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拼多多母公司 PDD Holdings 超越季度營收預期，旗下國際電商 Temu 表現搶眼，但高強度競爭及國內外投資壓力導致利潤下滑。面對中美貿易摩擦與內地消費疲弱，PDD 加碼補貼商戶與推廣支出，意圖強化 Temu 生態圈，惟代價是利潤率被進一步壓縮。
Temu-owner PDD Holdings beat revenue expectations in Q2 thanks to Temu’s global traction, but profits fell under pressure from aggressive competition and rising investment. The company’s heavy spend on merchant subsidies, server infrastructure, and international logistics, particularly to mitigate U.S. tariffs, reflects its ambition to strengthen Temu despite short-term financial volatility.
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Full article https://www.reuters.com/world/china/temu-owner-pdd-tops-revenue-estimates-competition-squeezes-margins-2025-08-25/