每经AI快讯，拼多多控股第二季度营收1039.8亿元人民币；调整后每ADS收益 22.07元人民币，超出市 场预期的15.50元；调整后净利润327.1亿元人民币，超出市场预期的223.9亿元人民币。 ...

这次的税务焦虑，源于两类文章的传播，但真相远比传言冷静： 1、美国税代源头：IRS确实在加强电商监管，但没针对FBA卖家"出新规" 近期，"美国国税局（IRS）要求使用亚马逊FBA仓储服务的卖家缴纳联邦所得税（最高税率为21%），未合规者可能要面临销售额30%的追溯征税和罚 款"的消息，在国内跨境圈炸开了锅。 不少中国跨境卖家忧心忡忡： 我只是用了亚马逊的FBA仓储服务，怎么就要在美国交税了？会不会面临中美双重征税，利润直接被抽走一半？ 面对这场突如其来的"美国税务风暴"，我们必须冷静看待：这到底是真政策，还是被夸大的解读？对中国卖家意味着什么？ 作为深耕9年的跨境税务服务商，沙之星跨境希望通过梳理本次事件源头、美国IRS政策真相及合规路径，帮助各位卖家朋友理清"要不要交、怎么合规、风 险怎么防"三大核心问题。 一、事件溯源：恐慌从何而来？两个版本要分清 最早是美国某税代发文声明： 2025年，美国国税局（IRS）将加强对在线卖家（如Shopify、Etsy和Amazon等平台卖家）的税务执法，通过1099-K表格+大数据分析，与第三方支付处理器 （如PayPal、Stripe）合作匹配交易数据，识别漏报收入 ...

Core Viewpoint - Pinduoduo (PDD.US) stock rose by 3.65% in pre-market trading ahead of its earnings report scheduled for August 25, indicating optimistic market expectations regarding the company's performance and shareholder returns [1]. Summary by Categories Stock Performance - The closing price on August 22 was $127.110, with a pre-market price of $131.750, reflecting an increase of $4.640 or 3.65% [1]. - The stock reached a high of $129.000 and a low of $125.820 during the trading session [1]. - The trading volume was 20.17 million shares, with a total transaction value of $2.569 billion [1]. - The market capitalization of Pinduoduo is approximately $180.451 billion [1]. Financial Metrics - The price-to-earnings (P/E) ratio is 11.98, and the price-to-book (P/B) ratio is 3.921 [1]. - The stock has a 52-week high of $155.670 and a low of $87.110 [1]. - The historical highest price recorded was $212.597, while the lowest was $16.530 [1]. Market Sentiment - The continuous decline in the Put/Call open interest suggests a positive market sentiment towards the upcoming earnings report [1].

电商洗牌：淘宝卖家锐减背后的行业变局与突围之路 最近，你是否也察觉到身边熟悉的淘宝店铺正悄然减少？这并非偶然现象，而是电商行业深刻变革的缩 影。本文将深入剖析淘宝卖家大规模退出的背后原因，探寻电商发展的未来趋势，并为坚守者和入局者 提供突围策略。 究竟是什么扼杀了中小卖家的生存空间？通过深入调研和数据分析，我们发现了以下几个关键因素： 1. 白热化的市场竞争：红海搏杀，寸土必争 电商行业经过十余年的高速发展，早已从蓝海变为一片血腥的红海。各平台数据显示，截至2025年6 月，全国网络零售市场参与者已超过1350万家，相较于2015年增长了近三倍。同质化竞争异常激烈，几 乎每个细分品类都有成百上千家店铺在激烈厮杀。一位经营了八年母婴用品的卖家无奈地表示，过去靠 几款爆品就能维持不错的销量，如今同类产品竞争者众，价格战愈演愈烈，利润空间被无情压缩。 2. 飙升的获客成本：流量红利不再，寸金难买寸光阴 雪上加霜的是，获客成本正在以惊人的速度攀升。电商服务商魔镜的数据显示，2025年上半年淘宝平台 平均获客成本高达45元/人，比2020年上涨了约127%。与此同时，客单价的增长却远未能跟上步伐。 2025年淘宝平台平 ...

Core Viewpoint - The State Administration for Market Regulation has launched a pilot program for quality safety coding verification of key online products, aiming to enhance consumer trust and product traceability through a digital "code" system [1][2] Group 1: Pilot Program Details - The pilot program, referred to as "Code Action," will implement a traceability mechanism for 10 types of products closely related to consumer safety, including safety helmets, electric bicycles, and gas stoves [1] - The program will cover major e-commerce platforms such as Taobao, Kuaishou, Pinduoduo, Douyin, JD.com, Suning, Xiaohongshu, Dewu, Vipshop, and Tencent [1] Group 2: Implementation Requirements - E-commerce platforms are required to strictly verify the coding information of products and promote dynamic code verification [2] - Manufacturers must ensure accurate and complete coding from the source to maintain product information integrity [2] - Local market regulatory authorities will enhance supervision and conduct random checks, as well as enforce legal actions against violations [2]

Group 1 - Newegg's stock price increased by 4.51% to $121.0 per share, with a trading volume of $61.5 million and a total market capitalization of $2.468 billion as of August 22 [1] - For the fiscal year ending December 31, 2024, Newegg reported total revenue of $1.236 billion, a year-over-year decrease of 17.46% [1] - The company experienced a net loss attributable to shareholders of $43.328 million, which represents a year-over-year increase of 26.55% [1] Group 2 - Newegg Commerce, Inc., formerly known as Lianluo Smart Limited, is a leading e-commerce company based in Industry, California, specializing in direct sales and online marketplace platforms for IT computer components, consumer electronics, entertainment, smart home, and gaming products [1]

