Financial Performance - Pinduoduo reported total revenue of 103.9848 billion yuan for Q2 2025, a year-on-year increase of 7% [1] - Net profit attributable to ordinary shareholders was 30.7535 billion yuan, down 4% year-on-year; non-GAAP net profit was 32.7084 billion yuan, down 5% year-on-year [1] Competitive Landscape - The e-commerce industry is experiencing intensified competition, leading to a slowdown in revenue growth for Pinduoduo compared to other platforms [2][3] - The company acknowledges that the current profit levels are not sustainable and anticipates continued fluctuations in future profits due to increased competition and investment in merchant support [8][13] Strategic Initiatives - Pinduoduo has launched the "100 Billion Support Plan" to reduce operational costs for merchants and enhance the quality of the e-commerce ecosystem [6][7] - The plan includes targeted support for agricultural merchants and new quality merchants, aiming to improve their operational efficiency and market reach [7][11] Globalization Efforts - The company is adapting to changes in global trade structures and consumer demands, focusing on enhancing supply chain capabilities and localizing operations [5][14] - Pinduoduo aims to provide high-quality products to consumers worldwide while strengthening its service and compliance capabilities [5] Consumer Engagement - During the "618" shopping festival, Pinduoduo invested heavily in subsidies for quality agricultural products and consumer coupons, resulting in significant growth for participating merchants [15][16] - The company is committed to creating a healthier and more vibrant platform ecosystem by continuously investing in both supply and demand sides [16]

(本文来自第一财经) 道指跌0.18%，纳指跌0.15%，标普500指数跌0.18%。英特尔涨逾2%。热门中概股多数走高，蔚来涨超 5%，贝壳涨超3%，阿里巴巴涨近2%；拼多多跌超1%。 ...

拼多多 20250825 PDD Holdings' "Hundred Billion Support Program" led to moderated revenue growth and a 21% year-over-year decline in operating profit for Q2 2025, prioritizing long-term ecosystem value creation. The "10 Billion Fee Reduction Initiative" since August 2024 provided significant savings for merchants, enabling innovation and a wider selection of high-quality products. Logistics support initiatives reduced shipping costs to remote areas by up to 40%, increasing order numbers and injecting new energy ...

Core Viewpoint - Pinduoduo's Q2 performance exceeded profit expectations, leading to a temporary stock price surge, but revenue growth remains stable and unremarkable, indicating a potential slowdown in growth momentum [1][5]. Revenue Performance - Total revenue for Q2 reached approximately 104 billion RMB, a year-on-year increase of 7%, aligning closely with market expectations after two consecutive quarters of underperformance [1][10]. - Core advertising revenue grew by 13.4% year-on-year, also meeting market expectations, suggesting that growth in Pinduoduo's main platform has stabilized [1][11]. Temu's Performance - Transaction commission revenue for Temu was about 48.3 billion RMB, showing negligible growth of less than 1% year-on-year, primarily due to increased tariffs and the shift from full to semi-managed business models [2][15]. - Despite challenges, Temu's overall GMV growth is estimated to exceed 40%, indicating resilience through market expansion and business model adaptation [2][7]. Marketing and Expenses - Marketing expenses were significantly lower than expected at 27.2 billion RMB, nearly 8 billion RMB less than anticipated, contributing to a stronger profit performance [2][20]. - R&D expenses continued to grow at approximately 23% year-on-year, while management expenses decreased by nearly 17%, reflecting improved operational efficiency [2][20]. Profitability - Operating profit margin improved to nearly 25%, up from 17% in the previous quarter, with actual operating profit around 25.8 billion RMB, exceeding market expectations by 4.3 billion RMB [3][23]. - Net profit reached 30.8 billion RMB, influenced by investment income exceeding 10 billion RMB, showcasing Pinduoduo's strong profitability under effective cost control [3][24]. Market Position and Future Outlook - Pinduoduo's performance, while stable, lags behind competitors like JD.com and Vipshop, which reported stronger growth, indicating a relative disadvantage in the current market environment [5][12]. - The company may need to maintain subsidy efforts in its main platform to counterbalance competitive disadvantages, although the negative impact of subsidies is expected to diminish over time [5][6].

周一，热门中概股多数上涨，截至发稿，网易(NTES.US)涨超4%，腾讯音乐(TME.US)涨超3.6%，百度 (BIDU.US)涨超3%，阿里巴巴(BABA.US)涨超2.3%。拼多多(PDD.US)涨超2.5%，拼多多二季度营收增 速小幅放缓，但得益于营销费用的控制，公司净利润降幅大幅收窄，整体业绩好于预期。Q2总收入 1039.8亿元(143.5亿美元)，同比增长7%，市场预估1,039.3亿元。营业利润257.9亿元，同比下降21%； 净利润307.5亿元人民币，同比下降4%。拼多多管理层在电话会上强调，接下来公司将持续加大对商家 的支持，因此不认为这个季度的利润可以持续。"相较于短期业绩，我们更加关注可以为平台生态带来 长期回报的投入。这也是我们甘于牺牲利润，长期坚持反哺生态的原因。" ...

