陈磊表示："正如我们过去所强调的，我们将长期价值创造置于短期财务业绩之上。我们的重点仍然是 长期投资，例如加强生态系统建设、推动价值链升级，并为消费者带来切实的利益。" 营收增速放缓至7%，"千亿扶持"持续加码 从具体数据来看，拼多多2025年第二季度总营收为1040亿元，同比增长7%，增速进一步放缓。其中， 在线营销服务及其他收入为557亿元，同比增长10%；交易服务收入为483亿元，较2024年同期的约479 亿元仅增长1%。 本季度，拼多多总营收成本同比显著上升，从去年同期的337亿元增长36%至459亿元。财报解释，成本 增加主要由于履约费用、带宽与服务器成本以及支付处理费用上升所致。总运营费用也从去年同期的 308亿元增长5%至323亿元，增长主要来自销售与营销费用的增加。 每经记者｜李宇彤 每经编辑｜董兴生 面对连续多个季度的营收增速放缓与利润收缩，拼多多在2025年第二季度依然坚定走在"长期主义"的路 上。 8月25日，拼多多（PDD）发布了2025年第二季度财报。财报显示，报告期内公司总营收为1040亿元人 民币，同比增长7%，增速进一步放缓。利润方面，非美国通用会计准则（Non-GAAP）下 ...

证券研究报告 拼多多 (PDD US) 费用控制与投资收益助力利润超预期 2025 年 8 月 26 日│美国 互联网 拼多多 2Q25 总收入 1,040 亿元，同增 7.1%，符合 Visible Alpha（VA） 一致预期的 1,032 亿元；非 GAAP 归母净利润 327 亿元，对应非 GAAP 净利率 31.5%，同比下降 4pp，好于 VA 一致预期的 21.0%。我们认为利 润好于预期主因：1）2Q25 季度实现利息与投资收益 104 亿元，较 2Q24 的 49 亿元和 1Q25 的 2 亿元相比均有明显改善；2）2Q25 海外电商业务 或在美区关税政策影响下投放有所减少，叠加国内电商业务较为审慎的补 贴投入策略，带动销售费用率同环比均有下降。展望未来，管理层表示随 着公司加大投入力度，盈利能力可能会出现波动，2Q25 的盈利表现或无 法代表未来趋势。我们认为随着地缘政治风险与关税波动边际缓和，海外 业务后续或重回相对平稳的发展轨道，但国内电商业务的转型或仍需一定 时间。建议关注后续国内电商行业竞争格局的演变及拼多多"千亿扶持" 计划的效果，多多买菜业务在美团优选战略收缩后的利润改善节奏， ...

来源：新浪科技 拼多多（Nasdaq：PDD）今日发布了截至6月30日的2025年第二季度财报：总营收为1039.848亿元，同 比增长7%。归属于拼多多普通股股东的净利润为307.535亿元，同比下滑4%；不按美国通用会计准则， 归属于拼多多普通股股东的净利润为327.084亿元，同比下滑5%。 详见：拼多多第二季度营收1040亿元 经调净利润327亿元 财报发布后，拼多多董事长兼联席CEO陈磊、执行董事兼联席CEO赵佳臻、财务副总裁刘珺出席了随后 举行的财报电话会议，解读财报要点，并回答分析师提问。 以下即为本次电话会议分析师问答环节主要内容： 花旗银行分析师Alicia Yap：我的第一个问题是，本季度我们看到电商平台围绕"即时零售"做了非常大 的投入，也掀起了新一轮的行业投入。我们也看到，一些内容平台在电商业务上还是持续地加大投入。 从本季度的业绩来看，公司的收入增速相比其他平台其实优势有所缩窄，想请管理层谈一谈这背后主要 的原因是什么？公司会用什么策略来做应对？ 为了应对这样愈发激烈的竞争态势，平台也将更积极地应对。从长远的眼光正向去看待竞争，我们把行 业竞争变成一个良性的、促进生态高质量发展的契机 ...

受电商行业激烈竞争以及持续加码的商家支持影响，拼多多二季度净利润继续下滑，但仍大幅好于市场预期。拼多多管理层在电话会上强调，接下来公 司将持续加大对商家的支持，因此不认为这个季度的利润可以持续。公司甘于牺牲短期利润，长期坚持反哺生态。 周一公布的财报显示，二季度拼多多实现收入1040亿元，同比增长7%，较一季度进一步放缓；经营利润258亿元，同比下降21%。净利润为306.8亿 元，同比下降4%。 拼多多管理层在电话会上强调，接下来公司将持续加大对商家的支持，因此不认为这个季度的利润可以持续。"相较于短期业绩，我们更加关注可以为平 台生态带来长期回报的投入。这也是我们甘于牺牲利润，长期坚持反哺生态的原因。" 拼多多集团执行董事、联席CEO赵佳臻在稍后召开的电话会上表示，拼多多在过去一个季度的一系列投入，必然导致收入增速放缓，利润同比下降， 接下来将持续加大投入，" 因此，我们不认为这个季度的利润可以持续，未来的波动依旧会比较大。 " 管理层在电话会上多次强调更关注长期利益。拼多多董事长兼联席CEO陈磊在电话会上表示："随着外部环境持续演变、竞争加剧，我们仍将致力于长 期价值创造，而非短期业绩。我们的团队将通过 ...

