拼多多:国内冲击逐步明朗 海外有待观察但影响可控

中金公司
21 Mar

4Q24 收入不及市场预期,非通用会计准则净利润超市场预期公司公布4Q24 业绩:收入同比增长24.4%至1,106 亿元,低于市场预期5%,主要系交易服务收入低于市场预期。非通用会计准则净利润299 亿元,超市场预期4%,主要系国内和海外保持了较优的投入效率。发展趋势Temu 货币化率下行和让利商家拖累佣金收入。拼多多4Q24 广告和其他收入同增17%,基本符合预期;4Q24 佣金收入同增33%...

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