单季理财赚百亿，“拒不分红” 拼多多要当 “巴菲特”？

Core Viewpoint - Pinduoduo has accumulated significant cash assets and is facing the critical question of how to utilize these funds effectively as it transitions from a growth phase to a mature phase [1] Group 1: Financial Performance - In the latest quarter, Pinduoduo's interest and investment income reached a level of 10 billion RMB, which is a notable contribution compared to the 25.8 billion RMB operating profit from its main business [1] - The average quarterly profit remains around 5.3 billion RMB, consistent with the previous year's performance [1] Group 2: Cash and Investment Assets - As of the second quarter, Pinduoduo has 538.8 billion RMB (approximately 75 billion USD) in cash or idle funds that can generate interest or be invested [3] - The key components of idle funds include monetary funds, restricted cash, short-term investments, and other non-current assets [3] Group 3: Short-term Investments - Short-term investments, which account for 60% of the total, primarily consist of fixed deposits and held-to-maturity bonds, with a growing portion allocated to stock trading [5][6] - The stock trading balance increased from 17.2 billion RMB in 2023 to 44.5 billion RMB in 2024, indicating a shift towards higher-risk investments to enhance yield [6] Group 4: Non-current Assets - Pinduoduo's non-current assets are primarily composed of long-term fixed deposits and held-to-maturity bonds, with minimal equity investments [8] - The company maintains a clean balance sheet with no significant external equity investments or cross-industry mergers [10] Group 5: Investment Returns - The overall return on cash and investment assets has remained between 4-5% over the past two years, aligning with the risk-free return rates of U.S. Treasury bonds [13] - The yield from fixed deposits and held-to-maturity bonds is approximately 4%, consistent with recent U.S. Treasury rates [15] Group 6: Capital Allocation Strategy - Pinduoduo's return on equity (ROE) stands at 13.5%, significantly higher than the 4-5% return on idle cash, highlighting the need for optimized capital allocation [16] - The company faces a strategic decision on whether to reinforce its core business, explore new markets, or consider dividends and share buybacks as growth slows [16] - The potential for cash accumulation without strategic investment could lead to declining ROE and valuation concerns [16][17]