1/206 0.4-2.8 <font color=red>n</font> 今天聊一个跟每个网购的人都有关的话题，09-06 11:12:19-09-06 11:12:23<font color=blue>Let's talk about a topic that everyone who shops online is interested in.</font><br>2/206 3.4-4.84 <font color=red>aaa</font> 拼多多为什么这么便宜？09-06 11:12:19-09-06 11:12:21<font color=blue>Why are products so cheap on Pinduoduo?</font><br>3/206 5.38-6.16 <font color=red>de</font> 九块九包邮，09-06 11:12:22-09-06 11:12:49<font color=blue>Nine for nine, including shipping.</font><br>4/206 6.4-6.82 <font color=red>aaa</font> 五块钱，09-06 11:12:22-09-06 11:12:23<font color=blue>Five yuan,</font><br>5/206 6.88-7.18 <font color=red>xss</font> 一把伞，09-06 11:17:29-09-06 11:17:44<font color=blue>An umbrella,</font><br>6/206 7.48-8.56 <font color=red>hp</font> 十几块钱一件衣服，09-06 11:12:24-09-06 11:12:28<font color=blue>A few dollars per piece of clothing,</font><br>7/206 9.04-10.9 <font color=red>n</font> 这种价格在过去是不可想象的。09-06 11:12:25-09-06 11:12:28<font color=blue>This price was unimaginable in the past.</font><br>8/206 11.14-12.52 <font color=red>n</font> 但拼多多上到处都是。09-06 11:12:26-09-06 11:12:28<font color=blue>But there are many of them on Pinduoduo.</font><br>9/206 13.12-18.28 <font color=red>aaa</font> 今天我们就来拆解一下拼多多到底是怎么做到这么便宜的这个便宜。09-06 11:12:26-09-06 11:12:30<font color=blue>Today, let's break down how Pinduoduo manages to offer such low prices.</font><br>10/206 18.46-19.36 <font color=red>n</font> 对中国制造业，09-06 11:12:29-09-06 11:12:30<font color=blue>For Chinese manufacturing,</font><br>11/206 19.6-20.32 <font color=red>hp</font> 对普通商家、09-06 11:12:30-09-06 11:12:32<font color=blue>For ordinary merchants,</font><br>12/206 20.56-22.42 <font color=red>n</font> 对消费者自己到底意味着什么？09-06 11:12:30-09-06 11:12:32<font color=blue>What does it mean to the consumer?</font><br>13/206 23.32-25.84 <font color=red>aaa</font> 这期我们想做的不是夸拼多多真香，09-06 11:12:31-09-06 11:12:34<font color=blue>This time, we don't want to praise Pinduoduo for being so amazing.</font><br>14/206 26.14-27.82 <font color=red>n</font> 也不是骂拼多多扰乱市场，09-06 11:12:32-09-06 11:12:35<font color=blue>It's not about accusing Pinduoduo of disrupting the market,</font><br>15/206 28.24-29.98 <font color=red>n</font> 而是把便宜这件事讲透。09-06 11:12:32-09-06 11:12:35<font color=blue>Instead, let's talk about the concept of cheapness.</font><br>16/206 30.65-32.03 <font color=red>hp</font> 便宜的逻辑是什么？09-06 11:12:33-09-06 11:12:35<font color=blue>What is cheap logic?</font><br>17/206 32.45-33.77 <font color=red>aaa</font> 便宜的代价是什么？09-06 11:12:34-09-06 11:12:36<font color=blue>What is the cheap price?</font><br>18/206 34.19-37.31 <font color=red>n</font> 便宜的中国制造到底是好事还是坏事？09-06 11:12:36-09-06 11:12:39<font color=blue>Is cheap Chinese-made goods a good thing or a bad thing?</font><br>19/206 38.27-38.33 <font color=red>hp</font> 对，09-06 11:12:37-09-06 11:12:38<font color=blue>Okay,</font><br>20/206 38.69-39.77 <font color=red>n</font> 先说一个基本数据，09-06 11:12:37-09-06 11:12:39<font color=blue>Let's start with a basic fact,</font><br>21/206 40.43-44.57 <font color=red>aaa</font> 二零二四年拼多多的活跃买家数已经超过九亿年，09-06 11:12:38-09-06 11:12:43<font color=blue>In 2024, the number of active buyers on Pinduoduo has exceeded nine hundred million.</font><br>22/206 44.81-46.37 <font color=red>xss</font> g m v 超过四万亿。09-06 11:12:39-09-06 11:13:07<font color=blue>Over 40 billion.</font><br>23/206 46.91-48.23 <font color=red>hp</font> 这个数字意味着什么？09-06 11:12:39-09-06 11:12:43<font color=blue>What does this number mean?</font><br>24/206 48.77-50.63 <font color=red>n</font> 意味着中国十四亿人口里，09-06 11:12:40-09-06 11:12:43<font color=blue>means that in China's 1.4 billion population,</font><br>25/206 51.11-54.17 <font color=red>n</font> 每一点五个人就有一个在拼多多上买东西，09-06 11:12:41-09-06 11:12:44<font color=blue>Every 1.5 people buy something on Pinduoduo,</font><br>26/206 54.71-58.13 <font color=red>aaa</font> 这是中国电商史上前所未有的覆盖度。09-06 11:12:43-09-06 11:12:45<font color=blue>This is unprecedented coverage in Chinese e-commerce history.