押注中国供应链，Temu找到最大增长机遇

霞光社2025-12-25

作者｜衡之编辑｜刘景丰“下一个三年，再造一个拼多多。”12月19日，在拼多多集团年度股东大会上，新任集团联席董事长的赵佳臻定下一个雄伟目标。今年是拼多多集团的十周年，也是Temu（拼多多海外版）的三周年。但Temu在海外仅用3年时间，就走完了拼多多国内电商10年的发展之路。回溯Temu的出海历程，其增长速度堪称迅猛。2022年9月，Temu在美国市场正式上线，自此便开启了席卷全球的扩张步伐；...

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\"I\" (USD) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC"},"translate_title":"Betting on China's supply chain, Temu finds biggest growth opportunity","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PDD":1.98},"content_text":"作者｜衡之编辑｜刘景丰“下一个三年，再造一个拼多多。”12月19日，在拼多多集团年度股东大会上，新任集团联席董事长的赵佳臻定下一个雄伟目标。今年是拼多多集团的十周年，也是Temu（拼多多海外版）的三周年。但Temu在海外仅用3年时间，就走完了拼多多国内电商10年的发展之路。回溯Temu的出海历程，其增长速度堪称迅猛。2022年9月，Temu在美国市场正式上线，自此便开启了席卷全球的扩张步伐；2023年，Temu借力超级碗广告实现用户量激增，迅速将版图拓展至欧美、大洋洲；2024年，Temu打入南非等新兴市场，全年下载量达到约5.5亿次；根据Sensor Tower数据，2025年，Temu增长势头依旧不减，1-10月再度蝉联全球电商应用下载榜与月活跃用户增长榜双料冠军。尽管Temu的增长有目共睹，但伴随着全球电商增长放缓，其新的突破来自哪里，仍让不少人疑惑。在此次股东会上，赵佳臻也给出了答案：过去几年，Temu以让我们自己也惊讶的速度达到了相当的规模，这是中国供应链产业红利带来的关键一跃，也为国内供应链的发展，为拼多多和Temu下阶段的再造带来了新的契机。事实上，Temu此前的飞速增长，确实印证了中国供应链的强大动力。以珠三角、长三角为代表的高密度产业集群网络，串联起数百万家工厂与配套企业。正是依托中国供应链在产业配套、产能效率、成本控制等方面的独特优势，Temu得以支撑平台生态运转，快速渗透全球市场。繁忙的工厂集群一角。图源：unsplash而接下来Temu增长的关键，是聚焦精力、财力和物力，投入中国供应链的升级再造，实现供应链运营模式的整体性升级，Temu自身也将在这过程中实现价值跃迁。Temu的海外拓展增长轨迹，是全球电商增长逻辑发生深刻转变的缩影。Sensor Tower数据显示，自2023年至今，Temu已连续三年坐稳全球购物应用下载量榜首。2025年Temu势头依旧强劲，1月至10月，不仅再度蝉联全球电商应用下载榜冠军，更拿下月活跃用户增长榜首，在北美、拉美、中东、非洲、日韩等多个核心市场的同类应用榜单中，始终保持领跑姿态，截至2025年10月，其全球累计下载量突破12亿次。Temu的高增长背后，一方面是契合了全球消费者的购物趋势，从全球市场需求来看，质优价廉的商品同样是海外消费者的核心诉求，英国数据机构Cebr的研究显示，英国家庭通过Temu等直连工厂的跨境平台购物，平均每年可节省3000英镑的生活成本；另一方面也得益于中国超大规模的市场和供应链能力，使中国电商效率高于美国，造就Temu模式迭代和演进领先全球。但是，随着全球电商渗透率逐步提升、行业告别流量红利以及获客成本飙升，所有电商企业都要面对新的挑战。接下来Temu从哪里找到价值创造方向、挖掘新的增长？一个越发清晰思路是，电商行业竞争正从“流量+价格”的表层争夺，转向全链路效率、用户体验与品牌价值创造的深层比拼，而其中的关键正是供应链，其能力直接决定企业的成本结构、履约效率、用户粘性与创新空间。可以说，在电商竞争白热化的今天，谁掌握了供应链，谁就掌握了未来。实际上，今天几乎所有的中国出海企业，之所以能在海外实现优越的质价比竞争优势和快速的创新能力，背后的核心支撑就是中国拥有完备和强大的供应链能力。企业工厂里整装待发的货物。图源：unsplash商务部研究院研究员白明认为，中国的供应链植根于全球最完整的产业体系之上，也依靠在全球最大的消费市场之中。从这个意义上讲，中国的供应链不仅是想卖什么就有人要什么，而且也是想买什么就有人卖什么。这为Temu在全世界拓展业务空间构成了坚实的支撑与活力之源。“Temu面对着千变万化的国际市场，随机应变是必不可少的，而以不变应万变更是‘规定动作’，而最值得坚守的理念就是要握紧中国的产业链。这一步，Temu是看对了。”白明表示。对Temu来说，重仓中国供应链与拼多多国内业务的成功经验一脉相承。中国拥有41个工业大类、207个中类、666个小类，是全世界唯一拥有联合国产业分类中全部工业门类的国家，在全球具有不可替代的优势。