核心观点2024 年第三季度，拼多多实现营收993.54 亿元，同比增长44.33%，实现经调整净利润274.59 亿元，同比增长61.26%，收入和利润端均低于彭博一致预期。收入端miss 一方面因为主站增速或广告货币化率略低预期，另一方面因为Temu 的名义货币化率低预期（半托管占比提升导致），利润端miss 可能更多跟公司对于tob 端减负降费的行动有关，本季度虽然期间费用率同比仍下降，但...
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