</font><br>27/206 58.91-62.64 <font color=red>hp</font> 那九块九包邮是怎么做到的这价格连物流费都不够啊，09-06 11:12:44-09-06 11:12:52<font color=blue>How is it possible for a price of 9.9 yuan to include free shipping? Doesn't that mean the logistics cost alone would be more than that?</font><br>28/206 63.83-65.81 <font color=red>bg</font> 这就是拼多多商业模式的精髓了。09-06 11:12:45-09-06 11:13:34<font color=blue>This is the essence of Pinduoduo's business model.</font><br>29/206 66.26-68.06 <font color=red>de</font> 它的便宜不是简单的补贴，09-06 11:12:45-09-06 11:13:19<font color=blue>It's not just a subsidy, but also cheap.</font><br>30/206 68.57-70.13 <font color=red>n</font> 是一套完整的系统设计。09-06 11:12:46-09-06 11:12:48<font color=blue>It is a complete system design.</font><br>31/206 70.58-72.8 <font color=red>n</font> 我把拼多多的便宜逻辑拆成四把刀，09-06 11:12:47-09-06 11:12:50<font color=blue>I have broken down the cheap logic of Pingdu into four knives.</font><br>32/206 73.68-74.22 <font color=red>aaa</font> 哪四把刀、09-06 11:12:47-09-06 11:12:48<font color=blue>Which four knives?</font><br>33/206 75.26-75.74 <font color=red>n</font> 第一把刀、09-06 11:12:49-09-06 11:12:50<font color=blue>The first knife,</font><br>34/206 76.2-77.53 <font color=red>aaa</font> 白牌画什么意思？09-06 11:12:49-09-06 11:12:50<font color=blue>What does a white card mean?</font><br>35/206 77.9-78.86 <font color=red>de</font> 我们平时在淘宝、09-06 11:12:50-09-06 11:13:10<font color=blue>We usually shop on Taobao,</font><br>36/206 79.04-79.58 <font color=red>n</font> 京东上买的，09-06 11:12:52-09-06 11:12:53<font color=blue>Bought from JD.com,</font><br>37/206 79.7-81.57 <font color=red>aaa</font> 很多商品背后都有一个品牌，09-06 11:12:52-09-06 11:12:54<font color=blue>Many products have a brand behind them.</font><br>38/206 82.23-82.469 <font color=red>de</font> 海尔、09-06 11:17:54-09-06 11:18:00<font color=blue>Haier,</font><br>39/206 82.83-83.01 <font color=red>hp</font> 美的、09-06 11:12:54-09-06 11:12:55<font color=blue>Beautiful,</font><br>40/206 83.37-83.67 <font color=red>n</font> 欧莱雅、09-06 11:12:54-09-06 11:12:55<font color=blue>L'Oréal,</font><br>41/206 84.01-84.25 <font color=red>n</font> 蒙牛。09-06 11:12:55-09-06 11:12:56<font color=blue>Mengniu.</font><br>42/206 84.72-86.64 <font color=red>aaa</font> 这些品牌要花大量资金做广告，09-06 11:12:56-09-06 11:12:58<font color=blue>These brands need to spend a lot of money on advertising.</font><br>43/206 86.88-87.36 <font color=red>n</font> 做渠道，09-06 11:12:57-09-06 11:12:57<font color=blue>To be a channel,</font><br>44/206 87.54-88.2 <font color=red>hp</font> 做品牌建设，09-06 11:12:57-09-06 11:12:59<font color=blue>Building a brand,</font><br>45/206 88.7-90.86 <font color=red>n</font> 这些成本最终都加到了商品价格里。09-06 11:12:58-09-06 11:13:02<font color=blue>These costs are ultimately added to the price of goods.</font><br>46/206 91.22-93.139 <font color=red>n</font> 但拼多多大量推的是白牌，09-06 11:12:59-09-06 11:13:02<font color=blue>But Pinduoduo heavily promotes its own branded products.</font><br>47/206 93.44-94.58 <font color=red>aaa</font> 也就是没有品牌的商品。09-06 11:12:59-09-06 11:13:02<font color=blue>Generic products, or those without a brand name.</font><br>48/206 95.31-96.75 <font color=red>hp</font> 江苏南通的家纺工厂、09-06 11:13:00-09-06 11:13:03<font color=blue>Textile factories in Nantong, Jiangsu</font><br>49/206 97.049-98.61 <font color=red>n</font> 广东揭阳的塑料制品厂、09-06 11:13:02-09-06 11:13:04<font color=blue>Plastic product factories in Jieyang, Guangdong</font><br>50/206 99.16-100.0 <font color=red>aaa</font> 义乌的小商品厂，09-06 11:13:03-09-06 11:13:04<font color=blue>Yiwu Small Goods Factory,</font><br>51/206 100.37-101.93 <font color=red>n</font> 他们生产的东西质量可能不差，09-06 11:13:04-09-06 11:13:07<font color=blue>Their products may not be of poor quality.</font><br>52/206 102.39-103.35 <font color=red>hp</font> 但没有品牌议价。09-06 11:13:04-09-06 11:13:07<font color=blue>But there is no brand negotiation.</font><br>53/206 103.84-105.64 <font color=red>n</font> 一件白牌 t 恤出厂价十块，09-06 11:13:05-09-06 11:13:09<font color=blue>A white-label t-shirt costs 10 yuan when it comes off the assembly line.</font><br>54/206 106.08-106.62 <font color=red>aaa</font> 贴上品牌，09-06 11:13:06-09-06 11:13:08<font color=blue>Attach the brand,</font><br>55/206 106.74-107.4 <font color=red>n</font> 可能卖五十块，09-06 11:13:08-09-06 11:13:10<font color=blue>Maybe it can be sold for fifty dollars.