解读拼多多Q3财报：死磕农业收缩自营，变身“农多多”？

新浪科技2021-11-27

作者杨雪梅 11月26日，拼多多发布截至9月30日的2021年第三季度财报。财报显示，拼多多报告期内总营收为人民币215.058亿元（约33.376亿美元），同比增长51%，环比下降7%，低于市场预期的264.74亿元。归属于拼多多普通股股东的净利润为人民币16.400亿元，而上年同期净亏损人民币7.847亿元。不按美国通用会计准则，归属于拼多多普通股股东的净利润为人民币31.502亿元，而上年...

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精彩评论

莫小七
2021-11-28
莫小七
未来看好
JaniceZhu
2021-11-28
JaniceZhu
顺着政府的风走就对了
Tome
2021-11-28
Tome
赞👍
kenp
2021-11-27
kenp
Good
- 爱上投资学:
  
  oh，yeah！

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万以上的预期。\n在业务结构方面，拼多多的营业收入主要由平台线上营销技术服务、交易服务、商品销售三部分构成，其中平台线上营销技术服务的营业收入179.46亿元，同比增长43.7%；交易服务为34.77亿元，同比增长161%；商品销售今年三季度营业收入为0.82亿元，去年同期该项目为3.93亿，同比下滑79%，上一季度商品销售的营收为19.582亿元，环比大幅下滑。\n\n拼多多本季度依然未披露GMV情况。但从财报看，商品销售收入下降明显。可能是由于GMV增长乏力，用户年均消费遇到瓶颈。\n商品销售收入是拼多多2020年新增的业务，其中包括了自营业务带来的收入。值得注意的是，2021年第一季度，该业务收入占比为23%，上升为第二大收入来源。\n本季度，拼多多商品销售收入的变化较受关注。马靖在财报电话会议上回应，最初开展这一业务的时候，就清楚表示1P（自营）业务只是暂时性地为消费者提供商家未销售的产品。因此，1P业务并不是拼多多的重点关注所在。“随着平台商家销售产品愈加多样化，未来我们不认为1P业务会为拼多多带来更高收入。”\n随着自营业务的收缩，拼多多的未来增长潜力，可能还要看作为主业的三方平台和多多买菜业务的经营能力和财务表现。近年来，农业一直是拼多多的企业使命和战略的核心。其中，多多买菜就是其农业方面布局的一部分。\n农业能成为第二增长曲线吗？\n这是拼多多连续第二季度实现净利润为正。其财务副总裁马靖表示，拼多多过去两个季度获利的主要原因在于销售和营销支出带来的的杠杆作用。\n费用方面，拼多多营销费用连续三个季度下降，研发投入创新高。本季度营销费用为100.506亿元，环比减少3%；而研发费用为24.224亿元，同比增长34%，主要用于技术平台的投入和研发人员的招募。据悉，拼多多约60%的员工为研发人员。\n陈磊表示，拼多多会将过去5年在营销方面的重心，更多地转向研发。今年618、双11大促，拼多多都走了“低调”路线，也未公布成交额等数据。\n在农业方面，今年8月，拼多多设立“百亿农研专项”，宣布将第二季度及未来几个季度的利润优先投入该专项。9月底，“百亿农研专项”获得了股东大会的批准。在第二季度利润全部投入该专项之后，拼多多本季度全部利润将继续投入该专项，进一步推动农业科技普惠。\n拼多多目前正将重点与投资转向研发领域，以便为未来的稳定长期增长奠定基础。预计其未来的研发费用会增加。陈磊还表示，公司将为年轻人才提供更多机会，在接下来的半年到一年中，将有更多年轻管理者走向台前，承担重要职能。\n不过，由于“百亿农研专项”在9月底才获得公司股东大会的批准，因此对于第三季度财务的影响暂未在财报中体现。\n目前来看，消费大盘疲软，拼多多要持续保持较快的用户增长仍有较大的压力。在持续投入农业的情况下，短期的规模增长和盈利变现均面临一定的挑战，而农业能否成为第二增长曲线，亦存在较大的不确定性。\n陈磊在财报电话会议上提到，“现在拼多多的用户基数已经很大了，如何让消费者尝试新的品类、获得新的体验，如何能够满足他们不断增长的预期，从而提升用户的信任度，提升我们用户的心理占有率，这是拼多多面临的新挑战。”","kind":"news","is_publish_news":false,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":600138077,"gmtCreate":1638083784640,"gmtModify":1638083784640,"author":{"id":"4099629763863180","authorId":"4099629763863180","name":"莫小七","avatar":"https://static.tigerbbs.com/5616f29e1032f93271c736f6dfa64f8e","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4099629763863180","authorIdStr":"4099629763863180"},"htmlText":"未来看好","listText":"未来看好","text":"未来看好","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/600138077","repostId":1113083028,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":600341974,"gmtCreate":1638074349310,"gmtModify":1638077759883,"author":{"id":"3580721934889206","authorId":"3580721934889206","name":"JaniceZhu","avatar":"https://static.tigerbbs.com/af488b5cafb7800a5651f7df4b054547","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3580721934889206","authorIdStr":"3580721934889206"},"htmlText":"顺着政府的风走就对了","listText":"顺着政府的风走就对了","text":"顺着政府的风走就对了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/600341974","repostId":1113083028,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":600981655,"gmtCreate":1638052332742,"gmtModify":1638052332807,"author":{"id":"3570833668911971","authorId":"3570833668911971","name":"Tome","avatar":"https://static.tigerbbs.com/d47f140f55f4badb19ca06d16064de5b","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3570833668911971","authorIdStr":"3570833668911971"},"htmlText":"赞👍","listText":"赞👍","text":"赞👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/600981655","repostId":1113083028,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":877777170,"gmtCreate":1637994806686,"gmtModify":1637994806790,"author":{"id":"3577343858256661","authorId":"3577343858256661","name":"kenp","avatar":"https://static.tigerbbs.com/658bc030049b2996b0e2f267da086675","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3577343858256661","authorIdStr":"3577343858256661"},"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/877777170","repostId":1113083028,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6755248,"gmtCreate":1638079295724,"gmtModify":1638079295825,"authorId":3576579618783903,"author":{"id":3576579618783903,"idStr":"3576579618783903","authorId":3576579618783903,"name":"爱上投资学","avatar":"https://static.tigerbbs.com/3e312fbf8df67faa6e46a19ef6992c34","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":877777170,"type":1,"supId":0,"prevId":0,"content":"<br>\noh，yeah！","text":"<br>\noh，yeah！","html":"<br>\noh，yeah！"}],"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":83,"commentSize":4,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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