拼多多净利骤降4成，还能再战海外吗？

Core Viewpoint - Pinduoduo reported disappointing Q1 2025 financial results, with a significant decline in net profit, indicating a strategic shift towards long-term goals at the expense of short-term performance [1][5]. Financial Performance - Total revenue for the quarter was 956.7 billion yuan, representing a year-on-year growth of 10%, but the growth rate has slowed down [1]. - Net profit attributable to ordinary shareholders was 147.4 billion yuan, a decrease of 47% year-on-year [3]. - Online marketing services and other revenues increased by 15% to 487.2 billion yuan, while transaction service revenue growth slowed to 6%, totaling 469.5 billion yuan [3][4]. Strategic Initiatives - Pinduoduo's chairman, Chen Lei, emphasized the need to sacrifice short-term performance to support merchants during market fluctuations, introducing a "trillion support" strategy to reduce costs and commissions for merchants [4][5]. - The company aims to lead the e-commerce industry into a new phase of "comprehensive merchant support" through substantial financial investments [4]. Market Challenges - The company experienced a 20% drop in stock price before the market opened, closing down 13.64% on the reporting day, reflecting investor concerns over the slowing growth [5]. - Pinduoduo's global business, Temu, is facing challenges, and the company has not disclosed its specific revenue figures, raising questions about its future growth potential [5]. Future Outlook - Analysts suggest that Pinduoduo may need to explore new strategies beyond subsidies and low pricing to regain its previous growth momentum [7][9]. - The company is encouraged to seek new opportunities globally to delay reaching its growth ceiling, as traditional methods of attracting users are becoming less effective [7][9].