市场对业绩不及预期的惩罚有点严厉。 受业绩不及预期影响，拼多多股价在美股盘前大幅跳水，一度暴跌超20%。据最新披露的财报显示，拼多多一 季度营收为956.7亿元人民币（下同），同比增长10%，低于预期的1016亿元；净利润为147.42亿元，同比暴跌 47%；调整后净利润为169.2亿元，远不及预期的278.8亿元。 有分析指出，今年一季度拼多多的营收增速明显放缓，利润同比大幅下降，意味着拼多多在"减免+扶持"方面 的举措投入远超市场预期。 财报发布后，拼多多集团董事长、联席CEO陈磊表示，"今年初始，我们预见到商家群体将会进一步承压，管 理层下定决心，做出了'千亿扶持'的战略决定。这不是一句空喊的口号，更是真金白银的投入。当下的市场在 加速变化，平台要敢于牺牲短期业绩，助力商家度过短期波动。" 突然大跌 北京时间5月27日晚间，拼多多披露了2025年第一季度财报，其中显示，公司一季度实现营收956.7亿元，同比 增长10%，低于预估的1016亿元；净利润为147.42亿元，同比大幅下降47%；调整后净利润为169.2亿元，同比 下降45%，远不及预期的278.8亿元；调整后每ADS收益为11.41元，远不及 ...

Core Viewpoint - Pinduoduo reported a total revenue of 95.6722 billion yuan for Q1 2025, reflecting a year-on-year growth of 10%, while net profit attributable to ordinary shareholders decreased by 45% to 16.916 billion yuan [1][2]. Financial Performance - Total revenue for Q1 2025 was 95.6722 billion yuan, a 10% increase compared to the previous year [1]. - Net profit attributable to ordinary shareholders was 16.916 billion yuan, down 45% year-on-year [1]. Management Insights - Management acknowledged the pressure on platform merchants due to macro policy changes, indicating a need for proactive measures to support them [3]. - The company plans to enhance its supply chain and operational capabilities while focusing on high-quality development and compliance [3][4]. - A "100 billion support plan" was introduced to assist small and medium-sized merchants in stabilizing sales and reducing operational costs [4][5]. Business Strategy - The company aims to deepen service levels and expand into new categories and services to build a more robust platform ecosystem [4]. - Pinduoduo emphasizes the importance of supporting merchants to ensure long-term stability and better consumer service [5]. - The company is committed to lowering merchant fees and providing marketing support to enhance the ecosystem, viewing these expenses as long-term investments [6]. Future Outlook - The management expects ongoing challenges to profitability due to the mismatch between investment and return cycles, which may persist for a longer duration [6]. - The focus remains on long-term value creation rather than short-term financial performance, with plans to expand support initiatives for more small businesses [6].

【导读】拼多多盘前跳水，跌超17% 在净利润方面，拼多多归属于普通股股东的净利润为147.42亿元，同比下滑47%；不按美国通用会计准则，归属于普通股股东的净利润为169.16亿元，同 比下滑45%。净利润的下滑引发投资者的担忧。 对此，拼多多集团董事长、联席CEO陈磊表示，一季度拼多多在平台生态系统上进行了大量投资，以支持商家和消费者应对外部环境的快速变化，这些投 资对短期盈利造成了压力，但给了商家适应和专注于高质量、可持续增长的空间，加强了平台的长期健康。 从营收构成来看，拼多多两大业务板块表现各异。在线营销服务及其他服务的营收为487.2亿元，同比增长15%；交易服务营收为469.5亿元，同比增长 6%，增速放缓。 "减免+投放"远超预期 成本大增25% 据了解，今年以来，拼多多将"百亿减免"等惠商举措升级为"千亿扶持"，以真金白银反哺产业生态。 5月27日，刚公布一季报的拼多多盘前突然大跌，截至发稿跌超17%，跌破100美元/股关口。 市场分析人士认为，拼多多一季报营收不及预期，净利润同比下滑远超预期，同时平台加大补贴，短期内或影响其业绩表现。 净利润近乎腰斩 5月27日，拼多多公布了截至3月31日的 ...

