江南财子的个人主页 - 老虎社区

江南财子

向死而生向美而亡

IP属地：江苏

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02:40

这也太贬低马大帅了吧😀

小摩：将特斯拉目标价下调至145美元

2025-12-12

这是一家靠吸商户血存活的企业不会长久的

独家｜Temu与拼多多跨境直发争流量，出海商家弃Temu回流主站

2021-10-22

$滴滴(DIDI)$去香港上市美国的还不得退市啊一个个乐观的什么东西？

2021-10-21

$老虎证券(TIGR)$哈哈哈赚了兄弟们先撤了 6.5美元再进

2021-10-15

$老虎证券(TIGR)$小秃倒尿壶秃秃秃了

2021-10-06

$高途(GOTU)$空它就对了

2021-09-27

$高途(GOTU)$快跑这次国家动真格的了撑不下去了！

2021-09-23

$高途(GOTU)$这妖猴子挺能扛的呀

2021-09-23

$高途(GOTU)$快跑快跑两块了

2021-09-22

$老虎证券(TIGR)$快跑啊

2021-09-22

三块

@摩根财团首席执行官:$老虎证券(TIGR)$老虎年底可以到30吗

2021-09-13

$老虎证券(TIGR)$快跑快跑快跑

2021-08-31

$老虎证券(TIGR)$老虎🐯财报是什么时间啊？

2021-08-25

$老虎证券(TIGR)$今晚又要跳水了赶紧跑吧

2021-08-23

$老虎证券(TIGR)$真烂

2021-08-05

$好未来(TAL)$真能挺下来吧别装了教育局毒瘤

2021-08-04

**

@红烧肉太好吃啦:$新东方(EDU)$$好未来(TAL)$$高途(GOTU)$有救了？

2021-07-30

$好未来(TAL)$别装了下来吧两块五等你

2021-07-27

$老虎证券(TIGR)$五块左右

2021-07-27

$好未来(TAL)$空它今晚一块五

去老虎APP查看更多动态

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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; 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小摩：将特斯拉目标价下调至145美元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-29 23:18 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260130001318a4657863&s=b><strong>和讯网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>摩根大通：将特斯拉(TSLA.US)目标价从150美元下调至145美元。</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260130001318a4657863&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":{"LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","LU2063271972.USD":"富兰克林创新领域基金","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","CRSH":"做空TSLA 期权收益策略ETF-YieldMax","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","BK4550":"红杉资本持仓","BK4588":"碎股","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","BK4551":"寇图资本持仓","BK4598":"佩洛西持仓","TESL":"Simplify Volt TSLA Revolution ETF","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) 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09:09","market":"us","language":"zh","title":"独家｜Temu与拼多多跨境直发争流量，出海商家弃Temu回流主站","url":"https://stock-news.laohu8.com/highlight/detail?id=2589854529","media":"华尔街科技眼","summary":"《华尔街科技眼》独家调查发现，Temu与拼多多跨境直发业务实则瞄准同一批海外消费者，这一业务重合的底层逻辑，正引发大量入驻Temu的商家悄然转回拼多多主站开展跨境业务。实际上，Temu仍然沿用拼多多的“生存智慧”，其合规整改治标不治本，也让出海商家对Temu产生了不信任感。这一选择不仅让Temu流失优质的出海商家，也让拼多多跨境直发的流量持续增长，二者资源争夺愈发激烈。","content":"<html><body><article><img src=\"https://fid-75186.picgzc.qpic.cn/20251205095448134v1525pb5tvxqreu\"/><p><strong>文：侯煜</strong></p><p><strong>编辑：</strong><strong>cc孙聪颖</strong></p><p>2025年黑五促销季的硝烟刚刚散去，Temu以51天超长周期创下业绩新高，然而这份亮眼成绩的背后，商家酝酿退出的暗流不断涌动。