5月27日，拼多多发布截至3月31日的2025年第一季度财报。《中国经营报》记者注意到，数据显示，第 一季度拼多多营收增速放缓，随着多项投入增加净利润也出现下跌。 具体来看，拼多多第一季度总营收956.72亿元，同比增长10%，连续多个季度增速放缓。在利润端，归 属于普通股股东的净利润147亿元，较去年同期跌去47%；非美国通用会计准则下净利润169亿元，同比 下跌45%。 据记者了解，今年以来，拼多多在"百亿减免"等举措基础上推出了"千亿扶持"这一重磅惠商政策，一方 面通过技术服务费、推广软件服务费及店铺保证金的减免，大幅降低中小商家的经营成本；另一方面通 过"百亿消费券""超级加倍补"等创新玩法，以平台超额补贴的方式助力中小商家寻找确定性的增量市 场，实现新质转型。 结合此次数据，拼多多对中小商家的超额投入已经影响了短期的财报表现。拼多多集团董事长、联席 CEO陈磊表示，当下市场正在快速变化，我们对商家的反哺和扶持是这个阶段必须要承担的责任，只有 优先保障用户和商家的利益，才能创造更优质的平台生态。 可以看出，拼多多对中小商家的扶持并非喊喊口号，而是真金白银的投入。这种超额投入，也将持续相 当长时间。 拼 ...

Group 1: Zhongtong Express - Zhongtong Express reported a revenue of 11.86 billion yuan for Q3 2025, representing a year-on-year growth of 11.1% [1] - Adjusted net profit for the third quarter increased by 5.0% to 2.51 billion yuan [1] - The total package volume reached 9.57 billion pieces, showing a year-on-year growth of 9.8% [1] - The core express single ticket revenue increased by 0.02 yuan [1] Group 2: Volcano Engine - Gartner released its first large model report, placing Volcano Engine's "implementation capability" fifth globally and first in China [2] - As of September 2025, the Doubao large model processed an average of 30 trillion tokens daily, a 253-fold increase since its launch in May 2024 [2] - The presence of multiple domestic AI companies in the report highlights the significant position of Chinese AI technology in the global market [2] Group 3: Vipshop - Vipshop achieved a net revenue of 21.4 billion yuan in Q3 2025, with a year-on-year growth of 3.4% [3] - Adjusted net profit for the third quarter was 1.5 billion yuan, reflecting a year-on-year increase of 14.6% [3] - The number of active users reached 40.1 million, growing by 1.3% year-on-year, while the total merchandise transaction volume was 43.1 billion yuan, up by 7.5% [3]

凤凰网财经讯 11月19日，美股开盘小幅上涨，道指涨0.02%，纳指涨0.12%，标普500指数涨0.05%。 科技股普涨，谷歌涨1%，谷歌发布的最新大模型Gemini 3 Pro登顶"大模型竞技场"LMArena排行榜榜 首。搜索引擎营销公司Semrush飙升74%，Adobe接近以19亿美元收购Semrush。英伟达涨超1.8%，盘后 将公布最新季度财报，韦德布什证券称英伟达第三季度财报将"轻松"超出华尔街预期。 【折叠屏iPhone电池容量曝光 超过5400mAh】 多方供应链消息确认，苹果首款折叠iPhone正内部测试5400–5800mAh电池，最终量产版本将至少配备 5400mAh容量，超越iPhone17ProMax的5088mAh，成为苹果迄今电池容量最大的移动设备。 【欧盟法院驳回亚马逊请求 维持对其"超大型平台"认定】 欧盟普通法院驳回了亚马逊要求撤销其"超大型平台"认定的请求，该认定意味着亚马逊需要遵守欧盟网 络内容规则中更严格的要求。这家美国在线零售巨头在法庭上辩称，像亚马逊商店这样的市场平台并不 构成系统性风险。但欧盟第二高等法院表示，欧盟将月活跃用户超过4500万门槛的市场平台等超 ...

