[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)

Core Viewpoint - Pinduoduo's latest financial report indicates a 4% year-on-year decline in net profit, marking a consecutive decrease following the previous quarter [1] Group 1: Financial Performance - Pinduoduo's net profit has decreased by 4% compared to the same period last year [1] - This decline follows a similar trend observed in the previous quarter [1] Group 2: Business Initiatives - Last August, Pinduoduo launched the "100 Billion Subsidy" initiative, aimed at reducing commission fees for millions of merchants [1] - Over the past year, the "100 Billion Subsidy" has significantly reduced operational costs for merchants, with refunds on promotional service fees exceeding 10 billion [1]

Core Viewpoint - Pinduoduo's Q2 2025 financial report shows a revenue growth slowdown to 7%, with quarterly revenue reaching 104 billion yuan, attributed to increased investment in high-quality development and the launch of the "trillion support" strategy to assist merchants [1] Group 1: Financial Performance - Pinduoduo's revenue for Q2 2025 was 104 billion yuan, reflecting a 7% growth rate [1] - The company has increased its investment in high-quality development, impacting short-term performance but aiming for long-term value [1] Group 2: Merchant Support Initiatives - The "trillion support" strategy was introduced to help merchants navigate challenges, building on the previous "billion reduction" initiative [1] - Over the past year, the "billion reduction" policy has saved millions of merchants significant operational costs, with promotional service fee refunds exceeding 10 billion yuan [2] Group 3: Regional Economic Impact - 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 [2] - The initiative has significantly increased the availability of various products in western regions, enhancing local consumers' quality of life [5] Group 4: Agricultural Development - The "2025 Multi-Quality Specialty Products" initiative has facilitated the entry of agricultural products into urban markets, with sales of agricultural products increasing by 47% year-on-year [7] - Pinduoduo's support has enabled local farmers to innovate and create new products, such as the "internet celebrity" potato chips from Yunnan, benefiting over 11,000 farmers [7] Group 5: Industry Transformation - Pinduoduo is focusing on upgrading traditional industries by providing targeted support to merchants in various sectors, enhancing product development success rates [9] - The company is also collaborating with traditional brands to adapt to market changes, helping them find new growth opportunities [9] Group 6: Research and Development - Pinduoduo has increased investment in agricultural research, hosting the "Multi-Research Technology Competition" to explore advanced agricultural technologies [11] - The company aims to enhance user experience and merchant services while promoting industry upgrades through its "trillion support" strategy [11]

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 ...