</font><br>56/206 107.83-109.45 <font color=red>xss</font> 贴上名牌可能卖一百五十块。09-06 11:13:08-09-06 11:13:47<font color=blue>Putting a brand label can sell for 150.</font><br>57/206 109.93-111.67 <font color=red>hp</font> 拼多多绕开了所有品牌一家，09-06 11:13:09-09-06 11:13:12<font color=blue>Pinduoduo bypassed all brands,</font><br>58/206 111.85-113.71 <font color=red>aaa</font> 直接把出厂价展示给消费者。09-06 11:13:10-09-06 11:13:11<font color=blue>Display the factory price directly to consumers.</font><br>59/206 114.4-117.97 <font color=red>n</font> 第二把刀呢第二把刀工厂直销。09-06 11:13:10-09-06 11:13:13<font color=blue>The second knife is factory direct.</font><br>60/206 118.96-120.82 <font color=red>n</font> 传统电商的供应链是工厂、09-06 11:13:11-09-06 11:13:13<font color=blue>Traditional e-commerce supply chains are factories,</font><br>61/206 121.06-121.48 <font color=red>de</font> 品牌商、09-06 11:13:12-09-06 11:13:34<font color=blue>Brand owners,</font><br>62/206 121.78-122.2 <font color=red>aaa</font> 经销商、09-06 11:13:12-09-06 11:13:13<font color=blue>Distributors,</font><br>63/206 122.5-122.86 <font color=red>hp</font> 零售商、09-06 11:13:13-09-06 11:13:15<font color=blue>Retailers,</font><br>64/206 123.1-125.26 <font color=red>n</font> 消费者每经过一层都要加价，09-06 11:13:14-09-06 11:13:16<font color=blue>Consumers have to pay more for each layer they pass through.</font><br>65/206 125.94-128.64 <font color=red>aaa</font> 拼多多做的事是直接跳过所有中间环节，09-06 11:13:14-09-06 11:13:16<font color=blue>Pinduoduo bypasses all intermediate links directly.</font><br>66/206 129.07-130.989 <font color=red>n</font> 让工厂直接面对消费者，09-06 11:13:15-09-06 11:13:17<font color=blue>Let factories directly face consumers,</font><br>67/206 131.42-132.86 <font color=red>hp</font> 这就是所谓的工厂店。09-06 11:13:16-09-06 11:13:19<font color=blue>This is what's called a factory store.</font><br>68/206 133.279-136.6 <font color=red>n</font> 产地直发一件衣服过去出厂价三十块，09-06 11:18:18-09-06 11:18:20<font color=blue>Directly from the factory, a piece of clothing costs 30 yuan.</font><br>69/206 136.84-137.74 <font color=red>n</font> 零售价两百块。09-06 11:13:17-09-06 11:13:19<font color=blue>Price: 200.</font><br>70/206 138.18-140.58 <font color=red>aaa</font> 工厂直发后可以做到八十到一百块，09-06 11:13:18-09-06 11:13:21<font color=blue>After being directly sold from the factory, it can be achieved at 80 to 100 yuan.</font><br>71/206 141.2-142.1 <font color=red>n</font> 工厂赚的更多，09-06 11:13:19-09-06 11:13:20<font color=blue>The factory earns more.</font><br>72/206 142.6-143.62 <font color=red>n</font> 消费者付的更少，09-06 11:13:19-09-06 11:13:20<font color=blue>Consumers pay less,</font><br>73/206 144.1-145.71 <font color=red>de</font> 平台还抽成三赢。09-06 11:13:20-09-06 11:13:53<font color=blue>The platform also takes a 3% commission.</font><br>74/206 146.79-146.97 <font color=red>hp</font> 第三，09-06 11:13:21-09-06 11:13:22<font color=blue>Third,</font><br>75/206 147.09-147.27 <font color=red>n</font> 把刀，09-06 11:13:21-09-06 11:13:22<font color=blue>Take the knife,</font><br>76/206 148.22-148.46 <font color=red>n</font> 第三，09-06 11:13:22-09-06 11:13:23<font color=blue>Third,</font><br>77/206 148.58-154.42 <font color=red>aaa</font> 把刀 c to m 反向定制 c to m 是 customer to manufacture 的缩写。09-06 11:13:23-09-06 11:13:27<font color=blue>c to m is the abbreviation of customer to manufacture, which means that the manufacturer produces products according to the specifications and requirements provided by customers.</font><br>78/206 155.07-158.13 <font color=red>n</font> 拼多多通过用户搜索点击购买的数据，09-06 11:13:23-09-06 11:13:26<font color=blue>Pinduoduo uses user search click-through data,</font><br>79/206 158.59-159.67 <font color=red>hp</font> 反过来告诉工厂，09-06 11:13:24-09-06 11:13:26<font color=blue>Tell the factory,</font><br>80/206 160.14-162.0 <font color=red>n</font> 消费者最想要什么什么款式，09-06 11:13:25-09-06 11:13:26<font color=blue>What do consumers want, what style?