Financial Data and Key Metrics Changes - In Q1 2025, total revenues increased by 10% year over year to RMB 95.7 billion, driven by growth in online marketing services and transaction services [22][23] - Total cost of revenues rose by 25% to RMB 40.9 billion, primarily due to increased fulfillment and payment processing fees [24] - Operating profit decreased significantly, with GAAP operating profit at RMB 16.1 billion compared to RMB 26 billion in the same quarter last year [26] - Net income attributable to ordinary shareholders was RMB 14.7 billion, down from RMB 28 billion in the same quarter last year [27] Business Line Data and Key Metrics Changes - Revenues from online marketing services were RMB 48.7 billion, up 15% year over year [23] - Revenues from transaction services increased to RMB 47 billion, a 6% rise from the previous year [23] - Non-GAAP operating profit margin fell to 19% from 33% in the same quarter last year, reflecting increased investments in ecosystem initiatives [26] Market Data and Key Metrics Changes - The company noted intensified competition in the Chinese e-commerce sector, impacting merchant performance and profitability [8][9] - The global business faced significant pressure due to changes in external policy environments, such as tariffs, affecting merchants' capabilities [9][35] Company Strategy and Development Direction - The company is focusing on a high-quality development strategy, emphasizing merchant support and ecosystem investments [6][7] - A new RMB 100 billion support program was launched to enhance merchant support, particularly for small and medium-sized businesses [15][46] - The strategy includes fee reductions and comprehensive support initiatives aimed at improving the operational efficiency of merchants [16][47] Management Comments on Operating Environment and Future Outlook - Management acknowledged that the slowdown in revenue growth and profit decline are due to external uncertainties and increased competition [8][37] - The company remains committed to long-term investments in its platform ecosystem, prioritizing merchant and consumer needs over short-term profitability [11][40] - Future financial results may continue to reflect the impact of sustained investments in ecosystem support [28] Other Important Information - The company has launched initiatives to support agricultural products and enhance the distribution of local farm products [18] - A new consumer coupon program was introduced to stimulate demand and support high-quality merchants [19][20] Q&A Session Summary Question: What preparations has the company made in response to macro policy changes affecting merchants? - Management emphasized proactive actions and increased support for merchants through the RMB 100 billion support program to help them navigate external uncertainties [34][36] Question: What factors contributed to the significant decline in net profit margins this quarter? - The decline is attributed to a mismatch between business investment and return cycles, compounded by external market changes [38][39] Question: How will the RMB 100 billion support program be delivered to merchants? - The program will extend support to more small and medium-sized merchants, enhancing their operational efficiency and reducing costs [46][47] Question: How does the company view competition in the current market environment? - Management acknowledged the challenges posed by competition and the need for the platform to support merchants to ensure their success [54][56]

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]

Core Insights - Pinduoduo's Q1 2025 financial report shows significant underperformance, with total revenue of 95.7 billion yuan, a 10% year-on-year increase, but adjusted net profit of 16.9 billion yuan, down 45% from the previous year, falling short of market expectations by 11 billion yuan [1][2] Revenue Structure - Online marketing services and other revenues accounted for 48.7 billion yuan, up 15% year-on-year, while transaction service revenue was 47 billion yuan, up 6% year-on-year [1] - The growth rate of Pinduoduo's revenue is slowing, particularly in transaction service revenue, which has decreased from a 33% growth rate in the previous quarter [1][4] Cost and Profitability - Sales and marketing expenses surged to 33.4 billion yuan, a 43% increase from 23.4 billion yuan in the same quarter last year, contributing to a significant decline in profits [1][2] - Total operating expenses reached 38.6 billion yuan, a 37% increase, outpacing revenue growth [2] Strategic Initiatives - Pinduoduo has launched initiatives like the "100 Billion Support" plan to improve the business environment, which includes reducing store security deposits for various categories [4][5] - The company aims to explore further commission reduction measures to alleviate costs for merchants, focusing on small and medium-sized businesses [5] Regulatory Environment - Recent regulatory proposals from the market supervision authority may impact Pinduoduo's revenue, as they emphasize reducing fees for platform operators, particularly benefiting small merchants [5] Competitive Landscape - Pinduoduo is facing increased profit costs to compensate for competitive disadvantages, particularly in response to national subsidy policies [5] - The management has indicated a willingness to sacrifice short-term performance to support merchants through market fluctuations [5]

拼多多(PDD.O)高管：关税等外部政策环境变化给商家带来了巨大压力。 ...

