拼多多攤牌了，要用3年再造一個自己。

市場資訊

2025/12/26

炒股就看金麒麟分析師研報，權威，專業，及時，全面，助您挖掘潛力主題機會！（來源：網易科技）才花了 3 年時間，Temu 居然就已經走完了拼多多十年才完成的路。就在前兩天的拼多多股東大會上，拼多多聯席董事長陳磊罕見地公布了 Temu 的情況，說 Temu 的規模已經趕上拼多多了。差評君又去翻了翻 Sensor Tower 今年發的報告，Temu 2025 年第三季度 GMV 突破了 1680 億元，...

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00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2594258496","market":"us","top_or_hot":-1,"title":"拼多多攤牌了，要用3年再造一個自己。","media":"市場資訊","content":"<div>\n<p>炒股就看金麒麟分析師研報，權威，專業，及時，全面，助您挖掘潛力主題機會！（來源：網易科技）才花了 3 年時間，Temu 居然就已經走完了拼多多十年才完成的路。就在前兩天的拼多多股東大會上，拼多多聯席董事長陳磊罕見地公布了 Temu 的情況，說 Temu 的規模已經趕上拼多多了。差評君又去翻了翻 Sensor Tower 今年發的報告，Temu 2025 年第三季度 GMV 突破了 1680 億元，...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251226004538a4784f6a&s=b\">網頁鏈接</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>拼多多攤牌了，要用3年再造一個自己。</title>\n<style 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href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251226004538a4784f6a&s=b\">網頁鏈接</a>\n\n</div>\n\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251226004538a4784f6a&s=b\">市場資訊</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0516422952.EUR","symbol_name":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251226004538a4784f6a&s=b","article_id":"2594258496","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251226004538a4784f6a&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description 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趙佳臻説，要三年再造一個拼多多。估計有不少人看到這的第一反應，一定和差評君一樣：吹啥牛呢？現在，海外關税的大棒還在無差別攻擊，各國市場動不動就監管封殺，跟玩狼人殺一樣，今天封你，明天關它。誰不是忙着過關斬將，火燒屁股。不過，在拼多多公布的另一個舉措裏，差評君嗅到了一點可能。趙佳臻還公布説——Temu 接下來將會重倉供應鏈。也正是看了這個消息，差評君覺得沒準真有戲。外界無數人都分析過拼多多異軍突起的各種原因，什麼砍一刀、社交裂變，但其實歸根結底靠的是中國供應鏈。中國是唯一一個擁有 41 個工業大類 ，666 個工業小類的國家。中國特有的暴力美學是，一個不起眼的小鎮，就可以承包全世界的需求。比如 60% 的假髮來自河南許昌、一半以上的眼鏡出自江蘇丹陽，還有貴州正安的吉他，山東平度的假睫毛。各種物美價廉的產品就讓拼多多快速打下江山。但增長放緩之後，它們又馬上就換了一個思路，轉頭開始整頓供應鏈，幫商家們打造自己的品牌。轉型的甜頭拼多多本站早就嚐到了，一手扶持出了大量的原生品牌。所謂原生品牌，就是那些名氣不大，甚至只做白牌代工，但在拼多多一手扶持下，成長為獨立品牌的工廠。我知道這話聽着有點抽象，差評君給你舉個例子你就知道了。拼多多上有一個叫絲飄的紙巾品牌，火到了越南 Top5。很多人可能沒聽過，但在越南當地，已經有大量小作坊賣仿冒品。