Group 1 - Newegg's stock opened up by 13.63% on August 22, reaching $131.56 per share, with a trading volume of $18.7033 million and a total market capitalization of $2.683 billion [1] - For the fiscal year ending December 31, 2024, Newegg reported total revenue of $1.236 billion, a year-over-year decrease of 17.46%, and a net loss attributable to shareholders of $43.328 million, which represents a year-over-year increase of 26.55% [1] - Newegg Commerce, Inc., formerly known as Lianluo Smart Limited, is a leading e-commerce company based in Industry, California, providing direct sales and online marketplace platforms for IT computer components, consumer electronics, entertainment, smart home, and gaming products, along with certain third-party logistics services globally [1]

Core Viewpoint - Pinduoduo (PDD) has shown a significant increase in stock price and is set to release its mid-year financial report for FY2025, highlighting both revenue growth and a decline in net profit [1][2]. Financial Performance - As of March 31, 2025, Pinduoduo reported total revenue of 95.672 billion RMB, representing a year-on-year growth of 10.21% [1]. - The company's net profit attributable to shareholders was 14.742 billion RMB, which reflects a year-on-year decrease of 47.35% [1]. Upcoming Events - Pinduoduo is scheduled to disclose its FY2025 mid-year report on August 25, 2023, before the market opens in the Eastern Time Zone [2]. Company Background - Pinduoduo was established on April 20, 2015, in the Cayman Islands and operates through its domestic company, Shanghai Xunmeng Information Technology Co., Ltd., which was founded in 2014 [2]. - The company focuses on a unique social group-buying model, emphasizing large subsidies, agricultural product promotion, and high-quality goods from production areas [2]. - Pinduoduo's operational philosophy is centered around providing consumers with affordable, high-quality products, including heavily subsidized brand-name goods and original agricultural products [2].

Core Viewpoint - The State Administration for Market Regulation has launched a pilot program for quality safety coding verification of key online products, aiming to enhance consumer trust and product safety through a traceability mechanism [1]. Group 1: Pilot Program Details - The pilot program, referred to as "Code Action," will implement a traceability mechanism for ten categories of products closely related to consumer safety, including safety helmets, electric bicycles, and gas stoves [1]. - The initiative utilizes digital technology to ensure full-chain regulation from production coding, platform verification, to consumer usage [1]. Group 2: Consumer Benefits - Consumers will be able to scan codes to access real product images, manufacturer names, standards, and inspection reports, promoting informed and safe consumption [1]. Group 3: E-commerce Platform Involvement - The pilot will cover ten major e-commerce platforms, including Taobao, Kuaishou, Pinduoduo, Douyin, JD.com, Suning, Xiaohongshu, Dewu, Vipshop, and Tencent [1]. - E-commerce platforms are required to strictly verify the coding information of products and promote dynamic verification [1]. Group 4: Regulatory Oversight - Local market regulatory authorities will enhance supervision, conduct random checks, and enforce recalls for defective products, ensuring compliance with the new coding system [1]. - Major e-commerce platforms are currently working on technical integration and merchant mobilization for the rollout of coded products [1].

Financial Data and Key Metrics Changes - The company reported a decrease in GMV from €356 million in Q1 to €296 million in Q2, indicating a decline in revenue during the second quarter [34] - The company expects a return on equity and return on capital employed to remain in the range of 18% to 28% for the year [56] Business Line Data and Key Metrics Changes - The company has acquired seven companies this year, with four already consolidated and three expected to be consolidated in the second half of the year [27] - The revenue model for the pharmaceutical segment is being evaluated, with a potential new segment being established due to significant revenue contributions from pharmaceutical companies [24] Market Data and Key Metrics Changes - The company has a strong focus on expanding its international footprint, currently generating around 75% of revenues from Germany, Austria, Switzerland, and the Netherlands [102] - The company is actively pursuing acquisitions in Southern and Eastern Europe to diversify its market presence [104] Company Strategy and Development Direction - The company aims to grow by acquiring new partners and expanding its product offerings, emphasizing that growth is driven by partners rather than industry performance [30] - The company is implementing AI across its operations to enhance efficiency and reduce costs, with all employees receiving weekly training on AI [89][90] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in certain sectors like automotive and furniture but emphasized that their growth is not dependent on industry performance [30] - The company is conservative in its approach to international expansion, preferring gradual steps to ensure profitability and risk management [104] Other Important Information - The company has shifted its auditor to Air Group, which is seen as a balanced choice between a large and small firm [21] - The company has a cash pooling system in place with its subsidiaries, allowing for efficient cash management across the group [63] Q&A Session Summary Question: What is the reason for the decrease in GMV from Q1 to Q2? - Management confirmed that the decrease is seasonal, with higher GMV typically seen in November and December due to holiday shopping [35] Question: Will the pharmaceutical segment become its own segment? - Management indicated that they are considering establishing a new segment for pharmaceuticals due to significant revenue contributions [24] Question: How does the company manage cash within the group? - The company explained that it does not require large cash reserves at the holding level due to cash pooling agreements with subsidiaries [63] Question: What is the turnover rate among partners? - The company reported a turnover rate of about 3% to 4% per year among partners [66] Question: What is the strategy for international expansion? - The company is focused on gradual international expansion, with recent acquisitions in the Netherlands and plans to enter Southern and Eastern Europe [104]