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。 "百亿减免"一周年 千万商家降佣增效 去年8月，拼多多在电商行业率先推出"百亿减免"惠商政策，先后推出技术服务费、推广服务 费等退返权益，持续为广大商家减佣降本。及至目前，"百亿减免"推行一年来，平台已为千 万商家节省了海量的经营成本，仅推广服务费的退返就达到上百亿，很多商家每年可节省数 百万推广费用，为产业的转型升级创造了更多的动力和空间。 此外，拼多多"电商西进"行动还免除了西部地区的物流中转费，进一步盘活了东西部地区之 间的经济活力。过去一年，西部地区的订单量同比增长超过4成。其中，日用百货的订单量实 现翻倍增长，潮玩周边、宠物用品等商品的订单量增长了6成以上，家电、家居、母婴、服 饰、绿植等商品也加快涌入西部地区，极大丰富了当地消费者的物质生活和精神生活。 在河西走廊边缘的马鬃山小镇，当地牧民主要以养殖骆驼为生，日常所需的用品只能从牧区 开车到镇上购买，往返至少需要一小时，牧场所需物品则要到更远的市区才能买到。在"电商 西进"之后，牧民所需的生活用品、发 ...

8月25日晚间消息，拼多多发布二季度财报，财报显示，二季度营收1039.8亿元，同比增长7%；净利润 307.5亿元，同比下降4%，连续两个季度呈现下降趋势。 据了解，今年以来，拼多多将"百亿减免"等惠商举措升级"千亿扶持"新战略，首次在电商行业开启"千 亿级别"的惠商行动，这一系列超预期的投入拖累了短期的业绩表现。 (家电网® HEA.CN) ...

新华财经北京8月25日电（胡晨曦）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%，单季营收约1040亿元，市场预期1039.33 亿元。 期内，净利润为307.54亿元（人民币，下同），同比下滑4%；经调整净利润327.08亿元，同比下滑 5%，市场预期223.90亿元；经调整每ADS收益22.07元，去年同期为23.24元，市场预期15.50元。 具体来看，在线营销服务收入557.03亿元，同比增长13%，预期为549.42亿元；交易服务收入482.82亿 元，预期为489.07亿元。 拼多多业绩放缓，主要还是受"千亿扶持"加码产业投入的影响。 拼多多表示，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。 "目前，电商行业正在围绕新业态进行新一轮的激烈竞争，我们将继续坚持长期主义，深入推进'千亿扶 持'战略，把真金白银用在提升用户体验，优化商家服务和促进产业升级上，专注构建用户、商家及平 台的多 ...

Core Viewpoint - Pinduoduo's Q1 2025 financial report indicates a slowdown in revenue growth and a decline in net profit due to increased investments in supporting small and medium-sized businesses [1][5]. Revenue and Profit Summary - Pinduoduo's total revenue for Q1 2025 reached 95.672 billion yuan, a year-on-year increase of 10%, marking a continued slowdown in growth [1]. - The net profit attributable to ordinary shareholders was 14.7 billion yuan, a 47% decrease compared to the same period last year; non-GAAP net profit was 16.9 billion yuan, down 45% year-on-year [5]. Investment in Small and Medium-sized Businesses - Pinduoduo has launched a "100 billion support" policy to reduce operational costs for small and medium-sized merchants through fee waivers and subsidies [1][3]. - The company has increased its marketing expenses significantly, with sales and marketing costs rising to 33.4 billion yuan, a 43% increase year-on-year [2]. Strategic Initiatives - The "Merchant Rights Protection Committee" was established to enhance communication with merchants and improve service mechanisms [6]. - Pinduoduo plans to invest an additional 100 billion yuan in consumer subsidies through various promotional activities to stimulate demand [6][8]. Long-term Growth Strategy - Pinduoduo's management emphasizes that the current investments are part of a long-term strategy to support merchants and ensure sustainable growth, even at the cost of short-term profits [5][8]. - The company aims to continue its high-quality development strategy, focusing on helping merchants navigate market changes and enhancing the overall platform ecosystem [8].

Core Viewpoint - Pinduoduo's Q1 2025 financial results fell short of market expectations, leading to a significant drop in stock price and investor concerns about the company's future profitability and growth prospects [1][2] Financial Performance - Pinduoduo reported Q1 revenue of 95.7 billion RMB, a year-on-year increase of 10%, but net profit decreased by 45% to 14.7 billion RMB, significantly below the expected 25.7 billion RMB [1] - The company's CFO indicated that profitability will continue to face pressure due to ongoing business expansion and external policy uncertainties [2] Strategic Investments - The company has made substantial investments in its platform ecosystem to help merchants and consumers adapt to external changes, which has compressed profit margins in the short term [1] - Pinduoduo's "100 billion support plan" aims to provide greater subsidies to merchants, which is seen as a strategy for high-quality development despite raising market concerns [2] Market Environment - Pinduoduo's cross-border platform Temu is facing challenges due to tightened U.S. trade policies, requiring a shift in logistics strategy from direct shipping to bulk transport to local warehouses [1] - Competitors like JD.com and Alibaba have shown stronger performance, with JD.com experiencing its fastest revenue growth in three years, while Alibaba's Chinese retail business exceeded market expectations [2] Competitive Challenges - Analysts note that Pinduoduo's extensive subsidies to support Temu merchants amid rising costs and supply chain disruptions have become a key factor dragging down profitability [2] - Regulatory and trade policy pressures in the U.S., Japan, and the EU may further weaken Temu's cost advantages in overseas markets [2]