人民财讯8月25日电，8月25日，拼多多发布最新二季度财报，净利润同比下降4%，继上个季度之后再 次下降。去年8月，拼多多率先在电商行业推出"百亿减免"举措，为千万商家降佣增效。 ...

Investment Rating - The report does not explicitly state an investment rating for the company [2]. Core Insights - Pinduoduo (PDD.US) is expected to report total revenue of 103.2 billion yuan for Q2 2025, representing a year-on-year growth of 6.3%. Online marketing revenue is projected to be 54.9 billion yuan, up 11.8%, while transaction service revenue is anticipated to reach 48.2 billion yuan, a slight increase of 0.6% [4]. - Operating expenses are expected to total 40.6 billion yuan, reflecting a significant year-on-year increase of 31.8%, with a corresponding expense ratio of 38.9%. Marketing expenses are projected to rise by 35.1% to 35.2 billion yuan, while management and R&D expenses are expected to grow modestly [4]. - The anticipated operating profit is 21 billion yuan, down 35.6% year-on-year, with a profit margin of 20.3%. Non-GAAP operating profit is expected to be 23.3 billion yuan, a decline of 33.4%, with a profit margin of 22.6% [4]. - The diluted earnings per share are projected to be 3.22 yuan, equating to 13.64 yuan per ADS [4]. Summary by Sections Company Overview - Pinduoduo is focusing on sustainable growth and enhancing its platform ecosystem, particularly through its differentiated "Duoduo Maicai" business, which is effectively operating in the instant retail sector [5]. Market Context - The macroeconomic environment remains challenging, with uncertainties surrounding tariffs affecting the cross-border e-commerce industry. A recent agreement between the US and China to pause additional tariffs for 90 days may provide some relief, but the lack of a stable trade agreement continues to pose risks [5]. Financial Performance Expectations - The company is set to release its Q2 2025 financial results on August 25, 2025, with an earnings call scheduled for 19:30 Beijing time [6].

618大促期间，平台全域消费持续活跃，数十个品类销量创下历史新高。百亿补贴"超级加倍补"活动单 日订单量超过376万单，反映出供给侧投入对消费端的积极带动作用。 在农产品领域，拼多多"多多好特产"专项行动已覆盖随州稻米、昭通土豆、昆明鲜花等多个农特产区。 平台农产品销量同比增长47%，时令水果销量增长51%，海鲜水产销量增长48%。其中，昭通土豆通过 深加工转化为网红薯片，带动当地1.1万户农民增产增收。 产业带扶持方面，"新质供给"专项团队深入义乌小商品、晋江零食、灌云服饰等传统产业集群。通过系 统升级为商家精准筛选爆款潜质产品，帮助义乌商家在潮玩收纳盒、微波炉加热盖等细分品类实现4至5 倍利润增长。 凤凰网科技讯 8月25日，拼多多集团发布2025年第二季度财务报告，单季营收达1040亿元，同比增长 7%。财报数据显示，受持续加大产业投入影响，拼多多本季度营收增速出现明显下滑。这一表现与公 司二季度启动的"千亿扶持"新战略密切相关，该战略在电商行业首次开启了千亿级别的商家扶持行动。 "百亿减免"政策实施一周年来，平台已为千万商家节省海量经营成本。据财报披露，仅推广服务费退返 就达到上百亿规模，部分商家每年 ...

Core Viewpoint - Recently, it has been reported that NetEase has increased its stake in Pinduoduo, confirmed by the company's 13F filing on August 14, which shows holdings in both Youdao and Pinduoduo [2]. Group 1: Holdings Information - NetEase holds approximately 2.898 million shares of Youdao and about 3.555 million shares of Pinduoduo [2]. - The acquisition of Pinduoduo shares is inferred to have occurred in the second quarter, as the previous report on May 8 only listed holdings in Youdao [2]. - As of the end of the second quarter, the value of NetEase's Pinduoduo shares is approximately $370 million, equivalent to about 2.6 billion RMB, with a per-share value of around $104 [6]. Group 2: Market Context - On August 22, the closing price of Pinduoduo was $127.11, indicating a potential appreciation in value since the reported acquisition [6].

