拼多多正在脱离“本分”

贝多财经

02/02

撰稿 | 多客来源 | 贝多商业&贝多财经近日，拼多多（NASDAQ:PDD）运营主体上海寻梦信息技术有限公司未按照规定报送第三季度平台内经营者和从业人员涉税信息，国家税务总局上海市长宁区税务局依法对其处以10万元罚款。根据2025年6月出台的《互联网平台企业涉税信息报送规定》，互联网平台企业未按规定报送涉税信息的，由税务机关责令限期改正；逾期不改的，处2万至10万元罚款；情节严重的，将责令...

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17:07","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2608085254","market":"us","top_or_hot":-1,"title":"拼多多正在脱离“本分”","media":"贝多财经","content":"<div>\n<p>撰稿 | 多客来源 | 贝多商业&贝多财经近日，拼多多（NASDAQ:PDD）运营主体上海寻梦信息技术有限公司未按照规定报送第三季度平台内经营者和从业人员涉税信息，国家税务总局上海市长宁区税务局依法对其处以10万元罚款。根据2025年6月出台的《互联网平台企业涉税信息报送规定》，互联网平台企业未按规定报送涉税信息的，由税务机关责令限期改正；逾期不改的，处2万至10万元罚款；情节严重的，将责令...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260202173636a6c9c611&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>拼多多正在脱离“本分”</title>\n<style 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href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260202173636a6c9c611&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1171460220.USD","symbol_name":"FULLGOAL CHINA SMALL-MID CAP GROWTH \"A1\" (USD) INC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260202173636a6c9c611&s=b","article_id":"2608085254","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260202173636a6c9c611&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, 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贝多商业&贝多财经近日，拼多多（NASDAQ:PDD）运营主体上海寻梦信息技术有限公司未按照规定报送第三季度平台内经营者和从业人员涉税信息，国家税务总局上海市长宁区税务局依法对其处以10万元罚款。根据2025年6月出台的《互联网平台企业涉税信息报送规定》，互联网平台企业未按规定报送涉税信息的，由税务机关责令限期改正；逾期不改的，处2万至10万元罚款；情节严重的，将责令停业整顿并处10万至50万元罚款。在业内人士看来，这张新规施行后头部平台首张罚单的警示教育意义远超罚款金额本身，它标志着对平台经常态化、精准化的税收监管正式落地，也昭示着行业将告别无序竞争，步入以合规为门槛的公平发展新阶段。当监管敲响警钟，拼多多不仅需要迅速补齐合规短板，更应以此为契机，通过重塑内部治理、升级平台生态等方式主动将监管压力转化为变革动力，在真实、透明的新规则下重新定义自身的行业价值坐标与长远发展路径。一、投诉高企，治理效率存短板过去的2025年，被业内称为电商行业“强监管元年”。从平台与交易规则趋严，到直播电商专项治理落地，再到产品质量安全溯源机制完善，新规的密集落地，无不预示着监管框架的日趋严密和行业秩序的加速规范。在此背景下，中小商家面临的现实挑战依旧不小。合规成本的显著上升、流量获取的长期困境、同质化竞争的日益激烈，以及消费者对“低价高质”的持续期待，共同构成了当前电商生态中的另一幅生存图景。这些经营压力传导到消费端，便演变为更为复杂、多元的消费纠纷。消费保数据研究院发布的《2024年度消费投诉数据分析报告》显示，电商行业以66.24万件的投诉量位居榜首，同比增长45.32%，占投诉总量的45.50%。而淘宝、天猫、京东、拼多多等四大主流电商平台中，尤以拼多多的投诉总量尤为突出，为11.90万件。与之形成强烈对比的是，拼多多的平均投诉解决率仅7.82%，位列四大平台最末尾。