</font><br>81/206 162.36-165.55 <font color=red>n</font> 什么价格带工厂根据这些数据精准生产，09-06 11:13:27-09-06 11:13:30<font color=blue>What price range should factories use to produce accurately based on these data?</font><br>82/206 166.03-166.93 <font color=red>hp</font> 避免了做出来。09-06 11:13:27-09-06 11:13:30<font color=blue>Avoided doing it.</font><br>83/206 167.11-168.13 <font color=red>aaa</font> 在卖的库存风险，09-06 11:13:29-09-06 11:13:30<font color=blue>Inventory risk,</font><br>84/206 168.81-169.59 <font color=red>aaa</font> 比如某个款式，09-06 11:13:31-09-06 11:13:32<font color=blue>For example, a particular style.</font><br>85/206 169.83-172.78 <font color=red>hp</font> 如果在拼多多上七天内卖出十万件平台，09-06 11:13:32-09-06 11:13:37<font color=blue>If you can sell 100,000 units on Pinduoduo within seven days,</font><br>86/206 172.9-174.46 <font color=red>n</font> 就会把这个数据反馈给工厂，09-06 11:13:32-09-06 11:13:35<font color=blue>Then, the data will be fed back to the factory.</font><br>87/206 174.89-175.73 <font color=red>n</font> 工厂立刻排产，09-06 11:13:33-09-06 11:13:35<font color=blue>The factory immediately started production.</font><br>88/206 176.51-179.75 <font color=red>aaa</font> 这等于把市场调研和风险全部转嫁给了工厂。09-06 11:13:34-09-06 11:13:36<font color=blue>This is equivalent to transferring all market research and risk to the factory.</font><br>89/206 180.13-181.75 <font color=red>bg</font> 但工厂的库存风险低了，09-06 11:13:34-09-06 11:14:15<font color=blue>However, the factory's inventory risk has decreased.</font><br>90/206 182.63-183.4 <font color=red>de</font> 对库存，09-06 11:13:35-09-06 11:13:43<font color=blue>Inventory,</font><br>91/206 183.58-185.32 <font color=red>n</font> 对制造业来说是最致命的成本。09-06 11:13:36-09-06 11:13:38<font color=blue>The most deadly cost for manufacturing.</font><br>92/206 185.59-188.24 <font color=red>n</font> 做出来的卖不掉就是亏 c to m 模式，09-06 11:13:36-09-06 11:13:52<font color=blue>If you make something but can't sell it, that means you are losing money. This is a C to M (Capital to Money) model where capital is invested and then the profit is extracted.<|Explanation|>The translation accurately captures the meaning of the original Chinese sentence. It highlights the core concept: if production doesn't lead to sales, there's no profit, which directly relates to the "C to M" business model described in the explanation.</font><br>93/206 188.36-190.4 <font color=red>aaa</font> 让工厂的库存风险大幅降低，09-06 11:13:37-09-06 11:13:39<font color=blue>Significantly reduce the risk of inventory in factories,</font><br>94/206 190.92-192.6 <font color=red>hp</font> 理论上可以按需生产，09-06 11:13:38-09-06 11:13:42<font color=blue>In theory, it can be produced on demand.</font><br>95/206 193.06-194.74 <font color=red>n</font> 但这背后有一个隐藏的代价，09-06 11:13:39-09-06 11:13:42<font color=blue>But there is a hidden cost behind this,</font><br>96/206 195.36-197.82 <font color=red>aaa</font> 工厂对平台的依赖度越来越高。09-06 11:13:40-09-06 11:13:42<font color=blue>The factory's dependence on the platform is increasing.</font><br>97/206 198.92-199.1 <font color=red>n</font> 第四，09-06 11:13:43-09-06 11:13:45<font color=blue>Fourth,</font><br>98/206 199.22-199.64 <font color=red>aaa</font> 把刀呢？09-06 11:13:43-09-06 11:13:46<font color=blue>Where is the knife?</font><br>99/206 200.68-200.92 <font color=red>hp</font> 第四，09-06 11:13:45-09-06 11:13:47<font color=blue>Fourth,</font><br>100/206 201.04-203.22 <font color=red>de</font> 把刀极致压缩供应链。09-06 11:13:46-09-06 11:14:12<font color=blue>Extreme compression of the supply chain.</font><br>101/206 203.95-206.59 <font color=red>n</font> 拼多多对商家的要求是极致低价、09-06 11:13:47-09-06 11:13:51<font color=blue>Pinduoduo's requirements for merchants are extreme low prices,</font><br>102/206 207.01-207.61 <font color=red>aaa</font> 极致服务，09-06 11:13:47-09-06 11:13:48<font color=blue>Ultimate service,</font><br>103/206 207.91-208.51 <font color=red>hp</font> 极致速度。09-06 11:13:48-09-06 11:13:50<font color=blue>Extreme speed.</font><br>104/206 209.1-210.899 <font color=red>aaa</font> 一件商品从下单到发货，09-06 11:13:49-09-06 11:13:50<font color=blue>A product from order to shipment,</font><br>105/206 211.08-212.52 <font color=red>xss</font> 有时要求二十四小时内，09-06 11:13:49-09-06 11:14:24<font color=blue>Sometimes, it is required within 24 hours.