[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcioe3808112":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":77},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcioe3808112","拼多多将于8月25日（下周一）发布财报，千万看涨期权资金押注其股价上涨","\u002Fdoc\u002Fdcioe3808112","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>根据美股大数据追踪，华尔街机构严重看涨拼多多 代号PDD 下周一 8月25日的财报，海量总价值2500万美元看涨期权成交，数据来源\u003Ca href=\"https:\u002F\u002Ft.co\u002FuRBFLS4YSv\" target=\"_blank\" rel=\"noopener\">https:\u002F\u002FStockWe.com\u002FStockData\u003C\u002Fa>\u003C\u002Fp>\n\u003Cp> \u003C\u002Fp>\n\u003Cp>\u003Cimg style=\"display: block; margin-left: auto; margin-right: auto;\" src=\"https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202508-stk\u002F1064108726mceclip2.jpg\">\u003C\u002Fp>\n\u003Cp> \u003C\u002Fp>\n\u003Cp>\u003Cimg style=\"display: block; margin-left: auto; margin-right: auto;\" src=\"https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202508-stk\u002F1325412472mceclip3.jpg\" width=\"700\" height=\"1339\">\u003C\u002Fp>\n\u003Cp> \u003C\u002Fp>\n\u003Cp>\u003Cimg style=\"display: block; margin-left: auto; margin-right: auto;\" src=\"https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202508-stk\u002F1392664778mceclip4.jpg\" width=\"698\" height=\"1343\">\u003C\u002Fp>\n\u003Cp> \u003C\u002Fp>\n\u003Cp>\u003Cstrong>华尔街机构严重看好背后的基本面逻辑\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cp>\u003Cstrong> \u003C\u002Fstrong>\u003Cstrong>1. \u003C\u002Fstrong>\u003Cstrong>中国零售复苏超预期\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cp>2025 年第二季度，中国零售销售月均同比增长\u003Cstrong>5.4%\u003C\u002Fstrong>，几乎是去年同期\u003Cstrong>2.7%\u003C\u002Fstrong> 的两倍。\u003C\u002Fp>\n\u003Cp>更鼓舞人心的是，2025 年上半年中国\u003Cstrong>线上零售销售同比增长 8.5%\u003C\u002Fstrong>，高于同期\u003Cstrong>整体消费品零售额的 5% \u003C\u002Fstrong>\u003Cstrong>增幅\u003C\u002Fstrong>。这对拼多多来说是利好消息。虽然其 2025 年一季度收入同比增长 10%，远不及 2024 年全年的 59% 增速，但至少表明增长仍在持续。\u003C\u002Fp>\n\u003Cp>近期零售回暖不太可能让拼多多恢复到 2024 年的高速增长，但有望部分抵消美国市场因关税上升带来的负面冲击。甚至不排除分析师会上调 2025 年的全年收入增速预期，目前市场预期是\u003Cstrong>9.9%\u003C\u002Fstrong>，而最高的预测则达到\u003Cstrong>18.5%\u003C\u002Fstrong>。\u003C\u002Fp>\n\u003Cp>\u003Cstrong>2. \u003C\u002Fstrong>\u003Cstrong>利润收缩背后的战略考量\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cp>根据美股投资网，拼多多在最新财报中，利润大幅下滑令人失望。2024 年其非 GAAP 经营利润和净利润均增长\u003Cstrong>80%\u003C\u002Fstrong>，但在 2025 年一季度分别同比下跌\u003Cstrong>36%\u003C\u002Fstrong> 和\u003Cstrong>45%\u003C\u002Fstrong>。\u003C\u002Fp>\n\u003Cp>表面上看，可能是需求放缓所致。但公司解释，这一利润收缩源于战略性投入：加大对平台的投资，以应对“外部环境变化”，同时为商家和消费者提供支持，推动销售、降低成本。未来，拼多多仍计划继续加大投资，意味着利润短期内可能承压。\u003C\u002Fp>\n\u003Cp>但这并不意味着需要对拼多多失去信心：\u003C\u002Fp>\n\u003Col start=\"1\">\n\u003Cli>分析师预计 2025 年全年每股收益（EPS）下跌\u003Cstrong>25.9%\u003C\u002Fstrong>，远小于一季度的跌幅。\u003C\u002Fli>\n\u003Cli>公司希望通过更大投入，改善长期健康度。\u003C\u002Fli>\n\u003Cli>从明年起，预计拼多多将恢复\u003Cstrong>双位数的利润增长\u003C\u002Fstrong>。\u003C\u002Fli>\n\u003C\u002Fol>\n\u003Cp>\u003Cstrong>3. \u003C\u002Fstrong>\u003Cstrong>估值水平更具吸引力\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cp>拼多多的估值倍数如今显著下降，更具吸引力：\u003C\u002Fp>\n\u003Cp>Forward 非 GAAP 市盈率（P\u002FE）为 13.56 倍，远低于过去五年平均的 71.8 倍。与阿里巴巴（13.64 倍）、京东（11.84 倍）相比差距不大。\u003C\u002Fp>\n\u003Cp>GAAP 前瞻市盈率为 14.95 倍，大幅低于今年 2 月时的 24.85 倍。\u003C\u002Fp>\n\u003Cp>过去拼多多的估值远高于阿里和京东，如今差距明显缩小：阿里为 16.05 倍，京东为 13.39 倍，拼多多在估值对比中已不再显得昂贵。\u003C\u002Fp>\n\u003Cp>你怎么看待这次机会？是否跟着机构吃肉，你喝汤！\u003C\u002Fp>","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202508-stk\u002FUploaderagu4avzf222_2025_08_21_14_29_41.jpg","2025-08-21T19:50:53.447","2025.08.21","2025\u002F08\u002F21",55649,[22],"PDD","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 StockWe.com 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理千万级股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，精准买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":78,"search":79,"searchPlaceholder":79,"hotContent":80,"draft":81,"noData":82,"searchNoData":83,"edit":84,"editVideo":85,"courseContent":86,"more":87,"buyNow":88,"subscribeNow":89,"encoding":90,"paidContent":91},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","编辑","编辑视频","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]