单季理财赚百亿!“拒不分红” 拼多多要当 “巴菲特”?

海豚投研
Aug 26, 2025

海豚君之前说过,虽然$拼多多(PDD.US)一直强调不分红回购,但任何一个公司走过成长期、进入成熟期之后,都要回答一个核心问题:堆积的现金资产如何使用?这个季度,拼多多利息和投资收益单季直接拉到了百亿水准(以利息和股票投资收益为主),相比当季 258 亿的主营业务经营利润已经是一个不小的存在了。当然从季度波动性的角度,平均单季还是在 53 亿上下的水平,与去年每个季度的水平相差不大。本篇海豚君就...

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