PDD(US:PDD) Shang Hai Zheng Quan Bao·2025-08-25 13:55Core Viewpoint - Pinduoduo's Q2 2025 financial report shows a revenue of approximately 104 billion yuan, with a year-on-year growth rate slowing to 7%, and a net profit of 30.75 billion yuan, marking a 4% decline compared to the previous year, continuing a downward trend for two consecutive quarters [2][5]. Financial Performance - In Q1 2025, Pinduoduo achieved a revenue of 95.672 billion yuan, reflecting a year-on-year growth of 10%. However, in Q2, the revenue growth further slowed to 7% [5]. - The Q2 revenue of approximately 104 billion yuan was primarily driven by growth in online marketing services and transaction service revenues, with online marketing services generating about 55.7 billion yuan, a 13% increase from approximately 49.1 billion yuan in the same period of 2024. Transaction service revenue was around 48.3 billion yuan, slightly up from approximately 47.9 billion yuan in 2024 [7]. Strategic Focus - Pinduoduo emphasizes long-term ecological investments over short-term profits, as stated by the co-CEO Zhao Jiazhen, indicating a willingness to sacrifice immediate profits for sustainable growth [2][3]. - The company has initiated a "trillion support" strategy, committing over 100 billion yuan in resources over the next three years to enhance the quality of its e-commerce ecosystem, which has impacted short-term performance [6][11]. Market and Industry Dynamics - Pinduoduo's agricultural product sales have seen significant growth, with overall sales increasing by 47% year-on-year, and seasonal fruit and seafood sales rising by 51% and 48%, respectively [11]. - The company is also focusing on global expansion, increasing subsidies for overseas merchants, and exploring new business models to adapt to the competitive landscape [11].