揭秘“价格屠夫”拼多多500亿酒水江湖：一位拼多多前酒水负责人眼中的真相_老虎社区_美港股上老虎

揭秘“价格屠夫”拼多多500亿酒水江湖：一位拼多多前酒水负责人眼中的真相

酒业家01-24

本文由酒业家团队原创文丨酒业家团队（ID：jiuyejia360）策划丨顿河编辑丨一凡编审丨云顶拼多多一直被行业视为“价格屠夫”。在把名白酒价格“打下来”的同时，“保真质疑”、“百亿补贴套利乱象”等话题也让其长期饱受争议。拼多多酒水业务的崛起始终包裹着层层迷雾：极致低价的补贴模式究竟是亏本换量还是暗藏盈利逻辑？正品保障如何落地？又是如何吸引传统酒商在争议中仍选择入局？近期，酒业家专访拼拼多多...

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Asuer阿旭
·02-02
说了那么多没用的废话，真实情况就是买家成本远高于拼多多卖家，拼多多卖一瓶亏一瓶，现在线下回收茅台正品的都在1550了，拼多多还在卖1499附近，完全就是违背市场逻辑在卖酒，这其中必定假货满天飞，如果真有人能假一赔十一个假一赔十的视频都无法产生，反倒是自媒体到处都是拼多多不赔，要拿出什么什么证明，国家认定的CMA证明都无效，要上升到起诉法院才能赔钱，我就买个酒是来消费的，不是来打假的，拼多多这样极限压榨酒商，定然会引火烧身，拼多多低价卖茅台的策略一天不停，股价下跌，一天不止。
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编审丨云顶拼多多一直被行业视为“价格屠夫”。在把名白酒价格“打下来”的同时，“保真质疑”、“百亿补贴套利乱象”等话题也让其长期饱受争议。拼多多酒水业务的崛起始终包裹着层层迷雾：极致低价的补贴模式究竟是亏本换量还是暗藏盈利逻辑？正品保障如何落地？又是如何吸引传统酒商在争议中仍选择入局？近期，酒业家专访拼拼多多酒水行业前负责人、酒水百亿补贴开创者阿杜酒哥，试图从他的亲身经历与深度洞察中，拆解拼多多酒水业务从起步突围到规模爆发的底层逻辑，窥见这场低价革命对酒水行业渠道、消费与供应链带来的深远影响。2025年酒水品类规模直逼500亿，50-150元价格带销量最大2019年6月18日，拼多多宣布启动“百亿补贴”大促。彼时，酒水行业正值酱酒热高峰，酒类电商市场规模虽处高位但增速已然放缓，仍由阿里、京东等综合平台与1919、酒仙网等垂直平台主导，虽然价格竞争已十分激烈，但并未形成常态化，似乎没有人意识到“百亿补贴”即将对行业带来的冲击。然而，正是在“百亿补贴”拉动下，拼多多酒水品类规模逐年高增，2025年已直逼500亿。“2019年，酒水行业的百亿补贴，仅局限于用茅台引流。”阿杜酒哥回忆称，拼多多酒水版块尚处起步阶段，面临着名酒企入驻意愿低、行业对补贴模式不以为意、社会化供给下供应链推进困难等诸多问题。2020年10月，已在酒水电商行业有十多年经验的阿杜酒哥正式操盘拼多多酒水品类。“在茅台电商公司及购酒网的经历，让我很了解酒水行业该如何在电商平台运作。”阿杜酒哥介绍，其在操盘拼多多酒水后，将百亿补贴在酒水品类大面积覆盖，SKU拓展至3000-4000个，并将社会化供给（供应链）在全国范围内铺开；同时，多个头部酒企入驻拼多多开设旗舰店，主动适应平台生态。品类规模随之实现连年高增。酒业家结合阿杜酒哥的分享及其他第三方数据综合评估，2023年，拼多多酒水大盘在300亿左右，2025年拼多多酒水规模已迈入480-500亿之间。“我是在2023年离开的拼多多，这2年拼多多的酒水增长仍较快，茅台、五粮液等名酒在拼多多都保持着高位数增长。”而在近500亿的酒水版块中，消费频次最高、销量最大的产品，主要集中在50-150元价格带。“没有哪个品牌特别好，只能说这一价格带表现很好。在拼多多，价格驱动显著强于品牌驱动。后来我们与某四川浓香品牌还专门针对这一价格带开发了产品，在平台的销售也很不错。”拼多多酒水品类真是“亏钱买卖”？在行业看来，拼多多之所以几度处于风口浪尖，“极致低价”是主要原因。酒业家在平台百亿补贴频道注意到，某超高端名酒价格为1449元，某千元浓香大单品价格为716元，某清香型次高端大单品价格为339元……均低于当日的线下一批价。（此价格为1月22日数据）如此常态化、大规模地用真金白银去补贴，拼多多如何盈利？