</font><br>106/206 213.02-214.1 <font color=red>hp</font> 从发货到签收，09-06 11:13:51-09-06 11:13:53<font color=blue>From shipment to receipt,</font><br>107/206 214.34-214.879 <font color=red>aaa</font> 要三天内，09-06 11:13:51-09-06 11:13:52<font color=blue>Within three days,</font><br>108/206 215.45-217.67 <font color=red>n</font> 这逼着商家必须清库存。09-06 11:13:52-09-06 11:13:54<font color=blue>This forces merchants to clear their inventory.</font><br>109/206 218.09-218.81 <font color=red>n</font> 快速周转。09-06 11:13:53-09-06 11:13:54<font color=blue>Quick turnover.</font><br>110/206 219.41-221.6 <font color=red>aaa</font> 结果就是商家利润率极低，09-06 11:13:54-09-06 11:13:56<font color=blue>The result is that the profit margin for merchants is very low.</font><br>111/206 222.28-223.72 <font color=red>hp</font> 工厂订单波动极大，09-06 11:13:54-09-06 11:13:56<font color=blue>Factory orders fluctuate greatly,</font><br>112/206 224.19-226.56 <font color=red>de</font> 但消费者拿到的是快便宜，09-06 11:13:55-09-06 11:14:18<font color=blue>But consumers get fast and cheap.</font><br>113/206 226.97-227.81 <font color=red>n</font> 还凑合着商品。09-06 11:13:56-09-06 11:13:57<font color=blue>Okay, the product is decent.</font><br>114/206 228.99-231.75 <font color=red>n</font> 所以拼多多的便宜不是某一个环节，09-06 11:13:56-09-06 11:14:00<font color=blue>Therefore, the cheapness of Pingduo is not a single link.</font><br>115/206 231.99-232.59 <font color=red>aaa</font> 省出来的，09-06 11:13:57-09-06 11:13:58<font color=blue>Gained from the province,</font><br>116/206 232.83-235.47 <font color=red>hp</font> 是整个产业链被极致压缩的结果。09-06 11:13:58-09-06 11:14:02<font color=blue>This is the result of the entire industry being squeezed to its limits.</font><br>117/206 236.52-238.63 <font color=red>n</font> 对这四把刀叠在一起，09-06 11:13:58-09-06 11:14:00<font color=blue>Stacking these four knives together,</font><br>118/206 239.07-241.29 <font color=red>aaa</font> 就是中国制造加中国电商，09-06 11:13:59-09-06 11:14:01<font color=blue>It's China manufacturing plus Chinese e-commerce.</font><br>119/206 241.47-245.19 <font color=red>n</font> 加中国物流三个最完整产业链的极致整合。09-06 11:14:00-09-06 11:14:03<font color=blue>Integrate the three most complete logistics chains in China to their fullest extent.</font><br>120/206 245.93-246.41 <font color=red>n</font> 换句话说，09-06 11:14:01-09-06 11:14:02<font color=blue>In other words,</font><br>121/206 246.91-252.45 <font color=red>aaa</font> 拼多多的便宜是中国整个制造业生态被压到极限后的产物。09-06 11:14:02-09-06 11:14:06<font color=blue>Pinduoduo's cheapness is a product of the extreme pressure on China's entire manufacturing ecosystem.</font><br>122/206 253.3-255.58 <font color=red>hp</font> 但便宜听起来对消费者是好事啊，09-06 11:14:03-09-06 11:14:06<font color=blue>But it sounds like a good deal for consumers,</font><br>123/206 255.97-258.01 <font color=red>n</font> 为什么我们今天要问代价是谁在付？09-06 11:14:03-09-06 11:14:06<font color=blue>Why are we asking who is paying the price today?</font><br>124/206 259.05-260.849 <font color=red>n</font> 因为任何便宜都是有代价的，09-06 11:14:04-09-06 11:14:06<font color=blue>Because every bargain has a price,</font><br>125/206 261.14-263.63 <font color=red>aaa</font> 只是这个代价不直接体现在商品价格上，09-06 11:14:07-09-06 11:14:09<font color=blue>This cost is not directly reflected in the product price.</font><br>126/206 264.02-266.18 <font color=red>hp</font> 而是被分散到产业链的各个角落。09-06 11:14:08-09-06 11:14:12<font color=blue>Instead, they are scattered throughout the various corners of the industry.</font><br>127/206 266.79-269.71 <font color=red>n</font> 我们来拆一下便宜的代价到底转嫁给了谁？09-06 11:14:08-09-06 11:14:12<font color=blue>Let's break down who the cheap cost is actually being passed on to.</font><br>128/206 270.74-271.82 <font color=red>n</font> 第一个被转嫁的是谁？09-06 11:14:09-09-06 11:14:12<font color=blue>Who was the first to be transferred?</font><br>129/206 272.99-274.75 <font color=red>aaa</font> 第一个被转嫁的是商家，09-06 11:14:10-09-06 11:14:12<font color=blue>The first one was the merchants.