周度核心观点拼多多主动战略调整，利润短期承压。据公司公告，拼多多2025Q1 实现营业收入957 亿元，同比增长10%；营业利润 161 亿元，同比下滑38%，Non-GAAP 营业利润183 亿元，同比下滑36%；净利润147 亿元，同比下滑47%，Non-GAAP 归母净利润169 亿元，同比下滑45%。分业务收入拆分，在线市场服务及其他营收实现487 亿元，同比增长15%；交易佣金营收同比...
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