利空突袭！拼多多突然大跌业绩为何不及预期？_老虎社区_美港股上老虎

利空突袭！拼多多突然大跌业绩为何不及预期？

券商中国2025-05-27

市场对业绩不及预期的惩罚有点严厉。受业绩不及预期影响，拼多多股价在美股盘前大幅跳水，一度暴跌超20%。据最新披露的财报显示，拼多多一季度营收为956.7亿元人民币(下同)，同比增长10%，低于预期的1016亿元；净利润为147.42亿元，同比暴跌47%；调整后净利润为169.2亿元，远不及预期的278.8亿元。有分析指出，今年一季度拼多多的营收增速明显放缓，利润同比大幅下降，意味着拼多多在“减免+...

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Why did Pinduoduo suddenly plummet its performance fall short of expectations?","themeId":"cd4f1673612e2e1faa88fa0f94af5cc5","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PDD":1},"content_text":"市场对业绩不及预期的惩罚有点严厉。受业绩不及预期影响，拼多多股价在美股盘前大幅跳水，一度暴跌超20%。据最新披露的财报显示，拼多多一季度营收为956.7亿元人民币(下同)，同比增长10%，低于预期的1016亿元；净利润为147.42亿元，同比暴跌47%；调整后净利润为169.2亿元，远不及预期的278.8亿元。有分析指出，今年一季度拼多多的营收增速明显放缓，利润同比大幅下降，意味着拼多多在“减免+扶持”方面的举措投入远超市场预期。财报发布后，拼多多集团董事长、联席CEO陈磊表示，“今年初始，我们预见到商家群体将会进一步承压，管理层下定决心，做出了‘千亿扶持’的战略决定。这不是一句空喊的口号，更是真金白银的投入。当下的市场在加速变化，平台要敢于牺牲短期业绩，助力商家度过短期波动。”突然大跌北京时间5月27日晚间，拼多多披露了2025年第一季度财报，其中显示，公司一季度实现营收956.7亿元，同比增长10%，低于预估的1016亿元；净利润为147.42亿元，同比大幅下降47%；调整后净利润为169.2亿元，同比下降45%，远不及预期的278.8亿元；调整后每ADS收益为11.41元，远不及预期的19.11元。受此影响，拼多多股价美股盘前直线跳水，一度暴跌超20%，股价亦跌破100美元/股大关，总市值缩水超2400亿元人民币。财报显示，拼多多一季度的运营利润为160.856亿元，运营利润率为17%。不按美国通用会计准则(Non-GAAP)，运营利润为182.597亿元，同比下滑36%。今年一季度，拼多多经营活动产生的现金流量净额为155.2亿元。截至一季度末，拼多多持有的现金、现金等价物和短期投资为3645亿元。收入结构方面，今年一季度，拼多多的在线营销服务收入录得487.22亿元，同比增长15%，预期为479.9亿元；交易服务收入录得469.50亿元，同比增长6%，不及预期的542.3亿元。这表明，拼多多一季度的交易量增长有所放缓。成本费用方面，今年一季度，拼多多的销售营销费用为334.03亿元，同比大幅增长43%，这是利润下滑的主要推手，主要反映的是竞争环境的加剧和获客成本的大幅上升。另外，拼多多一季度的运营成本为409.47亿元，同比增长25%，主要来自履约和支付处理费用增加，这进一步压缩了利润空间。一般及行政开支为16.6亿元，低于预期的20.4亿元；研发支出35.8亿元，高于预期的33.9亿元。业绩为何不及预期据了解，今年以来，拼多多持续加码高质量发展战略，在“百亿减免”等惠商举措的基础上，还推出了“千亿扶持”新战略，继续为商家降本减佣，加快推动产业新质转型。有分析指出，从过去几个季度的财报表现来看，拼多多的营收、利润的增长连续放缓，今年一季度的营收增速更是明显放缓，利润同比大幅下降，意味着拼多多在“减免+扶持”方面的举措投入远超市场预期。在一季度财报发布后，拼多多集团董事长、联席CEO陈磊表示：“今年初始，我们预见到商家群体将会进一步承压，同时也看到了高质量发展的长远价值，管理层下定决心，做出了‘千亿扶持’的战略决定。”陈磊表示，当前的市场环境变化加剧，平台要发挥企业的社会担当，不惧短期牺牲，坚定进行长期投入，才能护航商家穿越周期。陈磊称：“在第一季度，我们在平台生态系统方面进行了大量投资，以支持商家和消费者应对快速变化的外部环境。生态系统投资影响了短期盈利能力，但为商家提供了适应空间，加强了平台的长期健康。”对于拼多多营收增速放缓，陈磊回应称：“这意味着短期，甚至相当一段时期内，我们的利润将受到很大的压力和挑战，但我们看重的是5年、10年以及更长周期的企业内在价值。”陈磊指出，反哺商家的投入虽然记作会计费用，但更是长期投资，我们坚信只有优先保障用户和商家的利益，才能创造更优质的平台生态。“过去这个季度，外部环境的变化给商家带来了新挑战。在这个关键时刻，我们发挥平台企业的社会效能和责任担当，推出了‘千亿扶持’惠商新战略，坚定护航商家穿越周期。”拼多多集团执行董事、联席CEO赵佳臻表示：“我们要求公司上下力出一孔，全面投入这一新战略，优先保证用户和商家的利益，努力为商家提供更多确定性，助推产业平稳转型。”赵佳臻表示，一方面，平台将继续探索更多的降佣举措，持续为商家降本减负，创造更多的成本空间、经营空间和创新空间；另一方面，平台对商家的帮扶范畴将从头部腰部拓展到中小商家，要将功夫着重花在中小商家身上，敢于啃高质量发展中的硬骨头，最大化释放中小商家的潜力，推动产业带实现更大规模、更高质量的整体升级。","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":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}