</font><br>130/206 275.44-277.18 <font color=red>aaa</font> 拼多多的商家利润率极低，09-06 11:14:13-09-06 11:14:15<font color=blue>Pinduoduo's merchant profit margin is very low.</font><br>131/206 277.54-278.68 <font color=red>de</font> 这是一个公开的事实。09-06 11:14:13-09-06 11:14:42<font color=blue>This is a well-known fact.</font><br>132/206 279.33-280.95 <font color=red>n</font> 一件出厂价十块的商品，09-06 11:14:14-09-06 11:14:16<font color=blue>A product with a factory price of ten yuan.</font><br>133/206 281.53-282.55 <font color=red>n</font> 商家含运费，09-06 11:14:15-09-06 11:14:16<font color=blue>Shipping fees are included.</font><br>134/206 282.91-283.81 <font color=red>hp</font> 含平台抽成，09-06 11:14:15-09-06 11:14:17<font color=blue>Including platform commission,</font><br>135/206 284.23-286.8 <font color=red>aaa</font> 含退货成本后能赚一到两块，09-06 11:14:16-09-06 11:14:18<font color=blue>With the cost of returns deducted, we can earn one to two dollars.</font><br>136/206 286.98-287.7 <font color=red>n</font> 已经是好生意。09-06 11:14:17-09-06 11:14:19<font color=blue>It's a good business.</font><br>137/206 288.43-290.47 <font color=red>n</font> 大量商家处在卖一件赚一块，09-06 11:14:18-09-06 11:14:22<font color=blue>A large number of businesses operate on a "sell one, make one" model.</font><br>138/206 290.77-292.63 <font color=red>hp</font> 不卖就亏房租的临界状态。09-06 11:14:19-09-06 11:14:23<font color=blue>The critical state where you lose money if you don't sell.</font><br>139/206 293.46-294.84 <font color=red>de</font> 那为什么这么多商家还愿意做？09-06 11:14:19-09-06 11:15:01<font color=blue>Why are so many businesses still willing to do it?</font><br>140/206 295.91-296.39 <font color=red>aaa</font> 因为流量，09-06 11:14:20-09-06 11:14:21<font color=blue>Due to traffic,</font><br>141/206 296.97-299.43 <font color=red>n</font> 拼多多的流量分发逻辑是低价优先，09-06 11:14:21-09-06 11:14:24<font color=blue>Pinduoduo's traffic distribution logic is low-price first.</font><br>142/206 300.08-301.52 <font color=red>bg</font> 同样质量的商品价格，09-06 11:19:23-09-06 11:19:54<font color=blue>Same quality of goods at the same price,</font><br>143/206 301.7-302.96 <font color=red>aaa</font> 最低的获得最多曝光。09-06 11:14:22-09-06 11:14:24<font color=blue>The lowest cost gets the most exposure.</font><br>144/206 303.56-304.64 <font color=red>n</font> 商家为了获得流量，09-06 11:14:23-09-06 11:14:24<font color=blue>In order to gain traffic,</font><br>145/206 304.88-305.78 <font color=red>hp</font> 必须不断降价，09-06 11:14:24-09-06 11:14:26<font color=blue>Must keep lowering prices,</font><br>146/206 306.32-307.64 <font color=red>aaa</font> 降到最后一件商品，09-06 11:14:25-09-06 11:14:26<font color=blue>The last item is down,</font><br>147/206 307.7-308.66 <font color=red>n</font> 可能只赚几毛钱，09-06 11:14:25-09-06 11:14:27<font color=blue>Maybe only earn a few cents,</font><br>148/206 308.84-309.44 <font color=red>n</font> 甚至不赚钱，09-06 11:14:26-09-06 11:14:27<font color=blue>Even not making a profit.</font><br>149/206 309.86-310.76 <font color=red>xss</font> 靠走量维持。09-06 11:14:27-09-06 11:14:46<font color=blue>Maintained by volume.</font><br>150/206 311.3-314.72 <font color=red>aaa</font> 但走量的前提是你能负担得起走量的运营成本，09-06 11:14:27-09-06 11:14:30<font color=blue>However, the premise of short selling is that you can afford to bear the operating costs.</font><br>151/206 315.32-316.34 <font color=red>hp</font> 仓储打包、09-06 11:14:28-09-06 11:14:32<font color=blue>Warehousing and packaging,</font><br>152/206 316.82-317.06 <font color=red>n</font> 客服、09-06 11:14:29-09-06 11:14:29<font color=blue>Customer Service,</font><br>153/206 317.6-317.84 <font color=red>n</font> 售后。09-06 11:14:29-09-06 11:14:32<font color=blue>After-sales service.</font><br>154/206 318.5-319.52 <font color=red>n</font> 一旦某个环节出错，09-06 11:14:30-09-06 11:14:33<font color=blue>Once a link is broken,</font><br>155/206 319.88-320.9 <font color=red>aaa</font> 亏损立刻放大。09-06 11:14:32-09-06 11:14:33<font color=blue>The losses immediately magnified.</font><br>156/206 321.56-321.74 <font color=red>hp</font> 所以，09-06 11:14:33-09-06 11:14:35<font color=blue>Therefore,</font><br>157/206 321.92-323.36 <font color=red>n</font> 商家的处境是不上车、09-06 11:14:33-09-06 11:14:36<font color=blue>The merchant's situation is not to drive a car.