PDD(US:PDD) 海豚投研·2025-05-28 03:46Financial Summary - Total revenue for FY25Q1 was RMB 957 million, a decrease of 6% compared to the previous quarter [1] - Gross profit for FY25Q1 was RMB 547 million, with a year-over-year growth of 10.2% [1] - Operating profit for FY25Q1 was RMB 161 million, reflecting a 35% decline compared to the previous quarter [1] - Online marketing revenue was RMB 487 million, showing a 2% increase from the previous quarter [1] - The company reported a gross profit margin (GPM) of 57.2% for FY25Q1 [1] Strategic Initiatives - The company has implemented a high-quality development strategy, focusing on both supply and demand ecosystems through cost reduction and logistics improvements [2] - A new merchant rights protection committee has been established, along with a RMB 100 billion support plan to enhance merchant support [2] - The company views its support for merchants as a long-term investment, prioritizing the needs of merchants and consumers for sustainable development [2] Supply Chain and Merchant Support - Increased investment in quality supply, extending support to small and medium-sized merchants to promote high-quality supply chain upgrades [2][3] - Initiatives include exploring more cost-reduction measures for merchants and providing resources to help them innovate [2] Demand-side Measures - The company acknowledges that investments may pressure short-term profitability but considers them necessary [5] - A RMB 10 billion merchant rebate plan and a RMB 10 billion consumer coupon initiative have been launched to enhance consumer demand [6] - Direct discount plans have been introduced to provide price subsidies across multiple categories, benefiting both merchants and consumers [7]