Core Insights - Pinduoduo reported a total revenue of 103.98 billion yuan for Q2 2025, representing a year-on-year growth of 7% [1] - The operating profit for the quarter was 25.79 billion yuan, showing a decline of 21% compared to the previous year [1] - Net profit attributable to ordinary shareholders was 30.75 billion yuan, down 4% year-on-year [1] Revenue Breakdown - Online marketing services and other business revenues reached 55.7 billion yuan, marking a 13% increase year-on-year [1] - Transaction service revenue was 48.28 billion yuan, remaining nearly flat compared to the same period last year [1] Expense Analysis - Total operating expenses for the quarter amounted to 32.33 billion yuan, reflecting a 5% increase year-on-year due to higher platform sales and marketing costs [1]

Core Viewpoint - Pinduoduo's Q2 2025 financial results show a slowdown in revenue growth to 7%, attributed to increased investments in high-quality development, with total revenue approximately 104 billion yuan, slightly above market expectations [2][3] Financial Performance - Revenue for Q2 2025 reached approximately 104 billion yuan, with a year-on-year growth rate of 7%, compared to market expectations of 103.93 billion yuan [2] - Net profit for the quarter was 30.75 billion yuan, a year-on-year decline of 4%, while adjusted net profit was 32.71 billion yuan, down 5% year-on-year, exceeding market expectations of 22.39 billion yuan [2] - Adjusted earnings per ADS were 22.07 yuan, compared to 23.24 yuan in the same period last year, and above the market expectation of 15.50 yuan [2] - Online marketing service revenue was 55.70 billion yuan, a year-on-year increase of 13%, surpassing expectations of 54.94 billion yuan; transaction service revenue was 48.28 billion yuan, slightly below the expected 48.91 billion yuan [2] Strategic Initiatives - The company has launched a "trillion support" strategy to enhance investments in high-quality development, which has impacted short-term performance but aims for long-term value creation [3][4] - Pinduoduo continues to implement the "hundred billion reduction" policy to support merchants, which has saved millions in operational costs for numerous businesses [3][4] - The company is focusing on supporting small and medium-sized businesses and exploring new business models in overseas markets, indicating a commitment to long-term growth despite competitive pressures [4][5] Market Reaction - Following the earnings report, Pinduoduo's stock experienced volatility, initially rising by approximately 12% before turning to a decline in pre-market trading [6]

Group 1 - The U.S. stock market opened lower on August 25, with the Dow Jones index down by 0.24%, the S&P 500 index down by 0.17%, and the Nasdaq Composite index down by 0.19% [1] - Pinduoduo saw a decline of over 1%, while Intel experienced an increase of more than 2% [1] - Chinese real estate stocks performed well, with Fangdd rising over 2% and Beike increasing by more than 3% [1]

Group 1 - The US stock market opened slightly lower with the Dow Jones down 0.24%, Nasdaq down 0.14%, and S&P 500 down 0.15% [1] - Pinduoduo opened down 1.08%, while popular Chinese concept stocks saw an overall increase [1] - Intel rose by 1.9% and Alibaba increased by 1.94% [1]

来源：滚动播报 拼多多控股公布二季度财报后，股价下跌1.9%。 ...

Core Viewpoint - Pinduoduo's Q2 2025 financial results show a slowdown in revenue growth to 7%, with total revenue of 103.985 billion yuan and adjusted net profit of 32.708 billion yuan, a year-on-year decline of 5% [1] Revenue Summary - Revenue from online marketing services and other businesses reached 55.703 billion yuan, a year-on-year increase of 13% [1] - Transaction service fee revenue was 48.281 billion yuan, showing a slight growth of 0.7% year-on-year [1] - The company's revenue growth is slowing due to initiatives like the "100 billion support" strategy and "10 billion exemptions" affecting advertising and commission income [1] Cost and Expenditure Summary - Operating costs for the quarter were 45.859 billion yuan, up 36% year-on-year, primarily driven by increases in fulfillment costs, bandwidth, server costs, and payment processing fees [2] - Operating expenses totaled 32.333 billion yuan, a 5% year-on-year increase, mainly due to rising sales and marketing expenses [2] - The total operating expenses in the previous quarter were 38.6 billion yuan, reflecting a significant increase of 37%, which outpaced the 10% revenue growth [2] Strategic Focus - The company plans to increase investments to support small and medium-sized businesses, indicating a willingness to sacrifice some profit for long-term growth [2] - Pinduoduo remains cautious in its investment in instant retail, focusing instead on its grocery business, which requires substantial long-term investment despite competition [2] - The "Duoduo Grocery" business has a pickup point coverage of over 70% of administrative villages nationwide [2] Global Trade Impact - The company acknowledges that changes in global trade structures may cause short-term fluctuations in its cross-border business, but overall consumer trends remain stable, with increasing trust from overseas consumers [3]

Core Viewpoint - Pinduoduo's Q2 revenue growth has slowed to 7% year-on-year, with total revenue reaching 104 billion yuan, marking a continuous decline in growth rate over several quarters [1] - The company reported a net profit of 30.75 billion yuan, a 4% decrease year-on-year, continuing a downward trend for two consecutive quarters [1] Group 1: Financial Performance - Pinduoduo's revenue for Q2 is 104 billion yuan, reflecting a 7% year-on-year growth slowdown [1] - The net profit for Q2 is 30.75 billion yuan, which is a 4% decline compared to the same period last year [1] Group 2: Strategic Initiatives - The slowdown in performance is attributed to the "100 billion subsidy" initiative aimed at reducing costs for millions of merchants, which has significantly impacted the company's profitability [2] - Pinduoduo has launched a "trillion-level" support initiative for merchants, focusing on reducing commissions and increasing support for small and medium-sized businesses, which has affected short-term performance but aims to create long-term growth opportunities [2] - The company emphasizes a commitment to long-term value over short-term profits, focusing on ecological construction and industry transformation [3]

格隆汇8月25日｜拼多多(PDD.US)盘前转跌超3%，此前一度涨超11%。 ...

每经AI快讯，8月25日，拼多多美股盘前跌幅扩大至3.5%。 ...

8月25日，拼多多发布的二季度财报显示，今年二季度，公司营收增速同比放缓至7%，为1040亿 元，至此，该公司连续多个季度增速放缓。同时，二季度实现净利润307.5亿元，同比下降4%，连续 两个季度呈现下降趋势。 股价方面，当地时间周一，拼多多美股盘前拉升涨超11%。 拼多多业绩放缓，主要还是受"千亿扶持"加码产业投入的影响。 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。截至目前，"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元，这在一定程度上也影响了拼多多今 年二季度的利润。 更值得一提的是，今年二季度，拼多多首次在电商行业启动"千亿级别"的惠商行动，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。这一系列超预期的投入拖累了短期的 业绩表现，但同时也为产业生态的长效发展创造了新的空间和动力。 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 潜 ...