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炒股十年还剩内裤

炒股十年还剩内裤

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炒股十年还剩内裤

2022-10-24

日了狗？

【券商聚焦】交银国际维持拼多多(PDD)买入评级目标价80美元

炒股十年还剩内裤

2022-10-14

两个月翻倍

采埃孚与蔚来(NIO)签署战略合作协议在亚太区首获线控转向业务合作

炒股十年还剩内裤

2022-10-12

$小米集团-W(01810)$应该能跌倒5块附近

炒股十年还剩内裤

2022-09-19

$小米集团-W(01810)$破9建仓，破8重仓

炒股十年还剩内裤

2022-07-06

$逸仙电商(YSG)$快来抄底

炒股十年还剩内裤

2021-11-01

$老虎证券(TIGR)$今天又要吸引一堆小闪祭天

炒股十年还剩内裤

2021-09-08

盘前跳水，什么鬼？

炒股十年还剩内裤

2021-09-08

$蔚来(NIO)$难怪销量最烂还涨一波，原来为了拉高股价搞蒸发，真有你的

炒股十年还剩内裤

2021-09-07

$拼多多(PDD)$月底128

炒股十年还剩内裤

2021-09-01

$蔚来(NIO)$上月好像是2号出销量

炒股十年还剩内裤

2021-08-31

啥玩意突然不香了，哪只中概互联网股香了，这半年。说的好像就多多在跌一样

拼多多为什么不香了？

炒股十年还剩内裤

2021-08-05

$理想汽车(LI)$高位接盘侠哦

炒股十年还剩内裤

2021-08-02

$蔚来(NIO)$这段时间股价走势已经提前反应销量问题了，55跌到现在。今天也算利空出尽了，该慢慢涨了

炒股十年还剩内裤

2021-08-02

$蔚来(NIO)$七月销量跌破8000？

炒股十年还剩内裤

2021-07-06

$老虎证券(TIGR)$果断抄底

炒股十年还剩内裤

2021-07-05

$滴滴(DIDI)$怕是要血本无归了，抄底抄破产

炒股十年还剩内裤

2021-07-01

$蔚来(NIO)$今年必创新高！业

炒股十年还剩内裤

2021-07-01

$蔚来(NIO)$六月销量数据了？

炒股十年还剩内裤

2021-06-30

$老虎证券(TIGR)$今天大跌？

炒股十年还剩内裤

2021-06-24

$老虎证券(TIGR)$小散洗干净了，今晚20cm

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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【券商聚焦】交银国际维持拼多多(PDD)买入评级 目标价80美元\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1002821290\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/b6fb647077f1ce46dc341fc35c26e817);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">凤凰网港股 </p>\n<p class=\"h-time\">2022-10-14 09:03</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p><a href=\"https://laohu8.com/S/03329\">交银国际</a>发研报指，预计<a href=\"https://laohu8.com/S/PDD\">拼多多</a>22年3季度收入同比增41%，广告收入增31%，主要受到GMV增长和变现能力提升的带动。预计调整后净利润为61亿元人民币，同比增93%。拼多多app用户活跃度从5月恢复以来呈现持续提升的趋势。预计全年业绩表现好于其他电商平台。公司凭借高性价比用户心智、品类结构更为刚需，下半年GMV有望保持~20%增长，广告货币化率同比提升趋势持续。对标阿里速卖通及SHEIN，按照1亿-2亿年活跃买家数、150-250美元人均消费金额，估算中长期Temu GMV区间为150亿-500亿美元，营销费用预算为30亿-130亿元人民币/年。交银上调22年收入/利润预测3%/10%，维持DCF目标价80美元，对应25倍23年市盈率。维持买入评级。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PDD":"拼多多"},"source_url":"http://hknews.szfuit.com/newRssInfo/feed?original_id=8e8fd212e4048e9e6316d1bcc6a08b13","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2275606798","content_text":"交银国际发研报指，预计拼多多22年3季度收入同比增41%，广告收入增31%，主要受到GMV增长和变现能力提升的带动。预计调整后净利润为61亿元人民币，同比增93%。拼多多app用户活跃度从5月恢复以来呈现持续提升的趋势。预计全年业绩表现好于其他电商平台。