作者 | 基德 编辑 | Shadow 如果要评选这两年跨境电商圈最让人又爱又恨的平台，Temu一定榜上有名。 从2022年杀入美国市场，到现在一路扩张到欧洲、拉美、中东，它用极致的低价和全托管模式把海外电商搅了个天翻地覆。 很多卖家嘴上说"太卷了"，但眼睛还是忍不住盯着：这个平台到底还能卷出什么花来？ 近日，Temu的英国、欧洲财报相继披露，营收、毛利率齐刷刷上涨，也让人们从中窥见了Temu全球狂奔之下的秘密。 先说英国。Temu在2023年4月正式登陆英国，2024年一整年的表现就体现在它的英国子公司Whaleco UK的财报里。数据显示： 此外，2024年Temu英国公司的管理费用467万，总资产2.54亿美元，现金1.97亿美元，贸易和其他应收5678万美元。 收入：6327万美元，同比大增97%； 毛利：亏损403万美元，但比上一年亏损的633万大幅收窄； 经营利润：亏损870万美元，利润率-13.75%，依旧亏损，但比2023年的-24.7%明显改善； 税前利润：394万美元，主要得益于投资收益1264万美元； 税后利润：295万美元，所得税98.5万，税率25%。 | | | Year | Pe ...

Group 1 - Temu's market in the US is experiencing a significant turnaround in August, with a noticeable increase in traffic and sales for sellers [1][3] - Sellers reported that sales increased from 280 orders to 400 orders within a week, indicating renewed optimism among cross-border e-commerce sellers focused on Temu [1][3] - The traffic recovery is attributed to Temu's strategic adjustments, including the resumption of advertising on platforms like Meta and Google, and the release of traffic from Amazon's paused ads [3] Group 2 - Temu has adjusted its traffic distribution rules to favor products with stable sales records over merely low-priced items, indicating a shift towards prioritizing product quality and sales stability [3] - Full-service sellers are benefiting more from the traffic increase compared to semi-managed sellers, highlighting a disparity in traffic distribution based on product performance [3] - Despite the positive trends, Temu faces challenges with the upcoming tariff policy changes and difficulties in attracting local US sellers due to concerns over their Amazon sales qualifications [5] Group 3 - Cross-border e-commerce sellers need to adopt more refined operational management to capitalize on the traffic recovery, with tools like 易仓ERP providing features to enhance inventory and logistics management [5][7] - The ability to synchronize inventory data and manage orders efficiently is crucial for sellers to avoid penalties and reduce shipping costs [7] - Sellers who can quickly adapt to platform policy changes and optimize their operations are more likely to achieve sustained growth in Temu's US market [7]

Core Insights - Temu has surpassed Amazon to become the world's leading e-commerce platform in terms of monthly active users, while also securing the position of the second-largest e-commerce platform in Brazil [2][5] - The rapid growth of Temu presents both opportunities and challenges for cross-border e-commerce sellers, necessitating a dual-platform strategy that leverages both Temu's growth potential and Amazon's established user base [1][7] Group 1: Temu's Growth - Temu has achieved the highest monthly active users globally, surpassing Amazon, with a projected GMV of over $50 billion in 2024 and an expected $70-80 billion in 2025, driven by a low-price strategy that attracts a large user base [2] - In Brazil, Temu has captured a 9.9% market share, overtaking Shopee to become the second-largest e-commerce platform, with a significant increase in monthly clicks and a 132% year-on-year rise in imported goods access [5][10] Group 2: Competitive Landscape - Amazon is intensifying competition by launching a low-price marketplace, Haul, in an effort to reclaim market share, particularly in the lower-tier market segments [6] - Temu is exploring a third-party platform model similar to Taobao, allowing merchants to set their own prices and manage shipping, which could enhance its competitive edge [6] Group 3: Seller Strategies - Sellers are encouraged to adopt a dual-platform strategy, focusing on Temu for growth opportunities while maintaining a strong presence on Amazon to ensure profitability [7] - Temu's low-price strategy is particularly effective for clearing inventory and testing new products, while Amazon's established ecosystem supports high-value, brand-oriented products [8][9] Group 4: Operational Solutions - Easy ERP provides seamless support for managing operations across both Temu and Amazon, facilitating automated order processing and efficient inventory management [11][15] - The system allows for real-time synchronization of SKU information and order statuses, enhancing operational efficiency and reducing manual workload [11][16]

