登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603613 证券简称：国联股份 公告编号： 2025-022 北京国联视讯信息技术股份有限公司 第九届董事会第七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 北京国联视讯信息技术股份有限公司（以下简称"公司"或"国联股份"）第九届董事会第七次会议于2025 年7月25日以通讯的方式召开。本次会议应到董事9名，实到董事9名。本次会议由董事长刘泉先生召集 并主持。会议通知已于2025年7月24日以电子邮件方式向各位董事发出，经全体董事一致同意豁免本次 董事会的通知时限，本次会议的召集、召开及表决程序符合《公司法》等法律、法规、规范性文件及 《公司章程》、《董事会议事规则》的规定。 经与会董事认真讨论，审核并通过如下事项： 一、审议通过《关于控股子公司北京卫多多电子商务股份有限公司A1轮增资扩股并引入投资者的议 案》 具体内容详见2025年7月26日刊登在《中国证券报》、《上海证券报》、《证券时报》、《证券日报》 和上海证券交易所网站（http://ww ...

信会师报字[2025]第ZG12707号 上海证券交易所： 立信会计师事务所（特殊普通合伙）关于北京 国联视讯信息技术股份有限公司2024年年度 报告的信息披露监管工作函之部分回复报告 信会师报字[2025]第ZG12707号 问题 1.关于收入确认。 1 问题 2.关于内部控制。 27 立信会计师事务所（特殊普通合伙） 关于北京国联视讯信息技术股份有限公司 之部分回复报告 贵所于 2025 年 5 月 13 日出具的关于北京国联视讯信息技术股份有限公司 （以下简称"公司"或"国联股份"）《关于北京国联视讯信息技术股份有限公司 管工作函"），对公司 2024 年年度报告进行事后审核，提出进一步补充披露信息。 立信会计师事务所（特殊普通合伙）（以下称"会计师"或"我们"）已于 2025 年 6 月 18 日就公司己回复部分（即问题 3 至问题 5）有关涉及会计师说明或发表意 见的问题进行了审慎核查并回复；我们对公司本次回复部分（即问题 1 至问题 2） 有关涉及会计师说明或发表意见的问题进行了审慎核查，现将核查情况和核查意 见作如下说明。 注：若无特别说别明，本回复报告所列表格数字单位均为万元。 问题 1.关于 ...

来源：环球网 【环球网消费综合报道】22岁生日当天，沈辉从上海坐飞机去往很多人口中的"诗与远方"，对这片雪域 高原和接下来在西藏的生活充满期待。 也只有抵达，沈辉才对高原有了清晰认知。从上海到珠峰脚下的4000公里，需要换乘飞机、火车和大巴 等交通工具，历时一天一夜，在晕车中练成"铁腚"。沈辉工作的县城由两条街道组成，没有大型商场， 当地人喜欢待在街上，其乐融融。住所的窗外就是雪山和田野，风景如画。 然而胃比他先想念上海。以前他下楼就能吃到烤麸，这是上海每家熟食店都有的凉菜，但日喀则没有。 在物流发达的现代社会，他不相信也不甘心这种"没有"，在各大平台尝试购买后，发现拼多多可以包 邮。 过了一周，沈辉终于收到了来自上海的烤麸，味道熟悉。 拼多多近年来大力推动"电商西进"行动。2022年，拼多多首创中转集运模式，安排西行的商品先运到西 安、成都等中转站，再"拼单"统一发往西部地区。2024年9月，平台又免除发往偏远地区包裹的第二段 物流费用，进一步降低了商家和消费者的物流成本负担。今年4月，平台提出"千亿扶持"计划，其 中，"电商西进"作为重点支持的项目，在物流层面继续享受低成本与广覆盖的红利，进一步优化了西部 ...

5月27日，拼多多发布的2025年第一季度财报，公司一季度总营收为956.722亿元，同比增长10%，但低 于市场预期的1016亿元。归属于普通股股东的净利润为147.418亿元，同比下降47%；非美国通用会计 准则下净利润为169.16亿元，同比下降45%。 从收入结构来看，拼多多高毛利的数字广告收入——在线营销服务及其他服务营收487.22亿元，同比增 长15%；而交易服务营收469.55亿元，同比增长6%，预期542.31亿元，表明交易量增长有所放缓。 具体来看，销售营销费用从234.11亿元激增43%至334.03亿元，这是利润下滑的主要推手，主要反映的 是竞争环境的加剧和获客成本的大幅上升。同时，一季度拼多多的运营成本也同比上升25%，主要来自 履约和支付处理费用的增加，进一步压缩了利润空间。 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%。 陈磊认为，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。 陈磊强调，无论政策如何变化，都会持续加强本地化业务运营，帮助更多的当地商家在平台上成长，实 现更多的订单本地发货。陈磊还表示，在高质量发展，合规经营的前提下，拼多多 ...

Group 1 - Xiaomi reported a revenue of 111.29 billion yuan for Q1 2025, a year-on-year increase of 47.4%, with adjusted net profit reaching 10.68 billion yuan, up 64.5% [2] - Xiaomi's smartphone business generated 50.6 billion yuan in revenue, achieving a record high gross margin of 12.4%, with the SU7 series delivering 258,000 units since launch [2] - Pinduoduo's Q1 2025 revenue was 95.67 billion yuan, reflecting a 10% year-on-year growth, but a 45% decline in net profit under non-GAAP standards, totaling 16.92 billion yuan [2] Group 2 - Deep Blue Automotive faced backlash from 480,000 car owners for advertising on their vehicle screens without consent, leading to an apology from the CEO [4] - Apple’s App Store was deemed non-compliant with EU regulations, particularly regarding its "anti-steering" policy that restricts developers from promoting alternative payment options [7] - Geely's chairman Li Shufu emphasized the company's commitment to not engage in price wars, focusing instead on value, technology, quality, service, brand, and corporate ethics [8]