公司凭借高性价比用户心智、品类结构更为刚需，下半年GMV有望保持~20%增长，广告货币化率同比提升趋势持续。对标阿里速卖通及SHEIN，按照1亿-2亿年活跃买家数、150-250美元人均消费金额，估算中长期Temu GMV区间为150亿-500亿美元，营销费用预算为30亿-130亿元人民币/年。交银上调22年收入/利润预测3%/10%，维持DCF目标价80美元，对应25倍23年市盈率。维持买入评级。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":666515068,"gmtCreate":1665733637855,"gmtModify":1665733639614,"author":{"id":"3516934705374918","authorId":"3516934705374918","name":"炒股十年还剩内裤","avatar":"https://static.tigerbbs.com/619c71b8251c8712985234d4b2a746db","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3516934705374918","idStr":"3516934705374918"},"themes":[],"htmlText":"两个月翻倍","listText":"两个月翻倍","text":"两个月翻倍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/666515068","repostId":"2275989049","repostType":2,"repost":{"id":"2275989049","weMediaInfo":{"introduction":"凤凰网港股","home_visible":1,"media_name":"凤凰网港股","id":"1002821290","head_image":"https://static.tigerbbs.com/b6fb647077f1ce46dc341fc35c26e817"},"pubTimestamp":1665732872,"share":"https://www.laohu8.com/m/news/2275989049?lang=&edition=full","pubTime":"2022-10-14 15:34","market":"hk","language":"zh","title":"采埃孚与蔚来(NIO)签署战略合作协议 在亚太区首获线控转向业务合作","url":"https://stock-news.laohu8.com/highlight/detail?id=2275989049","media":"凤凰网港股","summary":"10月14日，德国汽车零配件供应商采埃孚官博宣布：10月11日，采埃孚集团与蔚来汽车在德国慕尼黑签署战略合作协议，双方将在线控转向产品等领域展开合作。此次协议的签署，标志着采埃孚集团首次在亚太区获线控转向业务合作，双方致力于推动自动驾驶和电动化等领域发展。","content":"<html><body><p>10月14日，德国汽车零配件供应商采埃孚官博宣布：10月11日，采埃孚集团与<a href=\"https://laohu8.com/S/NIO\">蔚来</a>汽车(NIO)在德国慕尼黑签署战略合作协议，双方将在线控转向产品等领域展开合作。双方将建立即时信息共享机制，深化沟通渠道，定期开展技术交流，共同设定行业领先的工艺和质量标准。此次协议的签署，标志着采埃孚集团首次在亚太区获线控转向业务合作，双方致力于推动自动驾驶和电动化等领域发展。采埃孚集团董事柯皓哲博士（Dr. Holger Klein）表示：“采埃孚全新的线控转向系统是市场领先的尖端技术，<a href=\"https://laohu8.com/S/NIO.SI\">蔚来</a>是中国汽车行业中积极开展技术和商业模式创新的杰出代表，也是中国车企全球化发展的领军企业，我们非常高兴与蔚来开展紧密合作。我们将在行业‘新四化’的大潮中不断扩大与领先企业的合作，充分发挥采埃孚的科技赋能实力。”</p></body></html>","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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style=\"background-image:url(https://static.tigerbbs.com/b6fb647077f1ce46dc341fc35c26e817);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">凤凰网港股 </p>\n<p class=\"h-time\">2022-10-14 15:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>10月14日，德国汽车零配件供应商采埃孚官博宣布：10月11日，采埃孚集团与<a href=\"https://laohu8.com/S/NIO\">蔚来</a>汽车(NIO)在德国慕尼黑签署战略合作协议，双方将在线控转向产品等领域展开合作。双方将建立即时信息共享机制，深化沟通渠道，定期开展技术交流，共同设定行业领先的工艺和质量标准。