Even though Amazon.com Inc. (NASDAQ: AMZN) posted what some investors view as a blowout quarter, its stock is up only 7% this year, despite a run-up just after earnings were announced. ...

【导读】京东宣布上线京东点评，承诺永不商业化，并推出外卖独立App 中国基金报记者 江右 11月17日，京东重磅官宣，正式上线京东点评，设立找美食、住酒店、挑好物、去哪玩、选 家政五大子频道；推出"万人共荐，不说假话"的京东真榜，招募10万名京东求真官进行盲 测，并创新性打造国内第一个榜单AI大模型——AI全网评。 编辑：格林 校对：乔伊 制作：鹿米 审核：许闻 京东郑重承诺，京东点评永不商业化。此前高德地图CEO郭宁也宣布，高德扫街榜永不商业 化。 京东还官宣京东外卖独立App上线。京东创始人刘强东表示，初期因为没有App丧失了巨大流 量，当时很多人搜京东外卖发现没有App，也不知道外卖业务在京东主App的"秒送"频道，导 致一批老用户在老App里找不到外卖入口。 据介绍，京东点评创新打造AI全网评，不仅整合京东自产评价内容，更借助客观中立的AI技术 实现全网信息洞察与聚合分析，对正向、负向评价一视同仁，全面展现。 京东真榜作为京东点评的首期力作，打造"AI全网评+复购+用户盲测"测评模型，并在全国范 围内公开招募10万名京东求真官，进行严格的"买吃分离"盲测，对菜品进行严格挑选和真实 点评，实现万人共荐， ...

他进一步谈到，"你如果商业化，那么给你钱的人是谁？一定是排名差、劣质的，才愿意花钱。他们为 什么给你花钱？是因为要排名排到前面。所有的点评和排行榜一旦商业化之后，就绝对没有公平可言， 一定是劣币驱逐良币。"（闫妍） 责任编辑：李思阳 专题：刘强东现身第三场京东品酒会 新浪科技讯 11月17日下午消息，今日，京东集团创始人、董事局主席刘强东现身三亚保利瑰丽酒店， 举办第三场"京东品酒会"。刘强东表示，"我宣布京东点评永不商业化。" 刘强东表示，"商业企业追求商业利益我完全可以理解，但我们坚定的认为，我们作为商业企业并不应 该什么都以利润、钱为核心，为用户提供点评还要赚钱没有意义，也不可能真实。" ...

Core Points - The EU is set to impose higher tariffs on e-commerce platforms like Shein, Temu, and AliExpress, as it plans to eliminate the current €150 import tax exemption [1][3][8] - The decision aims to control the influx of cheap Chinese packages into the European market, with over 90% of small parcels entering from China [4][10][16] Group 1: Tariff Changes - The EU finance ministers have voted to remove the €150 import tax exemption, which will now apply to all imported goods, regardless of their price [3][8] - The EU Commission aims to accelerate the implementation of this tariff change, proposing to advance the removal of the "minimum threshold" for tariffs to the first quarter of 2026, two years earlier than initially planned [5][6][15] Group 2: Impact on E-commerce Platforms - The new measures are specifically targeting online platforms like Shein and Temu, indicating a commitment from the 27 EU member states to protect local businesses [9][10] - The number of low-cost packages entering the EU doubled last year to 4.6 billion, with a significant portion coming from China, prompting pressure from European businesses to curb this trend [10][11] Group 3: Member State Responses - Some EU member states are considering their own handling fees for low-cost packages, which could complicate the unified market [12][14] - Romania has proposed a handling fee of 25 lei (approximately $5.73), while Italy plans to introduce a tax by the end of the year to protect its fashion industry [13][14]