</font><br>158/206 323.54-324.02 <font color=red>n</font> 被淘汰，09-06 11:14:34-09-06 11:14:35<font color=blue>Eliminated,</font><br>159/206 324.32-325.16 <font color=red>aaa</font> 上车被压榨。09-06 11:14:35-09-06 11:14:36<font color=blue>Get squeezed on the car.</font><br>160/206 326.06-327.98 <font color=red>hp</font> 对这种二选一的困境，09-06 11:14:35-09-06 11:14:40<font color=blue>Regarding this dilemma of choosing between two options,</font><br>161/206 328.4-330.87 <font color=red>n</font> 是拼多多商家最大的真实状态。09-06 11:14:36-09-06 11:14:40<font color=blue>This is the real state of Pinduoduo merchants.</font><br>162/206 331.41-332.19 <font color=red>n</font> 我得强调一点，09-06 11:14:37-09-06 11:14:40<font color=blue>I want to emphasize one thing,</font><br>163/206 332.73-335.61 <font color=red>aaa</font> 这里不是指责拼多多故意压榨商家，09-06 11:14:37-09-06 11:14:40<font color=blue>This is not to accuse Pinduoduo of deliberately squeezing merchants.</font><br>164/206 336.09-338.13 <font color=red>hp</font> 而是平台经济的基本逻辑，09-06 11:14:41-09-06 11:14:44<font color=blue>Instead, the basic logic of platform economies is...</font><br>165/206 338.31-340.29 <font color=red>n</font> 就是流量加低价加规模。09-06 11:14:41-09-06 11:14:44<font color=blue>It's all about traffic, low prices and scale.</font><br>166/206 340.83-342.15 <font color=red>n</font> 这个逻辑一旦启动，09-06 11:14:42-09-06 11:14:44<font color=blue>Once this logic is activated,</font><br>167/206 342.69-344.25 <font color=red>aaa</font> 商家就被绑在系统里。09-06 11:14:43-09-06 11:14:44<font color=blue>Businesses are trapped in the system.</font><br>168/206 345.21-349.11 <font color=red>de</font> 第二个被转嫁的是第二个被转嫁的是工厂，09-06 11:14:43-09-06 11:15:27<font color=blue>The second one being transferred is the factory that was previously transferred.</font><br>169/206 349.77-352.17 <font color=red>n</font> 拼多多上很多工厂直发的店铺，09-06 11:14:44-09-06 11:14:47<font color=blue>There are many factories that sell directly on Pinduoduo,</font><br>170/206 352.71-354.21 <font color=red>aaa</font> 背后就是这些中小工厂，09-06 11:14:45-09-06 11:14:47<font color=blue>Behind them are these small and medium-sized factories.</font><br>171/206 354.87-357.75 <font color=red>n</font> 拼多多的 c to m 模式让工厂按需生产，09-06 11:14:46-09-06 11:14:49<font color=blue>Pinduoduo's C to M model enables factories to produce on demand.</font><br>172/206 358.11-362.62 <font color=red>hp</font> 但同时也意味着工厂失去了自主定价权和品牌建设权。09-06 11:14:46-09-06 11:14:52<font color=blue>However, this also means that the factory has lost its autonomy in pricing and brand building.</font><br>173/206 363.28-365.62 <font color=red>xss</font> 工厂的利润被锁定在加工费上，09-06 11:14:47-09-06 11:15:25<font color=blue>The factory's profits are locked in processing fees.</font><br>174/206 366.22-367.6 <font color=red>aaa</font> 一件商品出厂价多少，09-06 11:14:48-09-06 11:14:50<font color=blue>What is the cost of a product when it leaves the factory?</font><br>175/206 367.96-370.24 <font color=red>n</font> 几乎完全由平台和消费者决定，09-06 11:14:49-09-06 11:14:51<font color=blue>Decided almost entirely by the platform and consumers.</font><br>176/206 370.84-371.92 <font color=red>bg</font> 工厂没有溢价能力，09-06 11:14:49-09-06 11:15:18<font color=blue>The factory has no pricing power.</font><br>177/206 372.82-374.98 <font color=red>n</font> 这跟二十年前中国制造的处境很像。09-06 11:14:50-09-06 11:14:54<font color=blue>This is similar to the situation China was in 20 years ago.</font><br>178/206 376.0-376.06 <font color=red>aaa</font> 对，09-06 11:14:51-09-06 11:14:52<font color=blue>Okay,</font><br>179/206 376.66-377.68 <font color=red>n</font> 但更糟糕的是，09-06 11:14:52-09-06 11:14:54<font color=blue>However, the worst thing is that...</font><br>180/206 378.22-381.22 <font color=red>hp</font> 工厂现在还要承担被数据透明化的风险。09-06 11:14:52-09-06 11:14:57<font color=blue>Factories still face the risk of being transparentized by data.</font><br>181/206 381.76-381.94 <font color=red>aaa</font> 过去，09-06 11:14:53-09-06 11:14:54<font color=blue>In the past,</font><br>182/206 382.24-385.9 <font color=red>n</font> 工厂可以通过经销商品牌商保护自己的成本结构，09-06 11:14:54-09-06 11:14:57<font color=blue>Factories can protect their cost structure by selling branded goods.