拼多多CEO称反哺商家算长期投资，盈利能力或将持续受到影响

Core Viewpoint - Pinduoduo's Q1 performance significantly underperformed market expectations, with a revenue growth of only 10% year-on-year, marking the lowest quarterly growth rate in two years, leading to a sharp decline in stock price [2][5][12] Group 1: Financial Performance - Pinduoduo's Q1 revenue was approximately 487.2 billion RMB from online marketing services, a 15% increase year-on-year, while transaction service revenue was about 469.5 billion RMB, growing 6% year-on-year [5] - The company's promotional and advertising expenses surged to around 334.0 billion RMB in Q1, exceeding the 313.6 billion RMB spent during the peak marketing period in Q4 2024 [2][5] - The overall market sentiment is affected by Pinduoduo's declining stock value, which has dropped 46.5% from its historical peak in February 2021, currently valued at approximately 139 billion USD [12] Group 2: Competitive Landscape - Pinduoduo faces intensified competition during the 618 shopping festival, with rivals increasing their investments in instant retail, threatening Pinduoduo's user retention and shopping frequency [3][4] - The company is compelled to provide additional subsidies to retain users, investing 10 billion RMB in consumer coupons across all product categories [8][9] Group 3: Business Strategy and Challenges - Pinduoduo's strategy involves sacrificing short-term profits to support merchants, with a significant focus on long-term value creation, despite market skepticism regarding this approach [11][12] - The transition of Pinduoduo's overseas business, Temu, to a semi-managed model due to tariff changes has raised concerns about its pricing power and operational efficiency [15][16] - The company is experiencing increased cost pressures from both supply and demand sides, as it attempts to maintain its competitive edge while managing rising operational costs [10][11]