6月16日，抖音电商对外披露，为了帮助商家在今年"618"大促期间持续增收，抖音电商通过扩大免佣范 围、优化商家体验分等多种措施，加大商家扶持力度，今年5月份为商家节省成本超过30亿元，减负金 额环比增长近20%。今年前5个月已经累计为商家节省成本超过110亿元。 据介绍，5月是"618"大促的启动期，抖音电商通过商品卡免佣、日百厨具等多类目免佣、降运费险、推 广费返还等举措为商家提供支持。今年1月至5月，商品卡免佣已累计补贴商家近57亿元，其中5月单月 减免金额达14亿元，商家报名率和GMV覆盖率占比进一步提升。5月单商家最高减免金额达到299万 元，服饰美奢、生活日百、耐消等类目商家受益明显。 在降运费险方面，今年前5个月，抖音电商已为商家节省运费险成本超过23亿元。在此基础上，5月其还 发布了《抖音电商运费险优惠措施》，推动新一轮运费险降价。从6月6日起，符合条件的商家或达人的 运费险成本将在日常价基础上降低5%至15%，该举措预计未来一年将为商家节省经营成本超10亿元。 "618"大促进行中，头部电商在扶持商家方面的动作也备受行业关注。 值得一提的是，近期，抖音电商还官宣全面开放新商家"0元入驻"。 ...

Core Viewpoint - Pinduoduo's Q1 2025 financial report shows total revenue of 95.672 billion yuan, a 10% increase, but net profit dropped 47% to 14.7 billion yuan, both figures falling short of market expectations [1] Group 1: Financial Performance - Pinduoduo's Q1 total revenue reached 95.672 billion yuan, growing only 10% year-on-year [1] - Net profit attributable to ordinary shareholders was 14.7 billion yuan, a significant decline of 47% compared to the previous year [1] - Transaction service revenue grew by just 5.8% to 47 billion yuan, below the expected 56 billion yuan, indicating aggressive merchant support and commission reductions [2] Group 2: Merchant Support Initiatives - Pinduoduo has implemented various initiatives such as "100 billion reduction" and "new quality merchant support plan" to alleviate costs for small and medium-sized merchants [1][2] - The platform has reduced technical service fees, allowing merchants to save significant amounts; for example, a merchant in Shaanxi reported saving over 10,000 yuan monthly due to fee reductions [2][3] - The introduction of promotional software service fee refunds has also benefited merchants, with some reporting annual savings of up to 100,000 yuan [3] Group 3: Marketing and Subsidies - Sales and marketing expenses surged by 43% to 33.4 billion yuan, driven by increased promotional and advertising spending [4] - Pinduoduo's first-quarter GMV growth reached 16%, totaling 1.07 trillion yuan, indicating effective consumer stimulation through subsidies [4] - The "100 billion subsidy" plan for new quality merchants has led to significant price reductions for consumers, with some products seeing subsidies of nearly 30% [5] Group 4: Future Plans - Pinduoduo plans to continue exploring further commission reduction measures and expand support to small and medium-sized merchants [6] - The company has launched a "1 trillion support" plan to invest in merchant transformation over the next three years, including various consumer subsidy initiatives [5]

