拼多多需要重估

Core Insights - Pinduoduo's revenue and profit missed expectations in Q1, with revenue at 957 billion yuan, a 10% year-on-year growth, falling short of the anticipated 1,016 billion yuan [1][3] - The company's operating profit decreased by 38% to 161 billion yuan, and net profit dropped by 47% to 147 billion yuan [2][3] - Pinduoduo's advertising revenue grew by 15% to 487 billion yuan, exceeding market expectations, but the growth rate is slowing down [3] Revenue and Profit Performance - Q1 revenue was 957 billion yuan, a 10% increase year-on-year, missing the market expectation by nearly 60 billion yuan [1] - Operating profit was 161 billion yuan, down 38% year-on-year, while net profit was 147 billion yuan, down 47% [2][3] - Advertising revenue reached 487 billion yuan, growing 15% year-on-year, surpassing the expected 480 billion yuan [3] Strategic Choices and Market Position - Pinduoduo is focusing on maintaining price competitiveness through increased subsidies, impacting short-term profits for long-term growth [1][3] - The company has implemented a "thousand billion support plan" for merchants, which is seen as a long-term investment despite its immediate negative impact on profits [7] - The competitive landscape is intensifying, with rivals like Alibaba and JD.com targeting Pinduoduo's price advantage [5] Cross-Border E-commerce Challenges - Pinduoduo's cross-border e-commerce platform, Temu, faced significant challenges due to increased tariffs and changes in U.S. customs policies [8][10] - The company has shifted from a full-managed model to a semi-managed model to adapt to new regulations, impacting revenue recognition [8][10] - Advertising expenditures in the U.S. have been significantly reduced, while investments in European markets have increased [9][10]