拼多多（紀要）：投資於消費者和商家是長期價值所在

海豚投研

2025/05/28

以下為拼多多FY25Q1 的財報電話會紀要，財報解讀請移步《瘋狂「自砍」！拼多多大放血背後是明晃晃的陽謀？》一、財報核心信息回顧二、財報電話會詳細內容2.1 高管陳述核心信息1. 戰略舉措：過去一年貫徹高質量發展戰略，從平台運營延伸至供需兩端生態，通過降費、物流建設等舉措拓展產品選擇與加速供應鏈轉型；今年成立商家權益保護委員會，推出 1000 億支持計劃，加大對商家支持力度。2. 利潤下降原因：...

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