"过去这个季度，外部环境的变化给商家带来了新挑战。在这个关键时刻，我们发挥平台企业的社会效 能和责任担当，推出了'千亿扶持'惠商新战略，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，我们要求公司上下力出一孔，全面投入这一新战略，优先保证用户和商家的利益，努 力为商家提供更多确定性，助推产业平稳转型。 拼多多发布截至3月31日的2025年第一季度财报。受外部环境变化影响，以及高质量发展的持续投入， 拼多多本季度营收957亿元，同比增长10%，增速有所放缓。 ...

Core Insights - The article highlights the successful integration of entertainment and e-commerce during the JD 618 shopping festival, emphasizing the innovative marketing strategies that engage consumers and enhance brand visibility [1][2][5]. Group 1: Event Overview - JD 618 shopping festival partnered with Hunan TV and Mango TV to create the "Happy Night" event, focusing on entertainment marketing and interactive experiences [1][2]. - The event achieved over 6.6 billion exposures across platforms, with Mango TV's viewership exceeding 100 million within three days [2][13]. Group 2: Marketing Strategies - The collaboration established a comprehensive marketing ecosystem that spans television, video platforms, and social media, creating a closed-loop from content promotion to traffic conversion [2][5]. - A dual cooperation model was introduced, offering "title sponsorship" and "industry sponsorship" to provide differentiated exposure opportunities for brands [2]. Group 3: Target Audience Engagement - The event targeted Gen Z consumers through the "Youth Star Creation Plan," integrating a talent show to connect entertainment with commercial scenarios [3][16]. - Interactive game segments were designed to enhance viewer engagement and create visually appealing promotional content, leading to significant customer growth for participating brands [3][13]. Group 4: Innovative Consumption Experiences - JD's food delivery service played a crucial role, featuring customized shows that combined performance art with food delivery, enhancing user experience and creating new marketing opportunities [4][17]. - The event utilized digital tools for pre-event promotion and real-time engagement, maintaining audience interest through behind-the-scenes content [4][5]. Group 5: Content and Commerce Integration - The event exemplified the "content equals consumption" philosophy, with seamless brand integration into entertainment segments, facilitating immediate sales conversions [5][6]. - JD's resource integration strategy effectively shortened consumer decision-making processes, as evidenced by significant sales performance metrics from previous events [5][13]. Group 6: Long-term Brand Value - The "Happy Night" event has evolved into a standalone cultural symbol, promoting the concept of "happy economy" and transforming shopping into an emotional experience [6][13]. - The cross-industry collaboration is redefining e-commerce marketing boundaries, showcasing a replicable model for integrating cultural events with commercial activities [6].

欧盟宣布SHEIN违反消费者保护相关法规（Reuters） 欧委会指出，SHEIN存在制造折扣假象、设定虚假购买期限以催促消费者下单等问题。SHEIN必 须在一个月内向监管机构提交整改方案。若欧盟认为应对措施不足，可能会面临罚款。SHEIN发 言人回应…… SHEIN必须在一个月内向监管机构提交整改方案。若欧盟认为应对措施不足，可能会面临罚款。 SHEIN的发言人在接受采访时表示，公司将继续与监管机构保持建设性合作，回应所有关切。 5月26日，欧盟委员会通知电商平台"SHEIN（希音）"，指其违反了旨在保护消费者的法律。欧 委会指出，SHEIN存在制造折扣假象、设定虚假购买期限以催促消费者下单等问题。 欧盟成员国的消费者保护机构已要求其遵守相关法规。 2024年11月，欧盟委员会也曾公开指出另一家中国系电商平台"Temu"违反了消费者保护相关法 律。 Kyodo 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 日经中文网 https://cn.nikkei.com 欧盟委员会还根据监管大型IT企业的《数字服务法案》（DSA），对SHEIN展开调查，内容涉及 打击盗版等非法商品的措施。 ...