投资要点：据公司公告，拼多多24Q4 实现营收1106 亿元（市场一致预期1160 亿元），同比增长24%，经营利润同比增长14%至256 亿元，Non-GAAP 归母净利润同比增长17%至299亿元（市场一致预期286 亿元）。24 年度实现营收3938 亿元，同比增长59%，经营利润同比增长85%至1084 亿元，Non-GAAP 归母净利润同比增长80%至1223 亿元。供需两侧持续加大投入...
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