Core Insights - Pinduoduo's Q1 2025 revenue was 95.6722 billion yuan, a 10% year-on-year increase, but below market expectations of 101.6 billion yuan [1] - The net profit attributable to ordinary shareholders was 14.7418 billion yuan, a 47% year-on-year decline, while non-GAAP net profit was 16.916 billion yuan, down 45% [1] - The company's stock price fell 13.64% in the US market following the earnings report, reflecting investor concerns about future growth [1][4] Financial Performance - Total revenue for Q1 2025 was 95.6722 billion yuan, with online marketing services and other services generating 48.7222 billion yuan (15% growth) and transaction services generating 46.95 billion yuan (6% growth) [4] - Sales and marketing expenses increased by 43% year-on-year to 33.4027 billion yuan, primarily due to higher promotional and advertising expenditures [4] - Pinduoduo's market capitalization dropped to 146.2 billion USD, losing over 10 billion USD in value after the stock price decline [4] Competitive Landscape - The e-commerce industry is experiencing intensified competition, with Pinduoduo facing limitations in policy incentives for consumers and insufficient responses to national subsidy policies compared to competitors [4] - To support merchants during short-term fluctuations, Pinduoduo launched a "100 billion support" strategy, increasing assistance and subsidies for small and medium-sized businesses, which may impact short-term profits [4] Management Outlook - Pinduoduo's management emphasized a focus on long-term intrinsic value rather than short-term financial performance [5] - The company aims to control costs, improve gross margins, and accelerate overseas expansion to stabilize stock prices, although challenges remain in achieving a profitable business model and performance recovery [5]

Core Viewpoint - Pinduoduo reported a total revenue of 95.6722 billion yuan for Q1 2025, reflecting a year-on-year growth of 10%, while net profit attributable to ordinary shareholders decreased by 45% to 16.916 billion yuan [1][2]. Financial Performance - Total revenue for Q1 2025 was 95.6722 billion yuan, a 10% increase compared to the previous year [1]. - Net profit attributable to ordinary shareholders was 16.916 billion yuan, down 45% year-on-year [1]. Management Insights - Management acknowledged the pressure on platform merchants due to macro policy changes, indicating a need for proactive measures to support them [3]. - The company plans to enhance its supply chain and operational capabilities while focusing on high-quality development and compliance [3][4]. - A "100 billion support plan" was introduced to assist small and medium-sized merchants in stabilizing sales and reducing operational costs [4][5]. Business Strategy - The company aims to deepen service levels and expand into new categories and services to build a more robust platform ecosystem [4]. - Pinduoduo emphasizes the importance of supporting merchants to ensure long-term stability and better consumer service [5]. - The company is committed to lowering merchant fees and providing marketing support to enhance the ecosystem, viewing these expenses as long-term investments [6]. Future Outlook - The management expects ongoing challenges to profitability due to the mismatch between investment and return cycles, which may persist for a longer duration [6]. - The focus remains on long-term value creation rather than short-term financial performance, with plans to expand support initiatives for more small businesses [6].

Core Insights - Pinduoduo's Q1 2025 financial report shows significant underperformance, with total revenue of 95.7 billion yuan, a 10% year-on-year increase, but adjusted net profit of 16.9 billion yuan, down 45% from the previous year, falling short of market expectations by 11 billion yuan [1][2] Revenue Structure - Online marketing services and other revenues accounted for 48.7 billion yuan, up 15% year-on-year, while transaction service revenue was 47 billion yuan, up 6% year-on-year [1] - The growth rate of Pinduoduo's revenue is slowing, particularly in transaction service revenue, which has decreased from a 33% growth rate in the previous quarter [1][4] Cost and Profitability - Sales and marketing expenses surged to 33.4 billion yuan, a 43% increase from 23.4 billion yuan in the same quarter last year, contributing to a significant decline in profits [1][2] - Total operating expenses reached 38.6 billion yuan, a 37% increase, outpacing revenue growth [2] Strategic Initiatives - Pinduoduo has launched initiatives like the "100 Billion Support" plan to improve the business environment, which includes reducing store security deposits for various categories [4][5] - The company aims to explore further commission reduction measures to alleviate costs for merchants, focusing on small and medium-sized businesses [5] Regulatory Environment - Recent regulatory proposals from the market supervision authority may impact Pinduoduo's revenue, as they emphasize reducing fees for platform operators, particularly benefiting small merchants [5] Competitive Landscape - Pinduoduo is facing increased profit costs to compensate for competitive disadvantages, particularly in response to national subsidy policies [5] - The management has indicated a willingness to sacrifice short-term performance to support merchants through market fluctuations [5]

Group 1 - Ele.me announced a significant increase in platform subsidies, launching a promotion called "Over 10 Billion Subsidies" starting April 30, emphasizing genuine benefits rather than competitive rhetoric [1] - JD.com announced the launch of its "100 Billion Subsidy" program on April 11, offering subsidies up to 20 yuan for all users across various restaurant brands [2][6] - JD.com reported that its daily order volume exceeded 1 million within 40 days of launching the subsidy program, expanding its coverage from major brands to include more small and medium-sized restaurants [6] Group 2 - Pinduoduo introduced a "100 Billion Support" plan, committing over 100 billion yuan in resources over the next three years to enhance the e-commerce ecosystem and support merchant innovation [7] - The "2025 Good Specialty Products" initiative by Pinduoduo aims to boost local agricultural products' market presence, with plans to visit various provinces to implement targeted support [7] - Pinduoduo's "100 Billion Merchant Feedback Plan" will invest 10 billion yuan in consumer coupons to stimulate demand and support new quality merchants and brands [8]