3亿元纠纷背后，Temu要怎么治疗“拼多多病”？

豹变

02/14

“核心提示”拼多多与Temu，同一套商业基因的一体两面。作者 |王珊编辑|张力最近，依靠低价在全球疯狂开疆拓土的拼多多又惹上了新麻烦。国际物流巨头UPS爱尔兰公司一纸诉状，将拼多多旗下跨境电商平台Temu注册在都柏林的运营公司（Whaleco Technology Ltd）告上法庭，追讨逾3700万欧元（约合3亿元人民币）运费。目前，UPS方面已经暂停了该公司的账号，该案件在2026年5月或将再次...

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href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260214135119a6fa5490&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":"BK4531","symbol_name":"中概回港概念","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260214135119a6fa5490&s=b","article_id":"2611113252","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260214135119a6fa5490&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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Ltd）告上法庭，追讨逾3700万欧元（约合3亿元人民币）运费。目前，UPS方面已经暂停了该公司的账号，该案件在2026年5月或将再次开庭。根据《爱尔兰时报》的报道，Temu方面的律师期望进行调解。值得注意的是，这起纠纷并非偶然。在关税、合规和竞争压力之下，Temu历来依靠的“低价模式”被撼动，背后的隐藏风险开始集中爆发。在国内，拼多多以低价为核心，通过“仅退款”、严苛罚款，对商家施加高压，换取高速增长，一度成为电商平台市值第一；在海外，Temu复制同一套基因，用“全托管+小包直邮”，快速跑马圈地。UPS对Temu的诉讼只是拼多多在供应链转嫁成本的缩影。如今，国内监管开始对拼多多亮剑，包括韩国、美国、欧盟在内的国家和组织也在数据隐私、反垄断等维度对Temu进行罚款和诉讼。拼多多和Temu的“野蛮生长”逻辑，或许已经到了必须重构的时候。Temu 3亿元欠费背后UPS与Temu的运费纠纷，是一场从折扣到拖欠、再到账户冻结的漫长拉锯。《爱尔兰时报》援引UPS向商业法庭提交的宣誓书称，从2024年起，双方就开始对在欧洲境内提供小包裹运输服务进行磋商，经过多轮谈判，双方达成一项临时安排：在2024年9月到2025年9月间，UPS以远低于其标准价格的折扣为Temu提供该服务。但是UPS方面表示，即便折扣力度已经很大，被告Temu方面仍旧持续欠费。截至2025年8月，Temu已累计拖欠近1300万欧元。在临时协议终止后，UPS方面表示，自己曾向Temu方面提出“仍旧提供30%的折扣”，但Temu并未接受。因此，UPS一直按照标准费率发货。与此同时，Temu方面仍旧继续下单，但始终没有支付任何实质性款项。截至1月13日，UPS已经欠下超过3700万欧元，UPS也因此暂停了Temu的账户。据悉，Temu爱尔兰公司将争议归结为“行政错误、服务故障和UPS账单数据不一致”，并对终止临时协议的有效性提出异议，UPS驳斥了这些说法。目前，Temu所主张的问题是不是事实，又是否合理，或许要由法院在下次开庭时做出定夺。但可以确定的是，由于Temu在欧洲业务的急速扩张，即便意识到可能在订单费率、金额上有问题，甚至账单数据混乱，Temu仍然没有按下暂停键，而是选择持续滚动订单但不付款。这样的做法在成熟的商业社会之中，缺乏合理性。归根结底，Temu和UPS的分歧在于，当“极致低价”遭遇成本刚性上涨，谁来买单？一直以来，Temu依靠低价抢占市场份额，但近两年来，压缩成本正变得越来越困难。过去Temu大肆扩张的路径是“小包直邮”，即利用美国和欧盟等对于小包裹的免征关税、便利清关政策，节约物流成本，将数千万件低价商品化整为零、直邮海外。但国际关税摩擦升温，美国和欧盟都在收紧针对小包裹的免税政策，Temu惯用的这一路径正在收窄。实际操作中，关税成本往往与物流成本挂钩，更复杂的清关方式必定带来更高的物流成本。但对以“极致低价”为标签的Temu而言，任何成本上涨都必须被消化，要么由平台商家承担，要么转嫁给物流商。UPS显然不愿成为那个被转嫁的对象。这家物流巨头近年来已在业绩会上明确：跨境电商的高单量虽能带来收入，但对利润贡献有限。最终，3700万欧元的欠款，成了这场成本博弈的集中爆发点。麻烦不止于此与UPS运费纠纷只是Temu海外风险的冰山一角。