曾几何时，淘宝、天猫组成的淘天集团是中国电商真正的霸主级别存在。2013年至2014年，阿里巴巴在 整个电商市场的占有率达到了80%以上。在那之后，随着中国电商规模快速扩大，虽然阿里规模也在快 速增长，但是市场份额开始持续下滑。 真正的冲击来自拼多多和抖音电商 在拼多多成立刚刚两年之际，也就是2017年，在京东电商的冲击下，阿里巴巴的电商份额跌到了70%， 但依然是行业真正的龙头大哥，而真正致命的两次冲击则分别来自拼多多和抖音电商。 拼多多" 社交裂变 "模式与算法推荐机制，削弱了阿里依赖搜索购物的传统电商模式。阿里电商侧重品 牌溢价与中高端市场，拼多多聚焦"低价白牌+社交裂变"，形成互补性竞争。与此同时，拼多多通过"百 亿补贴"策略重塑用户消费心智，推动高客单价品类（如数码、家电）销量增长。 抖音通过算法推荐实现"货找人"模式，用户日均使用时长超120分钟，是阿里的2.3倍。2024年数据显 示，抖音电商用户规模达8亿，日活用户超4亿，而阿里电商用户规模为9亿，但日活用户仅4亿。直播电 商用户中26-35岁群体占比42.4%，复购率比传统电商高40%。 而2024年拼多多年活跃买家数达9亿，与阿里（淘天集团 ...

Group 1 - The core viewpoint of the article highlights the advantages of combining collective procurement and group buying, which allows for cost reduction through centralized negotiation and scale advantages [1] - The company utilizes a platform that integrates both collective procurement and group buying to achieve low inventory and high turnover by reversing orders [1] - In terms of computing power, the company has registered part of its computing resources in Xinjiang and plans to complete some deployments this year, with future supply aimed at various large models and vertical models [1]

6月16日，拼多多"商家权益保护委员会"(下称"商保会")召开成立以来的第二场商家座谈会，来自水果生 鲜、家居个护、服装鞋包、食品粮油等类目的数十名商家参与了本次座谈。 在当日座谈会上，针对商家提出的平台规则优化建议，拼多多"商保会"推出了"升级商家申诉机制""加 码扶持高质量分商家""升级假冒伪劣治理体系"等三大新举措： 一、全面支持商家发起异常订单申诉，升级商家申诉机制。平台将持续投入审核技术研发和人力资源， 全面缩短商家申诉审核时间。 二、持续完善店铺质量分评价体系，依托"千亿扶持"专项，加码扶持高质量分的新质商家、新质品牌。 通过丰富优质商家权益体系，引导商家提升商品品质和服务水平，形成"质量越高，资源越多"的正向循 环。 三、升级假冒伪劣治理体系，通过严格准入审核、强化巡查抽检、从严处置问题商品的全链条治理，维 护平台经营秩序。假冒伪劣商品一经查实，将对问题商家采取包括下架问题商品、假一赔十、劣一赔 三、提高保证金、店铺限流、店铺关停等措施。 经过会上的充分交流，拼多多"商保会"推出"升级商家申诉机制""加码扶持高质量分商家""升级假冒伪 劣治理体系"等三大举措，即时回应商家关切。 今年1月，拼多多 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-06-06 [Table_Tag] 宏观策略 [Table_MacroStrategy] 宏观深度报告 20250603：复盘 200 年，贸易战何去何从？ 通过复盘自 1800 年至今 200 余年的全球贸易历史，以及结合近期东部沿 海省份"造船厂-船东-船公司-货代及外贸公司-实体制造业"外贸产业链 调研反馈，我们的研究表明： 首先，复盘全球贸易历史看，汇率、非关 税壁垒可能取代关税成为更加关键的"贸易交锋"工具。 其次，国内多 数外贸企业认为由于在根本矛盾上的冲突，中美贸易谈判过程未来或将 "一波三折"，企业可能需要持续控制对美出口风险敞口。 再次，如果加 征关税无法实现美方贸易竞争的主要目的，那么参考过去 200 年全球贸 易历史特别是 1970s-1990s 美日德贸易竞争阶段的美方举措，未来美国政 府可能在非关税壁垒、汇率等方面发起更多挑战。 最后，在控制对美出 口风险敞口的过程中，拓展非美出口、"出口转内销"、"出海"等关键手 段仍待企业端摸索落地方式，年内外贸前景仍面临高度不确定性。 宏观深度报告 20250602：人民币汇率：会否升 ...

