疯狂“自砍”！拼多多大放血背后是明晃晃的阳谋？

Core Viewpoint - Pinduoduo's Q1 2023 financial results showed significant revenue and profit misses, indicating a shift to low growth and raising concerns about its business strategy and competitive positioning [1][15][32]. Revenue Performance - Total revenue for Q1 2023 was approximately 957 billion RMB, representing a year-on-year growth of 10%, but fell short of market expectations by nearly 60 billion RMB, marking a trend towards low growth [1][15]. - Advertising revenue, which reflects the main platform's performance, grew by 14.8% year-on-year, slightly exceeding the market expectation of 13% [2][17]. - Commission income was approximately 470 billion RMB, significantly below market expectations by over 70 billion RMB, primarily due to the impact of Temu's business model transition [3][20]. Profitability Issues - Operating profit for the quarter was 183 billion RMB, a year-on-year decline of about 38%, and fell short of sell-side expectations by over 90 billion RMB, indicating a severe profit drop [2][32]. - The gross profit was 547 billion RMB, also below market expectations by 50 billion RMB, largely due to underestimating the impact of the semi-managed model of Temu [4][24]. Marketing Expenditure - Marketing expenses surged to 334 billion RMB, an increase of nearly 100 billion RMB compared to the same period last year, and exceeded market expectations of 289 billion RMB [3][28]. - The increase in marketing expenses reflects aggressive subsidies aimed at regaining growth in the domestic market, especially after setbacks in overseas operations [4][28]. Strategic Implications - The company appears to be prioritizing user and merchant subsidies over shareholder returns, indicating a strategic choice to invest in growth rather than immediate profitability [8][10]. - Pinduoduo's current situation suggests a shift towards a mature, low-growth phase, with significant cash reserves that could be utilized for share buybacks or reinvestment in the business [8][11]. Competitive Landscape - The competitive environment in China's e-commerce sector remains intense, with Pinduoduo's strategy of heavy subsidies potentially impacting its long-term valuation and market position [9][10]. - The company's focus on efficiency in a highly competitive market may determine its future success, as it navigates the challenges of low margins and high competition [9][11].