Financial Performance - Q3 2025 revenue reached $45.6 million, a 25% year-over-year increase[9] - Q3 2025 GMV totaled $197.2 million, representing a 21% year-over-year growth[9] - Loss before income tax improved to $17.7 million in Q3 2025[7], a 1% year-over-year improvement[9] - Adjusted EBITDA loss was $14.0 million in Q3 2025, compared to $17.0 million in Q3 2024[9, 69] Usage and Customer Metrics - Physical goods orders increased by 34% year-over-year in Q3 2025[7, 20] - Quarterly Active Customers for physical goods grew by 23% year-over-year[7, 17] - Cash burn increased to $15.8 million in Q3 2025, compared to $12.4 million in Q2 2025[7, 9] Regional Performance - Nigeria showed strong momentum, with physical goods orders up 30% and GMV up 43% year-over-year[7] - Egypt's physical goods GMV, excluding corporate sales, grew by 44% year-over-year[25, 26] Future Outlook - The company is on track for targeted full-year 2027 profitability[7] - The company forecasts Loss before Income tax to be between negative $50 million and negative $55 million for full-year 2025[62]

Core Insights - Coupang, Inc. reported revenue of $9.27 billion for the quarter ended September 2025, reflecting a year-over-year increase of 17.8% [1] - The earnings per share (EPS) for the quarter was $0.05, a decrease from $0.06 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $9.06 billion, resulting in a positive surprise of +2.31% [1] - Coupang delivered an EPS surprise of +25%, with the consensus EPS estimate being $0.04 [1] Key Metrics - Product Commerce Active Customers reached 24.7 million, surpassing the estimated 24.25 million [4] - Net Revenue from Developing Offerings was $1.29 billion, slightly above the average estimate of $1.27 billion [4] - Net Revenue from Product Commerce amounted to $7.98 billion, exceeding the average estimate of $7.79 billion [4] - Adjusted EBITDA for Developing Offerings was reported at -$292 million, compared to the average estimate of -$247.1 million [4] - Adjusted EBITDA for Product Commerce was $705 million, higher than the average estimate of $668.38 million [4] Stock Performance - Coupang's shares have returned -1.4% over the past month, while the Zacks S&P 500 composite increased by +2.1% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Insights - The current job market is experiencing significant challenges, with many companies adopting a "hiring freeze" while also not laying off employees, leading to a stagnation in job creation [2] - Rising operational costs, including new tariffs and shifts in consumer spending, are cited as reasons for this trend, alongside broader corporate restructuring efforts [2] - The shift towards investment in artificial intelligence is seen as a factor that may lead to job losses, as companies prioritize infrastructure over hiring [2] Employment Market Dynamics - Federal employees face increased uncertainty due to job cuts and government shutdowns, impacting overall worker sentiment in the job market [3] - The government has paused official hiring data releases during the shutdown, but a survey indicated a surprising loss of 32,000 private sector jobs in September [4] Company-Specific Layoffs - Amazon announced a reduction of approximately 14,000 corporate positions, nearly 4% of its total workforce, as it shifts focus towards AI investments [5] - UPS has cut around 34,000 jobs as part of its business turnaround efforts, exceeding earlier predictions of 20,000 layoffs [6] - Target plans to eliminate about 1,800 corporate positions, representing 8% of its global corporate workforce, to streamline operations [7] - Nestlé is set to cut 16,000 jobs globally over the next two years as part of a cost-cutting initiative amid rising commodity costs [8] - Lufthansa Group plans to reduce 4,000 jobs by 2030, primarily in administrative roles, despite strong demand for air travel [9] - Novo Nordisk announced a layoff of 9,000 employees, about 11% of its workforce, as part of a broader restructuring effort [10] - ConocoPhillips plans to cut up to 25% of its workforce, affecting approximately 2,600 to 3,250 employees by the end of 2025 [11] - Intel is reducing thousands of jobs as it seeks to revitalize its business, with a target of reducing its core workforce to 75,000 by year-end [12][13] - Microsoft initiated layoffs affecting 15,000 employees, marking its largest job cuts in over two years, as it undergoes organizational changes [14][15] - Procter & Gamble plans to cut up to 7,000 jobs, about 6% of its global workforce, as part of a restructuring amid tariff pressures [16]