11月18日，拼多多发布了截至9月30日的2025年第三季度财报。拼多多本季度营收增速9%，单季营收1083亿元。总体来看，营收和利润增长再度放缓。这份财报的核心叙事，并非简单的增速数字，而是背后持续投入已半年的“千亿扶持”计划。这份高昂的投入，正是本季度业绩表现承压的直接原因。公司主动将大量资金用于对优质商家、供应链及技术研发进行战略性补贴，短期内必然影响利润，拉低营收增速。然而，若将视角拉长，...
Source Link11月18日，拼多多发布了截至9月30日的2025年第三季度财报。拼多多本季度营收增速9%，单季营收1083亿元。总体来看，营收和利润增长再度放缓。这份财报的核心叙事，并非简单的增速数字，而是背后持续投入已半年的“千亿扶持”计划。这份高昂的投入，正是本季度业绩表现承压的直接原因。公司主动将大量资金用于对优质商家、供应链及技术研发进行战略性补贴，短期内必然影响利润，拉低营收增速。然而，若将视角拉长，...
Source LinkDisclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.