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 ...

以下是 拼多多 4Q24 的财报电话会纪要，财报解读请移步《 拼多多: "跌下神坛"，傲骨还能撑多久？ 》 一、财报核心信息回顾 1. 营收情况：2024 年第四季度营收达到 1106 亿元人民币，同比增长 24%；2024 年全年营收总计 3938 亿元人民币， 同比增长 59%。 2. 成本与费用：2024 年第四季度总成本为 478 亿元人民币，同比增长 36%，主要因履行费用和支付处理费用增加； 2024 年第四季度运营费用为 372 亿元人民币，同比增长 19%；非 GAAP 下运营费用为 351 亿元人民币，占总收入的 32%。 3. 利润与收益：2024 年第四季度 GAAP 下营业利润为 256 亿元人民币，非 GAAP 下营业利润为 280 亿元人民币， 营业利润率为 25%；全年非 GAAP 下营业利润为 1183 亿元人民币；2024 年第四季度归属于普通股东的净利润为 274 亿元人民币，全年为 1124 亿元人民币。 4. 现金流：2024 年第四季度经营活动产生的净现金流为 295 亿元人民币，全年为 1219 亿元人民币；截至 2024 年 底，公司拥有 3316 亿元人民币的现 ...

Financial Data and Key Metrics Changes - In Q4 2024, total revenues increased by 24% year-over-year to RMB 110.6 billion, while full-year revenue reached RMB 393.8 billion, growing 59% year-over-year [10][33] - Revenue from online marketing services was RMB 57 billion, up 17% year-over-year, and transaction services revenue was RMB 53.6 billion, up 33% year-over-year [33] - Total cost of revenues increased by 36% to RMB 47.8 billion in Q4 2024, and for the full year, it rose by 68% to RMB 153.9 billion [34] - Non-GAAP operating profit for Q4 was RMB 28 billion, compared to RMB 24.6 billion in the same quarter of 2023, with a non-GAAP operating profit margin of 24% [39][41] - Net income attributable to ordinary shareholders was RMB 27.4 billion for Q4 and RMB 112.4 billion for the full year [40] Business Line Data and Key Metrics Changes - The quality merchant support program expanded its reach across agricultural and industrial sectors, enhancing operational efficiency for over 10 million merchants [11][21] - Logistics support measures for remote regions drove double-digit order growth and extended free shipping to nearly 100 million consumers [12][20] Market Data and Key Metrics Changes - The company noted a moderation in revenue growth due to significant ecosystem investments and intensified competition [10] - The platform's initiatives have led to increased consumer satisfaction and trust, with a broader range of high-quality products being offered [25][26] Company Strategy and Development Direction - The company is focused on high-quality development, emphasizing ecosystem upgrades and supply chain transformation [15][18] - Strategic initiatives include a RMB 10 billion fee reduction program and logistics support to promote e-commerce services in remote regions [11][20] - The company aims to build a classic global platform and shopping environment while maintaining high compliance standards [15][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged external uncertainties and intense competition impacting short-term revenue growth, but expressed confidence in long-term sustainable growth through ecosystem investments [81] - The company remains committed to delivering high-quality products globally and enhancing supply chain efficiency [70][75] Other Important Information - The establishment of the Merchant Rights Protection Committee aims to enhance communication with merchants and optimize their experiences [27][29] - The company is actively exploring corporate social responsibility initiatives to create greater value for the communities it serves [74][75] Q&A Session Summary Question: Long-term goals for platform ecosystem development and consumer-side initiatives - Management highlighted that initiatives like the RMB 10 billion fee reduction program are effective in lowering operational costs for merchants, which in turn enhances consumer experience and product variety [49][52] - On the consumer side, promotional campaigns during Q4 provided substantial savings and increased participation from brands, driving growth [54][56] Question: Insights into the competitive landscape and adjustments to development strategies - Management noted that competition drives continuous advancement in the e-commerce industry, and they are refining strategies to meet shifting consumer preferences [64][66] - The company is committed to long-term high-quality investments to enhance consumer experience and diversify quality supply [66] Question: Revenue and profit trends in the near term - Management indicated that external uncertainties and increased investments may lead to fluctuations in revenue growth and profitability, but they remain focused on long-term goals [81][82] Question: Balancing platform responsibility with duties to shareholders - Management emphasized that taking on social responsibility aligns with long-term accountability to shareholders, fostering a sustainable ecosystem that benefits all participants [85][88]