当时，拼多多不少员工嗅到了比以前更加紧张的气息，但更大的压力来源于外部。 这一年，淘宝天猫对拼多多发起了全面的包围战，无论是抢低价心智、抢商家、抢市场份额，还是抢商家 的广告收入，都带着满满的杀意。 2023年中，在阿里一次非公开会议上讨论到："阿里妈妈要为中小商家提供足够的帮助。"对此，阿里全 站推应运而生。 " 这场流量再分配运动，涉及多方力量的博弈与平衡，难度、复杂 度都比对手多几个量级。 " 作者丨覃倩雯 编辑丨刘伟 2023年12月，上线了一年半的拼多多全站推在商家侧的渗透率达到了近40%，并在当年的Q1、Q2、Q3 分别贡献了141亿元、147亿元和230亿元的收入，占拼多多整个广告收入的55%。 雷峰网了解到，这份本应值得开一次庆功宴的业绩，黄峥、阿布仍对此极其不满意。为此，他们拍下了一 个尤为激进的目标，"2024年必须要有80%的渗透率"。 根据分析师测算，阿里妈妈全站推的渗透率目前约为10%以上，而今年的目标是渗透率达到30%。作为对 比，拼多多全站推的渗透率已经基本达到了80%左右。（欢迎对电商平台感兴趣的业者添加微信 qqw_501 交流。） 满载希望的阿里妈妈全站推已逐渐尝到甜头，但 ...

Core Viewpoint - Pinduoduo's financial report for Q4 and the full year of 2024 shows significant revenue growth of 59% year-on-year, reaching 39.38 billion yuan, with a net profit increase of 87% to 11.24 billion yuan, despite a slowdown in quarterly growth due to substantial investments in its ecosystem [1][2][4]. Group 1: Financial Performance - Pinduoduo's revenue for 2024 was 39.38 billion yuan, up from 24.76 billion yuan in the previous year, marking a 59% increase [1]. - The net profit attributable to ordinary shareholders was 11.24 billion yuan, reflecting an 87% year-on-year growth [1]. Group 2: Strategic Initiatives - Pinduoduo is focusing on providing better quality products for consumers while collaborating with merchants for growth, indicating a strategic retreat from short-term revenue pressures due to investments [3]. - The company announced a 100 billion yuan fee reduction plan and support for logistics in remote areas, which are part of its strategy to enhance its ecosystem [4][12]. - Pinduoduo is reportedly considering an additional investment of 100 billion yuan to support small and medium-sized merchants in their transformation and upgrade efforts [4][21]. Group 3: New Quality Supply Strategy - The "New Quality Supply" strategy aims to address the long-standing issue of weak innovation in China's manufacturing sector by empowering traditional industries through digital capabilities [6]. - Pinduoduo's "New Quality Merchant Support Plan" has been implemented in over 30 agricultural and industrial clusters across China, promoting high-quality development [7]. Group 4: Merchant Support and Cost Reduction - The "100 Billion Reduction" plan has been introduced to cover logistics costs for merchants shipping to remote areas, significantly reducing their expenses [13][15]. - Pinduoduo has lowered the entry barriers for merchants by reducing the basic deposit from 1,000 yuan to 500 yuan, benefiting millions of merchants [16][17]. - The platform's policies have enabled merchants to lower their marketing costs, enhancing their competitiveness in the market [21]. Group 5: Ecosystem Development and Employment - Pinduoduo has established a "Merchant Rights Protection Committee" to enhance merchant rights and has received positive feedback from a majority of merchants regarding its measures [20]. - The platform has reportedly created over 5.53 million jobs and has helped more than 300,000 new farmers return to entrepreneurship, contributing to the digital economy [22].