中新网6月5日电(记者黄方)时值云南大理雨季，云蒸霞蔚、绿意盎然。近日，2025年数字农业创新训练 营走进大理开展系列交流实践活动。来自8个国家的18位青年农业创业者齐聚一堂，围绕"利用新兴技术 和数字公共基础设施促进可持续农业粮食体系"这一主题，展开沉浸式学习与交流。 本届数字农业创新训练营由联合国粮食及农业组织(FAO)与浙江大学、拼多多联合主办，内容涵盖理论 课程、实地考察与中外互动分享，旨在通过跨国对话与科技碰撞，激发农业创新潜能，助力全球粮食体 系向着"更好生产、更好营养、更好环境、更好生活"的目标稳步迈进。 烟雨洱海，润泽万物；苍山之畔，梦想发芽。各国青年创客深入大理村庄田野，与当地农户共话农业未 来。他们切身感受到中国农业的深厚积淀，也在一场场对话与实践中拓展了农业合作的全球视野。这场 全球农创者的相聚，不仅是一次科技的交汇，更是拼多多"回到农业"初心的真实写照。 "深耕农业"——农业初心催动品牌价值升华 在分享环节，中外青年农业创业者讲述了他们的挑战与成长，也展示了拼多多平台带来的积极影响。 来自肯尼亚的农创客卡尔文·奥蒂诺(Kalvince Otieno)说："如果肯尼亚有像拼多多这样的平台 ...

Group 1 - Pinduoduo's Q1 2025 financial report shows a total revenue growth of 10.21% year-on-year, but a significant decline in net profit by 47.35%, from 28 billion to 14.74 billion [1] - Over the past five years, Pinduoduo has emerged as one of the healthiest internet platforms, with explosive growth in Q1 2024, establishing itself as a leading e-commerce platform and a national-level application [3] - The management team emphasizes a "long-termism" strategy, investing over hundreds of billions in cultivating the merchant and user ecosystems [3] Group 2 - The "100 billion subsidy" and "100 billion reduction" initiatives have evolved into a "1 trillion support plan," benefiting consumers overall [6] - The e-commerce platform plays a crucial role in driving national economic growth through consumer spending, investment, and exports, with the support plan aimed at helping merchants and promoting digital transformation [6] - Pinduoduo's international version, TEMU, will also see increased subsidies for small and medium-sized cross-border e-commerce merchants [6] Group 3 - The "1 trillion support plan" aims to benefit farmers, merchants, and consumers, marking a significant opportunity for the e-commerce industry [24] - The plan includes direct support for agricultural products, helping farmers become e-commerce entrepreneurs and integrating local products into the e-commerce supply chain [29] - Pinduoduo's initiatives have already assisted thousands of agricultural regions, enhancing brand value and promoting rural revitalization [33] Group 4 - The plan has led to substantial reductions in platform fees, with technical service fees being significantly lowered, saving merchants billions annually [34] - Pinduoduo has reduced the store deposit for various categories by over 50%, facilitating easier access for merchants [36] - The platform's ability to understand consumer needs allows for real-time adjustments in sales strategies, enhancing product design and functionality [37] Group 5 - Pinduoduo's commitment to high-quality development is evident in its strategic focus on consumer and merchant benefits, aiming for a win-win ecosystem [42] - The "1 trillion support plan" is expected to be the largest benefit for e-commerce merchants, providing consumers with greater savings [42]

与市场预期相比，拼多多本季度的营收低了近60亿，利润低了接近90亿。业绩一经发布后，盘前股价最 高跌幅超过20%，最终收跌接近14%。对此，花旗等机构指出，拼多多的营收增速放缓将是焦点，但拼 多多"百亿减免""千亿扶持"等一系列惠商举措的巨大投入超出了市场的预期。 拼多多集团董事长、联席CEO陈磊表示，当下的市场在加速变化，平台要敢于牺牲短期业绩，助力商家 度过短期波动。只有商家好了，消费者才能享受到更好的商品和服务，平台才能长期健康发展。 重投平台生态下，提出牺牲短期业绩的拼多多再降速。5月27日晚，拼多多发布2025年一季度财报，营 收约957亿元，同比增长10%，是最近几个季度的最低增速；经营利润183亿元，同比下降38%。 重投之下，营收增速放缓、利润下滑 拼多多的营收由在线交易服务收入和交易服务收入组成，前者为广告收入，后者为佣金。整体来看，拼 多多一季度营收增速放缓，同比增10%。而去年一到四季度，营收增速分别为131%、86%、44%、 24%，持续降低。这也是拼多多连续两个季度低于20%。 此前多个财报会上，拼多多管理层已给出放缓的原因：因外部竞争激烈，平台为打造健康平台生态开启 新一轮投入， ...

