文｜李小霞 编辑｜乔芊 在AI扮演互联网大厂业务主角的一季度，拼多多的心思并不在此。 它有太多的事情需要应对。之于主站，拼多多要守江山，通过加大补贴力度，来维持平台的价格竞争 力；之于跨境电商，它要在关税的刀口下寻找更好的生存方式。 重重压力下，拼多多该季度营收、利润再次双miss。 不过，放缓的速度还是出人意料。今年一季度，拼多多实现营收957亿元，同比增长只有10%。市场尽 管对该季度的预期已经不高（预期营收1016亿元），实际情况还是miss了近60亿，营收已经连续三个季 度不及预期。 虽说前几个季度，自我对照下，拼多多的增长已不似过去凶猛，但放置到行业里，依然称得上优秀，上 一年Q4的增速还在20%以上。现在几近个位数的增长，意味着拼多多优于同行的增长故事也落下帷 幕。 更大的震撼则是来自利润的大幅下跌。 该季度拼多多经营利润为161亿元，相比去年同期下降38%；净利润147亿元，同比下降47%。 这样的局面早在去年二季度电话会上就已经被高管强调：随着业务规模扩大及新挑战的出现，增长速度 的放缓是不可避免的。 业绩也并非全是坏消息。其主站广告收入487亿元，同比增长15%，超出市场预期的480亿元。但 ...

Core Viewpoint - The article discusses the significant adjustment in the U.S. tariff policy targeting low-value packages from China, which will impact cross-border e-commerce platforms like Shein and Temu, forcing a fundamental restructuring of their business models [1][5][6]. Summary by Sections Tariff Policy Changes - On April 8, President Trump signed an executive order to raise tariffs on low-value packages (under $800) from China, marking a major shift in U.S. customs policy [1]. - The new tariff implementation will occur in three phases: - Historical standard (before May 1, 2025): Exempt from tariffs [1]. - First adjustment (May 2 - May 31, 2025): Tariff rate increases to 90% of the value or $75 per item [2]. - Ultimate measure (from June 1, 2025): A fixed tariff of $150 per item, equating to a punitive rate of 1500% on typical $10 goods [3]. Impact on E-commerce Platforms - The tariff changes specifically target the international postal transport system, directly affecting platforms like Shein and Temu that rely on the "de minimis" exemption [5]. - In 2023, 2.3 billion packages from China entered the U.S. through this channel, accounting for 62% of the U.S. cross-border e-commerce package volume [5]. - The policy effectively cuts off the long-standing tax-free channel for these platforms, necessitating a reevaluation of their U.S. business strategies [6]. Strategic Adjustments - In response to the new tariffs, Shein has established a new logistics center in Seattle, while Temu is expanding its U.S. warehousing network [6]. - Industry expert Ram Ben Tzion predicts that the new tariffs may compel these companies to reassess their business outlook in the U.S. [6]. - FedEx has indicated its willingness to assist clients in adapting to the new regulations, emphasizing the importance of accurate customs documentation [6]. Market Projections - Market research firm eMarketer forecasts that Temu's sales in the U.S. could reach $30 billion in 2024, positioning it as a strong competitor against retail giants like Amazon [6]. - However, the loss of the tax exemption may weaken Temu's price competitiveness in the market [6]. Chinese Government Response - The Chinese Ministry of Commerce has stated that the unilateral increase in tariffs by the U.S. will harm the mutual interests of businesses and consumers in both countries [7]. - China urges the U.S. to correct its actions and resolve concerns through equal negotiations to promote stable and sustainable development of U.S.-China relations [7].