1991年出生的戚越可能从没想过，自己突发奇想的一次产品改良，竟然让他在全网"爆"了。 发现理想L9的车载冰箱缺少专用杯架、官方产品对很多人来说太贵之后，他花100元找设计师画了图纸，花200元3D打印了样品，并且对接工厂完成小批量 生产，推出了一款更实用、更便宜的产品，弥补了市场空白。更关键的是，这让他半年赚到了130万元。 像戚越这样的"无厂青年"，正在成为阿里旗下源头厂货平台1688上崛起的主力买家人群。这个1999年成立的B类平台，年度活跃买家数已经突破1亿。除了 电商卖家，新涌入的人群主要是各平台博主、主播、达人、"团长"、"UP主"、宝妈、大学生、逃离"轨道"的大厂人等等。他们的特征是，不仅会花钱，更爱 搞钱。 这并非一场偶然的用户迁徙。经济增速放缓、传统就业市场竞争激烈，让他们对传统职业路径的信任感下降；996高压和35岁职场焦虑，又让他们不得不寻 找更灵活的收入来源；Z世代消费者崛起，对个性化和情绪价值的商品需求旺盛，则提供了巨大的细分市场机会。他们不再执着于争夺传统意义上的好 offer，而是早早开启了自己当老板的搞副业和轻创业之路，把自己的兴趣爱好、消费洞察转化为商业订单。 如果说过去创业 ...

作 者丨董静怡 编 辑丨骆一帆 拼多多将再投千亿元扶持商家？该消息近期在业内引发热议。知情人士透露，这千亿元资源 将主要用于帮助中小商家高质量转型升级，构建商家、用户、平台多方共赢的电商生态。据 悉 ， 拼 多 多 2 0 2 5 年 至 今 已 召 开 多 场 座 谈 会 ， 向 各 类 目 商 家 代 表 、 行 业 专 家 代 表 广 泛 征 求 意 见 ， 新 一 轮 惠 商 举 措 预 计 很 快 就 将 官 宣 。 对 此 ， 拼 多 多 方 面 回 应 称 ， 相 关 事 宜 公 司 正 在 研 究，有信息会第一时间对外公布。 自2 0 2 3年4月赵佳臻出任集团执行董事、联席首席执行官以来，拼多多便聚焦于高质量发展战 略，在平台生态和产业纵深上持续发力。2 0 2 4年下半年开始，拼多多先后推出"百亿减免" "电 商 西 进 " " 新 质 商 家 扶 持 计 划 " 等 一 系 列 惠 商 新 举 措 。 据 公 司 最 新 发 布 的 2 0 2 4 全 年 财 报 披 露，"百亿减免"累计为超千万的商家实现提质增效，仅"推广服务费退返"一项就为商家每年 降本数十亿；"电商西进"带动西部地 ...

听完拼多多的财报电话会议后，所有投资人松了一口气："还好还好，管理层没有再乱说话，这就是最大 的利好，不要忘了前面两次季报这二位敞开了说是什么结果。" 情绪稳定下来后，大家的注意力转回到了财报本身。市场最关注的三个议题： 外部投资者方岩对此提到，与高举高打的"大模型竞赛"不同，拼多多公开提及AI的频率远低于同行，但电 商核心场景实则也是运用了AI。 " 智能优惠券可以帮拼多多抢市场份额，但这个工具阿里并不好 跟。 " 作者丨覃倩雯 编辑丨刘伟 "以拼多多极端实用主义的企业文化，谈AI估计没人信，有人信也是觉得他们会用AI压榨经销商，算计消费 者，所以不如不谈。" （欢迎对电商平台感兴趣的业者添加微信 qqw_501 交流。 ） 股东回报得到的依旧是冰冷的答案，这家公司最本分的是资产负债表，本分到只剩下钱了； 这次财报没有再平地一声雷，收入增速、净利润只给了及格的答卷； 唯一一个不提AI的科技公司，务实的管理层，不凑热闹...... 实际上，2019年初时任拼多多CTO的陈磊曾分享对AI的看法，他谈的不是如何赋能商家，而是如何赋能 用户，提高用户的决策主导权、提高用户和商品的匹配效率。 方岩认为，拼多多现在在推 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the year 2024, indicating strong operational performance and effective strategies in place [2]. Financial Performance - In 2024, the company achieved a total revenue of 393.84 billion yuan, representing a year-on-year growth of 59.0%, and a GAAP net profit of 112.43 billion yuan, up 87.3% [2]. - For Q4 2024, the company recorded a revenue of 110.61 billion yuan, which is a 24.4% increase year-on-year, and a GAAP net profit of 27.45 billion yuan, reflecting a 17.9% growth [2]. Profitability Metrics - The gross margin for Q4 2024 was 56.8%, a decrease of 7.9 percentage points year-on-year, while the annual gross margin for 2024 was 63.9%, an increase of 3.2 percentage points compared to 2023 [3]. - The sales expense ratio for Q4 2024 decreased by 1.6 percentage points, while the management and R&D expense ratios showed minor changes [3]. Revenue Breakdown - Online marketing service revenue for 2024 reached 197.93 billion yuan, a year-on-year increase of 28.9%, and commission revenue was 195.90 billion yuan, up 108.2% [4]. - In Q4 2024, online marketing service revenue was 57.01 billion yuan, growing 17.1% year-on-year, while commission revenue was 53.60 billion yuan, reflecting a 33.3% increase [4]. - The company has implemented various initiatives to support merchants and enhance platform ecology, such as the "Billion Reduction" plan, which aims to lower operational costs for merchants [4].

