8月25日晚间，拼多多公布2025年第二季度未经审计财务业绩。财报显示，第二季度，该公司营收1039.8亿元，同比增加7%；净利润为人民币307.5亿元，同 比下降4%。非美国通用会计准则下（Non-GAAP）下，经调整后净利润327.1亿元，超出市场预期的223.9亿元，但同比下降5%。 经调整后，拼多多每ADS（美国存托凭证）收益 22.07元，超出市场预期的15.50元。截至记者发稿，拼多多美股盘前拉升，涨近10%。 | | | As of | | --- | --- | --- | | | December | | | | 31, 2024 | June 30, 20 | | | RMB | RMB | | | | (Unaudited) | | ASSETS | | | | Current assets | | | | Cash and cash equivalents | 57,768,053 | 63,222,442 | | Restricted cash | 68,426,368 | 66,677,640 | | Receivables from online payment platform ...

▲在云南昭通，当地土豆加工的网红 薯片 让 农户 丰产增收 。 （ 闵杉 摄 ） 8月25日，拼多多发布了截至6月30日的2025年第二季度财 报。受高质量发展加大投入的影响，拼多多本季度营收增速放 缓至7%，单季营收1040亿元。 二季度，为了与商家共同应对新挑战，拼多多在"百亿减免"等 惠商举措的基础上推出"千亿扶持"新战略，将高质量发展投入 提升到了一个全新的量级，也首次在电商行业开启了"千亿级 别"的惠商行动。 作者： 李康 封图：图片资料室 8月25日，拼多多发布了截至6月30日的2025年第二季度财报。受高质量发展加大投入的影响，拼多多本季度营收增速放缓至7%，单季营收1040亿 元。 二季度，为了与商家共同应对新挑战，拼多多在 "百亿减免"等惠商举措的基础上推出"千亿扶持"新战略，将高质量发展投入提升到了一个全新的量 级，也首次在电商行业开启了"千亿级别"的惠商行动。 "过去这个季度，在商家及产业遭遇挑战的关键时刻，公司上下全力推进'千亿扶持'惠商战略，加大投入反哺产业生态，坚定护航商家穿越周期。" 拼 多多集团执行董事、联席 CEO赵佳臻表示， 在真金白银的持续投入下，平台生态效用持续显现，产 ...

新浪科技讯 8月25日晚间消息，拼多多发布了截至6月30日的2025年第二季度财报。受高质量发展加大 投入的影响，拼多多本季度营收增速放缓至7%，单季营收1040亿元；净利润307.5亿元，同比下降4%， 连续两个季度呈现下降趋势。 二季度，基于"千亿扶持"的空前投入，拼多多持续为千万商家降佣增效，并全面扩大对中小商家、新质 商家以及品牌商家的扶持力度，"多多好特产""新质供给"等专项团队深入各地的农产区和产业带，助力 当地商家及产业实现多层次、全方位的高质量发展。 最近，拼多多发布了《2025农产品上行半年报》。数据显示，在"多多好特产"的扶持下，全国各地农产 品加速出村进城，农产品销量同比增长47%，时令水果销量同比增长51%，海鲜水产销量同比增长 48%；平台农产品商家数量也保持飞速增长，00后商家数量增长超3成。同时，平台农产品供应链和物 流能力不断提升，农特产业加速实现转型升级。 618大促期间，平台数十个类目的销量创下新高，仅百亿补贴"超级加倍补"活动的单日订单量就超过了 376万单。 作为一家起家于农产品的平台，拼多多"千亿扶持"还加大了在农研领域的投入。7月中旬，第五届"多多 农研科技大赛"初 ...

Core Insights - Pinduoduo's Q1 2025 financial report shows revenue of 957 billion yuan, a 10% year-on-year increase, but operating profit decreased by 38% to 160.856 billion yuan, leading to a nearly 14% drop in stock price [1][2] - The apparent underperformance is attributed to Pinduoduo's strategic choice to prioritize sustainable high-quality development over short-term profits amid a changing e-commerce landscape [2][6] Group 1: Strategic Choices Behind Performance - Pinduoduo's decision to focus on long-term investments rather than short-term gains is evident in its "billion subsidy" and "e-commerce westward" initiatives aimed at supporting small and medium-sized businesses and tapping into potential consumer markets in western regions [4][5] - The company has significantly increased marketing expenses to 334 billion yuan, nearly 100 billion yuan more than the previous year, reflecting its commitment to supporting merchants and upgrading the industry [4][5] Group 2: Long-term Investment and Ecosystem Building - Pinduoduo's "billion subsidy" strategy, launched in April 2025, aims to provide differentiated support to various product categories, fostering a win-win ecosystem for platforms, merchants, and consumers [7][8] - The company emphasizes the importance of integrating resources across the platform to enhance merchant stability and operational efficiency, which is crucial for long-term growth [5][6] Group 3: Industry Trends and Competitive Advantage - Pinduoduo's approach aligns with the broader trend in the e-commerce industry towards high-quality development, contrasting with competitors focused on short-term traffic gains [6][20] - The company's initiatives demonstrate a deep understanding of the industry's fundamental dynamics, emphasizing the need for a robust supply chain and improved product quality to meet evolving consumer demands [5][20] Group 4: Case Studies of Support Initiatives - In agriculture, Pinduoduo's "2025 Duoduo Good Specialty" initiative enhances product standards and supply chain efficiency, benefiting both merchants and consumers [8][10] - In manufacturing, the "new quality supply" initiative helps brands like KOMERY innovate and reduce costs, leading to significant market success [11][12] Group 5: Consumer Engagement and Market Expansion - Pinduoduo's targeted subsidy programs, such as the "100 million merchant feedback plan," effectively stimulate diverse consumer demands and enhance product offerings [14][16] - The establishment of the "Merchant Rights Protection Committee" signifies Pinduoduo's shift from a traffic platform to an ecosystem builder, enhancing merchant support and operational efficiency [17][19]