Core Insights - Pinduoduo reported Q1 2025 revenue of 95.7 billion yuan, a 10% year-on-year increase, indicating a slowdown in growth [1] - The company has significantly increased its marketing expenses to 33.4 billion yuan, up 43% from 23.4 billion yuan in the same period last year, which now accounts for 34.9% of total revenue compared to 26% a year ago [1] - Pinduoduo launched a "100 billion subsidy" policy aimed at investing over 100 billion yuan in the next three years to enhance its e-commerce ecosystem and support merchant transformation [1][3] Financial Performance - The overall revenue growth, including marketing and transaction service income, has slowed down, attributed to ongoing merchant support initiatives [1] - The estimated GMV growth for Q1 is 16%, translating to approximately 1.07 trillion yuan, indicating the effectiveness of the subsidy and support measures [9] Merchant Support Initiatives - Pinduoduo established a "Merchant Rights Protection Committee" to address merchant needs and improve service mechanisms [3] - The "100 billion subsidy" strategy includes various measures to support the agricultural sector and enhance the value of local products [3][4] - The company is focusing on empowering small and medium-sized merchants through tailored solutions and data-driven support [6][7] Consumer Engagement Strategies - Pinduoduo has introduced a series of consumer subsidy policies, including a 10 billion yuan merchant subsidy plan and various promotional activities to enhance consumer satisfaction [10] - The company aims to improve the shopping experience through initiatives like price reduction compensation services during major sales events [10] Technological and Agricultural Development - Pinduoduo's "100 billion subsidy" plan has led to the establishment of the "Digital Business + New Farmers Training" technology center, focusing on agricultural innovation [11][12] - The company is actively supporting agricultural research projects and facilitating the online presence of quality agricultural products [12]

Core Viewpoint - The company reported a revenue growth of 10.2% year-on-year in Q1 2025, but GAAP net profit decreased by 47.3% [3]. Financial Performance - In Q1 2025, the company achieved an operating revenue of 95.672 billion, a year-on-year increase of 10.2%. GAAP net profit was 14.742 billion, down 47.3%, while Non-GAAP net profit was 16.916 billion, down 44.7% [3]. - The comprehensive gross margin for Q1 2025 was 57.2%, a decrease of 5.1 percentage points year-on-year, primarily due to the ongoing expansion of overseas business and investments to maintain platform competitiveness and support merchants [4]. Expense Analysis - In Q1 2025, the sales, management, and R&D expense ratios were 34.9%, 1.7%, and 3.7%, respectively, with year-on-year changes of +7.9, -0.4, and +0.4 percentage points. The significant increase in sales expense ratio was attributed to higher promotional expenditures, while the management expense ratio benefited from overall efficiency improvements [4]. Revenue Breakdown - Online marketing service revenue in Q1 2025 was 48.722 billion, reflecting a year-on-year growth of 15%. Commission revenue was 46.950 billion, with a year-on-year increase of 6% [5]. - The company has implemented measures to support merchants and optimize the platform ecosystem, including the establishment of a "Merchant Rights Protection Committee" and the launch of a "Billion Support" strategy to reduce deposits for various product categories [5].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's revenue for Q1 2025 reached 95.672 billion yuan, a year-on-year increase of 10.2%, while GAAP net profit decreased by 47.3% to 14.742 billion yuan [1] - The decline in profit is attributed to increased costs from platform investments and uncertainties in overseas tariffs, leading to a downward revision of profit forecasts for 2025, 2026, and 2027 by 34%, 37%, and 41% respectively [4] Summary by Sections Financial Performance - In Q1 2025, the company's gross margin was 57.2%, down 5.1 percentage points year-on-year, primarily due to ongoing overseas expansion and investments to maintain platform competitiveness [2] - Sales expense ratio increased by 7.9 percentage points to 34.9% due to higher promotional expenditures [2] Revenue Streams - Online marketing service revenue grew by 15% year-on-year to 48.722 billion yuan, while commission revenue increased by 6% to 46.950 billion yuan [3] - The company has implemented measures to support merchants and optimize the platform ecosystem, including the establishment of a "Merchant Rights Protection Committee" and a "Billion Support" strategy [3] Profit Forecasts and Valuation - The report provides a detailed profit forecast, with expected revenues of 437.712 billion yuan in 2025, reflecting an 11% growth rate [5] - GAAP net profit is projected to be 91.006 billion yuan in 2025, indicating a decline of 19% compared to the previous year [5]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's revenue for Q1 2025 increased by 10.2% year-on-year, while GAAP net profit decreased by 47.3% [1] - The decline in profit is attributed to increased costs from platform investments and uncertainties in overseas tariffs [4] - The company is focusing on enhancing platform competitiveness and supporting merchants through various initiatives [3] Revenue and Profitability - Q1 2025 revenue reached 956.72 billion yuan, with a GAAP net profit of 147.42 billion yuan [1] - The company's gross margin for Q1 2025 was 57.2%, down 5.1 percentage points year-on-year, primarily due to overseas expansion and increased promotional spending [2] - Online marketing service revenue grew by 15% year-on-year, while commission revenue increased by 6% [3] Cost Structure - Sales expense ratio increased by 7.9 percentage points to 34.9% in Q1 2025, driven by higher promotional expenditures [2] - Management expense ratio decreased slightly to 1.7%, reflecting improved overall efficiency [2] Future Earnings Forecast - The earnings forecast for GAAP net profit has been revised down by 34%/37%/41% for 2025/2026/2027 to 910.06/1002.16/1082.33 billion yuan [4] - Revenue projections for 2025 are estimated at 437.71 billion yuan, with a growth rate of 11% [5] Valuation Metrics - The report provides a P/E ratio of 11 for 2025 and a P/B ratio of 2.4 [5][13] - The expected EPS for 2025 is 16.03 yuan [5]

