高投入拖累利润，拼多多重金押注长期

Core Viewpoint - Pinduoduo is sacrificing short-term profits to build a sustainable platform ecosystem, emphasizing long-term investments over immediate financial returns [1][2][3] Financial Performance - In Q1 2025, Pinduoduo reported total revenue of 95.672 billion yuan, a 10% year-on-year increase, but below market expectations of 101.6 billion yuan [1] - The net profit for the same quarter was 14.742 billion yuan, a significant decline of 47% year-on-year, with adjusted net profit at 16.92 billion yuan, also falling short of the anticipated 27.88 billion yuan [1] - The stock price dropped over 20% in pre-market trading following the earnings report, leading to a market capitalization loss of over 23 billion USD [1] Strategic Shift - Pinduoduo's revenue structure shows online marketing services revenue at 48.722 billion yuan, up 15%, while transaction services revenue was 46.950 billion yuan, growing only 6% [3] - The decline in revenue growth is attributed to Pinduoduo's strategic shift towards supporting merchants, including reducing commissions and fees, which has impacted transaction service revenue growth [3][4] - Total operating expenses surged by 37% year-on-year, significantly outpacing revenue growth, with sales and marketing expenses reaching 33.403 billion yuan, accounting for 34.9% of total revenue [3][4] Long-term Investment Initiatives - Pinduoduo announced a "100 billion support plan" aimed at providing resources to merchants over the next three years, which includes lowering commissions and fees [4][5] - The company is transitioning from being a traffic distributor to an ecosystem builder, focusing on supporting small and medium-sized businesses and enhancing supply chain efficiency [5][6] Market Trends and Challenges - The overall e-commerce market in China is experiencing a shift towards high-quality growth, with online retail sales increasing by 7.7% year-on-year from January to April 2025 [6] - Pinduoduo is also facing challenges in its global business due to changes in international trade policies and increased operational costs, leading to a strategic pivot towards localizing operations in overseas markets [7][8][9] - The market reaction to Pinduoduo's earnings report reflects a divided sentiment, with some investors optimistic about the company's long-term strategy while others are concerned about its domestic market challenges and international uncertainties [9]