1月21日，土耳其竞争监管机构突击搜查了Temu位于伊斯坦布尔的办公室，这是反垄断调查的一部分。1月15日，波兰消费者保护机构对Temu处以近600万兹罗提（约170万美元）罚款，理由是提供的折扣信息具有误导性。更早些时候，欧盟监管机构对Temu位于都柏林的总部展开突击检查，调查其是否涉嫌违反公平竞争原则。韩国及美国多个州对Temu违规收集个人信息的行为开出罚单或提起诉讼。来自不同国家、地区的贸易政策、税收、反垄断、数据安全、商品合规认证、补贴调查等多方面压力正全面袭来，以极致低价为商业底层逻辑的Temu正遭遇多方监管审查。Temu在海外这些风险并非孤立偶发，也不应被简单归结为“出海水土不服”。一定程度上，Temu在海外深陷重重困境，是拼多多商业基因带来的结果。过去十年，拼多多凭借极致低价，超高的组织效率，“仅退款”等激进打法快速崛起，一度超越阿里，成为国内市值第一的电商平台。如今这套逻辑被当作增长引擎，装上Temu这辆马车。这一方面让Temu狂飙突进，通过“全托管+小包直邮”模式，Temu在3年走完拼多多国内10年的路；但另一方面，海外市场的监管成熟度与法律完备性，以及更为复杂的国际局势环境下，Temu风险暴露速度远快于国内。过去拼多多利用自己在市场中的强势地位，强迫卖家和物流等环节接受更低的价格和更严苛的交付条款。这种单向的高压，牺牲了供应链上其他参与者的合理利润。成熟的商业环境往往对此多有约束，在海外野蛮生长攻占市场的Temu，不得不全方位学习“合规”这门功课。同时，随着跨境电商的竞争开始白热化，纯粹的商业场景之下，Temu也面临更多考验。Temu长久以来依赖的低价策略比较粗放，几乎全部依靠小包直邮所带来的关税优惠，还有对于产业链上下游的成本压缩，并没有从创新、管理等方面塑造长期稳定性。因此，在关税风波袭来时，市场看到了Temu两次迅速的战略转向。美国取消小额包裹关税优惠之前，Temu曾经大力发展全托管卖家，因为在全托管（卖家只负责商品，运输、仓储等环节由Temu负责）模式下，Temu能够通过压缩物流成本实现更高的利润。在小包关税优惠政策被取消前夕，第一次转向发生了：Temu为了转嫁即将到来的关税压力，开始大力发展半托管卖家（即商品和物流仓储环节都由买家自行负责）。但中小卖家无力承担物流仓储的规模成本，被迫收缩或退出。大卖家往往同时在亚马逊等其他平台设有店铺，并不会将业务重心放在Temu的半托管上。压力之下，Temu不得不开始第二次转向，将业务重心放回全托管。《亿邦动力》报道称，2025年8月中旬，Temu的规则调整开始明显倾斜回全托管，但平台对“高价”商品的限流策略似乎变得尤为严苛。到目前为止，Temu似乎还没有探索出一条新的、与精细化管理相关的“低价”之路。野蛮生长的路行不通了Temu其实是拼多多模式在海外的延伸。回溯到国内，这套错位竞争的低价模式对生态链上的商家以及其他参与者形成高压，隐形裂痕加深。2023年3月，拼多多上十多家品牌旗舰店，遭遇了中小商家发起的大规模“炸店”攻击，这是商家因“仅退款”等苛刻政策积压情绪的一次集中宣泄。虽然有人认为此次“炸店”是拼多多在引入品牌、向上拓展过程中的必经阵痛。但“仅退款”规则滥用愈演愈烈，2024年7月，拼多多又爆发Temu商家围堵广州总部事件，商家对平台严苛的罚款政策表达了强烈的不满与抗议，不稳定的供应链生态成为拼多多的隐患。迫于巨大的监管压力和商家群体的激烈反弹，拼多多从2025开始调整“仅退款”政策，将更多主动权交给商家。在国内，拼多多崛起于平台经济监管宽松的时期。但国内市场的“纠偏时刻”已然到来。2026年1月21日，拼多多运营主体“上海寻梦信息技术有限公司”被国税总局上海市长宁区税务局处以10万元罚款。通报显示，拼多多未按照《互联网平台企业涉税信息报送规定》报送相关涉税信息，被税务机关责令限期改正但逾期未改正，之后进行了整改。《规定》明确，互联网平台企业瞒报、谎报、漏报涉税信息，或者因为互联网平台企业原因导致涉税信息不真实、不准确、不完整的，由税务机关责令限期改正；逾期不改正的，处2万元以上10万元以下罚款。拼多多被顶格处罚，金额不高，但信号意味明显。法制日报报道，这是《规定》实施以来，首次对互联网平台企业未按照规定报送涉税信息作出的行政处罚，表明了税务部门对平台经济领域涉税违法违规行为“零容忍”的鲜明态度。在此之前，拼多多股价已连跌一个月，从12月2日的118.9美元，跌到2026年1月20日的104.5美元，降幅近12%。市场担忧背后，直指拼多多的监管阴云。彭博社报道称，12月初有拼多多员工与上门调查的市监局人员爆发肢体冲突，事件发生后，内地监管部门扩大了针对拼多多调查范围。中外监管同时亮牌，资本市场也重新定价。对于拼多多而言，已经到了必须慢下来的时刻。亲爱的读者，由于公众号规则的变化，不标星《豹变》公众号，无法收到最新推送，星标方法如下图。更多精彩","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"}}}