续坚持投资电商生态 核心观点 公司研究·海外公司财报点评 互联网·互联网Ⅱ | 证券分析师：张伦可 | 证券分析师：王颖婕 | | --- | --- | | 0755-81982651 | 0755-81983057 | 收入端：国内电商稳健增长，半托管转型拖累交易服务收入。25Q2 公司实现 营业收入 1040 亿元，同比+7%，其中在线营销服务收入 557 亿元，同比 +13%，预计公司广告货币化率已进入平稳期，广告收入的表现基本反映 出公司国内电商 GMV 表现保持稳健增长。交易服务收入 483 亿元，同比 +1%，较 Q1 继续降速，分拆来看：1）美团优选退出缓和社区团购竞争 格局，预计能够为多多买菜带来一定增量；2）Q2 开始正式推行千亿扶 持计划，结合其他商家扶持行为对主站佣金的影响仍然持续；3）Temu 受美国政策影响，转型半托管对收入继续带来影响（从全额法转为净额 法），但我们预计 temuQ2 海外整体 GMV 增速仍保持在 40%左右，尽管在 收缩了美国市场的投放后虽然出现用 ...

Core Insights - WeChat's participation in the 618 shopping festival is significant as it marks a shift towards direct user subsidies, with a total of 20 million yuan allocated for the event, indicating a strategic move to enhance its e-commerce presence [1][15] - The establishment of the WeChat e-commerce product department signifies a commitment to developing a robust e-commerce ecosystem, aiming to integrate various platforms within WeChat to enhance merchant visibility and consumer engagement [3][5] - The introduction of features like "gift giving" and the "pusher" model reflects WeChat's strategy to leverage its social ecosystem for e-commerce growth, creating a unique competitive advantage over traditional e-commerce platforms [6][10] WeChat's E-commerce Strategy - WeChat's small program GMV is comparable to that of Taobao and Tmall, with a projected GMV of 2 trillion yuan for Q2 2024, although most transactions are service-oriented rather than physical goods [2][3] - The focus on transitioning merchants from small programs to WeChat stores is a key strategy to enhance customer acquisition and sales through WeChat's extensive social network [3][10] - The integration of various features and channels, such as the addition of a small store channel in search results and direct links from ads, aims to create a seamless shopping experience within the WeChat ecosystem [6][19] Competitive Landscape - The launch of the "gift giving" feature has prompted competitors like Taobao and JD to introduce similar functionalities, highlighting the competitive pressure WeChat exerts on the e-commerce market [7][8] - The pusher model, which allows individuals to earn commissions by sharing products, is designed to expand WeChat's reach and engagement, potentially surpassing the effectiveness of traditional affiliate marketing models [9][10] - WeChat's ability to connect social interactions with e-commerce transactions positions it uniquely in the market, leveraging its vast user base and social dynamics to drive sales [13][18] Long-term Vision - WeChat's e-commerce strategy prioritizes building a solid infrastructure over immediate GMV growth, focusing on enhancing user experience, product quality, and merchant engagement [14][15] - The long-term goal is to create a more effective advertising ecosystem within WeChat, increasing the value of each click and encouraging more merchants to invest in advertising on the platform [16][18] - As WeChat continues to develop its e-commerce capabilities, it aims to establish a closed-loop system that enhances transaction efficiency and drives revenue growth for Tencent [18][19]

