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拼多多坚定重塑电商生态,再“砸”千亿扶持商家?
21世纪经济报道· 2025-03-27 06:46
Core Viewpoint - Pinduoduo's financial report for Q4 and the full year of 2024 shows significant revenue growth of 59% year-on-year, reaching 39.38 billion yuan, with a net profit increase of 87% to 11.24 billion yuan, despite a slowdown in quarterly growth due to substantial investments in its ecosystem [1][2][4]. Group 1: Financial Performance - Pinduoduo's revenue for 2024 was 39.38 billion yuan, up from 24.76 billion yuan in the previous year, marking a 59% increase [1]. - The net profit attributable to ordinary shareholders was 11.24 billion yuan, reflecting an 87% year-on-year growth [1]. Group 2: Strategic Initiatives - Pinduoduo is focusing on providing better quality products for consumers while collaborating with merchants for growth, indicating a strategic retreat from short-term revenue pressures due to investments [3]. - The company announced a 100 billion yuan fee reduction plan and support for logistics in remote areas, which are part of its strategy to enhance its ecosystem [4][12]. - Pinduoduo is reportedly considering an additional investment of 100 billion yuan to support small and medium-sized merchants in their transformation and upgrade efforts [4][21]. Group 3: New Quality Supply Strategy - The "New Quality Supply" strategy aims to address the long-standing issue of weak innovation in China's manufacturing sector by empowering traditional industries through digital capabilities [6]. - Pinduoduo's "New Quality Merchant Support Plan" has been implemented in over 30 agricultural and industrial clusters across China, promoting high-quality development [7]. Group 4: Merchant Support and Cost Reduction - The "100 Billion Reduction" plan has been introduced to cover logistics costs for merchants shipping to remote areas, significantly reducing their expenses [13][15]. - Pinduoduo has lowered the entry barriers for merchants by reducing the basic deposit from 1,000 yuan to 500 yuan, benefiting millions of merchants [16][17]. - The platform's policies have enabled merchants to lower their marketing costs, enhancing their competitiveness in the market [21]. Group 5: Ecosystem Development and Employment - Pinduoduo has established a "Merchant Rights Protection Committee" to enhance merchant rights and has received positive feedback from a majority of merchants regarding its measures [20]. - The platform has reportedly created over 5.53 million jobs and has helped more than 300,000 new farmers return to entrepreneurship, contributing to the digital economy [22].
拼多多(PDD):24Q4业绩点评:利润超预期,持续提升优质供给化
Huaan Securities· 2025-03-27 06:40
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In Q4 2024, the company's revenue was 110.6 billion yuan (yoy +24%), which was 4.7% lower than Bloomberg consensus expectations, while the Non-GAAP net profit reached 29.85 billion yuan (yoy +17.2%), exceeding expectations by 4.4% [4][6] - The online marketing services revenue was 57 billion yuan (yoy +17.1%), aligning with expectations, while transaction services revenue was 53.6 billion yuan (yoy +33.3%), falling short of expectations by 9.6% [4][5] - The company is focusing on enhancing quality supply through initiatives like the "Hundred Billion Subsidy" program, which aims to support high-quality merchants and improve consumer experience [5][6] Financial Performance Summary - For 2024, the company reported total revenue of 393.84 billion yuan, with a year-on-year growth of 56.4% and an adjusted net profit of 122.34 billion yuan, reflecting a growth of 80.2% [8] - Revenue projections for 2025, 2026, and 2027 are 482.47 billion yuan, 556.02 billion yuan, and 620.58 billion yuan, respectively, with expected year-on-year growth rates of 24.6%, 15.2%, and 11.6% [6][8] - Adjusted net profit forecasts for the same years are 135.84 billion yuan, 170.15 billion yuan, and 188.91 billion yuan, with growth rates of 11.0%, 25.3%, and 11.0% [6][8] Business Segment Insights - The company is facing competitive pressure in its overseas business, particularly with Temu's performance in the U.S. being below expectations due to increased competition from platforms like Amazon [4][5] - The company is adapting to potential tariff impacts by promoting a semi-managed model for merchants to mitigate costs associated with U.S. tariffs [4][5]
增速放缓,拼多多为什么不焦虑?