</p><p>《华尔街科技眼》独家调查发现，Temu与<a href=\"https://laohu8.com/S/PDD\">拼多多</a>跨境直发业务实则瞄准同一批海外消费者，这一业务重合的底层逻辑，正引发大量入驻Temu的商家悄然转回拼多多主站开展跨境业务。</p><p>以韩国市场为例，当地头部电商供应链从业者向《华尔街科技眼》独家透露，Temu与拼多多跨境直发业务虽运营路径不同，最终服务的却是同一批海外消费者，中国本土供应链企业和制造商根本无需在两个渠道重复布局。</p><p>而Temu在海外市场设立的高招商门槛，更是让大量出海商家转向跨境直发业务曲线出海，进一步加剧了拼多多系跨境业务的内部流量争夺。</p><p>韩国市场只是一个缩影，与此同时，Temu在推进全球化合规化的过程中频繁调整管控策略，政策的快速变动让卖家难以适应。</p><p>实际上，Temu仍然沿用拼多多的“生存智慧”，其合规整改治标不治本，也让出海商家对Temu产生了不信任感。</p><p>客群重叠引发内耗，商家回流主站成趋势</p><p>Temu与拼多多跨境直发业务的同业竞争，核心症结在于二者瞄准了相同的海外消费客群，这让拼多多的跨境布局陷入“同室操戈”的内耗。</p><p>拼多多跨境直发，指的是入驻拼多多主站的商家，通过国内物流集货与国际物流联运的组合模式，直接将商品从国内仓库送达海外消费者手中。</p><p>多位韩国本地的华人用户告诉《华尔街科技眼》，在拼多多累计消费98元人民币便可享受包括韩国境内配送的全程物流服务；而Temu则是拼多多独立打造的海外电商平台，直接以本土化运营的方式瞄准海外终端消费市场，二者虽<a href=\"https://laohu8.com/S/002835\">同为</a>拼多多系的跨境消费服务形式，实现路径却有着明显差异。</p><p>前述韩国本地头部电商供应链从业者向《华尔街科技眼》独家透露，当地消费者会依购物习惯在两个渠道间切换选择：部分人直接在拼多多平台选购商品，通过平台的国际转运线路邮寄到韩国；另一部分则选择Temu完成采购，二者的用户群体高度重叠，本质上是在争夺同一批海外消费者。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251205095454037v152lls0qkx6b9o\"/><p>韩国是距离中国最近的国家之一，物流成本相对较低，消费者也有更多转运方式可选，这也让Temu和拼多多跨境直发业务在韩国市场的竞争表现得更为激烈。</p><p>对中国本土出海企业来说，既然最终触达的是相同客群，完全无需在两个渠道投入资源重复布局，这也让不少企业开始权衡二者的运营成本与收益。</p><p>而Temu在韩国推行的L2L本土卖家模式，对出海商家而言门槛极高。在韩国市场，入驻Temu的商家需拥有韩国法人主体、本地库存并自主处理配送，注册韩国公司耗时25-40个工作日，还需注入至少1亿韩元注册资本，且要完成KC认证、韩文标签等合规流程。</p><p>出于成本与效率考量，大量出海商家放弃入驻Temu韩国站，转而选择拼多多跨境直发业务曲线出海，绕开繁琐的本地合规要求。</p><p>这一选择不仅让Temu流失优质的出海商家，也让拼多多跨境直发的流量持续增长，二者资源争夺愈发激烈。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251205095455817v152geijr43tt7l\"/><p>除此之外，从运营模式来看，Temu的全托管模式虽降低出海门槛，商家仅需送货至国内仓，定价、物流、售后全由平台包揽，却剥夺了商家的运营自主权。有商家向《华尔街科技眼》展示了底账，一款供价5元的商品在Temu售价28美元，绝大部分利润被平台攫取。</p><p>最让商家难以忍受的是，Temu甚至会擅自修改商品定价，被业内称为“动链接”。爆款商品还会被平台引导其他商家仿制，加剧商家内耗。</p><p>而拼多多跨境直发业务无需商家重新入驻，拼多多主站商家即可通过国际线路发货至全球多数国家。当然，商家需自主负责跨境物流、定价与清关等全环节，虽操作繁琐，却能掌握运营自主权。</p><p>因此众多商家退出Temu后全力做主站，一场从Temu迁徙回拼多多主站的商家迁移潮正悄然上演。</p><p>合规化挑战：整改频繁提高商家经营成本</p><p>除了内部业务竞争的冲击，Temu频繁且低效的合规整改，进一步加速了商家向拼多多主站的回流。</p><p>Temu在推进全球化合规化的过程中，不断调整平台管控策略，政策的快速变动让许多卖家难以适应，而其合规整改治标不治本的问题，也进一步加剧了商家的焦虑情绪。</p><p>刚刚过去的11月，Temu频繁发起“合规运动”。2025年11月1日，为响应欧盟《数字服务法案》，Temu在启动欧洲32个站点的重复铺货专项治理，将同款多铺、伪装式铺货等五类行为列为违规，实施从下架商品到永久封店的分级处罚。</p><p>11月6日起，又在欧洲32个站点清理超12万条商品链接，玩具类目下架率达47%，重点排查侵权、高风险商品。但整改效果甚微：玩具类目合规合格率仅5%，侵权与高风险商品屡禁不止。</p><p>在法国，Temu因向未成年人传播有害内容被调查，在美国则被指控存在知识产权盗窃、销售假冒商品等问题，还被贴上不当标签；欧盟还对其启动数字服务法案合规审查，涉及数据保护与内容审核等维度。