此次协议的签署，标志着采埃孚集团首次在亚太区获线控转向业务合作，双方致力于推动自动驾驶和电动化等领域发展。采埃孚集团董事柯皓哲博士（Dr. Holger Klein）表示：“采埃孚全新的线控转向系统是市场领先的尖端技术，<a href=\"https://laohu8.com/S/NIO.SI\">蔚来</a>是中国汽车行业中积极开展技术和商业模式创新的杰出代表，也是中国车企全球化发展的领军企业，我们非常高兴与蔚来开展紧密合作。我们将在行业‘新四化’的大潮中不断扩大与领先企业的合作，充分发挥采埃孚的科技赋能实力。”</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4532":"文艺复兴科技持仓","BK4531":"中概回港概念","LU0052750758.USD":"富兰克林中国基金A Acc","BK4534":"瑞士信贷持仓","LU0320764599.SGD":"FTIF - Templeton China A Acc 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href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a>上月好像是2号出销量","text":"$蔚来(NIO)$上月好像是2号出销量","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/816811845","isVote":1,"tweetType":1,"viewCount":3737,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":818255251,"gmtCreate":1630416578573,"gmtModify":1630416578573,"author":{"id":"3516934705374918","authorId":"3516934705374918","name":"炒股十年还剩内裤","avatar":"https://static.tigerbbs.com/619c71b8251c8712985234d4b2a746db","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3516934705374918","idStr":"3516934705374918"},"themes":[],"htmlText":"啥玩意突然不香了，哪只中概互联网股香了，这半年。说的好像就多多在跌一样","listText":"啥玩意突然不香了，哪只中概互联网股香了，这半年。说的好像就多多在跌一样","text":"啥玩意突然不香了，哪只中概互联网股香了，这半年。说的好像就多多在跌一样","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/818255251","repostId":"2163083849","repostType":2,"repost":{"id":"2163083849","pubTimestamp":1630347483,"share":"https://www.laohu8.com/m/news/2163083849?lang=&edition=full","pubTime":"2021-08-31 02:18","market":"us","language":"zh","title":"拼多多为什么不香了？","url":"https://stock-news.laohu8.com/highlight/detail?id=2163083849","media":"三联生活周刊","summary":"过去几年，拼多多股价屡创新高，专治各种不服，为什么一夜之间，拼多多突然不香了？从拼多多最核心的指标活跃用户增速来看，去年拼多多的活跃用户总数达到了 7.79 亿，首次超过阿里，成为国内用户规模最大的电商平台，到了今年，拼多多的用户更是高达 8.5 亿。今年二季度拼多多实现盈利，主要就是因为减少了营销费用，也就是减轻了补贴力度，随之而来的，就是公司二季度的活跃用户增速创下新低。","content":"<html><body><article><p>一路飙涨的<a href=\"https://laohu8.com/S/PDD\">拼多多</a>股价今年持续跳水，2 月份以来，公司股价在半年时间里的最大跌幅超过 60%。过去几年，拼多多股价屡创新高，专治各种不服，<strong>为什么一夜之间，拼多多突然不香了？</strong></p><p>2018 年上市以来，拼多多的股价在一片争议声中持续暴涨，去年年底，市值跻身中国互联网公司的第三名，仅次于<a href=\"https://laohu8.com/S/00700\">腾讯</a>和阿里，公司创始人黄峥的身家更是一度超过了马云。</p><p>但是，过去半年里，拼多多股价大跌，公司市值已经从巅峰时期的 2200 多亿美元缩水过半，目前拼多多的市值已经低于美团和<a href=\"https://laohu8.com/S/JD\">京东</a>。拼多多的一些重要投资者也开始纷纷减持，比如一直重仓拼多多的高瓴资本，今年二季度大幅减持。<strong>投资者为什么开始抛弃拼多多了呢？