“从长期来看，拼多多在酒水层面的百亿补贴是可以打平的，甚至是盈利的。”阿杜酒哥告诉酒业家，这背后有着清晰的商业逻辑：酒水层面的百亿补贴虽为净投入，但从行业GMV商业化成本来看可实现平移，且平台年总成交额中仅20%左右的产品享受补贴，却依托这部分产品完成了生态构建与市场份额的快速抢占。具体到酒水行业，百亿补贴也主要覆盖头部酒厂流通品，规模约占酒水大盘的50%，其余未获补贴的酒水品类，销量同样受补贴生态带动。而在补贴比例上，阿杜酒哥透露，酒水品类贯彻拼多多百亿补贴的基本逻辑：产品补贴比例5个点起，常规档位约10个点，大促期间加码至12-15个点，原则上最高不超20个点。拼多多的保真逻辑长期以来，拼多多酒水的低价模式，也招致市场对其产品正品性的质疑。2025年，多家名酒厂就曾发布公告明确表示，不认可所谓“多级授权”的线上店铺。酒业家了解到，为拼多多平台供酒的商户，大多仍为线下传统经销商或供应链公司。这类合作商户中，仅有极少部分拥有酒厂的线上一级授权，其他大部分仅有二级、三级授权——该类多级授权虽未获酒厂认可，却通过了拼多多平台的审核并得到平台方认可。“拼多多采用社会化供给，供应商的授权一定是可以倒推的。如果你是品牌的经销商或者二级经销商，你跟一级经销商有合同、有采购证明、有发票，平台都认为是符合认购资质的。”阿杜酒哥进一步表示，拼多多有严格的进入门槛和审核机制，能够享受到平台补贴的产品，均经过层层审核，确保链路完整、正品保障。然而，多级授权虽然能保证链路完整，却无法百分百防范有商户为牟取非法利益铤而走险售假。对此，阿杜酒哥表示，拼多多建立了一套非常严苛的风控机制。即要求所有参与百亿补贴的商家缴纳近10倍的保证金，如果产生客诉，拼多多就会对商家的资金进行风控：不可提现且所有销售被冻结。一旦这瓶酒最终被证实为假酒，不仅保证金会被没收，该店铺及此商家其他店铺均会遭到永久封禁。“事实上，拼多多对假酒是零容忍，在拼多多上卖假酒的成本也极高。”阿杜酒哥告诉酒业家，利用百亿补贴套利也是平台红线。“此前确实有过这种先例，通过虚假的发货单、地址等套利，但很快就被平台的技术手段监测到了，那个酒商最终被罚了几十万。”越来越多供应商入驻拼多多？“未来酒水线上线下渠道占比将五五开”即便要面对消费者对酒水正品性的质疑以及拼多多风控管理的严苛要求，依然有越来越多传统酒商和供应链公司入驻拼多多。这背后，一方面，是行业进入深度调整期后，酒商在库存高压下的“自救”之举；另一方面，也是传统酒商布局线上“多条腿走路”的必然趋势。而在阿杜酒哥看来，供应商（传统酒商及供应链公司）选择拼多多，也侧面说明了拼多多的“制度优势”。据其介绍，拼多多在酒水品类社会化供给布局中，重视保障供应商现金流，且商家的资金可以在拼多多平台上快速流转。“相比其他平台一般2.5个点，拼多多没有扣点；大部分平台的回账周期在15天以上，但拼多多能够在48小时内回款95%，最优质的商家能在客户收货后24小时之内，拿到消费者拍下的金额，剩下来自拼多多的补贴资金，会分两次回款，第一次在30到45天，第二次则以季度报销。”阿杜酒哥进一步表示，一笔资金在其他平台一个月只能转1次，但在拼多多平台可以转3-4次，“这样商家可以做的生意规模自然就扩大了。”基于对电商渠道及酒水行业的深度了解，阿杜酒哥认为，线上渠道酒水的规模必将继续扩大，“酒水线上线下渠道占比将五五开。”“对于很多供应链公司而言，已经到了不转型就要被淘汰的地步了，电商无疑是供应链转型的重要方向。”阿杜酒哥建议，传统酒商要看淘宝、拼多多的商家是怎么做的，要先学会“抄作业”，再去迭代。在其看来，未来线下酒水营销也将更加“轻商务、重私密”。“这实际上就是现在行业说的，‘从卖酒向卖生活方式转变’。”