kaipianxianeyaotiaomingshangmianchanfadezhongdian：dangwaijiebianjirenzhihaidouliuzaibaiyibutie-zhenxiangdinglvshangshi，pinduoduoquezai3q20jiduwanchenglehongli(non-gaap)，chuhushichangyugan；yucitongshi，zheijiagongsijiangyanxuzhongcangnongyeqian、zhong、hougeguantou，younenggouxiangrang“maicai”xinyingyejianglainengzhongzouyibian“jinwuhuan”delu。neimo，zainongyejijianyanxutouruxia，pinduoduoshizenyangqiaowushengqiwanchenghonglide？shishishitadelichengbei，rengshihaojingbuchang？

怎样红利的？

zuowanxuanbudesanjibaoxianxian，zaifeimeiguoguanzhangyuanze(non-gaap)xia，yebianshishouyaotichuguquangulishenfenhou，pinduoduo3q20yunyingchikui3.4yiyuan，zaizheigegenbenshangjiashangliqianyutouzishouyi、huilvshouyi、zhengcebutiedengqiyuzhichuhou，guishugudongdenon-gaapjinglirunwei4.7yiyuan。shangyijiduzheigeshuzishi-0.77yi，neishiyichuzaiyingkuijunhengdiansizhou。

ruoshianzhaodaijiatouzibudaozhebafeitedegainian，guquangulimofeibushiqiyedebenqianma？queqie，guquangulixiangchengyubengaiyouqiyedangqifuchudeyongdu，yiquanlideqingshi“tizao”daoshangshihouyouqiyeheerjishichangyilu“fuchu”，jianhuanleqiyequedangqiyali。neimo，pinduoduogaijiduzaiyanfa、yingxiao、xingzhenghebanligangtingfuchudeguquangulishijiduoni？9.56yibaibu，bikesuitongqizengtianle43%，huanbishangyijidugenjichiping。

zhei9.56yibingbuduidangqixianjinxingchengrenheyingxiang。gaijidupinduoduodeyunyingxianjinliushi83yiyuan，chuyuhanqinggaowei，shangyijidushi55yi，kesuitongqishi26yi。eryunyinggoudangfashengdexianjinliushijinglirundequanyuan，dianmojiajianyixieyingshou、fuyanmingmu，hejiruguquanguli、zhejiutanxiaodengfeixianjinmingmuhouhuodejinglirun。qiashiyinwei3q20jidushangjiadegaobaitoufangzhiyuanjiaqiangshipingtaihuodelechongfendeyunyingxianjinliu，erguquanguliyoubeijiezhizaihanqingchengdu，cairangepsmeigushouyiqujinyuyingkuijunheng，gaijiduwei-0.16yuan，kesuitongqiwei-0.5yuan。

boliduoxiaodejieguorangpinduoduoshangjiakandaolegaobaitoufangderoi。weiguanshujuxianxian，benniantingzhi9yue30ri，tianxiakuaidibaoguoliangtongbizengtianle27.9%，danzaixianshenwushangpinfamaiezengsuzhiyao15.1%。zheishenmingkedanjiazaijiangluo，xiaojianshangpinshouyaozhichilebaoguoliangdezengsu。zheicizhongyouyiqingyingxiang，yeyoupinduoduodeshenfen，shouyaolaiziyipixinyonghuyongru，caibannongchanwuyuhukouyongpin。10yuechu，gaipingtaizhuridingdanliangfengzhichongpole1yidan。

sanjidupinduoduonianduhuopomaipaibiedaoda7.3yi，bishangyijiduzengtianle4800wan。duizhaokan，zheiyishuziyihenshikaojinalibabatongqide7.57yiniandumaijia，houzhedehuanbizengtianliangshi1500wan。pinduoduoderenjunnianhuafeiedaoda1993yuan，huanbizengtianle136yuan，shibennianyilaihuanbichengjiuzuihaodeyigejidu。zheixiejingxiangtuigaolegmvdezengtian，erchixu12geyuedetake ratehuoquanhualvzailvlileyijidude2.8%、erjidude2.9%hou，zaisanjiduzhonghui3.0%hanqinggaowei，cairangqizhichuyuyunyingxianjinliuzengtianjiaozhe。

红利是计谋须要吗？

nongyecaichanlianshouyaobaohanchuchan、yunshu、huafeisanhuan。pinduoduonangxizuodejihezaichangtongguantou，bingjingyouguochengchenglinongchanwuzhanwangpingtaifanxiangzhidianchuchan，hunpeigongxu，ceyankaoshixiangchuchanduanshenrufuneng。jiujingjieguonongchanwuyufuzhuangwangwww.vhao.netleimuyoubiranleisixing，douyou“chaoshuixing”，doupa“yakucun”。cike，zheitiaogongjilianfuzhiqitoujieshichugengduodeyanzhangnenggouxing。