Core Viewpoint - The article discusses the revival of old domestic brands in China through new e-commerce platforms like Pinduoduo, highlighting the shift from traditional sales models to innovative marketing and product development strategies [2][12][28]. Group 1: Challenges Faced by Old Brands - Many once-popular old brands have faded from public view due to insufficient product innovation, outdated marketing models, and lagging channel transformations [6][8]. - The decline of these brands often begins with a disconnect between their products and market demands, as seen with brands like Longliqi and Jinguang, which failed to adapt to changing consumer preferences [7][25]. - The traditional distribution model relying on layers of distributors has hindered brands' ability to reach consumers directly, resulting in inefficiencies and a lack of responsiveness to market trends [9][10]. Group 2: Opportunities for Revival - The emergence of new e-commerce platforms has provided old brands with a second chance, allowing them to tap into new market segments and consumer bases [12][23]. - Pinduoduo's support for old brands includes avoiding the oligopoly effect by offering niche markets where these brands can compete more fairly against larger players [13][15]. - The "100 billion support" plan from Pinduoduo aims to invest over 100 billion RMB in resources to help brands transition and upgrade their operations [20][21]. Group 3: Consumer Trends and Brand Perception - There is a renewed consumer interest in domestic brands, driven by a desire for quality and cultural heritage, which provides a solid foundation for the revival of old brands [23][24]. - Consumers are willing to pay a premium for products that carry cultural significance and quality assurance, as demonstrated by the success of brands like Jinguang in the snack market [25][26]. - The article emphasizes that old brands can leverage their historical and cultural value to reshape consumer perceptions and stimulate new market demand through innovative products [28][31].

Core Viewpoint - The article highlights the success of small businesses in niche markets, particularly in the context of e-commerce expansion into western regions of China, driven by platforms like Pinduoduo that provide logistical support and financial incentives [1][9][16]. Group 1: Market Opportunities - The "Big Head Planet" brand achieved an annual sales revenue of 140 million yuan by catering to a previously overlooked demand for larger-sized hats, which was initially rejected by 200 suppliers [1][4]. - The sales of fan hats by Zheng Mingliang, priced at 66 yuan, primarily came from rural areas and construction sites, indicating a shift in consumer behavior towards multifunctional products [1][6]. - Orders from western regions have increased by 30%-40% over the past year, reflecting the effectiveness of Pinduoduo's "e-commerce westward" policy [1][9]. Group 2: Platform Support - Pinduoduo's "100 billion support plan" aims to invest over 100 billion yuan in resources to enhance the e-commerce ecosystem, particularly benefiting small businesses in western regions [9][16]. - The introduction of a logistics cost-sharing model for deliveries to remote areas has significantly reduced shipping costs, allowing small businesses to expand their market reach [8][9]. - The platform's initiatives have led to a substantial increase in orders from western provinces, with some areas experiencing sales growth that surpasses more populous eastern provinces [9][10]. Group 3: Business Strategies - Zheng Peilei's brand transitioned from struggling to sell hats to facing production challenges due to high demand, achieving a monthly sales growth rate that exceeded expectations [5][12]. - The article emphasizes the importance of product differentiation and meeting specific consumer needs rather than competing solely on price, as demonstrated by the success of both Zheng Peilei and Zheng Mingliang [12][16]. - The shift towards quality and customer feedback-driven product development has allowed businesses to maintain healthy profit margins while addressing niche market demands [13][14].

Core Viewpoint - The expansion of e-commerce, particularly through Pinduoduo, is significantly transforming the lives of young people in remote regions like Tibet, providing them with access to a wider range of products and services, and enhancing their quality of life [1][5]. Group 1: E-commerce Impact - Pinduoduo's "e-commerce westward" initiative is effectively bridging the logistics gap between urban and remote areas, allowing for cost-effective delivery of goods to regions like Tibet [1]. - The company has eliminated the second-stage logistics fees for deliveries to remote areas starting September 2024, making it more affordable for consumers and merchants [1]. - Young individuals in Tibet, such as Shen Hui and Bai Ma Qu Zhen, are increasingly utilizing e-commerce platforms to meet their daily needs and explore new interests, showcasing the growing reliance on these services [3][5]. Group 2: Community and Lifestyle Changes - E-commerce is fostering a sense of community among young people in Tibet, allowing them to connect with like-minded individuals and share experiences [5]. - The convenience of online shopping has enabled individuals like Xiao Fang to focus on their businesses, such as running a guesthouse, while also achieving self-sufficiency through gardening [3][5]. - Pinduoduo's "100 billion support plan" aims to further enhance the e-commerce ecosystem in western regions, ensuring continued low-cost and extensive logistics benefits for consumers [5].