他以自己正打造的一个To C平台举例，“通过这个平台，客户可以在一个安全的空间内，享受专业侍酒师的服务，在充满仪式感与价值感的过程中，真正享受饮酒的乐趣。”","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":528218590947024,"gmtCreate":1769980589628,"gmtModify":1769980592689,"author":{"id":"3547937979392107","authorId":"3547937979392107","name":"Asuer阿旭","avatar":"https://static.tigerbbs.com/c8083a7363f786438817a8e2a361df24","vip":1,"hat":"https://static.tigerbbs.com/e6295840391b9cdc17115677ba51429c","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3547937979392107","idStr":"3547937979392107"},"htmlText":"说了那么多没用的废话，真实情况就是买家成本远高于拼多多卖家，拼多多卖一瓶亏一瓶，现在线下回收茅台正品的都在1550了，拼多多还在卖1499附近，完全就是违背市场逻辑在卖酒，这其中必定假货满天飞，如果真有人能假一赔十一个假一赔十的视频都无法产生，反倒是自媒体到处都是拼多多不赔，要拿出什么什么证明，国家认定的CMA证明都无效，要上升到起诉法院才能赔钱，我就买个酒是来消费的，不是来打假的，拼多多这样极限压榨酒商，定然会引火烧身，拼多多低价卖茅台的策略一天不停，股价下跌，一天不止。","listText":"说了那么多没用的废话，真实情况就是买家成本远高于拼多多卖家，拼多多卖一瓶亏一瓶，现在线下回收茅台正品的都在1550了，拼多多还在卖1499附近，完全就是违背市场逻辑在卖酒，这其中必定假货满天飞，如果真有人能假一赔十一个假一赔十的视频都无法产生，反倒是自媒体到处都是拼多多不赔，要拿出什么什么证明，国家认定的CMA证明都无效，要上升到起诉法院才能赔钱，我就买个酒是来消费的，不是来打假的，拼多多这样极限压榨酒商，定然会引火烧身，拼多多低价卖茅台的策略一天不停，股价下跌，一天不止。","text":"说了那么多没用的废话，真实情况就是买家成本远高于拼多多卖家，拼多多卖一瓶亏一瓶，现在线下回收茅台正品的都在1550了，拼多多还在卖1499附近，完全就是违背市场逻辑在卖酒，这其中必定假货满天飞，如果真有人能假一赔十一个假一赔十的视频都无法产生，反倒是自媒体到处都是拼多多不赔，要拿出什么什么证明，国家认定的CMA证明都无效，要上升到起诉法院才能赔钱，我就买个酒是来消费的，不是来打假的，拼多多这样极限压榨酒商，定然会引火烧身，拼多多低价卖茅台的策略一天不停，股价下跌，一天不止。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/528218590947024","repostId":2605623939,"repostType":2,"repost":{"id":"2605623939","kind":"news","pubTimestamp":1769260624,"share":"https://www.laohu8.com/m/news/2605623939?lang=zh_CN&edition=full","pubTime":"2026-01-24 21:17","market":"us","language":"zh","title":"揭秘“价格屠夫”拼多多500亿酒水江湖：一位拼多多前酒水负责人眼中的真相","url":"https://stock-news.laohu8.com/highlight/detail?id=2605623939","media":"酒业家","summary":"然而，正是在“百亿补贴”拉动下，拼多多酒水品类规模逐年高增，2025年已直逼500亿。2020年10月，已在酒水电商行业有十多年经验的阿杜酒哥正式操盘拼多多酒水品类。酒业家结合阿杜酒哥的分享及其他第三方数据综合评估，2023年，拼多多酒水大盘在300亿左右，2025年拼多多酒水规模已迈入480-500亿之间。“事实上，拼多多对假酒是零容忍，在拼多多上卖假酒的成本也极高。”","content":"<html><body><article><p>本文由酒业家团队原创</p><p>文丨酒业家团队（ID：jiuyejia360）</p><p>策划丨顿河 编辑丨一凡 编审丨云顶</p><p><a href=\"https://laohu8.com/S/PDD\">拼多多</a>一直被行业视为“价格屠夫”。