【拼多多（PDD.O）】投入拉高成本，平台生态持续优化——2024年年报点评（付天姿/梁丹辉/赵越）

Core Viewpoint - The company reported significant growth in revenue and net profit for the year 2024, indicating strong operational performance and effective strategies in place [2]. Financial Performance - In 2024, the company achieved a total revenue of 393.84 billion yuan, representing a year-on-year growth of 59.0%, and a GAAP net profit of 112.43 billion yuan, up 87.3% [2]. - For Q4 2024, the company recorded a revenue of 110.61 billion yuan, which is a 24.4% increase year-on-year, and a GAAP net profit of 27.45 billion yuan, reflecting a 17.9% growth [2]. Profitability Metrics - The gross margin for Q4 2024 was 56.8%, a decrease of 7.9 percentage points year-on-year, while the annual gross margin for 2024 was 63.9%, an increase of 3.2 percentage points compared to 2023 [3]. - The sales expense ratio for Q4 2024 decreased by 1.6 percentage points, while the management and R&D expense ratios showed minor changes [3]. Revenue Breakdown - Online marketing service revenue for 2024 reached 197.93 billion yuan, a year-on-year increase of 28.9%, and commission revenue was 195.90 billion yuan, up 108.2% [4]. - In Q4 2024, online marketing service revenue was 57.01 billion yuan, growing 17.1% year-on-year, while commission revenue was 53.60 billion yuan, reflecting a 33.3% increase [4]. - The company has implemented various initiatives to support merchants and enhance platform ecology, such as the "Billion Reduction" plan, which aims to lower operational costs for merchants [4].