外卖大战 “烧” 到拼多多？

Core Viewpoint - Pinduoduo's Q3 financial results indicate a slowdown in growth, particularly in advertising revenue, which has dropped to single-digit growth for the first time, raising concerns about the company's future performance [2][5][6]. Financial Performance - In Q3, Pinduoduo reported revenue of 108.3 billion yuan, a year-on-year increase of 9%, slightly above market expectations and better than the previous quarter's 7% growth [3]. - Operating profit for the quarter was 27.1 billion yuan, reflecting a year-on-year growth of only 1% [3]. - Following the earnings report, Pinduoduo's stock price fell over 7%, marking its worst single-day performance since the release of Q1 results [4]. Advertising Revenue - Pinduoduo's advertising revenue for the quarter was 53.3 billion yuan, missing expectations by 2.1 billion yuan and showing only an 8% year-on-year increase [5]. - This marks the first time Pinduoduo's advertising revenue growth has fallen to single digits, contrasting with Alibaba's 10% growth in customer management revenue for Q2 [6][7]. Reasons for Slowdown - The management team attributed the slowdown to increased competition and the unsustainability of high growth rates as the platform scales [8]. - Analysts suggest that the decline in advertising revenue may be due to a slowdown in GMV growth, which was only 9% in Q3, slightly above the industry average [9]. - Increased competition from platforms like Douyin and the impact of the instant retail battle are also seen as contributing factors [9]. Marketing Expenses and Subsidies - Pinduoduo's marketing expenses decreased by 0.5% year-on-year to 30.3 billion yuan, which was 2.6 billion yuan less than market expectations, as national subsidies have lessened [12]. - The reduction in subsidies has alleviated some financial pressure on Pinduoduo, allowing for a potential recovery in operating profit [12]. International Expansion - Pinduoduo's commission revenue reached 54.9 billion yuan in Q3, a 10% year-on-year increase, driven by clearer tariff policies and the expansion of Temu in international markets [14]. - Temu has seen significant growth, leading in global e-commerce app downloads and monthly active users, with a total download count exceeding 1.2 billion [15]. - However, international expansion poses challenges due to varying compliance requirements across countries and logistical issues in Latin America [16]. Future Outlook - Temu is expected to achieve breakeven in the first half of 2026 and potentially turn a profit in the second half, which could signal a new phase of profitability for Pinduoduo [17].