以下是 拼多多 4Q24 的财报电话会纪要，财报解读请移步《 拼多多: "跌下神坛"，傲骨还能撑多久？ 》 一、财报核心信息回顾 1. 营收情况：2024 年第四季度营收达到 1106 亿元人民币，同比增长 24%；2024 年全年营收总计 3938 亿元人民币， 同比增长 59%。 2. 成本与费用：2024 年第四季度总成本为 478 亿元人民币，同比增长 36%，主要因履行费用和支付处理费用增加； 2024 年第四季度运营费用为 372 亿元人民币，同比增长 19%；非 GAAP 下运营费用为 351 亿元人民币，占总收入的 32%。 3. 利润与收益：2024 年第四季度 GAAP 下营业利润为 256 亿元人民币，非 GAAP 下营业利润为 280 亿元人民币， 营业利润率为 25%；全年非 GAAP 下营业利润为 1183 亿元人民币；2024 年第四季度归属于普通股东的净利润为 274 亿元人民币，全年为 1124 亿元人民币。 4. 现金流：2024 年第四季度经营活动产生的净现金流为 295 亿元人民币，全年为 1219 亿元人民币；截至 2024 年 底，公司拥有 3316 亿元人民币的现 ...

Financial Data and Key Metrics Changes - In Q4 2024, total revenues increased by 24% year-over-year to RMB 110.6 billion, while full-year revenue reached RMB 393.8 billion, growing 59% year-over-year [10][33] - Revenue from online marketing services was RMB 57 billion, up 17% year-over-year, and transaction services revenue was RMB 53.6 billion, up 33% year-over-year [33] - Total cost of revenues increased by 36% to RMB 47.8 billion in Q4 2024, and for the full year, it rose by 68% to RMB 153.9 billion [34] - Non-GAAP operating profit for Q4 was RMB 28 billion, compared to RMB 24.6 billion in the same quarter of 2023, with a non-GAAP operating profit margin of 24% [39][41] - Net income attributable to ordinary shareholders was RMB 27.4 billion for Q4 and RMB 112.4 billion for the full year [40] Business Line Data and Key Metrics Changes - The quality merchant support program expanded its reach across agricultural and industrial sectors, enhancing operational efficiency for over 10 million merchants [11][21] - Logistics support measures for remote regions drove double-digit order growth and extended free shipping to nearly 100 million consumers [12][20] Market Data and Key Metrics Changes - The company noted a moderation in revenue growth due to significant ecosystem investments and intensified competition [10] - The platform's initiatives have led to increased consumer satisfaction and trust, with a broader range of high-quality products being offered [25][26] Company Strategy and Development Direction - The company is focused on high-quality development, emphasizing ecosystem upgrades and supply chain transformation [15][18] - Strategic initiatives include a RMB 10 billion fee reduction program and logistics support to promote e-commerce services in remote regions [11][20] - The company aims to build a classic global platform and shopping environment while maintaining high compliance standards [15][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged external uncertainties and intense competition impacting short-term revenue growth, but expressed confidence in long-term sustainable growth through ecosystem investments [81] - The company remains committed to delivering high-quality products globally and enhancing supply chain efficiency [70][75] Other Important Information - The establishment of the Merchant Rights Protection Committee aims to enhance communication with merchants and optimize their experiences [27][29] - The company is actively exploring corporate social responsibility initiatives to create greater value for the communities it serves [74][75] Q&A Session Summary Question: Long-term goals for platform ecosystem development and consumer-side initiatives - Management highlighted that initiatives like the RMB 10 billion fee reduction program are effective in lowering operational costs for merchants, which in turn enhances consumer experience and product variety [49][52] - On the consumer side, promotional campaigns during Q4 provided substantial savings and increased participation from brands, driving growth [54][56] Question: Insights into the competitive landscape and adjustments to development strategies - Management noted that competition drives continuous advancement in the e-commerce industry, and they are refining strategies to meet shifting consumer preferences [64][66] - The company is committed to long-term high-quality investments to enhance consumer experience and diversify quality supply [66] Question: Revenue and profit trends in the near term - Management indicated that external uncertainties and increased investments may lead to fluctuations in revenue growth and profitability, but they remain focused on long-term goals [81][82] Question: Balancing platform responsibility with duties to shareholders - Management emphasized that taking on social responsibility aligns with long-term accountability to shareholders, fostering a sustainable ecosystem that benefits all participants [85][88]