工业门类越完整，也就意味着供应链的能力和韧性更强。回溯拼多多的发展历程，其抓住中国供应链升级的需求，通过C2M模式直连产业带、砍掉中间流通环节，既降低了商品流通成本，又让消费者享受到了高性价比的商品。因此在国内电商行业格局初定的情况下，仍实现后发优势。而接下来Temu要再造一个拼多多，底层逻辑仍是重仓中国供应链。因为全球的消费者都需要质优价廉的商品，而中国强大的供应链则正好可以向全世界提供这样的商品。面对一个比中国大数倍的全球市场，Temu用C2M模式打通中国产业带商家与全球消费者，实现优质商品直达，这是刚性需求。因此，Temu定下“重仓中国供应链”的策略。在霞光社看来，Temu“重仓中国供应链”，至少需要从三个方面展开。首先，从单纯聚合产业带商家，转向为商家提供深度赋能，依托Temu全球市场数据反向指导工厂研发生产。以出海纸巾品牌丝飘（Sipiao）为例，这家在国内市场并非头部的企业，凭借“质价比”优势，仅用三年就跻身越南市场纸巾品类前五。丝飘正是通过Temu捕捉到越南市场的商机，得以在当地同质化竞争中突围。丝飘集团董事长钮广兰说，“随着拼多多对商品规格、质感、手感等要求的提升，丝飘也将渐次提升产品定位，争取开拓中高端市场。”平台的全球市场数据，也同步反向指导丝飘的工厂优化产品研发与生产。此外，深入产业带核心区域，帮助企业搭建超级工厂体系，通过资金扶持、技术改造等方式提升商家生产效率。去年以来，拼多多通过“百亿减免”“千亿扶持”等政策，通过技术服务费、推广服务费退返等权益助力中小商家提质增效。江苏徐州的彭广杰，就在拼多多的助力下盘活了徐州周边宠物用品工厂的生产线，并形成了一套敏捷的产品开发流程，实现“三天打爆一款”。机器正在裁制猫抓板花样。图源：企业供图第三，搭建全链路跨境物流网络，为产业带商品出海提供高效物流支撑。目前，Temu通过联合国际物流企业、布局海外仓等方式，已构建起覆盖全球的全链路物流体系，助力商品更快直达全球消费者，已普遍实现2–4日达。国家电子商务示范城市专家李鸣涛表示，在赋能国内产业链的基础上，面向全球市场，Temu 的快速扩张带动了海量的中小微制造企业低成本“走出去”，其通过全托管、半托管模式与智能物流网络，正构建起“中国供应链 - 全球消费者”的高效链路，这本质是线上全球统一大市场的实践探索。这种模式既让中国制造的优质商品走向世界，也通过全球市场反馈反哺国内供应链升级，形成双向赋能的良性循环。如今，Temu正从供应链的“搬运工”，转型为深度嵌入、赋能乃至重塑供应链的参与者，意味着其核心增长引擎，已从“流量杠杆”转向“产业杠杆”。真正推动Temu走向下一个增长的，是它背后整个中国供应链的新质转型。长期以来，中国产业带企业多以“世界工厂”的角色参与全球分工，如今向“世界品牌”转型，已成为中国供应链新质转型的核心方向，也是Temu实现价值跃升的核心机遇。具体来看，中国供应链的新质转型可从高质量、品牌化两个维度推进。首先是拼多多以合规建设夯实高质量转型基础。在跨境贸易场景中，海外市场对各类商品有着明确的合规要求，涵盖产品安全、环保标准、标签规范等多个领域，这是中国商品进入全球市场的基本前提。今年9月，Temu就走进浙江上虞童装产业带，平台专业团队从店铺注册、产品上架、定价策略，到物流配送、售后服务等关键环节，为当地50余家重点童装企业提供系统化指导，同时分享童装品类的热销趋势与合规要求，帮助企业降低跨境经营的试错成本。更关键的是，拼多多凭借资源赋能推动产业带品牌化转型。拼多多通过“千亿扶持计划”中“新质供给”项目等举措，从产品研发、市场洞察、政策支持等多方面为产业带工厂赋能，助力其打造自主品牌影响力。在广州番禺区得潮饮品牌“轻上”，通过拼多多工作人员定期分享消费新趋势，并结合平台政策，在产品口味、包装设计、定价策略等方面给出针对性建议，使其不仅实现了商品销量的大幅提升，更构筑了品牌的持续发展能力。“轻上”产线上正装箱待销售的饮料。图源：企业供图上海老牌巧克力工厂申浦的转型，则印证了传统产业带企业在拼多多的品牌升级路径。成立于1992年的申浦，曾长期陷入竞争困境，在接入拼多多平台后才意识到：单纯依靠低价缺乏长远发展空间，极致的“质价比”才是核心竞争力。为此，申浦果断剔除代可可脂原料，全部采用纯可可脂生产，推动产品单价从二十多元提升至三十元。申浦的品质升级，不仅成功获得拼多多“黑标”授权（平台对高品质产品的官方背书），更借此迈入中高端市场，实现了老字号的“新质品牌”转型。申浦工人在将巧克力装盒销售。图源：企业供图立足中国产业带商品的高质量进阶与品牌化升级，借力 Temu 全球扩张的渠道优势，得以让中国供应链真正走向世界。这既实现了商品的顺畅跨境流通，更让中国品牌斩获全球消费者青睐，推动中国供应链跻身全球价值链中高端，成功实现从 “产品输出” 到 “品牌输出”“标准输出” 的进阶跃升，赢得全球市场的深度认可。","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,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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