</strong></p><p>图｜<a href=\"https://laohu8.com/S/000681\">视觉中国</a></p><p>今年以来，在美国上市的中概股股价都有较大幅度的下跌，不过，拼多多的跌幅明显超过其他中概股，<strong>这就说明除了整体环境因素之外，拼多多的股价下跌还有更多自身因素。</strong></p><p><strong>拼多多股价之所以在半年之内跌幅超过 6 成，主要原因还在于前期涨幅过大，股价已经积累了较大的估值泡沫，远远超过了主要竞争对手。</strong>去年年底，拼多多的市值达到 2000 亿美元，比京东和<a href=\"https://laohu8.com/S/BIDU\">百度</a>的市值之和还多，而从业绩来看，去年京东实现<span>净利润</span>近 500 亿元，百度的净利润大概 200 多亿元，而拼多多还在亏损之中。拼多多股价的估值泡沫之大，也是可见一斑。</p><p><strong>资本市场之所以狂热追捧拼多多，主要看中其高速成长能力，但是在经过了前几年的高速增长之后，拼多多的速度开始慢下来了。</strong>从拼多多最核心的指标活跃用户增速来看，去年拼多多的活跃用户总数达到了 7.79 亿，首次超过阿里，成为国内用户规模最大的电商平台，到了今年，拼多多的用户更是高达 8.5 亿。</p><p><strong>但与此同时，这也意味着拼多多的用户规模距离天花板越来越近，</strong>中国的网民规模大概是 9.89 亿人，拼多多 8.5 亿人的用户规模，意味着拼多多增长空间越来越有限，在未来继续保持高速增长将越来越难。</p><p>图 | 视觉中国</p><p>今年前两个季度，拼多多的活跃用户增速分别为 31% 和 30%，和去年同期水平相比明显放缓，按照这样的趋势，拼多多的活跃用户增速很可能跌至 30% 以下，<strong>对于以高增长故事打动资本市场的拼多多而言，这样的增速显然难以满足投资者的期待。</strong></p><p><strong>当增长速度难以支撑估值泡沫，拼多多的股价很快就出现了雪崩之势，很多前期坚定看好拼多多的投资者开始大幅减持。</strong>在股价持续大跌之际，或许是为了挽回投资者信心，拼多多在 8 月份发布了二季度财报，超出市场预期的是，拼多多在二季度突然盈利了，单季度实现了 24 亿元的净利润。</p><p>拼多多的盈利迅速刺激公司股价反弹，当天拼多多股价大涨 22%。<strong>但是，如果拼多多试图以短期盈利的成绩单来取悦投资者，从长期来看可能意味着更大的麻烦。</strong></p><p>拼多多今年二季度实现盈利，并非公司经营层面出现了明显改善，在收入增速放缓的背景下，<strong>拼多多的盈利主要来自于挤压费用。</strong>今年二季度，拼多多的营销费用比一季度大幅减少了 30 亿元，这是拼多多实现盈利的主要因素。</p><p>但是，拼多多对投资者的主要吸引力在于其高速增长，投资者更希望看到拼多多在高速增长中实现盈利，<strong>而拼多多通过压缩费用实现的收缩式盈利，既不可持续，也并非理想的盈利模式。</strong></p><p>图 | 视觉中国</p><p><strong>对于拼多多而言，现在来到了一个关键的十字路口，需要在高增长和盈利之间做出选择。</strong>过去拼多多可以靠高速增长的故事打动投资者，拼多多越是亏损，投资者越是认可，但是现在，公司的天花板已经越来越近，维持高增长的成本也越来越高，继续靠高增长的故事打动投资者越来越难。</p><p>当增速无法维持公司的高股价，拼多多就必须像很多互联网前辈一样，从讲故事转型到实现盈利，这是任何互联网公司都早晚要面临的一天。</p><p>拼多多诞生之初，一直伴随着山寨假货等争议，为了摆脱公司的低端形象，同时也是为了争取更多的用户，拼多多在几年前推出百亿补贴计划，大力补贴<a href=\"https://laohu8.com/S/AAPL\">苹果</a>等高端商品，甚至还补贴用户购买<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>，试图吸引更多的中高端消费者成为拼多多用户。</p><p>事实证明，拼多多的补贴计划收到了很好的效果，最近几年，拼多多用户超过<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>，高达 8.5 亿人，<strong>拼多多已经不再只是服务于五环外的客户，一跃成为国内规模最大的电商平台，很大程度就是靠补贴计划的刺激。</strong></p><p><strong>不过，拼多多靠补贴积累起来的客户基础并不牢固。</strong>一旦开始追求盈利，公司就将不得不减少补贴，那些出于薅拼多多羊毛目的而来的客户就会迅速流失。今年二季度拼多多实现盈利，主要就是因为减少了营销费用，也就是减轻了补贴力度，随之而来的，就是公司二季度的活跃用户增速创下新低。</p><p>对于拼多多的消费者而言，最大的吸引力就是价格便宜，拼多多商品价格便宜的奥秘，除了大规模的补贴之外，还有两大重要原因，<strong>一是因为拼购模式，通过以量换价来压低商品价格，二是拼多多平台上大量的山寨产品甚至假货。</strong></p><p>拼多多诞生以来，平台上的商品质量屡屡被人诟病，但是因为价格便宜，很多人在吐槽过后还是会继续购买，所以，即使商品质量有问题，但这并没有妨碍公司用户高速增长。</p><p>但是如果将来拼多多开始考虑盈利，由此带来商品价格上涨，对于消费者而言，以 10 元钱购买一件低品质商品可能还能忍受，但是，如果以更高的价格换来的还是山寨甚至假货，这可能会让消费者难以容忍，即使是五环外的用户，也有自己的消费底线。