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猫狗围攻光明顶,拼多多悄悄入“总坛”
PDDPDD(US:PDD) 3 6 Ke·2025-08-26 23:37

Core Viewpoint - Pinduoduo's recent financial performance shows a significant profit increase, but the company's executives express concerns about the sustainability of this profit level, indicating potential volatility in future quarters [1][3][20] Financial Performance - In Q2, Pinduoduo reported total revenue of 1039.9 billion yuan, a year-on-year growth of 7%, which is lower than the previous quarter's 10% and significantly below last year's 86% [4] - Adjusted profit for the quarter was 327.1 billion yuan, down 5% year-on-year but exceeding market expectations of 223.9 billion yuan [4] - Operating profit for Q2 was 258 billion yuan, reflecting a 21% year-on-year decline, primarily due to increased operating costs outpacing revenue growth [4][5] Revenue Breakdown - Online marketing services and other revenues amounted to 557 billion yuan, growing 13% year-on-year, while transaction service revenue was 482.8 billion yuan, showing a minimal increase of 0.7% [5] - The decline in transaction service revenue is attributed to a reduction in commission rates for small and medium-sized merchants, which affects overall income [7][8] Business Strategy - Pinduoduo's strategy involves a "thousand billion subsidy" plan aimed at supporting merchants, which is seen as a necessary investment to enhance supply quality and foster brand development [19][20] - The company is focusing on nurturing its own brands rather than solely relying on established brands, which is viewed as a more sustainable growth path [15][19] Market Positioning - Pinduoduo's approach contrasts with that of other e-commerce platforms, as it seeks to create a unique ecosystem that supports small and medium-sized merchants while maintaining competitive pricing [17][20] - The platform's reliance on a diverse range of merchants, including many small businesses, is crucial for its revenue generation, highlighting the importance of maintaining a healthy merchant ecosystem [9][18]