" 关于 ' 仅退款 ' ，已经不只是一个消费者意愿的问题，更是一个商业模式乃至制度的大讨论。 " 文 / 巴九灵（微信公众号：吴晓波频道） " 电商平台要取消 ' 仅退款 ' 了？ " 近日，多家平台传出即将调整 " 仅退款 " 政策的风声，相关话题迅速冲上微博热搜榜首， " 电商平台全面取消仅退款 " 的词条阅读量冲破 2.5 亿，讨论数超过 4.5 万，支持与不支持的网友们各执一词，吵得不可开交。 "' 仅退款 ' 让薅羊毛的人越来越多，最后的成本都转嫁到不怎么 ' 仅退款 ' 的用户头上。 " " 网购的商品老是货不对板，退货又要协商运费又要寄快递，有时候运险费还不能完全覆盖寄回去的运费，麻烦得很。 " 为此，吴晓波频道发起了一份关于 " 仅退款 " 的问卷调查。截至发稿，共收集到 180 份答卷。 这群受访者中，每月网购花费在 500— 2000 元之间的消费者占比近一半，而每月网购在 200—500 元、 2000 元以上的人数分别占比约 25% 。 点击图片▲立即试听 值得一提的是，尽管大家热议仅退款，但真正使用过的人却并不多，在我们调研的 180 位消费者中，使用过 " 仅退款 " 功能的仅有 ...

构建良好的电商生态，关键在于精准施策、系统推进。 提升供给，优化环境。持续完善电子商务领域法律法规体系，紧跟行业发展趋势，及时弥补制度空白， 为新业态、新模式划定清晰的规则边界。提升监管的科学性与适应性，运用技术手段增强监管效能，实 现穿透式监管与包容审慎监管的平衡。着力优化营商环境，破除隐性壁垒，降低制度性交易成本。强化 公平竞争审查，坚决反对垄断和不正当竞争行为，依法保护各类经营主体合法权益，维护统一开放、竞 争有序的市场体系。 做好服务，促进创新。加强包括高速网络、智慧物流体系、安全便捷支付系统等在内的数字基础设施建 设，为电商高效运行提供坚实保障。鼓励金融机构创新服务模式，为电商企业特别是中小微企业提供更 易得、更适配的金融支持。支持平台企业发挥技术、数据优势，赋能产业链上下游，带动传统产业数字 化转型。 充分保障安全，维护合法权益。要将保障消费者权益和数据安全放在突出位置，健全消费者权益保护机 制，畅通投诉举报渠道，严厉打击销售假冒伪劣商品、虚假宣传、侵犯知识产权等违法行为，营造安全 放心的网络消费环境。推动行业组织建设，引导平台和商家诚信经营，构建政府监管、平台负责、行业 自律、社会监督的多元共治 ...

Core Viewpoint - JD Group has established a significant presence in the capital market, particularly in Hong Kong, with multiple subsidiaries listed and ongoing plans for further listings [1][4]. Revenue Structure - The revenue structure of JD Group has stabilized, with service revenue accounting for approximately 20% of total revenue [3][4]. - In 2023, product sales reached 871.2 billion, while service revenue was 213.4 billion, with service revenue's share at 19.7% [4]. - The proportion of electronic products in self-operated sales has stabilized around 60%, with sales reaching 5,388 billion in 2023 [5]. Profitability and Performance - The main driver of improved performance is the increase in gross profit margin, which rose to 15.9% in 2024 [9][10]. - JD Group has demonstrated sustained profitability, achieving net profits exceeding 100 billion in recent quarters despite significant asset impairments [12]. Logistics and Supply Chain - JD Logistics, initially a fulfillment department, has evolved into a key player, providing integrated supply chain services and significantly reducing fulfillment costs [21][22]. - The revenue from integrated supply chain services has decreased as a percentage of total logistics revenue, indicating a shift towards more diverse service offerings [17][18]. Segment Performance - JD Retail's revenue surpassed 1 trillion for the first time in 2024, with a year-on-year growth of 7.5% [26]. - JD Logistics has shown remarkable improvement, with operating profit soaring to 63 billion in 2024, reflecting a profit margin of 3.5% [28]. Corporate Structure and Strategy - JD Group has multiple subsidiaries, with significant inter-company revenue that has been increasing over the years, indicating a complex corporate structure [29]. - The strategy of spinning off subsidiaries for public listing has created a network of companies under the JD umbrella, akin to a "big flower pot" nurturing various entities [30].