另据消费保数据研究院的最新数据，拼多多的投诉量在2025年进一步攀升至12.69万件，三年累计投诉总量已接近32万件，涉及金额超过2.68亿元，但平均投诉解决率却仍未突破10%。进一步探究主要投诉问题可知，售后服务缺失是拼多多的首要矛盾，占比达16.69%；与退款纠纷相关的争议以15.58%的比例位列第二；产品质量缺陷、虚假宣传、服务态度等问题，也是用户投诉中的高频词。这些数据共同揭示，拼多多内部消费纠纷的源头，是其本应严格管控的商家资质审核、交易过程监督、售后履约保障等关键环节，这不仅是权责层面的失衡，更暴露出平台在落实合规责任、构建良性生态上的疏漏。二、侵权频发，责任机制待夯实面对外部投诉压力与用户信任挑战，拼多多并非没有做出相应调整。该公司在过去的几年与多家正版机构建立合作，并启动“千亿扶持”计划赋能中小商家从白牌代工向自主创新转型，推动平台建设公平、健康、可持续的商业环境。不过，拼多多的上述举措尚未完全扭转平台生态，其内部仍存在大量白牌、未获授权商品。2025年9月，法律实务类图书《赢在二审与再审》作者张绍明就曾公开发文，称其作品在拼多多上遭到大规模盗版销售。其中，正版图书的定价在百元左右，但拼多多上却充斥着大量打着“旗舰店”“正版保证”旗号，实际印刷质量差、内容残缺的盗版书籍，且部分链接销量超二十万册。因此，张绍明收集固定证据并采取法律行动，对侵权商家提起诉讼。贝多商业&贝多财经注意到，相关被举报的链接虽已下架，但涉事店铺内依旧存在大量类似的低价盗版书籍链接。此外，《民事刑事二审再审改判案例》等同法律实务类图书也在拼多多上被商家以远低于正版的价格销售。图书领域的盗版问题，仅仅是拼多多平台治理疏漏的冰山一角。在服饰、美妆、家居、食品等多个消费领域，类似侵权、伪劣、虚假宣传等问题依然频发，各大社交平台与投诉渠道上也不断有用户反映自己维权受阻的情况。三、增速放缓，业绩成长性待考口碑下滑之余，拼多多的业绩端也承受着不小压力。最新财报显示，拼多多2025年第三季度的收入同比增长9.0%至1082.77亿元，突破1000亿元关口。尽管仍保持正增长，但与此前连续的双位数高增长相比已明显放缓。盈利方面，拼多多的增长动能亦稍显不足。2025年三季度，该公司的营业利润为250.26亿元，同比仅微增3.0%；非通用会计准则（Non-GAAP）下的经调整净利润313.82亿元，增幅约为14.3%，增速同样呈现下滑态势。拼多多执行董事、联席CEO赵佳臻在财报电话会上表示，第三季度面临市场竞争加剧及“千亿扶持”计划持续投入的双重影响，导致其整体收入面临增长压力，但仍强调“长期价值”的重要性，指出当季利润表现不具指导性。另外，拼多多在二级市场的表现动荡不断。截至美东时间2026年1月30日收盘，拼多多的股价报收101.05美元/ADS，总市值约为1434亿美元，较52周（一年）内的最高值139.41美元/股跌去约27.5%。早前，麦格理亦发布研究报告，认为收入增速较GMV落后及变现率挑战等因素可能导致拼多多短期前景吸引力下降。因此将对该公司2025及2026年盈利预测分别下调17%及6%，目标价从153美元下调至126美元。税收处罚事件发生后，花旗银行也宣布对拼多多启动为期30天的“负面催化剂观察”，表示需警惕内地商品交易总额、收入及利润增长放缓，以及调查可能导致的潜在营运干扰所带来的不确定性，和对2026年财务展望的超预期冲击。四、结语2018年7月26日，拼多多在美国纳斯达克上市。截至2021年6月,拼多多的平台年度活跃用户数达到8.499亿。过去几年，拼多多的规模持续增长，管理架构也在不断变化。其中，作为创始人的黄峥先后卸任首席执行官（CEO）、董事长职务。目前，赵佳臻、陈磊为拼多多共同出任拼多多联席董事长兼联席CEO。早前，赵佳臻曾负责多多买菜业务，陈磊则曾为拼多多CTO。特别说明的是，“本分”一词是拼多多企业文化的灵魂。拼多多上市后不久（2018年7月），黄峥曾发布题为《坚持本分，即使是恶意的攻击，也要善意的解读》的全体员工信称，“要坚持本分，面对质疑先求责于己，要拥抱公众和竞对的监督”。同时，黄峥强调，“要牢牢的抓住消费者导向，从消费者最最切身的利益点开始抓，开始改，持续的改。”事实上，对于本分，黄峥在接受《财经》采访时也曾表示，“本分是在你的位置上应该干什么事。”针对平台上的假冒伪劣和山寨产品，黄峥则称，“如果就论纯假货的话，我觉得我们平台的比例是不高的，而对于山寨的问题，我认为今天在广大的人群中，对白牌（生产厂商生产的没有品牌的商品）是有需求的。”而在当下，拼多多面临的已非单一合规挑战，而是市场对其治理能力的全方位考验。这不仅要求平台在规则层面快速响应，更呼唤其从追求规模效益，转向更深层次的责任与信任生态构建。转型的成败，不仅将决定拼多多的未来航向，更牵动着数百万商户的生存发展，同时也揭示了一个亘古不变的道理——唯有主动承担治理责任、平衡多方利益、筑牢制度与技术双重防线的平台，才能在瞬息万变的电商市场中行稳致远。公众号：贝多财经中国经济传媒协会会员2023年度最具商业价值新媒体郑州报业集团·正观新闻2023年度优秀创作奖","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}