Core Insights - Pinduoduo reported Q1 2025 revenue of 95.7 billion yuan, a 10% year-on-year increase, indicating a slowdown in growth [1] - The company has significantly increased its marketing expenses to 33.4 billion yuan, up 43% from 23.4 billion yuan in the same period last year, which now accounts for 34.9% of total revenue compared to 26% a year ago [1] - Pinduoduo launched a "100 billion subsidy" policy aimed at investing over 100 billion yuan in the next three years to enhance its e-commerce ecosystem and support merchant transformation [1][3] Financial Performance - The overall revenue growth, including marketing and transaction service income, has slowed down, attributed to ongoing merchant support initiatives [1] - The estimated GMV growth for Q1 is 16%, translating to approximately 1.07 trillion yuan, indicating the effectiveness of the subsidy and support measures [9] Merchant Support Initiatives - Pinduoduo established a "Merchant Rights Protection Committee" to address merchant needs and improve service mechanisms [3] - The "100 billion subsidy" strategy includes various measures to support the agricultural sector and enhance the value of local products [3][4] - The company is focusing on empowering small and medium-sized merchants through tailored solutions and data-driven support [6][7] Consumer Engagement Strategies - Pinduoduo has introduced a series of consumer subsidy policies, including a 10 billion yuan merchant subsidy plan and various promotional activities to enhance consumer satisfaction [10] - The company aims to improve the shopping experience through initiatives like price reduction compensation services during major sales events [10] Technological and Agricultural Development - Pinduoduo's "100 billion subsidy" plan has led to the establishment of the "Digital Business + New Farmers Training" technology center, focusing on agricultural innovation [11][12] - The company is actively supporting agricultural research projects and facilitating the online presence of quality agricultural products [12]

| | | | | | PDD quarterly result wrap | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Rmb '00mn | | 1Q23A | 2Q23A | 3Q23A | 4Q23A | 1Q24A | 2Q24A | 3024A | 4Q24A | 1025A | 1Q25E | var. | | | Total revenue | 376 | 523 | 688 | 889 | 868 | 971 | 994 | 1,106 | 957 | 1,016 | -6% | | | yoy | 58% | 66% | 94% | 123% | 131% | 86% | 44% | 24% | 10% | 17.0% | | | | Gross profit | ટ્ટર | 336 | 420 | 538 | 541 | 634 | 596 | 628 | 547 | 597 | -8% | | | yoy | 59% | 43% | 5 ...

中国哪个城市最冷？有人说是位于中国大陆最北端的黑龙江省漠河市。 最北之地，并非"最冷"。距离漠河市约200公里的内蒙古自治区根河市，历史记载最低温度零下58摄氏 度，被称为"中国冷极"。极端严寒使得这里人烟稀少，生活不便。在这片约2万平方公里的土地上，登 记在册人口仅超11万。 根河市地处大兴安岭北段西麓，平均海拔在1000米左右。由于这里海拔高、纬度高、迎风背阳，易形成 极端低温天气，全年封冻期长达210天、无霜期有70天、供暖期长达9个月。 "我们这儿冬季零下40度是常态，零下50多度也有。出门走一圈，雾大到甚至找不着伴儿。"陶乐然开玩 笑地表示。作为土生土长的根河人，他不仅对冰天雪地习以为常，还对乡镇街道的位置了然于胸。每天 凌晨，陶乐然都会开着那辆相伴了10年的小货车到快递站点，在老板田野的安排下，装上几百件包裹， 送往根河市下辖的几个乡镇。 这个站点已经承接拼多多平台订单五年了，日包裹量涨了十多倍，员工也越来越多。田野招来的二十几 名员工，一半都在负责配送工作，覆盖整个根河市区和乡镇，陶乐然是偏远乡镇干线快递员之一。 "我们这儿一年有八个月，路上都盖着三四十公分的雪，现在5月还下大雪呢。"陶乐然是根 ...