<p><strong>拼多多控股</strong>（PDD -30.46%）的股票今天大幅下跌，此前这家中国电商公司及拼多多和特拇的所有者在第二季度发布了令人失望的收入增长数据，并对未来几个季度发表了悲观的评论。</p>
<p>截至美东时间上午 11:12，股价下跌了 28%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODg1NTkvY2hpbmEtZS1jb21tZXJjZS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODg1NTkvY2hpbmEtZS1jb21tZXJjZS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>拼多多遭遇困境</h2>
<p>在中国电商领域，拼多多一直在逆势增长，持续取得惊人的增长，而像 <strong>阿里巴巴</strong> 和 <strong>京东</strong> 这样的同行却陷入困境。然而，情况似乎正在发生变化。</p>
<p>第二季度的数据仍然令人印象深刻，收入在该季度增长了 86%，达到 134 亿美元，但仍低于分析师共识的 140.4 亿美元。</p>
<p>利润率也继续扩大，调整后的营业利润增长了 139%，达到 44.8 亿美元。拼多多改善了其毛利率，并在销售和营销以及研发等费用上获得了杠杆效应。</p>
<p>在底线上，公司每股调整后盈利为 3.20 美元，高于去年同期的 1.45 美元，也优于共识的 2.73 美元。</p>
<p>然而，投资者似乎更关注收入增长低于预期和管理层谨慎的评论，共同 CEO 雷辰表示：“尽管我们对过去几个季度取得的实质性进展感到鼓舞，但我们看到前方有许多挑战”，暗示竞争更加激烈。他补充道：“我们准备接受短期牺牲和潜在的利润下降。”</p>
<h2>拼多多的未来</h2>
<p>拼多多没有为当前季度或今年剩余时间提供具体指引，因为中国公司通常不提供指引，但在财报电话会议上的评论表明，公司预计将面临更加激烈的竞争压力，对收入增长构成压力。</p>
<p>好消息是，目前拼多多股票的市盈率低于 10，这是一个非常低的估值，考虑到公司仍在快速增长，反映了投资者对中国市场的谨慎态度。</p>
<p>今天的抛售可能会被证明是一个买入机会，但考虑到中国面临的更广泛挑战以及管理层暗示利润可能很快下降，投资者可能希望对该股采取谨慎的态度。</p>

拼多多

<p>PDD 控股的股价在第二季度营收增长令人失望，仅增长 86%，大幅下跌 28%，未达到分析师的预期。尽管利润率增加并且调整后的盈利超过共识，但管理层谨慎的展望和对竞争加剧的承认使投资者感到恐慌。PDD 没有提供具体的指导，但表示前方仍有挑战，引发了对潜在盈利下降的担忧。尽管市盈率较低，但在中国整体市场担忧加剧的背景下，公司前景仍不确定</p>