新浪科技讯 8月25日晚间消息，拼多多发布了截至6月30日的2025年第二季度财报。受高质量发展加大 投入的影响，拼多多本季度营收增速放缓至7%，单季营收1040亿元；净利润307.5亿元，同比下降4%， 连续两个季度呈现下降趋势。 二季度，基于"千亿扶持"的空前投入，拼多多持续为千万商家降佣增效，并全面扩大对中小商家、新质 商家以及品牌商家的扶持力度，"多多好特产""新质供给"等专项团队深入各地的农产区和产业带，助力 当地商家及产业实现多层次、全方位的高质量发展。 最近，拼多多发布了《2025农产品上行半年报》。数据显示，在"多多好特产"的扶持下，全国各地农产 品加速出村进城，农产品销量同比增长47%，时令水果销量同比增长51%，海鲜水产销量同比增长 48%；平台农产品商家数量也保持飞速增长，00后商家数量增长超3成。同时，平台农产品供应链和物 流能力不断提升，农特产业加速实现转型升级。 618大促期间，平台数十个类目的销量创下新高，仅百亿补贴"超级加倍补"活动的单日订单量就超过了 376万单。 作为一家起家于农产品的平台，拼多多"千亿扶持"还加大了在农研领域的投入。7月中旬，第五届"多多 农研科技大赛"初 ...

[Management Commentary and Business Highlights](index=1&type=section&id=Management%20Commentary%20and%20Business%20Highlights) Management prioritizes long-term platform health through merchant support, noting moderated revenue growth and potential short-term profitability impacts from investments - The company focuses on long-term value creation by investing in merchant support initiatives to build a healthier and more sustainable platform ecosystem[3](index=3&type=chunk) - Management acknowledged that revenue growth has moderated amid intense competition and that continued investments may negatively impact short-term profitability[3](index=3&type=chunk) [Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) Q2 2025 revenues grew 7% to RMB 104.0 billion, but operating profit declined 21% to RMB 25.8 billion, and net income fell 4% to RMB 30.8 billion [Key Financial Metrics (Q2 2025)](index=1&type=section&id=Key%20Financial%20Metrics%20%28Q2%202025%29) Q2 2025 total revenues grew 7% to RMB 104.0 billion, but operating profit fell 21% to RMB 25.8 billion, and net income decreased 4% to RMB 30.8 billion Q2 2025 Key Financial Metrics (YoY Comparison) | Financial Metric | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenues | 103,984.8 | 97,059.5 | +7% | | Operating Profit | 25,792.9 | 32,564.5 | -21% | | Net Income | 30,753.5 | 32,009.4 | -4% | | Diluted EPS (RMB) | 5.19 | 5.40 | -3.9% | | Diluted ADS (RMB) | 20.75 | 21.61 | -4.0% | [Revenue and Expense Analysis](index=1&type=section&id=Revenue%20and%20Expense%20Analysis) Revenue growth of 7% was driven by a 13% increase in online marketing services to RMB 55.7 billion, while costs of revenues rose 36% and operating expenses increased 5% Revenue Breakdown (Q2 2025 vs Q2 2024) | Revenue Source | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Online marketing services and others | 55,703.2 | 49,115.9 | +13% | | Transaction services | 48,281.6 | 47,943.7 | +0.7% | Costs and Expenses Breakdown (Q2 2025 vs Q2 2024) | Item | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Costs of revenues | 45,858.9 | 33,698.1 | +36% | | Sales and marketing expenses | 27,209.9 | 26,049.1 | +4.5% | | Research and development expenses | 3,591.3 | 2,909.2 | +23.4% | [Cash Flow and Balance Sheet Highlights](index=2&type=section&id=Cash%20Flow%20and%20Balance%20Sheet%20Highlights) Net cash from operating activities decreased 50.6% to RMB 21.6 billion, while liquidity remained strong with RMB 387.1 billion in cash and short-term investments - Net cash from operating activities decreased by **50.6% YoY** to **RMB 21.6 billion**, mainly due to lower net income and changes in working capital[11](index=11&type=chunk) - The company's cash, cash equivalents, and short-term investments stood at **RMB 387.1 billion** as of June 30, 2025, an increase from RMB 331.6 billion at the end of 2024[11](index=11&type=chunk) [Detailed Financial Statements](index=3&type=section&id=Detailed%20Financial%20Statements) Detailed financial statements present total assets of RMB 567.2 billion, Q2 2025 revenues of RMB 104.0 billion, net income of RMB 30.8 billion, and operating cash flow of RMB 21.6 billion [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets were RMB 567.2 billion, liabilities RMB 205.3 billion, and shareholders' equity RMB 361.9 billion, driven by increased short-term investments Balance Sheet Summary (in thousands RMB) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Assets | 567,156,296 | 505,034,316 | | Total Liabilities | 205,292,640 | 191,721,192 | | Total Shareholders' Equity | 361,863,656 | 313,313,124 | [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Q2 2025 revenues were RMB 104.0 billion (up 7%), but a 36% cost increase led to a 21% operating profit decline to RMB 25.8 billion and a 4% net income decrease to RMB 30.8 billion Q2 Income Statement Highlights (in thousands RMB) | Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Revenues | 103,984,832 | 97,059,531 | | Operating profit | 25,792,899 | 32,564,536 | | Net income | 30,753,457 | 32,009,355 | Earnings Per ADS (in RMB) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Basic EPS | 22.01 | 23.14 | | Diluted EPS | 20.75 | 21.61 | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q2 2025 net cash from operating activities decreased to RMB 21.6 billion, with RMB 27.0 billion used in investing, and total cash balance at RMB 129.9 billion Q2 Cash Flow Summary (in thousands RMB) | Cash Flow Activity | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net cash generated from operating activities | 21,641,656 | 43,792,640 | | Net cash used in investing activities | (27,021,892) | (42,622,100) | | Net cash generated from financing activities | 353 | 728 | [Non-GAAP Financial Measures Reconciliation](index=2&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) Non-GAAP metrics, excluding non-cash charges, show Q2 2025 operating profit at RMB 27.7 billion (down 21%) and net income at RMB 32.7 billion (down 5%) - The company uses non-GAAP financial measures, which exclude share-based compensation expenses and fair value changes of certain investments, to help identify underlying business trends[14](index=14&type=chunk)[15](index=15&type=chunk) Reconciliation of GAAP to Non-GAAP Metrics (Q2 2025 vs Q2 2024, in thousands RMB) | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Non-GAAP Operating Profit | 27,747,793 | 34,987,298 | -21% | | Non-GAAP Net Income | 32,708,351 | 34,432,134 | -5% | | Non-GAAP Diluted EPS (RMB) | 5.52 | 5.81 | -5% | | Non-GAAP Diluted ADS (RMB) | 22.07 | 23.24 | -5% | [Supplementary Information](index=2&type=section&id=Supplementary%20Information) This section provides investor details, including an earnings call webcast, a safe harbor statement, and a corporate profile of PDD Holdings - An earnings conference call is scheduled for **7:30 AM ET on August 25, 2025**, to discuss the financial results[13](index=13&type=chunk) - The report contains forward-looking statements subject to risks and uncertainties, as detailed in the 'Safe Harbor Statements' section[18](index=18&type=chunk) - PDD Holdings is a multinational commerce group aiming to bring more businesses and people into the digital economy[19](index=19&type=chunk)