在把名白酒价格“打下来”的同时，“保真质疑”、“百亿补贴套利乱象”等话题也让其长期饱受争议。</p><p>拼多多酒水业务的崛起始终包裹着层层迷雾：极致低价的补贴模式究竟是亏本换量还是暗藏盈利逻辑？正品保障如何落地？又是如何吸引传统酒商在争议中仍选择入局？</p><p>近期，酒业家专访拼拼多多酒水行业前负责人、酒水百亿补贴开创者阿杜酒哥，试图从他的亲身经历与深度洞察中，拆解拼多多酒水业务从起步突围到规模爆发的底层逻辑，窥见这场低价革命对酒水行业渠道、消费与供应链带来的深远影响。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260124211725664d1639sghy09c69a\"/><p>2025年酒水品类规模直逼500亿，50-150元价格带销量最大</p><p>2019年6月18日，拼多多宣布启动“百亿补贴”大促。</p><p>彼时，酒水行业正值酱酒热高峰，酒类电商市场规模虽处高位但增速已然放缓，仍由<a href=\"https://laohu8.com/S/BABA\">阿里</a>、<a href=\"https://laohu8.com/S/JD\">京东</a>等综合平台与1919、酒仙网等垂直平台主导，虽然价格竞争已十分激烈，但并未形成常态化，似乎没有人意识到“百亿补贴”即将对行业带来的冲击。然而，正是在“百亿补贴”拉动下，拼多多酒水品类规模逐年高增，2025年已直逼500亿。</p><p>“2019年，酒水行业的百亿补贴，仅局限于用茅台引流。”阿杜酒哥回忆称，拼多多酒水版块尚处起步阶段，面临着名酒企入驻意愿低、行业对补贴模式不以为意、社会化供给下供应链推进困难等诸多问题。</p><p>2020年10月，已在酒水电商行业有十多年经验的阿杜酒哥正式操盘拼多多酒水品类。“在茅台电商公司及购酒网的经历，让我很了解酒水行业该如何在电商平台运作。”阿杜酒哥介绍，其在操盘拼多多酒水后，将百亿补贴在酒水品类大面积覆盖，SKU拓展至3000-4000个，并将社会化供给（供应链）在全国范围内铺开；同时，多个头部酒企入驻拼多多开设旗舰店，主动适应平台生态。</p><p>品类规模随之实现连年高增。酒业家结合阿杜酒哥的分享及其他第三方数据综合评估，2023年，拼多多酒水大盘在300亿左右，2025年拼多多酒水规模已迈入480-500亿之间。“我是在2023年离开的拼多多，这2年拼多多的酒水增长仍较快，茅台、<a href=\"https://laohu8.com/S/000858\">五粮液</a>等名酒在拼多多都保持着高位数增长。”</p><p>而在近500亿的酒水版块中，消费频次最高、销量最大的产品，主要集中在50-150元价格带。“没有哪个品牌特别好，只能说这一价格带表现很好。在拼多多，价格驱动显著强于品牌驱动。后来我们与某四川浓香品牌还专门针对这一价格带开发了产品，在平台的销售也很不错。”</p><p>拼多多酒水品类真是“亏钱买卖”？</p><p>在行业看来，拼多多之所以几度处于风口浪尖，“极致低价”是主要原因。酒业家在平台百亿补贴频道注意到，某超高端名酒价格为1449元，某千元浓香大单品价格为716元，某清香型次高端大单品价格为339元……均低于当日的线下一批价。（此价格为1月22日数据）</p><p>如此常态化、大规模地用真金白银去补贴，拼多多如何盈利？</p><p>“从长期来看，拼多多在酒水层面的百亿补贴是可以打平的，甚至是盈利的。”阿杜酒哥告诉酒业家，这背后有着清晰的商业逻辑：酒水层面的百亿补贴虽为净投入，但从行业GMV商业化成本来看可实现平移，且平台年总成交额中仅20%左右的产品享受补贴，却依托这部分产品完成了生态构建与市场份额的快速抢占。</p><p>具体到酒水行业，百亿补贴也主要覆盖头部酒厂流通品，规模约占酒水大盘的50%，其余未获补贴的酒水品类，销量同样受补贴生态带动。</p><p>而在补贴比例上，阿杜酒哥透露，酒水品类贯彻拼多多百亿补贴的基本逻辑：产品补贴比例5个点起，常规档位约10个点，大促期间加码至12-15个点，原则上最高不超20个点。</p><p>拼多多的保真逻辑</p><p>长期以来，拼多多酒水的低价模式，也招致市场对其产品正品性的质疑。