Core Viewpoint - Pinduoduo's Q2 2025 financial results show a slowdown in revenue growth to 7%, attributed to increased investments in high-quality development, with total revenue approximately 104 billion yuan, slightly above market expectations [2][3] Financial Performance - Revenue for Q2 2025 reached approximately 104 billion yuan, with a year-on-year growth rate of 7%, compared to market expectations of 103.93 billion yuan [2] - Net profit for the quarter was 30.75 billion yuan, a year-on-year decline of 4%, while adjusted net profit was 32.71 billion yuan, down 5% year-on-year, exceeding market expectations of 22.39 billion yuan [2] - Adjusted earnings per ADS were 22.07 yuan, compared to 23.24 yuan in the same period last year, and above the market expectation of 15.50 yuan [2] - Online marketing service revenue was 55.70 billion yuan, a year-on-year increase of 13%, surpassing expectations of 54.94 billion yuan; transaction service revenue was 48.28 billion yuan, slightly below the expected 48.91 billion yuan [2] Strategic Initiatives - The company has launched a "trillion support" strategy to enhance investments in high-quality development, which has impacted short-term performance but aims for long-term value creation [3][4] - Pinduoduo continues to implement the "hundred billion reduction" policy to support merchants, which has saved millions in operational costs for numerous businesses [3][4] - The company is focusing on supporting small and medium-sized businesses and exploring new business models in overseas markets, indicating a commitment to long-term growth despite competitive pressures [4][5] Market Reaction - Following the earnings report, Pinduoduo's stock experienced volatility, initially rising by approximately 12% before turning to a decline in pre-market trading [6]
拼多多2025年Q2营收增速放缓 利润连降或因新战略