格隆汇8月25日｜拼多多发布最新财报，净利润同比下降4%，继上个季度之后再次下降。去年8月，拼 多多率先在电商行业推出"百亿减免"举措，为千万商家降佣增效。及至目前，"百亿减免"在过去一年为 商家节省了海量的经营成本，仅推广服务费的退返就超过上百亿，这在一定程度上也影响了拼多多本季 度的利润表现。 来源：格隆汇APP ...

"百亿减免"一周年，千万商家降佣增效 去年8月，拼多多在电商行业率先推出"百亿减免"惠商政策，先后推出技术服务费、推广服务费等退返 权益，持续为广大商家减佣降本。及至目前，"百亿减免"推行一年来，平台已为千万商家节省了海量的 经营成本，仅推广服务费的退返就达到上百亿，很多商家每年可节省数百万推广费用，为产业的转型升 级创造了更多的动力和空间。 此外，拼多多"电商西进"行动还免除了西部地区的物流中转费，进一步盘活了东西部地区之间的经济活 力。过去一年，西部地区的订单量同比增长超过4成。其中，日用百货的订单量实现翻倍增长，潮玩周 边、宠物用品等商品的订单量增长了6成以上，家电、家居、母婴、服饰、绿植等商品也加快涌入西部 地区，极大丰富了当地消费者的物质生活和精神生活。 ▲在河西走廊的牧区，当地牧民正拆开从拼多多上网购回来的发电机。(陈蕾 摄) 在河西走廊边缘的马鬃山小镇，当地牧民主要以养殖骆驼为生，日常所需的用品只能从牧区开车到镇上 购买，往返至少需要一小时，牧场所需物品则要到更远的市区才能买到。在"电商西进"之后，牧民所需 的生活用品、发电机、水泵、帐篷等物品在拼多多下单后，都可以包邮直达，种类丰富且更加实惠。 ...

8月25日，拼多多发布Q2财报，受"千亿扶持"加码产业投入的影响，本季度营收增速同比放缓至7%，连 续多个季度放缓。二季度，拼多多首次在电商行业启动"千亿级别"的惠商行动，真金白银反哺商家及产 业，一方面持续为千万商家减佣降本；另一方面加大对中小商家、新质商家及品牌商家的扶持力度，推 动各地农产区、产业带实现多层次的高质量发展。 ...

来源：格隆汇APP 格隆汇8月25日｜拼多多(PDD.US)盘前拉升大涨超11%，报141.61美元。拼多多刚刚公布业绩显示， 2025年第二季度营收1039.8亿元，同比增长7%，预期1039.3亿元；调整后每ADS收益22.07元，超出市 场预期的15.50元；调整后净利润327.1亿元，超出市场预期的223.9亿元。 ...