Core Insights - The article highlights the rise of young entrepreneurs, particularly college students, leveraging e-commerce platforms like Pinduoduo to start their businesses and achieve significant sales growth [3][4][9]. Group 1: Entrepreneurial Journey - Gong Qi and Zhang Yong, both young entrepreneurs, started their e-commerce businesses on Pinduoduo, achieving daily sales of over 2,000 and 3,000 orders respectively [2][4]. - The article emphasizes the shift in mindset among graduates, with many opting for entrepreneurship in the face of a competitive job market, particularly in e-commerce due to its low entry barriers [3][4][12]. - Zhang Yong's experience illustrates the entrepreneurial spirit, as he balances his studies while actively managing multiple stores on Pinduoduo [2][4]. Group 2: Platform Support and Growth - Pinduoduo provides significant support for new entrepreneurs through its "billion-dollar support" initiative, which aims to invest over 100 billion yuan in resources to assist merchants [9][12]. - The article notes that both Gong Qi and Zhang Yong benefited from Pinduoduo's promotional activities, which significantly boosted their sales volumes [11][12]. - The success stories of these young entrepreneurs reflect the effectiveness of Pinduoduo's platform in facilitating rapid business growth, with some achieving daily sales of up to 5,000 orders within a year [7][12]. Group 3: Market Dynamics and Strategies - The article discusses the importance of product quality and supply chain management for success in e-commerce, highlighting that entrepreneurs must ensure their products are competitive in terms of price and quality [6][12]. - Entrepreneurs are encouraged to participate in platform activities to enhance visibility and sales, as demonstrated by Zhang Yong's experience during promotional events [11][12]. - The narrative underscores the evolving landscape of e-commerce, where young entrepreneurs are not only creating jobs for themselves but also contributing to the employment of others through their businesses [3][13].

Core Insights - The article discusses the booming lychee sales season in China, highlighting the rapid delivery of fresh lychees from production areas to consumers through cold chain logistics, particularly via e-commerce platforms like Pinduoduo [1][2]. Group 1: Market Dynamics - This year is a "big year" for lychee production, leading to a significant increase in supply and a subsequent drop in prices, with wholesale prices in Suzhou falling to 5-5.5 yuan per pound, a decrease of up to 70% from peak prices [2]. - Despite the overall price drop, some merchants are able to maintain stable prices by focusing on high-quality products, with Pinduoduo enforcing strict quality standards for lychees sold on its platform [3][7]. Group 2: Quality Control and Supply Chain - Pinduoduo has implemented a "Good Specialty" program to ensure high-quality lychees by setting strict standards, such as requiring individual fruits to weigh at least 18 grams [3][9]. - Merchants are encouraged to improve their sourcing practices, leading to better quality control and higher prices for farmers, which in turn supports sustainable production [7][8]. Group 3: Cold Chain Logistics - The delivery time for lychees has been reduced to 48 hours, with Pinduoduo utilizing cold chain logistics to ensure freshness, including the use of express delivery services like SF Express [5][6]. - The implementation of advanced sorting and preservation technologies has helped maintain a low loss rate of 5% during the supply chain process [6]. Group 4: Business Ecosystem and Support - Pinduoduo's "100 Billion Subsidy" plan aims to support high-quality agricultural products and enhance the e-commerce ecosystem, with a focus on helping merchants reduce costs and increase efficiency [8][9]. - The platform's support for quality merchants has resulted in a significant decrease in customer complaints and an increase in repurchase rates for seasonal fruits like lychees [7][9].

Core Insights - The 618 shopping festival this year saw a strong engagement from both merchants and consumers, marking the first major event following Pinduoduo's "100 Billion Support" initiative [2] - Pinduoduo invested significantly in subsidies for quality agricultural products and domestic goods, while also distributing consumer vouchers to stimulate demand [2] - Various product categories, including fresh produce, electronics, and beauty products, achieved record sales during the event, with notable growth in participation from small and medium-sized businesses [2][3] Group 1 - The "100 Billion Support" initiative led to a sustained surge in overall consumption, with multiple categories such as fresh food, electronics, and apparel reaching new sales highs [2] - The "Super Double Subsidy" campaign resulted in over 3.76 million daily orders, significantly benefiting small and medium-sized merchants [2] - Seasonal fruits like mangosteen, durian, and lychee saw sales double, while brands like Midea, Xiaomi, and Haier reported over 200% growth in air conditioner sales [2] Group 2 - The "National Subsidy" product sales increased by 177% month-on-month, particularly benefiting users in third and fourth-tier cities [3] - The "New Quality Merchant Support Program" helped numerous small businesses transition to high-quality development, particularly in regions like Jinjiang and Guangdong [3] - During the lychee harvest season, the sales of fresh lychee exceeded 100,000 pounds, with daily sales potentially reaching 10,000 orders due to platform support [3] Group 3 - The mid-year promotion is ongoing and will continue until June 20 at 24:00 [4]