拼多多,为何“平庸”了

对话财经
29 May

导读当市场用脚投票,拼多多需要证明自己不是“昙花一现”的故事,而是能穿越周期的长期主义者。当拼多多交出2025年第一季度财报时,资本市场用暴跌20%的剧烈反应,为这家曾创造电商奇迹的公司贴上了新的标签——平庸。957亿营收与同比下降45%的调整后净利润形成刺眼反差,盘前20%的暴跌不仅仅是数字的跳水,更是资本市场对拼多多商业模式的集体投票。这份财报不仅是数字的滑坡,更是拼多多发展模式遭遇系统性挑战...

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