</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\" 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>拼多多为什么不香了？</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拼多多为什么不香了？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-31 02:18 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021083102180479e9b75c&s=b><strong>三联生活周刊</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>一路飙涨的拼多多股价今年持续跳水，2 月份以来，公司股价在半年时间里的最大跌幅超过 60%。过去几年，拼多多股价屡创新高，专治各种不服，为什么一夜之间，拼多多突然不香了？2018 年上市以来，拼多多的股价在一片争议声中持续暴涨，去年年底，市值跻身中国互联网公司的第三名，仅次于腾讯和阿里，公司创始人黄峥的身家更是一度超过了马云。但是，过去半年里，拼多多股价大跌，公司市值已经从巅峰时期的 2200 ...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021083102180479e9b75c&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/cfb25f107d83e079af4b224ae89c045b","relate_stocks":{"PDD":"拼多多"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021083102180479e9b75c&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2163083849","content_text":"一路飙涨的拼多多股价今年持续跳水，2 月份以来，公司股价在半年时间里的最大跌幅超过 60%。过去几年，拼多多股价屡创新高，专治各种不服，为什么一夜之间，拼多多突然不香了？2018 年上市以来，拼多多的股价在一片争议声中持续暴涨，去年年底，市值跻身中国互联网公司的第三名，仅次于腾讯和阿里，公司创始人黄峥的身家更是一度超过了马云。但是，过去半年里，拼多多股价大跌，公司市值已经从巅峰时期的 2200 多亿美元缩水过半，目前拼多多的市值已经低于美团和京东。拼多多的一些重要投资者也开始纷纷减持，比如一直重仓拼多多的高瓴资本，今年二季度大幅减持。投资者为什么开始抛弃拼多多了呢？图｜视觉中国今年以来，在美国上市的中概股股价都有较大幅度的下跌，不过，拼多多的跌幅明显超过其他中概股，这就说明除了整体环境因素之外，拼多多的股价下跌还有更多自身因素。拼多多股价之所以在半年之内跌幅超过 6 成，主要原因还在于前期涨幅过大，股价已经积累了较大的估值泡沫，远远超过了主要竞争对手。去年年底，拼多多的市值达到 2000 亿美元，比京东和百度的市值之和还多，而从业绩来看，去年京东实现净利润近 500 亿元，百度的净利润大概 200 多亿元，而拼多多还在亏损之中。拼多多股价的估值泡沫之大，也是可见一斑。资本市场之所以狂热追捧拼多多，主要看中其高速成长能力，但是在经过了前几年的高速增长之后，拼多多的速度开始慢下来了。从拼多多最核心的指标活跃用户增速来看，去年拼多多的活跃用户总数达到了 7.79 亿，首次超过阿里，成为国内用户规模最大的电商平台，到了今年，拼多多的用户更是高达 8.5 亿。但与此同时，这也意味着拼多多的用户规模距离天花板越来越近，中国的网民规模大概是 9.89 亿人，拼多多 8.5 亿人的用户规模，意味着拼多多增长空间越来越有限，在未来继续保持高速增长将越来越难。图 | 视觉中国今年前两个季度，拼多多的活跃用户增速分别为 31% 和 30%，和去年同期水平相比明显放缓，按照这样的趋势，拼多多的活跃用户增速很可能跌至 30% 以下，对于以高增长故事打动资本市场的拼多多而言，这样的增速显然难以满足投资者的期待。当增长速度难以支撑估值泡沫，拼多多的股价很快就出现了雪崩之势，很多前期坚定看好拼多多的投资者开始大幅减持。在股价持续大跌之际，或许是为了挽回投资者信心，拼多多在 8 月份发布了二季度财报，超出市场预期的是，拼多多在二季度突然盈利了，单季度实现了 24 亿元的净利润。拼多多的盈利迅速刺激公司股价反弹，当天拼多多股价大涨 22%。但是，如果拼多多试图以短期盈利的成绩单来取悦投资者，从长期来看可能意味着更大的麻烦。拼多多今年二季度实现盈利，并非公司经营层面出现了明显改善，在收入增速放缓的背景下，拼多多的盈利主要来自于挤压费用。今年二季度，拼多多的营销费用比一季度大幅减少了 30 亿元，这是拼多多实现盈利的主要因素。但是，拼多多对投资者的主要吸引力在于其高速增长，投资者更希望看到拼多多在高速增长中实现盈利，而拼多多通过压缩费用实现的收缩式盈利，既不可持续，也并非理想的盈利模式。图 | 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