拼多多:Q2业绩明显改善 看好下半年盈利能力提升

东方证券
Aug 29, 2025

核心观点:公司25Q2 收入符合预期,费用明显优化。25H2 起随着国补基数拉平,叠加外卖大战下行业整体竞争趋缓,费用端随着行业C 端补贴力度下降+公司B 端百亿减免基数拉平进一步优化,主站下半年延续边际向好趋势。多多买菜随着美团优选业务收缩后或将加速减亏。海外Temu 随着关税政策缓和,叠加在欧洲及中东市场的业务拓展或加大营销投入,但我们认为仍可维持减亏趋势。我们对应上调2025-2027 ...

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