拼多多再不分红就不礼貌了（账面现金占市值一半了）

卓哥投研笔记2025-11-22

拼多多账上金融资产（现金/定存/债券/股票）超过6000亿元截至2025年9月30日，拼多多手上持有的类现金资产主要包括以下3类：1.现金1934亿元，其中包括受限制现金710亿元；2.短期投资3314亿元。其中大部分是1年内到期的定期存款和债券，以及数百亿元股票投资。2024年拼多多炒股，用357亿RMB的本金挣了87亿元，年末股票市值445亿。多多炒股票还是很牛的，2023/2024的收益率...

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函盖乾坤截断众流随波逐浪
2025-11-23
函盖乾坤截断众流随波逐浪
中国互联网公司正处于大规模出海的前夜，这个时期不储备弹药而拿去分红实在不是一个聪明决定，你如果是价值投资者你就应该相信资金留在企业运作其资金效率会远高于分红到个人手中。

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4000亿，其中1722亿是人民币资产，剩下还有超2200亿人民币等值的外汇，差不多300亿美金，不说学阿里腾讯那种百亿美金级别的回购，能不能来一次晶东那种2024-2027年的50亿回购计划，至少破下冰，让股东们有点期待。人人都骂冬哥，人人都不如冬哥，人家冬哥除了回购，过去三年还分红了58亿美金“成熟企业应该做点成熟的事”多多刚过10岁生日，其所在的行业以及自身业务都已告别高增长，进入成熟期。如伯恩斯坦（Bernstein）的分析师Robin所言，“成熟企业应该干点成熟的事情”，比如把现金“还一点给”股东，以及正面回答投资者问题，不要再打哑谜了。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":503203790738208,"gmtCreate":1763881308553,"gmtModify":1763881311143,"author":{"id":"3544441872957647","authorId":"3544441872957647","name":"函盖乾坤截断众流随波逐浪","avatar":"https://static.tigerbbs.com/f4602544b3ccc4c41a2be942e28cbf75","vip":1,"crmLevel":9,"crmLevelSwitch":1,"idStr":"3544441872957647","authorIdStr":"3544441872957647"},"htmlText":"中国互联网公司正处于大规模出海的前夜，这个时期不储备弹药而拿去分红实在不是一个聪明决定，你如果是价值投资者你就应该相信资金留在企业运作其资金效率会远高于分红到个人手中。","listText":"中国互联网公司正处于大规模出海的前夜，这个时期不储备弹药而拿去分红实在不是一个聪明决定，你如果是价值投资者你就应该相信资金留在企业运作其资金效率会远高于分红到个人手中。","text":"中国互联网公司正处于大规模出海的前夜，这个时期不储备弹药而拿去分红实在不是一个聪明决定，你如果是价值投资者你就应该相信资金留在企业运作其资金效率会远高于分红到个人手中。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/503203790738208","repostId":2585171889,"repostType":2,"repost":{"id":"2585171889","kind":"news","pubTimestamp":1763803661,"share":"https://www.laohu8.com/m/news/2585171889?lang=zh_CN&edition=full","pubTime":"2025-11-22 17:27","market":"us","language":"zh","title":"拼多多再不分红就不礼貌了（账面现金占市值一半了）","url":"https://stock-news.laohu8.com/highlight/detail?id=2585171889","media":"卓哥投研笔记","summary":"海外方面，如下表，2024年海外利息和炒股收益已经能够覆盖TEMU亏损了，还有产生了64亿人民币的利润，从3季报看，今年海外收益是明显强于国内业务的。","content":"<html><body><article><p><a href=\"https://laohu8.com/S/PDD\">拼多多</a>账上金融<span>资产</span>（现金/定存/债券/股票）超过6000亿元</p><p>截至2025年9月30日，拼多多手上持有的类现金资产主要包括以下3类：</p><p>1.现金1934亿元，其中包括受限制现金710亿元；</p><p>2.短期投资3314亿元。其中大部分是1年内到期的定期存款和债券，以及<a href=\"https://laohu8.com/S/SBAY\">数百亿</a>元股票投资。2024年拼多多炒股，用357亿RMB的本金挣了87亿元，年末股票市值445亿。多多炒股票还是很牛的，2023/2024的收益率分别为12%/24%。</p><p>3.其他<span>非流动资产</span>（other non-current asset）905亿元，其中绝大部分是定期存款和债券，以及少量的<span>股权投资</span>（2024年年底是18亿元）。</p><p>上述3项加起来，多多持有的现金、定存、债券、股票投资一共超过6000亿人民币，多多当前市值人民币1.1万亿，占比过半。</p><p>如此庞大的现金资产，没有一毛钱有息<span>负债</span>，即便减去应付商家货款、押金、消费者预付款、增值税、员工工资等，还有4000亿</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251122173928225v201ot6ohcmiqnu\"/><p>是否需要储备资金过冬</p><p>多多对产业生态的百亿补贴、千亿扶持高峰期按理说已经过去，3季度经营利润已经开始恢复正增长了，4季度国补退坡，也不需要投入营销费用对标<a href=\"https://laohu8.com/S/JD\">京东</a>淘系的低价了，即便今年主站电商利润有所下降，预估也有1100亿元的税前利润。再加上社区团购现在仅剩多多买菜一家，竞争格局改善，明年有望盈利。国内业务看不出需要储备现金的需求，而且电商不像外卖，价格战打了这么多轮，都没见哪家电商平台亏过，赚多赚少的问题。</p><p>海外方面，如下表，2024年海外利息和炒股收益已经能够覆盖TEMU亏损了，还有产生了64亿人民币的利润，从3季报看，今年海外收益是明显强于国内业务的。所以国内和海外，都看不出有任何储备4000亿金融资产过冬的必要。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251122173933744v2014pr9zx3vaya\"/><p>拼多多2024年年报 P173</p><p>是不是没有美金<span>分红</span>或<span>回购</span>？