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251205095506847v1523w6sjwd41tk\"/><p>这些频繁且收效甚微的合规整改，不仅让商家面临商品下架、店铺清退的风险，也让商家难以跟上平台政策调整的节奏，对Temu的运营信心持续走低，进一步推动了商家向拼多多跨境直发业务的迁移。</p><p>作为拼多多全球化的核心布局，Temu由拼多多董事长陈磊亲自挂帅操盘，拼多多COO顾娉娉（花名：阿布）牵头带队运营，核心团队则由多多买菜的“铁军”骨干组成。</p><p>这支经历过社区团购大战历练的团队，延续了拼多多扁平化的管理模式与极致的执行效率，却在海外市场的本土化运营与合规调整中，暴露出对跨境业务节奏把控的短板。</p><p>拼多多主站锚定国内、Temu攻坚海外，这本是拼多多全球化的长远棋局。但眼下Temu的发展没达到预期，没能打造出独特的海外竞争优势，还因为和主站跨境直发业务的重叠争夺，让拼多多的跨境布局陷入困境，没能发挥出原本的战略价值。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251205095508793v152jr7j6ou7znj\"/></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>独家｜Temu与拼多多跨境直发争流量，出海商家弃Temu回流主站</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独家｜Temu与拼多多跨境直发争流量，出海商家弃Temu回流主站\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-05 09:09 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251205095558a4cdb0e3&s=b><strong>华尔街科技眼</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>文：侯煜编辑：cc孙聪颖2025年黑五促销季的硝烟刚刚散去，Temu以51天超长周期创下业绩新高，然而这份亮眼成绩的背后，商家酝酿退出的暗流不断涌动。《华尔街科技眼》独家调查发现，Temu与拼多多跨境直发业务实则瞄准同一批海外消费者，这一业务重合的底层逻辑，正引发大量入驻Temu的商家悄然转回拼多多主站开展跨境业务。以韩国市场为例，当地头部电商供应链从业者向《华尔街科技眼》独家透露，Temu与拼...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251205095558a4cdb0e3&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":{"LU0049112450.USD":"FIDELITY PACIFIC \"A\" INC","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","BK4509":"腾讯概念","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0737861772.HKD":"FIDELITY EMERGING ASIA \"A \" (HKD) 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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小摩：将特斯拉目标价下调至145美元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-29 23:18 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260130001318a4657863&s=b><strong>和讯网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>摩根大通：将特斯拉(TSLA.US)目标价从150美元下调至145美元。</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260130001318a4657863&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":{"LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","LU2063271972.USD":"富兰克林创新领域基金","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","CRSH":"做空TSLA 期权收益策略ETF-YieldMax","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","BK4550":"红杉资本持仓","BK4588":"碎股","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","BK4551":"寇图资本持仓","BK4598":"佩洛西持仓","TESL":"Simplify Volt TSLA Revolution ETF","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) 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