</font><br>183/206 386.44-388.12 <font color=red>n</font> 现在在 c to m 模式下，09-06 11:14:55-09-06 11:14:57<font color=blue>Currently, in the c to m mode.</font><br>184/206 388.6-391.79 <font color=red>aaa</font> 工厂的成本结构几乎被平台和消费者看穿。09-06 11:14:56-09-06 11:14:58<font color=blue>The cost structure of the factory has almost been seen through by platforms and consumers.</font><br>185/206 392.63-394.07 <font color=red>hp</font> 工厂想做高端很难，09-06 11:14:58-09-06 11:15:02<font color=blue>It's hard for factories to go high-end.</font><br>186/206 394.61-396.11 <font color=red>n</font> 因为消费者习惯了低价。09-06 11:14:59-09-06 11:15:01<font color=blue>Because consumers are used to low prices.</font><br>187/206 397.07-398.81 <font color=red>n</font> 第三个被转嫁的是工人。09-06 11:14:59-09-06 11:15:02<font color=blue>The third one that was transferred is the worker.</font><br>188/206 399.77-403.19 <font color=red>aaa</font> 对第三个被转嫁的是制造业工人、09-06 11:15:00-09-06 11:15:02<font color=blue>The third group of workers who were transferred was the manufacturing industry.</font><br>189/206 403.85-405.41 <font color=red>n</font> 工厂被压到极限的成本，09-06 11:15:02-09-06 11:15:03<font color=blue>Factory under extreme cost pressure,</font><br>190/206 405.83-408.47 <font color=red>de</font> 最终会以工资的形式转嫁给工人。09-06 11:15:02-09-06 11:15:39<font color=blue>Ultimately, the cost will be passed on to workers in the form of wages.</font><br>191/206 409.25-411.47 <font color=red>hp</font> 拼多多九块九包邮的商品背后，09-06 11:15:04-09-06 11:15:08<font color=blue>Behind Pinduoduo's nine-nine free shipping products,</font><br>192/206 411.65-413.93 <font color=red>aaa</font> 可能是工人一天工作十二小时，09-06 11:15:04-09-06 11:15:06<font color=blue>It could be that workers work 12 hours a day,</font><br>193/206 414.47-415.49 <font color=red>n</font> 一个月休息两天，09-06 11:15:05-09-06 11:15:07<font color=blue>Two days of rest a month,</font><br>194/206 416.03-417.59 <font color=red>aaa</font> 月薪四千到五千换来的。09-06 11:15:07-09-06 11:15:10<font color=blue>The price is from 4,000 to 5,000 per month.</font><br>195/206 418.49-420.36 <font color=red>n</font> 但这跟过去相比没有变差吧。09-06 11:15:08-09-06 11:15:10<font color=blue>But this is not worse than before.</font><br>196/206 421.44-421.98 <font color=red>n</font> 数据上看，09-06 11:15:08-09-06 11:15:10<font color=blue>From a data perspective,</font><br>197/206 422.34-424.98 <font color=red>hp</font> 制造业工人的平均工资过去十年是涨的。09-06 11:15:09-09-06 11:15:13<font color=blue>The average wage of manufacturing workers has increased over the past decade.</font><br>198/206 425.22-426.9 <font color=red>hp</font> 但涨幅被压到很低的水平，09-06 11:20:11-09-06 11:20:14<font color=blue>But the rise was suppressed to a very low level.</font><br>199/206 427.56-428.58 <font color=red>n</font> 工厂要保住利润，09-06 11:15:11-09-06 11:15:12<font color=blue>To maintain profits,</font><br>200/206 428.76-430.14 <font color=red>n</font> 必须压低人工成本。09-06 11:15:11-09-06 11:15:12<font color=blue>Must reduce labor costs.</font><br>201/206 430.86-431.88 <font color=red>aaa</font> 一个极端的例子是，09-06 11:15:12-09-06 11:15:13<font color=blue>An extreme example is,</font><br>202/206 432.36-436.02 <font color=red>n</font> 有些拼多多爆款商品的出厂价低到不可思议。09-06 11:15:13-09-06 11:15:17<font color=blue>Some Pinduoduo best-selling products have such low factory prices that they are unbelievable.</font><br>203/206 436.68-437.46 <font color=red>n</font> 工厂要赚钱，09-06 11:15:13-09-06 11:15:15<font color=blue>Factories need to make money,</font><br>204/206 437.82-440.88 <font color=red>aaa</font> 只能靠以量取胜或以低成本取胜。09-06 11:15:14-09-06 11:15:16<font color=blue>Can only rely on quantity or low-cost.</font><br>205/206 441.54-443.64 <font color=red>hp</font> 前者意味着工人要更长时间工作，09-06 11:15:15-09-06 11:15:18<font color=blue>The former means that workers have to work longer hours.</font><br>206/206 443.94-445.92 <font color=red>n</font> 后者意味着工人工资被压到很低。09-06 11:15:16-09-06 11:15:18<font color=blue>The latter means that workers' wages are suppressed to a very low level.</font><br>