Core Insights - Douyin E-commerce has launched nine merchant support policies since early 2025, focusing on enhancing merchant operational experience, with logistics being a key area of upgrade [1][2] - The platform has implemented measures to address pain points such as shipping to remote areas and delayed deliveries, including increasing merchant autonomy and introducing shipping negotiation tools [1][2] Group 1: Logistics Enhancements - Douyin E-commerce officially opened "logistics services for remote areas" to merchants in June last year to meet the logistics needs of consumers in Xinjiang, resulting in a 60% increase in daily order volume in the region [1] - The platform has upgraded its shipping policies for remote areas, allowing merchants to flexibly sell to regions like Xinjiang based on their operational conditions, including options for direct shipping or transit logistics [1] - When merchants choose the transit logistics model and offer free shipping, the platform provides subsidies to help reduce logistics costs by 40% [1] Group 2: Merchant Communication and Support - To address the issue of delayed shipments and improve consumer experience, the platform has optimized its overall strategy, offering a one-stop solution that includes proactive exemptions for natural disasters and logistics issues, as well as negotiation tools for merchants to communicate with consumers [2] - The Douyin E-commerce operations team has made merchant satisfaction and service experience key performance indicators, conducting multiple merchant exchange meetings to understand operational challenges and needs [2] - The platform aims to continue focusing on merchant needs by reducing operational costs and optimizing the merchant experience, thereby expanding growth opportunities for small and medium-sized merchants [2]

Core Insights - JD Group announced the launch of its "618" shopping festival, starting with the "Heartfelt Shopping Season" from May 13 to May 28, followed by the main event on May 31, aiming to enhance consumer shopping experiences through various promotions and subsidies [1][2] Group 1: Promotional Strategies - JD will integrate various promotional strategies including "200 off 20 coupons," "cross-store discounts," and "official discounts," alongside new themed promotional days such as Super Flash Sale Day and Plus Member Day [2][3] - The "618" event will feature four phases: "Opening Red, Special Period, Peak Period, and Return Period," with an "automatic selection" mechanism for merchants to reduce their workload [2] Group 2: Merchant Support Initiatives - JD is focusing on providing multiple subsidies and traffic incentives to help merchants achieve explosive sales growth during the "618" event [4][5] - The "National Subsidy x Billion Subsidy" channel will be introduced to enhance discounts, combining policy benefits and platform discounts for consumers [3] Group 3: Content and Advertising Strategies - JD will invest over 10 billion in traffic and 2 billion in cash through the "Jing Chuang Double Hundred Plan" to support merchants in leveraging live streaming and short videos for rapid sales growth [4] - The "Leading Plan" will provide significant advertising incentives to stimulate merchants' marketing potential, including exclusive policies for small and new merchants [5]

Group 1 - Douyin Life Services has launched five support measures targeting high-quality retail merchants [1] - The support measures cover various retail industry segments, including clothing and footwear [1] - Initiatives include zero commission, brand joint operation incentives, special support for foreign trade quality products in supermarket chains, merchant services, and ecological governance [1]