拼多多：重回摇钱树？掰不过管理层 “按头跪”

Core Viewpoint - Pinduoduo's Q2 performance exceeded profit expectations, leading to a temporary stock price surge, but revenue growth remains stable and unremarkable, indicating a potential slowdown in growth momentum [1][5]. Revenue Performance - Total revenue for Q2 reached approximately 104 billion RMB, a year-on-year increase of 7%, aligning closely with market expectations after two consecutive quarters of underperformance [1][10]. - Core advertising revenue grew by 13.4% year-on-year, also meeting market expectations, suggesting that growth in Pinduoduo's main platform has stabilized [1][11]. Temu's Performance - Transaction commission revenue for Temu was about 48.3 billion RMB, showing negligible growth of less than 1% year-on-year, primarily due to increased tariffs and the shift from full to semi-managed business models [2][15]. - Despite challenges, Temu's overall GMV growth is estimated to exceed 40%, indicating resilience through market expansion and business model adaptation [2][7]. Marketing and Expenses - Marketing expenses were significantly lower than expected at 27.2 billion RMB, nearly 8 billion RMB less than anticipated, contributing to a stronger profit performance [2][20]. - R&D expenses continued to grow at approximately 23% year-on-year, while management expenses decreased by nearly 17%, reflecting improved operational efficiency [2][20]. Profitability - Operating profit margin improved to nearly 25%, up from 17% in the previous quarter, with actual operating profit around 25.8 billion RMB, exceeding market expectations by 4.3 billion RMB [3][23]. - Net profit reached 30.8 billion RMB, influenced by investment income exceeding 10 billion RMB, showcasing Pinduoduo's strong profitability under effective cost control [3][24]. Market Position and Future Outlook - Pinduoduo's performance, while stable, lags behind competitors like JD.com and Vipshop, which reported stronger growth, indicating a relative disadvantage in the current market environment [5][12]. - The company may need to maintain subsidy efforts in its main platform to counterbalance competitive disadvantages, although the negative impact of subsidies is expected to diminish over time [5][6].