给昨天文章打个补丁。 90%的人认为香港170块的电影票价贵，64%认为贵到不能忍。 同样产品和服务，香港价格确实比内地高太多，很多游客难免在心里提高对产品和服务的要求，但要求无法达成，于是觉得钱花得不值。 1 北京法定最低月薪2540元。 7409.6 ➗ 2540 ≈ 3 香港收入是北京的3倍。 香港价签除以3，可能是当地人真实感受。 电影票170，除以3等于56。 洗剪吹130，除以3等于43。 真实感受 我觉得物价应该和收入比。 香港法定最低时薪42.1元，每天8小时每月22个工作日，月薪至少7409.6元。 美式咖啡50，除以3等于16。 便利店矿泉水10，除以3等于3.3。 米其林大餐人均900，除以3等于300。 路边快餐50，除以3等于16。 机场快轨120，除以3等于40。 打车10公里110，除以3等于36。 是不是瞬间容易接受了？ 2 心理建设 事实上，经济发达国家地区的物价都很高，比如咱们周围的韩国日本新加坡。 物价高不代表物价贵，高只是和支付能力匹配。 内地支付能力差几个档次，消费起来就会很痛。 那怎么办？ 要么努力搬砖赚钱，从源头解决问题。 要么去穷国玩，地理套利。 要么买单时装傻 ...

Investment Rating - The report assigns a "Buy" rating for Pinduoduo (PDD US) with a target price raised from $135 to $150, indicating a potential upside of 17.0% [2][11][13]. Core Insights - The second quarter profits exceeded expectations primarily due to better-than-expected interest income and marketing expenses. Advertising revenue grew by 13% year-on-year, aligning with expectations, while commission income slowed due to the contraction of the full-service business and a decrease in merchant support program growth [2][6]. - The report anticipates marginal improvement in performance for the second half of the year compared to the first half, despite ongoing support for merchants and user investments. The impact of merchant support plans and national subsidies is expected to improve marginally, and disruptions to overseas business are anticipated to be less severe than in the second quarter [2][6]. Financial Projections - Revenue projections for 2025 are set at RMB 436,926 million, a decrease of 2.9% from previous estimates. For 2026, revenue is projected at RMB 522,532 million, down 6.0% from earlier forecasts, and for 2027, it is expected to be RMB 590,022 million, also a 6.4% reduction [5][14]. - Adjusted net profit for 2025 is forecasted at RMB 109,073 million, reflecting a 4.1% increase from previous estimates, while adjusted net profit margins are expected to improve to 25.0% [5][14]. Market Performance - The stock has shown a year-to-date change of +32.19%, with a market capitalization of approximately $178.05 billion. The 52-week high and low for the stock are $154.27 and $88.35, respectively [4][14]. Earnings Overview - For Q2 2025, the company reported revenue of RMB 104 billion, with a year-on-year growth rate slowing to 7%. Adjusted net profit for the quarter was RMB 32.7 billion, which was 20% higher than consensus estimates due to better-than-expected interest income and lower marketing expenses [6][7].

