突发利空，股价大跌

Core Viewpoint - Pinduoduo's stock plummeted over 17% following the release of its Q1 2025 financial report, which showed disappointing revenue and a significant decline in net profit [1][3]. Financial Performance - For Q1 2025, Pinduoduo reported total revenue of 95.6722 billion yuan, a year-on-year increase of 10%, falling short of the expected 103.368 billion yuan and 19.07% growth [4]. - The net profit attributable to ordinary shareholders was 14.742 billion yuan, a staggering 47% decline year-on-year. Adjusted net profit was 16.916 billion yuan, down 45% [4]. - The company's costs for Q1 2025 reached 40.947 billion yuan, a 25% increase compared to the same period in 2024, with operating expenses rising by 37% [6]. Business Strategy - Pinduoduo has significantly increased its support measures for merchants, transitioning from a "billion reduction" initiative to a "trillion support" program, aimed at reducing costs and enhancing operational space for merchants [5]. - The company is focusing on providing subsidies to consumers through various initiatives, including a 100 billion yuan consumer coupon program, to enhance consumer demand and improve supply-demand matching [5]. Cash Position - As of March 31, 2025, Pinduoduo held cash, cash equivalents, and short-term investments totaling 364.5 billion yuan, an increase from 331.6 billion yuan at the end of 2024 [7].