</p><p>2025年，多家名酒厂就曾发布公告明确表示，不认可所谓“多级授权”的线上店铺。</p><p>酒业家了解到，为拼多多平台供酒的商户，大多仍为线下传统经销商或供应链公司。这类合作商户中，仅有极少部分拥有酒厂的线上一级授权，其他大部分仅有二级、三级授权——该类多级授权虽未获酒厂认可，却通过了拼多多平台的审核并得到平台方认可。</p><p>“拼多多采用社会化供给，供应商的授权一定是可以倒推的。如果你是品牌的经销商或者二级经销商，你跟一级经销商有合同、有采购证明、有发票，平台都认为是符合认购资质的。”阿杜酒哥进一步表示，拼多多有严格的进入门槛和审核机制，能够享受到平台补贴的产品，均经过层层审核，确保链路完整、正品保障。</p><p>然而，多级授权虽然能保证链路完整，却无法百分百防范有商户为牟取非法利益铤而走险售假。</p><p>对此，阿杜酒哥表示，拼多多建立了一套非常严苛的风控机制。即要求所有参与百亿补贴的商家缴纳近10倍的保证金，如果产生客诉，拼多多就会对商家的资金进行风控：不可提现且所有销售被冻结。一旦这瓶酒最终被证实为假酒，不仅保证金会被没收，该店铺及此商家其他店铺均会遭到永久封禁。</p><p>“事实上，拼多多对假酒是零容忍，在拼多多上卖假酒的成本也极高。”阿杜酒哥告诉酒业家，利用百亿补贴套利也是平台红线。“此前确实有过这种先例，通过虚假的发货单、地址等套利，但很快就被平台的技术手段监测到了，那个酒商最终被罚了几十万。”</p><p>越来越多供应商入驻拼多多？“未来酒水<a href=\"https://laohu8.com/S/300959\">线上线下</a>渠道占比将五五开”</p><p>即便要面对消费者对酒水正品性的质疑以及拼多多风控管理的严苛要求，依然有越来越多传统酒商和供应链公司入驻拼多多。这背后，一方面，是行业进入深度调整期后，酒商在库存高压下的“自救”之举；另一方面，也是传统酒商布局线上“多条腿走路”的必然趋势。</p><p>而在阿杜酒哥看来，供应商（传统酒商及供应链公司）选择拼多多，也侧面说明了拼多多的“制度优势”。</p><p>据其介绍，拼多多在酒水品类社会化供给布局中，重视保障供应商现金流，且商家的资金可以在拼多多平台上快速流转。“相比其他平台一般2.5个点，拼多多没有扣点；大部分平台的回账周期在15天以上，但拼多多能够在48小时内回款95%，最优质的商家能在客户收货后24小时之内，拿到消费者拍下的金额，剩下来自拼多多的补贴资金，会分两次回款，第一次在30到45天，第二次则以季度报销。”</p><p>阿杜酒哥进一步表示，一笔资金在其他平台一个月只能转1次，但在拼多多平台可以转3-4次，“这样商家可以做的生意规模自然就扩大了。”</p><p>基于对电商渠道及酒水行业的深度了解，阿杜酒哥认为，线上渠道酒水的规模必将继续扩大，“酒水线上线下渠道占比将五五开。”</p><p>“对于很多供应链公司而言，已经到了不转型就要被淘汰的地步了，电商无疑是供应链转型的重要方向。”阿杜酒哥建议，传统酒商要看淘宝、拼多多的商家是怎么做的，要先学会“抄作业”，再去迭代。</p><p>在其看来，未来线下酒水营销也将更加“轻商务、重私密”。“这实际上就是现在行业说的，‘从卖酒向卖生活方式转变’。”他以自己正打造的一个To C平台举例，“通过这个平台，客户可以在一个安全的空间内，享受专业侍酒师的服务，在充满仪式感与价值感的过程中，真正享受饮酒的乐趣。”</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\" 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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揭秘“价格屠夫”拼多多500亿酒水江湖：一位拼多多前酒水负责人眼中的真相\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-24 21:17 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260124211727a45175e7&s=b><strong>酒业家</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>本文由酒业家团队原创文丨酒业家团队（ID：jiuyejia360）策划丨顿河 编辑丨一凡 编审丨云顶拼多多一直被行业视为“价格屠夫”。