智通财经APP获悉，周一，热门中概股多数上涨，截至发稿，网易(NTES.US)涨超4%，腾讯音乐 (TME.US)涨超3.6%，百度(BIDU.US)涨超3%，阿里巴巴(BABA.US)涨超2.3%。拼多多(PDD.US)涨超 2.5%，拼多多二季度营收增速小幅放缓，但得益于营销费用的控制，公司净利润降幅大幅收窄，整体 业绩好于预期。Q2总收入1039.8亿元(143.5亿美元)，同比增长7%，市场预估1,039.3亿元。营业利润 257.9亿元，同比下降21%；净利润307.5亿元人民币，同比下降4%。拼多多管理层在电话会上强调，接 下来公司将持续加大对商家的支持，因此不认为这个季度的利润可以持续。"相较于短期业绩，我们更 加关注可以为平台生态带来长期回报的投入。这也是我们甘于牺牲利润，长期坚持反哺生态的原因。" ...

拼多多二季度营收增速小幅放缓，但得益于营销费用的控制，公司净利润降幅大幅收窄，Non-GAAP净利润同比下降5%，至327.1亿元，大幅超过市场 预估的223.9亿元。销售营销费用272.1亿元，同比增长4.5%，较一季度43%的增速大幅放缓。 拼多多二季度营收增速小幅放缓，但得益于营销费用的控制，公司净利润降幅大幅收窄，整体业绩好于预期。与此同时，在电商竞争激烈的大环境下， 拼多多选择加大对商家的支持投入，这既是对长期价值的押注，也是对短期业绩的考验。 周一晚间，拼多多公布二季度财报，核心要点如下： 财务状况 核心业务表现 总收入1039.8亿元（143.5亿美元），同比增长7%，市场预估1,039.3亿元 营业利润257.9亿元，同比下降21%；净利润307.5亿元人民币，同比下降4% Non-GAAP净利润同比下降5%，至327.1亿元，但大幅超过市场预估的223.9亿元 ；Non-GAAP调整后每ADS收益22.07元，市场预期15.50元 销售营销费用272.1亿元，同比增长4.5%，较一季度43%的增速大幅放缓 经营现金流216.4亿元，较去年同期438亿元大幅下降51% 在线营销收入557亿元好 ...

受电商行业激烈竞争以及持续加码的商家支持影响，拼多多二季度净利润继续下滑，但仍大幅好于市场预期。拼多多管理层在电话会上强调，接下来公 司将持续加大对商家的支持，因此不认为这个季度的利润可以持续。公司甘于牺牲短期利润，长期坚持反哺生态。 周一公布的财报显示，二季度拼多多实现收入1040亿元，同比增长7%，较一季度进一步放缓；经营利润258亿元，同比下降21%。净利润为306.8亿 元，同比下降4%。 拼多多管理层在电话会上强调，接下来公司将持续加大对商家的支持，因此不认为这个季度的利润可以持续。"相较于短期业绩，我们更加关注可以为平 台生态带来长期回报的投入。这也是我们甘于牺牲利润，长期坚持反哺生态的原因。" 拼多多集团执行董事、联席CEO赵佳臻在稍后召开的电话会上表示，拼多多在过去一个季度的一系列投入，必然导致收入增速放缓，利润同比下降， 接下来将持续加大投入，" 因此，我们不认为这个季度的利润可以持续，未来的波动依旧会比较大。 " 管理层在电话会上多次强调更关注长期利益。拼多多董事长兼联席CEO陈磊在电话会上表示："随着外部环境持续演变、竞争加剧，我们仍将致力于长 期价值创造，而非短期业绩。我们的团队将通过 ...

每经AI快讯，8月25日，多数中概股走强。阿里巴巴涨2.9%，拼多多涨4.3%，网易涨4.6%，百度涨 3.5%。京东涨1.7%，理想汽车涨1.8%，蔚来涨1.3%。 ...

Core Insights - Pinduoduo reported its Q2 2025 unaudited financial results, showing revenue of RMB 1,039.8 billion, a year-on-year increase of 7%, while net profit decreased by 4% to RMB 307.5 billion [1] - The adjusted net profit under Non-GAAP was RMB 327.1 billion, exceeding market expectations of RMB 223.9 billion, but still down 5% year-on-year [1][2] - The company’s earnings per ADS (American Depositary Share) was RMB 22.07, surpassing the market forecast of RMB 15.50, leading to a nearly 10% pre-market stock price increase [2] Financial Performance - Revenue was primarily driven by online marketing services and transaction services, with online marketing services and other income reaching RMB 557.03 billion, a 13% increase year-on-year, while transaction service revenue was RMB 482.82 billion, slightly up from RMB 479.44 billion in the same period last year [5] - Total cost of revenue for Q2 was RMB 458.59 billion, reflecting a significant year-on-year increase of 36%, attributed to rising fulfillment costs, bandwidth and server expenses, and payment processing fees [6] Asset Overview - As of June 30, 2025, Pinduoduo's cash, cash equivalents, and short-term investments totaled RMB 387.1 billion, up from RMB 331.6 billion as of December 31, 2024 [6] - Total assets were reported at RMB 505.03 billion, down from RMB 567.16 billion at the end of 2024 [4]