Core Viewpoint - Pinduoduo's Q2 revenue growth has slowed to 7% year-on-year, influenced by increased investments in industry support through a "billion-dollar" initiative aimed at benefiting merchants and the industry [1] Group 1: Financial Performance - In Q2, Pinduoduo's revenue growth rate has continued to decline for several consecutive quarters, now at 7% year-on-year [1] Group 2: Strategic Initiatives - Pinduoduo has launched a "billion-level" initiative to support merchants, marking a significant move in the e-commerce sector [1] - The initiative includes direct financial support to millions of merchants, aimed at reducing commission fees and operational costs [1] - There is a focus on supporting small and medium-sized businesses, new quality merchants, and brand merchants to promote high-quality development across various agricultural regions and industrial belts [1]

Core Viewpoint - Pinduoduo (PDD.US) shares surged over 11% in pre-market trading, reaching $141.61, following the release of its earnings report for Q2 2025, which exceeded market expectations [1] Financial Performance - Revenue for Q2 2025 was reported at 103.98 billion yuan, representing a year-on-year growth of 7%, slightly above the expected 103.93 billion yuan [1] - Adjusted earnings per ADS were 22.07 yuan, surpassing the market expectation of 15.50 yuan [1] - Adjusted net profit reached 32.71 billion yuan, exceeding the market forecast of 22.39 billion yuan [1]

据了解，今年以来，拼多多将"百亿减免"等惠商举措升级"千亿扶持"新战略，首次在电商行业开启"千 亿级别"的惠商行动，这一系列超预期的投入拖累了短期的业绩表现。（闫妍） 新浪科技讯 8月25日晚间消息，拼多多发布二季度财报，财报显示，二季度营收1039.8亿元，同比增长 7%；净利润307.5亿元，同比下降4%，连续两个季度呈现下降趋势。 来源：新浪科技 ...

来源：滚动播报 拼多多控股第二季度营收超预期，盘前股价飙升11.3%。 ...

每经AI快讯，拼多多控股第二季度营收1039.8亿元人民币；调整后每ADS收益 22.07元人民币，超出市 场预期的15.50元；调整后净利润327.1亿元人民币，超出市场预期的223.9亿元人民币。 ...

Core Viewpoint - Pinduoduo (PDD.US) reported a 7% year-over-year revenue growth in Q2, marking a continued slowdown in growth over multiple quarters due to increased investments in industry support initiatives [1] Group 1: Financial Performance - Q2 revenue growth slowed to 7% year-over-year, indicating a trend of deceleration in growth [1] - The company has initiated a "trillion-level" support action in the e-commerce sector, aimed at providing financial assistance to merchants [1] Group 2: Strategic Initiatives - Pinduoduo's support actions include reducing commission fees and costs for millions of merchants [1] - The company is focusing on enhancing support for small and medium-sized businesses, new quality merchants, and brand merchants [1] - The initiatives aim to promote high-quality development across various agricultural regions and industrial belts [1]

拼多多2025年Q2营收1039.8亿元，上年同期970.59亿元。 来源：滚动播报 ...

专题：聚焦2025年第二季度美股财报 责任编辑：刘明亮 8月25日晚间消息，拼多多（Nasdaq：PDD）今日发布了截至6月30日的2025年第二季度财报：总营收为 1039.848亿元，同比增长7%。归属于拼多多普通股股东的净利润为307.535亿元，同比下滑4%；不按美 国通用会计准则，归属于拼多多普通股股东的净利润为327.084亿元，同比下滑5%。 ...

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 拼多多第二季度调整后每ADS收益22.07元人民币，预估15.50元人民币。 ...

Core Insights - PDD Holdings reported a revenue increase of 7% year-over-year for Q2 2025, reaching RMB 103,984.8 million (US$ 14,515.7 million) compared to RMB 97,059.5 million in Q2 2024 [5][7] - The company experienced a significant rise in costs, with total costs of revenues increasing by 36% to RMB 45,858.9 million (US$ 6,401.7 million) due to higher fulfillment fees and other operational expenses [6][7] - Operating profit decreased by 21% to RMB 25,792.9 million (US$ 3,600.6 million), while net income attributable to ordinary shareholders fell by 4% to RMB 30,753.5 million (US$ 4,293.0 million) [7][10] Financial Performance - Total revenues for Q2 2025 were RMB 103,984.8 million (US$ 14,515.7 million), a 7% increase from RMB 97,059.5 million in Q2 2024 [5][7] - Revenues from online marketing services rose by 13% to RMB 55,703.2 million (US$ 7,775.9 million), while transaction services revenues were RMB 48,281.6 million (US$ 6,739.9 million) [8][29] - Total costs of revenues increased by 36% to RMB 45,858.9 million (US$ 6,401.7 million) from RMB 33,698.1 million in Q2 2024 [6][7] Profitability Metrics - Operating profit for the quarter was RMB 25,792.9 million (US$ 3,600.6 million), down 21% from RMB 32,564.5 million in Q2 2024 [7][9] - Non-GAAP operating profit also decreased by 21% to RMB 27,747.8 million (US$ 3,873.4 million) [9] - Net income attributable to ordinary shareholders was RMB 30,753.5 million (US$ 4,293.0 million), a decrease of 4% from RMB 32,009.4 million in the same quarter of 2024 [10][28] Cash Flow and Assets - Net cash generated from operating activities was RMB 21,641.7 million (US$ 3,021.1 million), significantly lower than RMB 43,792.6 million in Q2 2024 [12][32] - As of June 30, 2025, cash, cash equivalents, and short-term investments totaled RMB 387.1 billion (US$ 54.0 billion), up from RMB 331.6 billion at the end of 2024 [12][23] Management Commentary - The management emphasized ongoing investments in merchant support initiatives, aiming for long-term ecosystem health over short-term profitability [3][4] - The company acknowledged that sustained investments may continue to impact short-term profitability while focusing on driving efficiencies for merchants [3][4]