在把名白酒价格“打下来”的同时，“保真质疑”、“百亿补贴套利乱象”等话题也让其长期饱受争议。拼多多酒水业务的崛起始终包裹着层层迷雾：极致低价的补贴模式究竟是亏本换量还是暗藏盈利逻辑？正品保障如何落地？又是如何吸引传统酒商在争议中仍选择入局？近期，酒业家专访拼拼多多...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260124211727a45175e7&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":{"LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","BK4509":"腾讯概念","LU0049112450.USD":"FIDELITY PACIFIC \"A\" INC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0633140727.USD":"AB EMERGING MARKETS MULTI ASSET PORTFOLIO \"AD\" (USD) 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编审丨云顶拼多多一直被行业视为“价格屠夫”。在把名白酒价格“打下来”的同时，“保真质疑”、“百亿补贴套利乱象”等话题也让其长期饱受争议。拼多多酒水业务的崛起始终包裹着层层迷雾：极致低价的补贴模式究竟是亏本换量还是暗藏盈利逻辑？正品保障如何落地？又是如何吸引传统酒商在争议中仍选择入局？近期，酒业家专访拼拼多多酒水行业前负责人、酒水百亿补贴开创者阿杜酒哥，试图从他的亲身经历与深度洞察中，拆解拼多多酒水业务从起步突围到规模爆发的底层逻辑，窥见这场低价革命对酒水行业渠道、消费与供应链带来的深远影响。2025年酒水品类规模直逼500亿，50-150元价格带销量最大2019年6月18日，拼多多宣布启动“百亿补贴”大促。彼时，酒水行业正值酱酒热高峰，酒类电商市场规模虽处高位但增速已然放缓，仍由阿里、京东等综合平台与1919、酒仙网等垂直平台主导，虽然价格竞争已十分激烈，但并未形成常态化，似乎没有人意识到“百亿补贴”即将对行业带来的冲击。然而，正是在“百亿补贴”拉动下，拼多多酒水品类规模逐年高增，2025年已直逼500亿。“2019年，酒水行业的百亿补贴，仅局限于用茅台引流。”阿杜酒哥回忆称，拼多多酒水版块尚处起步阶段，面临着名酒企入驻意愿低、行业对补贴模式不以为意、社会化供给下供应链推进困难等诸多问题。2020年10月，已在酒水电商行业有十多年经验的阿杜酒哥正式操盘拼多多酒水品类。“在茅台电商公司及购酒网的经历，让我很了解酒水行业该如何在电商平台运作。”阿杜酒哥介绍，其在操盘拼多多酒水后，将百亿补贴在酒水品类大面积覆盖，SKU拓展至3000-4000个，并将社会化供给（供应链）在全国范围内铺开；同时，多个头部酒企入驻拼多多开设旗舰店，主动适应平台生态。品类规模随之实现连年高增。酒业家结合阿杜酒哥的分享及其他第三方数据综合评估，2023年，拼多多酒水大盘在300亿左右，2025年拼多多酒水规模已迈入480-500亿之间。“我是在2023年离开的拼多多，这2年拼多多的酒水增长仍较快，茅台、五粮液等名酒在拼多多都保持着高位数增长。”而在近500亿的酒水版块中，消费频次最高、销量最大的产品，主要集中在50-150元价格带。“没有哪个品牌特别好，只能说这一价格带表现很好。在拼多多，价格驱动显著强于品牌驱动。后来我们与某四川浓香品牌还专门针对这一价格带开发了产品，在平台的销售也很不错。”拼多多酒水品类真是“亏钱买卖”？在行业看来，拼多多之所以几度处于风口浪尖，“极致低价”是主要原因。酒业家在平台百亿补贴频道注意到，某超高端名酒价格为1449元，某千元浓香大单品价格为716元，某清香型次高端大单品价格为339元……均低于当日的线下一批价。（此价格为1月22日数据）如此常态化、大规模地用真金白银去补贴，拼多多如何盈利？