拼多多一季度利润大幅下滑，盘前股价暴跌逾20%

Core Viewpoint - Pinduoduo's Q1 2025 financial results fell short of market expectations, leading to a significant drop in stock price and investor concerns about the company's future profitability and growth prospects [1][2] Financial Performance - Pinduoduo reported Q1 revenue of 95.7 billion RMB, a year-on-year increase of 10%, but net profit decreased by 45% to 14.7 billion RMB, significantly below the expected 25.7 billion RMB [1] - The company's CFO indicated that profitability will continue to face pressure due to ongoing business expansion and external policy uncertainties [2] Strategic Investments - The company has made substantial investments in its platform ecosystem to help merchants and consumers adapt to external changes, which has compressed profit margins in the short term [1] - Pinduoduo's "100 billion support plan" aims to provide greater subsidies to merchants, which is seen as a strategy for high-quality development despite raising market concerns [2] Market Environment - Pinduoduo's cross-border platform Temu is facing challenges due to tightened U.S. trade policies, requiring a shift in logistics strategy from direct shipping to bulk transport to local warehouses [1] - Competitors like JD.com and Alibaba have shown stronger performance, with JD.com experiencing its fastest revenue growth in three years, while Alibaba's Chinese retail business exceeded market expectations [2] Competitive Challenges - Analysts note that Pinduoduo's extensive subsidies to support Temu merchants amid rising costs and supply chain disruptions have become a key factor dragging down profitability [2] - Regulatory and trade policy pressures in the U.S., Japan, and the EU may further weaken Temu's cost advantages in overseas markets [2]