逆行者的抉择:缺席“外卖大战”的拼多多以利润换生态

36氪财经
Aug 28, 2025

封面来源|IC Photo8月25日美股盘前,拼多多发布了2025年第二季度的财务报告。财报显示,25Q2,拼多多实现营收1040亿元,同比下滑7%;同期Non-GAAP归母净利润327亿元,同比下滑5%。整体来看,本季度拼多多营收和利润依然维持了下滑趋势。在二季度外卖大战的激化下,其他主要竞对均加大了投入,利润侧出现显著下滑。横向对比下,拼多多本季度则把真金白银补贴了商家。在业绩会上,管理层对...

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