盐财经· 2025-03-24 08:59
Core Viewpoint - Pinduoduo's latest financial report reflects a shift from rapid expansion to ecological construction, emphasizing quality and user experience over mere scale [2][3][6]. Financial Performance - In Q4 2024, Pinduoduo reported revenue of 110.6 billion yuan, with total annual revenue reaching 393.8 billion yuan [2]. - Despite a slowdown in revenue growth, the company has seen double-digit growth in order volume from western regions, indicating a successful expansion into previously underserved markets [2]. Strategic Initiatives - Pinduoduo has implemented several initiatives, including the "100 Billion Subsidy" and "E-commerce Westward" plans, aimed at supporting new quality supply and enhancing the ecosystem [5][12]. - The company is focusing on "precision cultivation" in competition, moving beyond price competition to improve user experience and supply chain efficiency [6][7]. Employment and Economic Impact - Pinduoduo's platform has created 55.3 million jobs across China, with a significant number of these opportunities benefiting traditionally marginalized groups, such as women and the elderly in rural areas [8][11]. - The platform's initiatives have allowed small businesses and individual entrepreneurs to reduce costs and expand sales, further promoting employment [11]. Technological and Logistical Advancements - Pinduoduo's R&D investment reached 12.7 billion yuan in 2024, a 16% increase year-on-year, focusing on merchant operations and platform governance [16]. - The company has introduced measures to lower logistics costs for merchants in remote areas, facilitating a "fully subsidized" shipping model for western regions [14][15]. Case Studies of Success - The success stories of products like the SnowBear breast pump, which achieved 84 million yuan in sales, highlight how Pinduoduo's subsidies and support have enabled local brands to thrive [21][22]. - The Mongdu beef jerky brand saw a 300% growth in sales on Pinduoduo, demonstrating the platform's ability to facilitate traditional industries' transition to e-commerce [23][24]. - The transformation of the local footwear industry in Huizhou, where brands like Birkensock have thrived due to reduced marketing costs on Pinduoduo, illustrates the platform's role in enhancing product quality and consumer experience [25][26]. Conclusion - Pinduoduo's strategic focus on ecological construction and quality supply is reshaping the e-commerce landscape, creating new opportunities for growth and innovation across various industries [28].
百亿减免”后发布首份财报,拼多多要“钉钉子
Nan Fang Du Shi Bao· 2025-03-24 07:11
百亿减免"后发布首份财报,拼多多要"钉钉子 拼多多发布"百亿减免"后的首份财报。3月20日,拼多多发布最新一期财报。去年四季度,拼多多 营收1106.1亿元,同比增长24%;归属于普通股股东的净利274.5亿元,同比增长18%;调整后净利润 298.5亿元,同比增长17%。 拼多多启动"百亿减免"以来,重投平台生态建设,致力于平台可持续增长,并将高质量发展从平台 扩展至供应链,营收、利润短期内有所放缓。重投平台生态之下,与前几个季度相比,去年四季度的营 收增速在预料之内持续放缓。 高度竞争的电商行业已进入"精耕细作"阶段,今年集体转向,纷纷将平台生态建设摆在首位,通过 改善营商环境、扶持优质商家等构建健康生态。去年上半年即陆续发布重大举措的拼多多,实施千亿元 费用减免计划、促进偏远地区电商服务的物流扶持、新质商家支持计划等重大举措,引领电商行业进入 高质量发展新阶段。这也让一批新质商家在全链路扶持下崛起、成长,为产业升级注入新活力。 以真金白银激活商家侧,新质商家崛起带动产业转型 拼多多集团执行董事、联席CEO赵佳臻在财报电话会上表示,在去年以来,拼多多先后落地了一系 列百亿减免的举措,并通过全链路扶持的方式 ...