拼多多面临重估

真故研究室
30 May

撰文 | 梁 湘编辑 | 龚 正杨 梅没人拦得住的拼多多,也卷不动了。这家过去几年凭借“低价”和“仅退款”,一路狂奔的电商巨头,似乎进入了瓶颈期。公司陷入增收不增利的困局。2025年一季度报显示,今年前三个月其归母净利147亿元,同比下降47%,营收放缓同比增长10%,严重不及市场预期。财报发布当天,其股价大幅跳水,两日内市值蒸发2100多亿元。过去三年,拼多多是国内奔跑速度最快的电商...

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