文 | 坤舆商业观察,作者 | 高见拼多多的高增长周期,正在退场。5月27日,拼多多交出了一份难以让市场满意的答卷:2025年一季度营收同比增长10%,利润却近乎腰斩——归母净利润147亿元,同比下降47%;非美会计准则下利润169亿元,下降幅度同样高达45%。而与此同时,销售与市场费用飙升至334亿元,同比激增43%。财报发布当晚,拼多多美股盘前暴跌超20%,收盘仍跌超13%。更关键的是,拼多多...
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