Core Viewpoint - Pinduoduo remains committed to "long-termism" despite slowing revenue growth and profit contraction, emphasizing long-term value creation over short-term financial performance [1][3][8] Revenue and Profit Summary - In Q2 2025, Pinduoduo reported total revenue of 104 billion RMB, a year-on-year increase of 7%, indicating a further slowdown in growth [2][4] - Operating profit under Non-GAAP was 27.7 billion RMB, down 21% year-on-year, while net profit attributable to ordinary shareholders was 32.7 billion RMB, a decline of approximately 5% [1][2] - Revenue from online marketing services and other income was 55.7 billion RMB, up 10%, while transaction service revenue was 48.3 billion RMB, only a 1% increase compared to the same period in 2024 [2] Cost and Expense Analysis - Total revenue costs rose significantly from 33.7 billion RMB to 45.9 billion RMB, a 36% increase year-on-year, primarily due to higher fulfillment costs, bandwidth and server costs, and payment processing fees [2] - Total operating expenses increased from 30.8 billion RMB to 32.3 billion RMB, a 5% rise, mainly driven by increased sales and marketing expenses [2] Strategic Initiatives - Pinduoduo has launched the "100 Billion Support" plan and the "100 Billion Reduction" initiative to support merchants, which includes various measures such as fee reductions and deposit adjustments [2][3] - The company is focusing on long-term investments to strengthen its ecosystem and upgrade its value chain, prioritizing merchant support over immediate profit [1][3][4] Market Response and Future Outlook - Following the earnings report, Pinduoduo's stock price initially rose over 10% before closing at 128.21 USD, reflecting a 0.87% increase [1] - Management has cautioned the market about future earnings volatility, emphasizing the need for continued investment to support small and medium-sized merchants amid increasing competition [4][5] Competitive Landscape - Pinduoduo is not engaging in the immediate retail battle but is focusing on supply-side strategies through its support plans [6] - The company acknowledges the challenges of the "Duoduo Buy Vegetables" business, which requires significant long-term investment, while also addressing the need for a robust supply chain to meet consumer demands [7][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company is expected to continue its long-term ecological investments despite short-term profit fluctuations, with a focus on sustainable development through enhanced merchant services and user experience [2][4] - The company's revenue for Q2 2025 was 104 billion yuan, a year-on-year increase of 7%, aligning with Bloomberg's consensus expectations, while non-GAAP net profit was 32.7 billion yuan, down 5% year-on-year but exceeding expectations [3] - The company has adjusted its non-GAAP net profit forecasts for 2025-2027 to 99 billion, 138.3 billion, and 170 billion yuan respectively, reflecting a year-on-year growth rate of -19.1%, 39.7%, and 22.9% [2][6] Financial Summary and Valuation Metrics - For 2025, the expected revenue is 445.3 billion yuan, with a year-on-year growth of 13.1%, and non-GAAP net profit is projected at 99.0 billion yuan, reflecting a decline of 19.1% [6] - The gross margin is expected to be 55.6% in 2025, down from 63.0% in 2023, while the net profit margin is projected at 22.2% [6] - The diluted EPS for 2025 is estimated at 16.7 yuan, with a P/E ratio of 13.2 times [6]

Core Viewpoint - Pinduoduo's performance in Q2 2023 was surprisingly in line with market expectations, despite a low revenue growth rate of 7% year-on-year, marking a rare single-digit growth in its history [4][5]. Revenue and Profit Analysis - In Q2 2023, Pinduoduo reported revenue of 1039.8 billion yuan, slightly above the market expectation of 1039.3 billion yuan [4]. - Operating profit for the quarter was 257.9 billion yuan, while net profit was 307.5 billion yuan, showing a year-on-year decline of 4% but a significant narrowing of the decline compared to the previous quarter [4][5]. - Marketing expenses in Q2 were 272 billion yuan, a 4.6% year-on-year increase, and significantly lower than the market's expectation by nearly 80 billion yuan [9][10]. Marketing Strategy and Competitive Position - Pinduoduo's marketing expenses had previously surged in Q1 due to competitive pressures, but the reduction in Q2 suggests improved efficiency in its spending [9][11]. - The company utilized smart coupons to optimize subsidies, allowing for more precise marketing and reduced overall spending [11]. - While competitors like Alibaba and JD.com were engaged in intense competition in the food delivery sector, Pinduoduo focused on refining its strategies and enhancing user experience [12]. Business Segments and Future Outlook - Pinduoduo's main site advertising revenue was 557 billion yuan, a 13% year-on-year increase, while commission revenue was 483 billion yuan, remaining relatively stable compared to the previous year [15]. - The impact of Pinduoduo's overseas business, particularly through Temu, has been notable, with a shift in focus towards European markets as the U.S. operations faced challenges [15][19]. - The company is optimistic about its future, indicating that the most challenging times may be behind it, with ongoing efforts to enhance its business model and user engagement [20].

