8月25日，拼多多将披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国当地时间，实 际披露日期以公司公告为准）。 8月15日，拼多多(PDD)开盘上涨2.38%，截至21:30，报117.47美元/股，成交6178.33万美元，总市值 1667.66亿美元。 财务数据显示，截至2025年03月31日，拼多多收入总额956.72亿人民币，同比增长10.21%；归母净利润 147.42亿人民币，同比减少47.35%。 大事提醒： 拼多多平台以"好货不贵"为运营理念,为消费者提供补贴折扣大牌商品、原产地农产品、工厂产品和新 品牌商品等。其中,拼多多独创发起的百亿补贴创造了中国电商行业活动规模和持续时长的新纪录。 本文源自：金融界 作者：行情君 资料显示，拼多多控股公司于2015年4月20日在开曼群岛成立,通过境内公司上海寻梦信息技术有限公司 运营。上海寻梦信息技术有限公司成立于2014年,2015年4月,创办新电商平台拼多多,拼多多现为公司旗 下主要产品。 拼多多以独创的社交拼团为核心模式,主打百亿补贴、农货上行、产地好货等,致力于服务中国最广大的 普通消费者。 ...

Core Viewpoint - The competition in the food delivery market has intensified with Taobao and Ele.me entering the fray, leveraging a strategy of "hundred billion subsidies + e-commerce low prices + instant delivery" to differentiate themselves from competitors like Meituan and JD [1][23]. Group 1: Market Dynamics - The launch of Taobao Flash Purchase and Ele.me's "Hundred Billion Subsidy" signifies a shift from mere traffic competition to a comprehensive battle focused on operational efficiency and user experience [2][23]. - Ele.me's strategic entry into the market is expected to disrupt the current stalemate among competitors, benefiting consumers, riders, and merchants alike [10][14]. Group 2: Subsidy Strategy - Ele.me's "Hundred Billion Subsidy" initiative is designed to provide genuine benefits rather than engage in a reckless cash-burning strategy, targeting consumers, riders, and merchants with tailored subsidies [4][7]. - The effectiveness of the subsidy program is evidenced by user feedback, with significant discounts leading to increased order volumes and user engagement [8][5]. Group 3: Preparedness and Timing - Ele.me's entry into the market is well-timed, capitalizing on competitors' fatigue and the upcoming peak consumption season during the May Day holiday [17][14]. - The company has made substantial investments in enhancing rider welfare and operational efficiency, ensuring a robust support system for its delivery personnel [14][17]. Group 4: Competitive Advantages - Ele.me's collaboration with Taobao Flash Purchase allows it to leverage Alibaba's extensive product supply and brand resources, creating a unique advantage in the instant retail space [21][23]. - The integration of AI technology to improve delivery efficiency and rider experience positions Ele.me favorably against competitors [19][20].

Group 1 - Ele.me announced a significant increase in platform subsidies, launching a promotion called "Over 10 Billion Subsidies" starting April 30, emphasizing genuine benefits rather than competitive rhetoric [1] - JD.com announced the launch of its "100 Billion Subsidy" program on April 11, offering subsidies up to 20 yuan for all users across various restaurant brands [2][6] - JD.com reported that its daily order volume exceeded 1 million within 40 days of launching the subsidy program, expanding its coverage from major brands to include more small and medium-sized restaurants [6] Group 2 - Pinduoduo introduced a "100 Billion Support" plan, committing over 100 billion yuan in resources over the next three years to enhance the e-commerce ecosystem and support merchant innovation [7] - The "2025 Good Specialty Products" initiative by Pinduoduo aims to boost local agricultural products' market presence, with plans to visit various provinces to implement targeted support [7] - Pinduoduo's "100 Billion Merchant Feedback Plan" will invest 10 billion yuan in consumer coupons to stimulate demand and support new quality merchants and brands [8]

Core Insights - The competitive landscape of the food delivery market is changing, with JD.com entering the market using a differentiated strategy to challenge Meituan, focusing on user experience and delivery management [1][6] - JD.com has launched a "100 Billion Subsidy" initiative to attract consumers, resulting in lower prices for customers compared to Meituan [5][6] - The long-term sustainability of subsidy-driven strategies remains uncertain, as the industry needs to establish a win-win ecosystem for riders, consumers, merchants, and platforms [1][6] Delivery Performance - JD.com has demonstrated faster delivery times compared to Meituan, with a reported 14-minute advantage in certain cases [2] - However, there are instances where JD.com's delivery times lag behind Meituan due to operational challenges, such as changing delivery riders mid-order [2][3] Rider Incentives and Preferences - JD.com offers higher delivery fees and incentives for riders, making it an attractive option for those delivering food [3][4] - Many riders prefer to work across multiple platforms to maximize their income, indicating a cautious approach towards committing to a single platform [3][4] Market Penetration and Brand Presence - JD.com has a limited selection of well-known restaurant brands on its platform compared to Meituan, which has a stronger local brand presence [4][5] - As of late March, JD.com has expanded to 126 cities with over 400,000 restaurant partners, while Meituan reported over 770 million transaction users and 14.5 million active merchants [5] Industry Dynamics - The entry of JD.com into the food delivery market is seen as a necessary move to diversify its business and enhance platform activity [6] - The sustainability of high subsidies for riders and consumers raises questions about the long-term viability of both JD.com and Meituan in maintaining competitive pricing while ensuring profitability [6]

淘宝百亿补贴也开始区域竞价。 淘宝百亿补贴近期上线区域竞价功能，商家可根据自身情况选择销售区域，以省份为单位竞价，每 个区域竞价获胜的前三名将被平台优先派单，前三名售罄后其他名次才有被派单的机会。天猫商家 参与该活动可享受交易佣金 100% 返还。 接近淘宝的人士告诉我们，这一调整旨在改善百亿补贴商品价格不够低的情况。一些经销商有意愿 在平台更低价卖货，但碍于品牌经销规则，担心商品窜货售外地被品牌处罚而未能报出最低价。平 台鼓励更多商家参与区域内竞价，在最低价的基础上叠加官方补贴，拿出比竞争对手更具优势的价 格。 拼多多在 2023 年前后便开始实施此类区域竞价模式。淘宝、京东等多家电商平台此后都开始力推 百亿补贴，从招商、货源管理到风控制度等各个环节学习拼多多。他们暂时都活在拼多多的影子 里，还没能动摇百亿补贴与拼多多强关联的用户心智。 教育新业务增速下降、东方甄选 GMV 收缩，新东方股价跌超 20%。 财报显示，新东方去年 9-11 月营业收入同比上升 19.4% 至 10.39 亿美元，经营利润同比下降 9.8% 至 1930 万美元。昨晚至今，这家公司美、港股股价都下跌超 20%，市值没了近 170 ...