以下文章来源于出海潜望 ，作者周月明 出海潜望 . 挖掘出海故事，助力企业全球化。来吧！一起去全世界逐浪 出品｜虎嗅商业消费组 作者｜周月明 编辑｜苗正卿 题图｜视觉中国 在经历前几年的裁员、亏损风波后，东南亚电商平台Shopee在2024年松了口气。 一场海外电商激烈的攻防战，正在展开。 日前，被称为"东南亚小腾讯"的Sea发布了2024年第四季度和全年财务业绩。其中，电商业务Shopee的业绩备受关注。 据财报显示，第四季度Shopee营收共37亿美元，同比增长41.3%，占Sea总营收（ 50亿美元 ）的74%。 2024年全年，Shopee GMV首次突破1000亿美元，同比增长28%，全年订单量超100亿，在亚洲和巴西都实现了盈利。Shopee2024年营收124亿美元， 占Sea总营收（ 168亿美元 ）的74%。 Sea 董事长兼首席执行官Forrest Li表示，"这是我们连续第二年实现年度正利润，电商、数字娱乐以及数字金融三项业务增长均超出了我们的预期。" 不过，据知情人士告诉虎嗅： Shopee在东南亚的市场份额已从2018年的40%降至目前的30%左右，TikTok电商在东南亚份额约15 ...

Core Viewpoint - Temu, a Chinese e-commerce platform, is expanding its local shipping services to reduce reliance on cross-border delivery, aiming to adapt to increasing tariffs and protectionist measures globally [1][5][6] Group 1: Expansion and Market Position - Temu has entered approximately 90 countries since its launch in the U.S. in September 2022, with a significant increase in monthly users, surpassing Amazon in December 2024 [1][3] - The "Local-to-Local" service, initiated in March 2024, allows local sellers to offer products from domestic warehouses, covering 16 countries including the U.S., U.K., France, Italy, and Mexico [2][3] - Local products account for over 20% of Temu's gross merchandise volume (GMV) in the U.S., indicating a shift from primarily low-cost Chinese goods to a broader product range [2][3] Group 2: Financial Performance and Challenges - In 2024, Temu's GMV in the U.S. reached $23.2 billion, which is only about 5% of Amazon's GMV, highlighting the challenges in achieving profitability [3] - Pinduoduo, Temu's parent company, reported a 61% year-on-year increase in net profit to 24.9 billion yuan in Q3 2024, but Temu is still considered to be operating at a loss [3][4] Group 3: Competitive Landscape and Regulatory Environment - The competitive landscape is intensifying, with Amazon launching a section for products priced under $20 to counter Temu's low-cost strategy [5] - Regulatory challenges are emerging, including potential tariffs on low-value imports from China and proposed taxes on imports below €150 in the EU, which could impact Temu's pricing strategy [5][6]