【拼多多（PDD.O）】利润端短期承压，关注平台投入效率——2025年一季报点评（付天姿/梁丹辉/赵越）

Core Viewpoint - The company reported a revenue growth of 10.2% year-on-year in Q1 2025, but GAAP net profit decreased by 47.3% [3]. Financial Performance - In Q1 2025, the company achieved an operating revenue of 95.672 billion, a year-on-year increase of 10.2%. GAAP net profit was 14.742 billion, down 47.3%, while Non-GAAP net profit was 16.916 billion, down 44.7% [3]. - The comprehensive gross margin for Q1 2025 was 57.2%, a decrease of 5.1 percentage points year-on-year, primarily due to the ongoing expansion of overseas business and investments to maintain platform competitiveness and support merchants [4]. Expense Analysis - In Q1 2025, the sales, management, and R&D expense ratios were 34.9%, 1.7%, and 3.7%, respectively, with year-on-year changes of +7.9, -0.4, and +0.4 percentage points. The significant increase in sales expense ratio was attributed to higher promotional expenditures, while the management expense ratio benefited from overall efficiency improvements [4]. Revenue Breakdown - Online marketing service revenue in Q1 2025 was 48.722 billion, reflecting a year-on-year growth of 15%. Commission revenue was 46.950 billion, with a year-on-year increase of 6% [5]. - The company has implemented measures to support merchants and optimize the platform ecosystem, including the establishment of a "Merchant Rights Protection Committee" and the launch of a "Billion Support" strategy to reduce deposits for various product categories [5].