Core Viewpoint - Pinduoduo's Q2 2025 financial report shows a revenue of 104 billion yuan, a 7% year-on-year increase, indicating a slowdown in growth compared to the previous year. The company has launched a new "trillion support" strategy to enhance high-quality development and support merchants during challenging times [1] Group 1: Financial Performance - Pinduoduo reported a revenue of 104 billion yuan for Q2 2025, reflecting a 7% year-on-year growth, but a slowdown compared to the previous year's growth rate [1] - The company has initiated a "trillion support" strategy aimed at high-quality development, marking a significant increase in investment to support the merchant ecosystem [1] Group 2: Merchant Support Initiatives - The "trillion support" strategy builds on the previous "billion reduction" initiative, which has saved millions of merchants significant operational costs, with promotional service fee refunds exceeding 10 billion yuan [2] - Pinduoduo's "e-commerce westward" initiative has eliminated logistics transfer fees in western regions, leading to over 40% year-on-year growth in order volume from these areas [2] Group 3: Agricultural Product Development - Pinduoduo's "Good Specialty Products" initiative has accelerated the sales of agricultural products, with overall sales increasing by 47% year-on-year, and seasonal fruit sales rising by 51% [3] - The platform has seen a rapid increase in the number of agricultural product merchants, with a more than 30% growth in merchants born after 2000 [3] Group 4: Long-term Strategy and Innovation - The "trillion support" initiative is also focused on empowering brand merchants, particularly traditional domestic brands, to innovate and adapt to changing consumer demands [4] - Pinduoduo is investing in agricultural research, with the fifth "DuoDuo Agricultural Research Technology Competition" attracting 46 teams globally, showcasing advanced technologies like AI planting and hydroponics [5] - The company emphasizes a long-term approach to enhance user experience, optimize merchant services, and promote industry upgrades, aiming for a win-win ecosystem for users, merchants, and the platform [5]

Core Viewpoint - Pinduoduo's second quarter revenue growth slowed to 7%, with a total revenue of 104 billion yuan, due to increased investments in high-quality development and the launch of the "trillion support" strategy to assist merchants [2][3] Group 1: Financial Performance - Pinduoduo reported a revenue of 104 billion yuan for the second quarter of 2025, reflecting a 7% growth rate [2] - The company is focusing on long-term value over short-term profits, indicating that short-term performance may fluctuate due to ongoing investments [3] Group 2: Strategic Initiatives - The "trillion support" strategy was introduced to enhance merchant support, marking a significant increase in investment aimed at fostering high-quality development [2][3] - The "100 billion reduction" policy, launched a year ago, has saved millions for merchants by reducing service fees, with over 100 billion yuan returned in promotional service fees alone [5] Group 3: Regional Development - Pinduoduo's "e-commerce westward" initiative has eliminated logistics transfer fees in western regions, leading to over 40% growth in order volume in these areas [5] - The initiative has significantly improved the availability of goods in western regions, enhancing both material and spiritual living standards for local consumers [5][7] Group 4: Agricultural Support - The "2025 Special Action for Good Local Products" has helped local agricultural products gain market access, with sales of agricultural products increasing by 47% year-on-year [9] - Pinduoduo's support has enabled local farmers to innovate and create value-added products, such as the development of a popular potato chip brand in Yunnan, benefiting over 11,000 farmers [9] Group 5: Merchant Empowerment - The "trillion support" strategy has expanded support for small and medium-sized merchants, focusing on enhancing their operational efficiency and reducing costs [11] - Pinduoduo is leveraging digital technology to assist merchants in product development, significantly increasing the success rate of new product launches [12] Group 6: Long-term Vision - The company emphasizes a commitment to long-term strategies, focusing on enhancing user experience and optimizing merchant services to create a win-win ecosystem [14] - Pinduoduo aims to guide the industry towards a more inclusive and open direction, creating greater positive value for society [14]

花旗发表研报指，拼多多第二季度净利润超出预期，归因于低于预期的销售与市场推广费用。但管理层 多次提醒投资者，因公司致力于商家支持，第二季度利润不可持续，花旗将此解读为管理预期并保 持"低调"。 花旗又认为，关于跨境电商平台Temu与本地供应商合作开展本地化营运，以及加强物流服务的评论， 可能暗示其将进军欧洲、美国和巴西等市场。该行将拼多多目标价从154美元上调至168美元，维持"买 入"评级。 ...

巴克莱：将拼多多(PDD.US)目标价从158.00美元上调至165.00美元。 ...

Results Largely In Line with Expectations, with Strong Bottom-Line Beat. PDD reported total revenue of RMB103 billion in 2Q25, up 7% YoY and in line with consensus. Online marketing and other services revenue rose 13% YoY to RMB55.7 billion (vs. consensus: +11.8%), while transaction services revenue edged up 0.7% YoY to RMB48.3 billion (vs. consensus: +0.6%). Gross profit came in at RMB58.1 billion, slightly below expectations (consensus: RMB61.6 billion), with a gross margin of 56% (vs. consensus: 59.3%). ...