“从长期来看，拼多多在酒水层面的百亿补贴是可以打平的，甚至是盈利的。”阿杜酒哥告诉酒业家，这背后有着清晰的商业逻辑：酒水层面的百亿补贴虽为净投入，但从行业GMV商业化成本来看可实现平移，且平台年总成交额中仅20%左右的产品享受补贴，却依托这部分产品完成了生态构建与市场份额的快速抢占。具体到酒水行业，百亿补贴也主要覆盖头部酒厂流通品，规模约占酒水大盘的50%，其余未获补贴的酒水品类，销量同样受补贴生态带动。而在补贴比例上，阿杜酒哥透露，酒水品类贯彻拼多多百亿补贴的基本逻辑：产品补贴比例5个点起，常规档位约10个点，大促期间加码至12-15个点，原则上最高不超20个点。拼多多的保真逻辑长期以来，拼多多酒水的低价模式，也招致市场对其产品正品性的质疑。2025年，多家名酒厂就曾发布公告明确表示，不认可所谓“多级授权”的线上店铺。酒业家了解到，为拼多多平台供酒的商户，大多仍为线下传统经销商或供应链公司。这类合作商户中，仅有极少部分拥有酒厂的线上一级授权，其他大部分仅有二级、三级授权——该类多级授权虽未获酒厂认可，却通过了拼多多平台的审核并得到平台方认可。“拼多多采用社会化供给，供应商的授权一定是可以倒推的。如果你是品牌的经销商或者二级经销商，你跟一级经销商有合同、有采购证明、有发票，平台都认为是符合认购资质的。”阿杜酒哥进一步表示，拼多多有严格的进入门槛和审核机制，能够享受到平台补贴的产品，均经过层层审核，确保链路完整、正品保障。然而，多级授权虽然能保证链路完整，却无法百分百防范有商户为牟取非法利益铤而走险售假。对此，阿杜酒哥表示，拼多多建立了一套非常严苛的风控机制。即要求所有参与百亿补贴的商家缴纳近10倍的保证金，如果产生客诉，拼多多就会对商家的资金进行风控：不可提现且所有销售被冻结。一旦这瓶酒最终被证实为假酒，不仅保证金会被没收，该店铺及此商家其他店铺均会遭到永久封禁。“事实上，拼多多对假酒是零容忍，在拼多多上卖假酒的成本也极高。”阿杜酒哥告诉酒业家，利用百亿补贴套利也是平台红线。“此前确实有过这种先例，通过虚假的发货单、地址等套利，但很快就被平台的技术手段监测到了，那个酒商最终被罚了几十万。”越来越多供应商入驻拼多多？“未来酒水线上线下渠道占比将五五开”即便要面对消费者对酒水正品性的质疑以及拼多多风控管理的严苛要求，依然有越来越多传统酒商和供应链公司入驻拼多多。这背后，一方面，是行业进入深度调整期后，酒商在库存高压下的“自救”之举；另一方面，也是传统酒商布局线上“多条腿走路”的必然趋势。而在阿杜酒哥看来，供应商（传统酒商及供应链公司）选择拼多多，也侧面说明了拼多多的“制度优势”。据其介绍，拼多多在酒水品类社会化供给布局中，重视保障供应商现金流，且商家的资金可以在拼多多平台上快速流转。“相比其他平台一般2.5个点，拼多多没有扣点；大部分平台的回账周期在15天以上，但拼多多能够在48小时内回款95%，最优质的商家能在客户收货后24小时之内，拿到消费者拍下的金额，剩下来自拼多多的补贴资金，会分两次回款，第一次在30到45天，第二次则以季度报销。”阿杜酒哥进一步表示，一笔资金在其他平台一个月只能转1次，但在拼多多平台可以转3-4次，“这样商家可以做的生意规模自然就扩大了。”基于对电商渠道及酒水行业的深度了解，阿杜酒哥认为，线上渠道酒水的规模必将继续扩大，“酒水线上线下渠道占比将五五开。”“对于很多供应链公司而言，已经到了不转型就要被淘汰的地步了，电商无疑是供应链转型的重要方向。”阿杜酒哥建议，传统酒商要看淘宝、拼多多的商家是怎么做的，要先学会“抄作业”，再去迭代。在其看来，未来线下酒水营销也将更加“轻商务、重私密”。“这实际上就是现在行业说的，‘从卖酒向卖生活方式转变’。”他以自己正打造的一个To C平台举例，“通过这个平台，客户可以在一个安全的空间内，享受专业侍酒师的服务，在充满仪式感与价值感的过程中，真正享受饮酒的乐趣。”","news_type":1,"symbols_score_info":{"PDD":1.96}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":1,"favoriteSize":2,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}