當地售賣的絲飄裏，只有 30% 是真貨。在剛來到拼多多的時候，這家老牌紙廠因為沒趕上電商的熱潮，庫存積壓、現金流岌岌可危，瀕臨破產。但在拼多多上只用 2 年 就讓銷量突破 2 億元，在國內、海外兩開花。絲飄產線拼多多瞄準的正是無數像絲飄這樣的廠商。因為很多中國工廠面臨的尷尬是，手上有活，不僅能做代工，質量還好，但沒牌子，只能賺個辛苦錢。即便想轉型做品牌，要打廣告、鋪貨、找渠道、研究定位，沒個十年八年起不來。很多小老闆連做電商、買流量可能都學不明白。比如絲飄自己摸索電商的時候，兩個月燒了 70 萬，但一天最多隻能發幾百單。但拼多多找到了一條更快的路徑，讓大量小品牌和白牌們殺出重圍。差評君把步驟大致總結成了三步。1、把貨先賣出去2、平台扶持運營3、數據對接改進首先就是先把貨賣出去。平台開店不設門檻，無需營銷打廣告，質高價優就能把量走起來。比如絲飄當時找到了拼多多後，官方教他們用不漂白本色紙，並且不要用曾經線下按提銷售的傳統規格，而是按照 30 包、48 包一箱的大包裝銷售，拼單價格低至 26.9 元、39.9 元，平均下來 1 包不到 1 元。短短一兩年間，年營收體量卻由數千萬元增長至數億元，四五線消費者佔到七成。雖説拼多多上品牌起步初期是薄利多銷，但是低門檻、快速走量帶來的第一桶金，讓白牌們站穩了腳跟，得到了繼續發育的機會。賺到錢之後，平台就開始琢磨怎麼幫大家把牌子再往上做做。而第一招最簡單直接，就是撒錢。這兩年來，拼多多從百億減免、千億扶持、電商西進、海外集運包郵，到為優質品牌設立的新質供給和黑標等。自己掏錢給大小商家們減負，像差評君之前接觸的衝鋒衣老闆就説過，千億扶持等政策出來後，他的店鋪月銷量翻了一倍。更值得一提的是，補貼背後，無數小品牌完成了一次升級。此前，上海老牌巧克力品牌申浦趁着全球可可豆價格暴漲，很多同行被迫悄悄省料的節點。反而藉着平台千億補貼，逆勢升級了原料，徹底去掉了代可可脂，把所有產品全面升級為純可可脂。不僅用了更好的可可豆，還升級了防潮工藝，拿下了平台的黑標 。現在單價也賣上去了，銷售額也成功突破了千萬大關。申浦決定要賣高價，不光是有平台補貼撐腰。還有一方面原因，是因為拼多多發現，很多老年人、健身族都會為了健康，去選擇購買巧克力。基於平台給的數據，申浦才打算要換配方試試。這就是平台介入供應鏈的可怕之處。手握市場數據的平台，最知道市場想要什麼、正在做什麼，哪裏有好商家它們都也門兒清。粗暴點來説，平台的參與就像帶着參考答案進考場，直接跳過解題過程。靠這三步，拼多多挖了一大批的原生商家。從絲飄到申浦，老牌薯片「樂吧」、飲料品牌輕上。還有平湖箱包、惠州月餅、晉江零食、佛山童裝、義烏百貨、晉江鞋服等等，覆蓋上百個產業帶。9 月底，拼多多發的《 新質供給一周年發展報告 》裏提到了，95 後商家數量按年增長 31%，00 後商家數量按年增長 44%，優質產品SKU數量按年增長超五成。所以 Temu 接下來，可能要把這套成功經驗，再次複用。先從補貼、品牌和物流多方面入手，幫供應鏈商家們全方位進化。通過供應鏈的進化，自然而然地「 長 」出一個新的拼多多。更變態的是，相比於國內的各路高手，拼多多這套供應鏈和運營體系的焚訣，在海外起碼領先 5-10 年，有種九轉鬥聖吊打隔壁大斗師的感覺。而且，它本來就有調教供應鏈的基因在，在海外亂殺靠的就是國內主站這套成熟的C2M（ 工廠直連消費者 ）模式。這對無數商家來説，也是個好消息。曾經的拼多多讓很多錯過電商紅利期的白牌商家，從失意者聯盟成員搖身一變成了逆襲爽文主角。如今他們又打算再造一個拼多多，那麼想必 Temu 估計又會開放一大批品牌名額和補貼激勵，給錯過了幾波發展便車的商家，一個重新上車的機會，幫白牌轉型出海按下加速鍵。或許曾經 10 年才能走完的路，以後真的只要一兩年了。當然了，這不僅是拼多多主動的選擇，也是環境變化在後面推了它一把。現在流量見頂、用户增長觸頂，海外各地監管又越來越嚴格，海內外商家的日子都不好過。中國品牌出海，已經不能再走以前「 只要便宜就能贏 」的老路。不光是商家，平台也得不斷調整策略，以適應時代的變化。誕生短短三年，Temu 靠全託管起家，又在關税壓力下，快速過渡到了半托管。再到現在「 再造一個拼多多 」，聽起來像是一次簡單的複製，但實際上是一次艱難的改革。一句供應鏈改革和品牌升級的背後，不再考驗搶流量的速度，而是合規的能力、對全球不同市場的理解力，以及帶着千萬中小商家一起賺錢的耐力。接下來的路雖然不好走，但對想要衝一把的品牌來説，一定是機會。一旦走通了「 平台+產業 」這條捷徑，不僅能再造幾個拼多多，中國工廠也能擁有一條自己的全球渠道。撰文：star編輯：莽山烙鐵頭 & 面線 & 大餅","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}