</p><p>拼多多2024年现金+短期投资 4000亿，其中1722亿是人民币资产，剩下还有超2200亿人民币等值的外汇，差不多300亿美金，不说学<a href=\"https://laohu8.com/S/BABA\">阿里</a>腾讯那种百亿美金级别的回购，能不能来一次晶东那种2024-2027年的50亿回购计划，至少破下冰，让股东们有点期待。人人都骂冬哥，人人都不如冬哥，人家冬哥除了回购，过去三年还分红了58亿美金</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251122173935126v2013lqs8vuy7lt\"/><img src=\"https://fid-75186.picgzc.qpic.cn/20251122173935978v20167ic12rje6u\"/><p>“成熟企业应该做点成熟的事”</p><p>多多刚过10岁生日，其所在的行业以及自身业务都已告别高增长，进入成熟期。如伯恩斯坦（Bernstein）的分析师Robin所言，“成熟企业应该干点成熟的事情”，比如把现金“还一点给”股东，以及正面回答投资者问题，不要再打哑谜了。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>拼多多再不分红就不礼貌了（账面现金占市值一半了）</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n拼多多再不分红就不礼貌了（账面现金占市值一半了）\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-22 17:27 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251122173944a70a9e3b&s=b><strong>卓哥投研笔记</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>拼多多账上金融资产（现金/定存/债券/股票）超过6000亿元截至2025年9月30日，拼多多手上持有的类现金资产主要包括以下3类：1.现金1934亿元，其中包括受限制现金710亿元；2.短期投资3314亿元。其中大部分是1年内到期的定期存款和债券，以及数百亿元股票投资。2024年拼多多炒股，用357亿RMB的本金挣了87亿元，年末股票市值445亿。多多炒股票还是很牛的，2023/2024的收益率...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251122173944a70a9e3b&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0633140727.USD":"AB EMERGING MARKETS MULTI ASSET PORTFOLIO \"AD\" (USD) INC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","BK4553":"喜马拉雅资本持仓","BK4531":"中概回港概念","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU0737861772.HKD":"FIDELITY EMERGING ASIA \"A \" (HKD) ACC","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","BK4122":"互联网与直销零售","IE00BGV7N243.SGD":"FSSA Global Emerging Markets Focus 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INC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251122173944a70a9e3b&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2585171889","content_text":"拼多多账上金融资产（现金/定存/债券/股票）超过6000亿元截至2025年9月30日，拼多多手上持有的类现金资产主要包括以下3类：1.现金1934亿元，其中包括受限制现金710亿元；2.短期投资3314亿元。其中大部分是1年内到期的定期存款和债券，以及数百亿元股票投资。2024年拼多多炒股，用357亿RMB的本金挣了87亿元，年末股票市值445亿。多多炒股票还是很牛的，2023/2024的收益率分别为12%/24%。3.其他非流动资产（other non-current asset）905亿元，其中绝大部分是定期存款和债券，以及少量的股权投资（2024年年底是18亿元）。上述3项加起来，多多持有的现金、定存、债券、股票投资一共超过6000亿人民币，多多当前市值人民币1.1万亿，占比过半。如此庞大的现金资产，没有一毛钱有息负债，即便减去应付商家货款、押金、消费者预付款、增值税、员工工资等，还有4000亿是否需要储备资金过冬多多对产业生态的百亿补贴、千亿扶持高峰期按理说已经过去，3季度经营利润已经开始恢复正增长了，4季度国补退坡，也不需要投入营销费用对标京东淘系的低价了，即便今年主站电商利润有所下降，预估也有1100亿元的税前利润。再加上社区团购现在仅剩多多买菜一家，竞争格局改善，明年有望盈利。国内业务看不出需要储备现金的需求，而且电商不像外卖，价格战打了这么多轮，都没见哪家电商平台亏过，赚多赚少的问题。海外方面，如下表，2024年海外利息和炒股收益已经能够覆盖TEMU亏损了，还有产生了64亿人民币的利润，从3季报看，今年海外收益是明显强于国内业务的。所以国内和海外，都看不出有任何储备4000亿金融资产过冬的必要。拼多多2024年年报 P173是不是没有美金分红或回购？拼多多2024年现金+短期投资 4000亿，其中1722亿是人民币资产，剩下还有超2200亿人民币等值的外汇，差不多300亿美金，不说学阿里腾讯那种百亿美金级别的回购，能不能来一次晶东那种2024-2027年的50亿回购计划，至少破下冰，让股东们有点期待。人人都骂冬哥，人人都不如冬哥，人家冬哥除了回购，过去三年还分红了58亿美金“成熟企业应该做点成熟的事”多多刚过10岁生日，其所在的行业以及自身业务都已告别高增长，进入成熟期。如伯恩斯坦（Bernstein）的分析师Robin所言，“成熟企业应该干点成熟的事情”，比如把现金“还一点给”股东，以及正面回答投资者问题，不要再打哑谜了。","news_type":1,"symbols_score_info":{"PDD":1.5}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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