飞火流星21cn
12-11
你不可能都二十多岁了,还每年涨十厘米身高,英伟达苹果也不能例外
大跌超4500亿!拼多多,“失速”
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SGD"},"source_url":"https://new.qq.com/rain/a/20241210A01LHA00","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2490363460","content_text":"全文1852字,阅读约需6分钟,帮我划重点划重点01拼多多第三季度实现营收993.5亿,同比增长44.33%,但净利润增速放缓至60.78%。02财报显示,拼多多三季度佣金收入下滑,导致毛利率下滑至60.03%。03然而,拼多多加大了对商家端的补贴,推出多项举措以扶持新商家和推动西部电商物流基础设施建设。04由于竞争加剧,拼多多面临商家和平台的矛盾,低价策略可能难以持续奏效。05尽管拼多多正优化低价模式并投入未来发展,但增长放缓将成为常态。以上内容由腾讯混元大模型生成,仅供参考维持了多个季度的高增长的拼多多,增速开始放缓。此前,拼多多披露了三季度的业绩数据,财报显示,拼多多第三季度实现营收993.5亿,同比增长44.33%;实现净利润249.8亿,同比增长60.78%。值得注意的是,在上一季度,拼多多的营收和净利润增速分别高达85.65%和144.2%。在业绩披露后,拼多多股价大幅跳水。财报披露当天,拼多多股价报收104.09美元/股,收跌10.64%,市值缩水超1200亿人民币。如果从10月初算起,拼多多的跌幅已超过了28%,市值蒸发超过625亿美元,约合人民币4538亿元。曾经,当京东、阿里巴巴、唯品会等电商巨头纷纷陷入增长困境时,拼多多却能用一次又一次超预期的业绩惊艳众人。但从目前来看,随着天花板的“隐现”,拼多多的高增长,也并非会一直持续。诚然,作为一家营收近千亿的电商巨头,增长放缓在所难免,但值得思考的是此次的增速放缓的背后,拼多多的低价模式是否还能奏效?“低价”不一定为王拆开这份财报来看,拼多多三季度的业绩增长之所以会放缓,问题主要出在“佣金收入”上。作为电商平台,拼多多的收入主要来自两大板块:广告和佣金。三季度,拼多多的广告收入为494亿,佣金收入为500亿,其中佣金收入和预期相差较远(此前机构普遍预期为530亿,即佣金收入跟预期相差了30亿)。受到佣金收入下滑的影响,拼多多的毛利率也从上一季度的65.28%下滑至本季度的60.03%。当然,三季度佣金收入之所以下滑,主要原因还是拼多多在三季度加大了对商家端的补贴。据报道,三季度拼多多加大了对生态建设的投入,先后推出“百亿减免”“电商西进”“新质商家扶持计划”“物流支持计划”等多项举措。在“新质商家扶持计划”方面,中秋活动期间,拼多多平台投入了10亿补贴资金和20亿流量资源,扶持高质量农产品商家,帮助季节性农产品进入城市市场,提升农产区的丰产增收;在“物流支持计划”方面,拼多多主动承担西部偏远地区订单的全部物流中转费,大幅降低快递费用,其中农货生鲜、日用百货等品类的快递费用最高降低了七成,鼓励商家开拓西部市场,并推动西部地区电商物流基础设施建设。值得注意的是,拼多多的“低价”策略已经开始遭遇反噬。此前,拼多多之所以能大获成功,主要依赖于拼团式的“砍一刀”和低价模式的“百亿补贴”。但这种模式是建立在不断挤压商家利润的基础上,毕竟在同质化的竞争环境下,商家的利润被压得越低,商品的价格就会越低,而拼多多在平台中的竞争力就会越强。然而,这种靠挤压商户利润的经营模式注定不能长久。最近两年商家和拼多多矛盾不断,例如在去年3月,拼多多上线了自营店“多多福利社”,却遭到了大量拼多多中小商家的恶意下单“攻击”,商家们在大规模下单后,申请“仅退款”,再对客服大骂拼多多,一系列高频率的操作,直接导致福利社4小时后迅速下线;还有今年5月,不少商家因为TEMU推出‘申报高价率’新规后被不停地扣款、罚款,进而更加激化了矛盾。对于拼多多而言,无论是广告收入还是佣金收入,其实都是商家带来,虽然低价可以吸引用户,但稳住商家同样重要。挑战才刚开始三季度,拼多多的营收为993.5亿,距离“千亿”只差临门一脚。作为电商巨头,如今拼多多的体量已经迅速膨胀,所以对过去简单粗暴的低价模式进行优化也非常正常。在此前的业绩电话会上,拼多多管理层已经明确了“扶持与治理”并举的方式,完善生态建设,并且做好了长期投入的准备。不过,除了加大对商家的补助之外,值得注意的是,拼多多的费用支出也在明显增长。据财报显示,三季度拼多多的收入总成本397.092亿,同比增长48%,环比增长17.84%;总运营费用较2023年同期增长39%至353.527亿,环比增长14.79%,其中销售及营销费用同比增长40%,达到了304.838亿。从更为直观的人员成本来看,今年拼多多的人员成本增长明显。第二季度同比增加208%,第三季度同比增长138%至18.056亿。对于拼多多来说,费用激增并不是一个好消息,毕竟其业绩增长放缓已经是不可逆的趋势,若费用还在持续增长,对拼多多的利润还会形成挤压。除了自身增长放缓、各项支出激增之外,拼多多还面临着行业竞争加剧这一大难题。近年来,由于拼多多表现太过亮眼,其已经成为各个平台竞相模仿的对象。例如京东,很早便也推出了“百亿补贴”活动,同样主打低价策略;而淘宝近期也加大了在价格敏感型产品上的投入,特别是在美妆、日用品和食品类目,通过“巨能补”活动,淘宝提供的折扣往往比拼多多还要低,目的是重新夺回那部分转向拼多多的价格敏感用户;还有面对拼多多海外版Temu,全球电商巨头亚马逊推出了专门销售中国生产的低价白牌商品,选品则瞄准Temu平台热销爆款产品。可以看到,拼多多正处于被全面“围剿”的处境。整体而言,无论是从自身的经营状况出发,还是从电商行业越来越激烈的竞争环境出发,拼多多牺牲短期的利润扶持商家确实有一定的必要性。不过,虽说主动降速,把资源投入未来的发展当中,是为了长期投入做准备,但这也意味着在未来很长的一段时间里,拼多多的业绩还会承压,增长放缓将成常态。查看原图 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