bifangzaibencicaibaochanfashijihuishang，liangduochanfashiguanhuaipinduoduodemaicaixinyingye，zheishiyigejiyubendidiweideshengxiancaibanqudao，conger、sanxiandouhuiqibu，shangxianzhiyaosangeyuebaibu，fangzhenshijiaqiangyonghudenianxingyuxinlaidu。qianweijishengxiandianshangxingyechuanchuyiguoshengxiantingyezhongzudedongjing，rangwaijieduizheiyifanchouhezuodeyankuxingyoulexinshuxi。shengxiandebenqianhaosunshibushihuijipinduoduozaibaiyibutieyiwai，zaiyashangyigezhongren？

anzhaopinduoduobanlicengdeyiyi，buhuijimaicaiyingyelingdingfenpaiyingxiaoyusuan，ershisuanzaidianshangquantiyingxiaoyusuanliquanpanzhenzhuo。sanjiduquantiyingxiaoyongduhanqingxingdichongpole100yiyuan，dantongbizengtianlv(46%)heyingxiaoyongdulv(70%)jundiyuerjidu(49%,75%)，jimaicaiyingyemeishangxianshi。zheinenggoushenming，zuoweiyigeqibujieduandeyingye，maicaibufashengfanweihuadeyingxiaozhichu，danyehaibufashengfanweihuazhichu。ruxukan，maicaiyingyegengxiangshipinduoduoquanbunongyegongjiliandeyigeyanzhang，naizhidousuanbushangyigexinyingye。

pinduoduonangxiyixiangzhongdiantouzinongyegenbenjucuocuoshi，zaixindeyingyeyanzhangbiaodefangzhenxia，xuyaotaedingtoubenqiandicangchuyulenglianzhuangbei，yi4plshenfengouzaowuliubanshi。zheiyeyingdangsuanzainongyegenbenjucuocuoshizongpanzili。2019niangaipingtainongyegmvshi1360yiyuan，banlicenggujibenniannengdaoda2500yi。ruoshianzhao1.6wanyiyusuangaipingtai2020niangmv，nongyexiangganfamaizhanbijiangkuayue15%。

nenggoushuo，nongyeshipinduoduodeyigeduzhu，yeshitalikaidianshangjiafengchengzhangchanghepaichang、congtouchidiyipianlingdidezuizhuyaobiaodefangzhen。gongdaodeluojiyingdangshi，banlicengkandaolepingtaihonglidekeyuqixing，caiceyankaoshijinyibuyanzhangnongchanwugongjiliandedaijiahechengliduoyuanhuafenxiaoxitong。danjihonglishiyizhongjimouxuyao，bushiyihoufangzhen。

拼多多的计谋节拍

jinjinian，wailaishengchihuiliushitianxiaxingdebianjiquxiang。anzhaoguoduweijianweixuanbudeshuju，2015nianshihuodongshengchiquxiandeyigeguaidian，xishitianxiahuodongshengchi2.47yidaodafengzhi，zheiyihouqitouchihuanjiangluo，chengzhenshengchibizhongdezengsuxiangyingqitoufanghuan。benniandeyiqing、waimaodengshenfenhuijinyibuqianghuazheileiquxiang。nongyedianshangchengweizheipihuijichuangyezheheshidezaishiyetili。

guaidiandidiande2015nianqiashicuntaoqibuchengzhangjieduan，cuntaohaibeiguirulexishide“shuang11”，danhouxuyinweialibabaquantijimougengfangxiangyupinpaijinjiyuyinjinguojipinpai，zaijiashangneishixiangcunwuliugenbenjucuocuoshiruanruodengzhu、keguanshenfen，cuntaomingmuhaibuhuodewaijieyuqidechaozhuochengjiu。zheijijuehouzaichuantongdianshangjiafengzhongbaocundepinduoduoliuleyitiaoxiangzi。juehou，nongyedianshanghuodezhengcedinglichanfu，chengweiyizhongzhengzhizhunque。yuzhixiangban，pinduoduojiadanongyetourulidu，yongnongchanwuqiaokaile“wuhuannei”yonghudemen。

bennian6.18dacu，pinduoduobikaitianmaohejingdongdefengmang，diaojibutiejimoudaohukouyongpinyunongchanwudengdikedanjialeimu；gangjunshideshuang11，tayebuchashougmvshuzibipin。anzhaodisanfangxingtushuju（jinchaozhiyaodanyishujuyuan，ruoshiduiqixinlaidehua）dui11yue11ridedianshangjiance，dangtianquanwanggmvshi3300yibaibu，pinduoduofenedayaozhiyao6%。pinduoduotiaoxuanyibianjingyouguochengchangtaihuadebaiyibutiejinbugmvyuyonghushuzengtiandeqishi，yibiandinglidutouruzhangzhouqi、baodamandenongyegenbenjucuocuoshi，chenglixifenleimianqianmujindehuchenghe，duizhibenshendejiepai，xuyaobirandejimoudingli。

若是把拼多多看做一个代价投资者，他此刻做的恰是长线规划，只不过投资的是他本身。三季度在非美国管帐原则下的红利更像是新任CEO陈磊向内部投资人诠释：在保障GMV、MAU、支出、运营现金流等主要数据增速的条件下，他有能力靠近或完成红利。但我并不以为他到了要利润空间的阶段。固然红利让拼多多股价单日涨幅跨越20%，不过红利应当不是他现阶段的方针，最少在农业范畴另有更主要的题目待处理。