Core Viewpoint - The market reaction to Pinduoduo's disappointing earnings was severe, with the stock price dropping over 20% in pre-market trading following the release of the Q1 financial report, which showed significant declines in both revenue and profit compared to expectations [1][2]. Financial Performance - Pinduoduo reported Q1 revenue of 956.7 billion RMB, a 10% year-on-year increase, but below the expected 1,016 billion RMB [2][5]. - The net profit for the quarter was 147.42 billion RMB, a dramatic 47% decline year-on-year, while the adjusted net profit was 169.2 billion RMB, falling short of the anticipated 278.8 billion RMB [2][5]. - The operating profit was 160.856 billion RMB, with an operating margin of 17%, and the cash flow from operating activities was 155.2 billion RMB [2][3]. Revenue Structure - Online marketing service revenue reached 487.22 billion RMB, up 15% year-on-year, exceeding expectations [2]. - Transaction service revenue was 469.50 billion RMB, a 6% increase year-on-year, but below the expected 542.3 billion RMB, indicating a slowdown in transaction volume growth [2][5]. Cost and Expenses - Sales and marketing expenses surged to 334.03 billion RMB, a 43% increase year-on-year, primarily due to heightened competition and rising customer acquisition costs [3]. - Operating costs rose to 409.47 billion RMB, a 25% increase, driven by higher fulfillment and payment processing costs [3]. Strategic Initiatives - Pinduoduo has implemented a "1,000 billion support" strategy to assist merchants, indicating a commitment to long-term investment despite short-term profit sacrifices [5][6]. - The management emphasized the importance of supporting merchants through challenging market conditions, focusing on high-quality development and cost reduction initiatives [6][7]. Management Commentary - Pinduoduo's leadership acknowledged the pressures faced by merchants and the need for substantial investments in the platform's ecosystem to navigate external challenges [6][7]. - The company aims to prioritize the interests of users and merchants, believing that this approach will foster a healthier platform ecosystem in the long run [6][7].

Core Viewpoint - Pinduoduo's Q1 2025 financial report shows a revenue growth of 10% year-on-year, but a significant net profit decline of 47%, attributed to increased strategic investments aimed at supporting merchants [1][4]. Financial Performance - Pinduoduo reported a revenue of 957 billion yuan for Q1 2025, marking a 10% increase year-on-year, continuing a trend of slowing growth [1][4]. - The net profit attributable to ordinary shareholders was approximately 147 billion yuan, down 47% year-on-year, while the Non-GAAP net profit was 169.2 billion yuan, a 45% decline [4]. - The decline in net profit is primarily due to the company's proactive "trillion support" strategy, which includes commission reductions and enhanced support for merchants [4]. Strategic Initiatives - Pinduoduo has launched the "trillion support" strategy to assist merchants, which includes measures like commission reductions and supply chain optimization [5][6]. - The company established the "Merchant Rights Protection Committee" to better understand merchant needs and improve service mechanisms [5]. - The "trillion support" initiative aims to extend support from top-tier to small and medium-sized merchants, creating more operational and innovative space for them [5][6]. Market Response - Following the financial report, Pinduoduo's stock price fell over 20% in pre-market trading, dropping below $100 per share [2].

Core Viewpoint - Pinduoduo's Q1 2025 financial report shows a revenue growth of 10% year-on-year, but a significant net profit decline of 47%, attributed to increased strategic investments aimed at supporting merchants [1][5][6]. Financial Performance - Pinduoduo reported revenue of 957 billion yuan for Q1 2025, marking a 10% increase compared to the previous year, continuing a trend of slowing growth [1][5]. - The net profit attributable to ordinary shareholders was approximately 147 billion yuan, down 47% year-on-year, while the non-GAAP net profit was 169.2 billion yuan, a decline of 45% [1][5][6]. - The decline in net profit is primarily due to the company's proactive "trillion support" strategy, which includes commission reductions and other forms of merchant support [6]. Strategic Investments - Pinduoduo's chairman and co-CEO, Chen Lei, emphasized that the company is willing to sacrifice short-term profits to invest in long-term value creation for merchants [2][6]. - The company has a healthy cash flow, with cash and cash equivalents amounting to 1,872 billion yuan, providing ample resources for long-term strategic investments [7]. Merchant Support Initiatives - Pinduoduo launched the "trillion support" strategy to assist merchants, which includes significant reductions in store security deposits and increased support for small and medium-sized businesses [9][10]. - The "Merchant Rights Protection Committee" was established to better understand merchant needs and enhance service mechanisms [9]. - The company has initiated various subsidy policies, including a 100 billion yuan consumer coupon program to stimulate spending across all product categories [10]. Market Response - Following the financial report, Pinduoduo's stock price fell over 20% in pre-market trading, dropping below 100 USD per share [3].