Core Viewpoint - PDD Holdings, the parent company of Temu, reported a significant decline in profits for the first quarter, with revenue growth hitting a three-year low, indicating challenges in its operational model due to tariffs and weak consumer sentiment in its domestic market [1][4]. Financial Performance - Total revenue for Pinduoduo in the first quarter increased by 10% year-on-year to RMB 95.7 billion (approximately $13.7 billion), falling short of analyst expectations by RMB 5.9 billion (approximately $824 million) [4]. - Net income dropped by 47% year-on-year to RMB 14.7 billion (approximately $2.1 billion), missing general expectations by RMB 11 billion (approximately $1.5 billion), highlighting the impact of financial charges on profitability [4]. Market Challenges - The sudden slowdown in Pinduoduo's performance suggests that its business model is struggling to cope with combined pressures from tariffs, the end of minimum exemption, and fierce price competition in China's retail ecosystem [5]. - The macroeconomic and regulatory environment is currently unfavorable for Temu, with increasing trade barriers being set by governments to protect domestic interests [5]. Regulatory Developments - The EU has proposed a unified tax of €2 (approximately $2.27) on small packages valued under €150 (approximately $170.02) entering the European market, which could further impact Temu's pricing strategy [6][8]. - The G7 countries are also discussing imposing tariffs on ultra-low-priced goods from China, which could affect Temu's operations [6][8]. Strategic Adjustments - Temu has begun local warehousing services in Europe since December, with plans for 80% of European orders to be shipped from local warehouses [14]. - The company is adjusting its operational model to address regulatory challenges and consumer quality demands by gradually phasing out ultra-low-priced products and reducing user subsidies [14]. Market Position and Growth - According to Emerce, Temu's market share in Europe is expected to grow significantly to 35%-40%, surpassing North America as its largest market, with active users in Europe exceeding 120 million [11]. - The projected GMV for Temu in Europe is expected to reach €58 billion by 2025, reflecting a 45% increase from 2024 [11].

Core Insights - Temu sellers in the U.S. are experiencing unprecedented turbulence since 2025, with consumer spending on the platform showing a significant decline from nearly 50% growth at the beginning of April to almost zero by the end of the month [1] - A large number of sellers have reported a drastic drop in product sales, attributed to platform policy adjustments, increased competition, and the impact of U.S.-China trade tensions, particularly the cancellation of the T86 tax exemption policy [1][6] Group 1: Sales and Pricing Issues - Many Temu sellers have reported a sudden increase in "high-price limit" notifications, with the number of affected products rising from 5 to 45, impacting best-selling items [2] - The introduction of new pricing rules in March 2024 has led to penalties for sellers whose prices exceed those of competitors, resulting in restrictions on new listings and withdrawal freezes [4] - Despite some products being released from "high-price limit" status, many sellers still face poor sales performance [5] Group 2: Impact of T86 Tax Exemption Cancellation - Following the cancellation of the T86 tax exemption, Temu has removed numerous fully managed products from the U.S. market, although some tariffs have been reduced [6] - Contrary to expectations, only a few semi-managed products have seen sales increases, while many sellers report significant declines, with some experiencing drops of up to 90% [6] Group 3: Advertising and Price Adjustments - Temu has reduced its advertising spending on platforms like Meta, X, and YouTube by an average of 31%, contributing to decreased sales in the U.S. [7] - The front-end prices of many semi-managed products have surged, leading to consumer dissatisfaction and further sales declines [8] - A recent survey indicated that Temu's sales dropped by approximately 10% week-over-week from April 27 to May 4 compared to the same period in 2024 [8] Group 4: Seller Dilemmas - The reduction in advertising is expected to shrink the traffic pool for fully managed products to about 30% of its original size, while semi-managed products may not see significant changes [11] - Sellers are caught in a dilemma: they must choose between lowering prices to maintain sales, which sacrifices profit, or maintaining prices and facing declining sales [11]

跨境电商龙头下周开始调价 两家企业几乎同时发布通知，表示将从下周起开始调整价格。 官宣涨价。 跨境电商平台SHEIN和Temu告知美国消费者，将于4月25日起调整价格。这是自特朗普宣布对来自中国 的商品提高关税，以及取消小包裹税收优惠后，两家公司应对的最新进展。 其中，SHEIN表示，"价格调整"将于下周晚些时候生效。该公司同时表示，"最近全球贸易规则的变 化"导致其自身成本上升，因此会调整价格。 2025年4月，美国总统特朗普宣布所谓"对等关税"，对来自中国的商品大幅加征关税。此外，他还宣 布，取消800美元以下包裹的免税政策。 校对：李凌锋 公开资料显示，跨境电商平台SHEIN成立于2012年，最早以自主品牌起家，并逐渐发展"自营品牌+平 台"模式。咨询机构Global Data数据显示，2024年全球时尚市场，SHEIN以1.53%的市场份额，超过 ZARA、H&M和优衣库，成为第三大时尚零售商，前两名分别是耐克(2.85%)、阿迪达斯(1.79%)。 SHEIN同时是全球十大时尚零售商中唯一的中国品牌。 "我们正在尽一切努力保持低价并最大限度地减少对您的影响。我们的团队正在努力改善您的购物体验 并忠于 ...