<p>Shares of <strong>PDD Holdings</strong>(PDD -30.46%) were tumbling today after the Chinese e-commerce company and owner of Pinduoduo and Temu posted disappointing revenue growth in the second quarter and offered a downbeat commentary on the quarters ahead.</p>
<div class="lb-trans"><p><strong>拼多多控股</strong>（PDD -30.46%）的股票今天大幅下跌，此前这家中国电商公司及拼多多和特拇的所有者在第二季度发布了令人失望的收入增长数据，并对未来几个季度发表了悲观的评论。</p>
</div><p>Shares were down 28% as of 11:12 a.m. ET on the news.</p>
<div class="lb-trans"><p>截至美东时间上午 11:12，股价下跌了 28%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODg1NTkvY2hpbmEtZS1jb21tZXJjZS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F788559%2Fchina-e-commerce.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>PDD runs into a wall</h2>
<div class="lb-trans"><h2>拼多多遭遇困境</h2>
</div><p>PDD had been bucking the trend in Chinese e-commerce, continuing to put up phenomenal growth while peers like <strong>Alibaba</strong> and <strong>JD.com</strong> have struggled. However, that now seems to be changing.</p>
<div class="lb-trans"><p>在中国电商领域，拼多多一直在逆势增长，持续取得惊人的增长，而像 <strong>阿里巴巴</strong> 和 <strong>京东</strong> 这样的同行却陷入困境。然而，情况似乎正在发生变化。</p>
</div><p>Second-quarter numbers were still impressive as revenue jumped 86% in the period to $13.4 billion, but that was short of the analyst consensus at $14.04 billion.</p>
<div class="lb-trans"><p>第二季度的数据仍然令人印象深刻，收入在该季度增长了 86%，达到 134 亿美元，但仍低于分析师共识的 140.4 亿美元。</p>
</div><p>Margins also continued to expand as adjusted operating profit jumped 139% to $4.48 billion. PDD improved its gross margin and gained leverage on expenses like sales and marketing and research and development.</p>
<div class="lb-trans"><p>利润率也继续扩大，调整后的营业利润增长了 139%，达到 44.8 亿美元。拼多多改善了其毛利率，并在销售和营销以及研发等费用上获得了杠杆效应。</p>
</div><p>On the bottom line, the company posted adjusted earnings per share of $3.20, up from $1.45 in the quarter a year ago, and better than the consensus at $2.73.</p>
<div class="lb-trans"><p>在底线上，公司每股调整后盈利为 3.20 美元，高于去年同期的 1.45 美元，也优于共识的 2.73 美元。</p>
</div><p>However, investors seemed more concerned about the weaker-than-expected top-line growth and cautious comments from management as co-CEO Lei Cehn said, &#34;While encouraged by the solid progress we made in the past few quarters, we see many challenges ahead,&#34; implying more intense competition. He added, &#34;We are prepared to accept short-term sacrifices and potential decline in profitability.&#34;</p>
<div class="lb-trans"><p>然而，投资者似乎更关注收入增长低于预期和管理层谨慎的评论，共同 CEO 雷辰表示：“尽管我们对过去几个季度取得的实质性进展感到鼓舞，但我们看到前方有许多挑战”，暗示竞争更加激烈。他补充道：“我们准备接受短期牺牲和潜在的利润下降。”</p>
</div><h2>What's next for PDD</h2>
<div class="lb-trans"><h2>拼多多的未来</h2>
</div><p>PDD didn't give specific guidance for the current quarter or the rest of the year as Chinese companies don't typically give guidance, but comments on the earnings call indicate it expects to see more intense competitive pressure, weighing on revenue growth.</p>
<div class="lb-trans"><p>拼多多没有为当前季度或今年剩余时间提供具体指引，因为中国公司通常不提供指引，但在财报电话会议上的评论表明，公司预计将面临更加激烈的竞争压力，对收入增长构成压力。</p>
</div><p>The good news is that PDD stock looks cheap at a price-to-earnings ratio of less than 10 now, a shockingly low valuation for a company still growing very rapidly, which reflects investors' cautiousness around China.</p>
<div class="lb-trans"><p>好消息是，目前拼多多股票的市盈率低于 10，这是一个非常低的估值，考虑到公司仍在快速增长，反映了投资者对中国市场的谨慎态度。</p>
</div><p>Today's sell-off could prove to be a buying opportunity, but investors may want to take a cautious approach with the stock, given the broader challenges in China and management's indication that profits could soon fall.</p>
<div class="lb-trans"><p>今天的抛售可能会被证明是一个买入机会，但考虑到中国面临的更广泛挑战以及管理层暗示利润可能很快下降，投资者可能希望对该股采取谨慎的态度。</p>
</div>

Why PDD Holdings Stock Plunged Today

- 中国电商公司 PDD 控股（PDD -30.46%）在第二季度发布令人失望的收入增长数据后股价大跌，未来季度展望也不乐观，股价下跌 28%。  
- 尽管第二季度收入增长 86% 至 134 亿美元，但低于分析师预期的 140.4 亿美元。  
- PDD 的利润率继续扩大，调整后的营业利润增长 139% 至 44.8 亿美元，股价便宜，但管理层警告未来竞争更加激烈，投资者应谨慎对待。

为什么拼多多控股的股票今天暴跌