花旗发表研报指，拼多多第二季度净利润超出预期，归因于低于预期的销售与市场推广费用。但管理层 多次提醒投资者，因公司致力于商家支持，第二季度利润不可持续，花旗将此解读为管理预期并保 持"低调"。 花旗又认为，关于跨境电商平台Temu与本地供应商合作开展本地化营运，以及加强物流服务的评论， 可能暗示其将进军欧洲、美国和巴西等市场。该行将拼多多目标价从154美元上调至168美元，维持"买 入"评级。 ...

拼多多 20250825 PDD Holdings' "Hundred Billion Support Program" led to moderated revenue growth and a 21% year-over-year decline in operating profit for Q2 2025, prioritizing long-term ecosystem value creation. The "10 Billion Fee Reduction Initiative" since August 2024 provided significant savings for merchants, enabling innovation and a wider selection of high-quality products. Logistics support initiatives reduced shipping costs to remote areas by up to 40%, increasing order numbers and injecting new energy ...

Core Viewpoint - Pinduoduo's revenue growth has slightly slowed in Q2, but effective control of marketing expenses has significantly narrowed the decline in net profit, with Non-GAAP net profit decreasing by only 5% to 32.71 billion RMB, far exceeding market expectations of 22.39 billion RMB [1][10][11] Financial Performance - Total revenue reached 103.98 billion RMB (approximately 14.35 billion USD), reflecting a year-on-year growth of 7%, which aligns closely with market expectations [6][8] - Operating profit was 25.79 billion RMB, a decrease of 21% year-on-year, while net profit was 30.75 billion RMB, down 4% year-on-year [6][10] - Non-GAAP adjusted earnings per ADS were 22.07 RMB, surpassing the market forecast of 15.50 RMB [6][10] - Operating cash flow dropped significantly to 21.64 billion RMB, a decline of 51% compared to the same period last year [6][14] Revenue Composition - Online marketing revenue was 55.7 billion RMB, showing a strong year-on-year growth of 13%, indicating improved advertising monetization capabilities [6][9] - Transaction service revenue was 48.3 billion RMB, remaining flat compared to the previous year, reflecting pressure on GMV growth [6][9] Cost and Expenses - Total operating expenses increased by 36% to 45.86 billion RMB, primarily due to rising fulfillment costs, bandwidth server costs, and payment processing fees [12][13] - Sales and marketing expenses were 27.21 billion RMB, growing by 4.5%, a significant slowdown from the 43% growth in the previous quarter [6][13] Strategic Initiatives - Pinduoduo has launched a "trillion support" strategy, which includes substantial merchant support measures, marking a significant investment in the ecosystem [15][16] - The company is betting on long-term value by increasing support for merchants, which poses a challenge for short-term performance [3][17]

Core Viewpoint - The company emphasizes a long-term investment strategy focused on supporting merchants, sacrificing short-term profits for sustainable ecosystem growth [3][6][10]. Financial Performance - In Q2, the company reported revenue of 1,040 billion RMB, a 7% year-on-year increase, but the growth rate has slowed compared to Q1 [3][19]. - Operating profit decreased by 21% year-on-year to 258 billion RMB, while net profit fell by 4% to 306.8 billion RMB [3][22]. - The company acknowledges that the current profit levels are not sustainable and expects continued fluctuations in future earnings due to ongoing investments [3][27][39]. Merchant Support Initiatives - The company has launched a "100 Billion Support Plan" to provide substantial resources to merchants, aiming to enhance the overall ecosystem [7][13]. - Various initiatives, such as reducing fees and improving logistics, have been implemented to support merchants, resulting in significant cost savings and increased order volumes in remote areas [8][14][33]. - The company is focusing on helping small and medium-sized businesses and traditional brands adapt to market changes and consumer demands [16][32]. Consumer Engagement - The company has expanded consumer reward programs, including a 10 billion coupon initiative, to enhance customer value and drive sales during promotional events [9][39]. - During the 618 shopping festival, the company provided substantial subsidies and coupons, leading to record sales across multiple categories [39]. Global Business Strategy - The company acknowledges that its global business is still in the early stages and plans to invest in local supply chains, service optimization, and compliance capabilities [10][29]. - The company aims to adapt to changing global trade dynamics and consumer needs while enhancing its service quality and operational efficiency [30][29]. Future Outlook - The company remains committed to long-term value creation, prioritizing ecosystem health over short-term financial performance [3][10][39]. - The management anticipates ongoing investment in merchant support and consumer experience, which may lead to continued short-term profit volatility [3][27][39].

Core Insights - Pinduoduo reported its Q2 2025 unaudited financial results, showing revenue of RMB 1,039.8 billion, a year-on-year increase of 7%, while net profit decreased by 4% to RMB 307.5 billion [1] - The adjusted net profit under Non-GAAP was RMB 327.1 billion, exceeding market expectations of RMB 223.9 billion, but still down 5% year-on-year [1][2] - The company’s earnings per ADS (American Depositary Share) was RMB 22.07, surpassing the market forecast of RMB 15.50, leading to a nearly 10% pre-market stock price increase [2] Financial Performance - Revenue was primarily driven by online marketing services and transaction services, with online marketing services and other income reaching RMB 557.03 billion, a 13% increase year-on-year, while transaction service revenue was RMB 482.82 billion, slightly up from RMB 479.44 billion in the same period last year [5] - Total cost of revenue for Q2 was RMB 458.59 billion, reflecting a significant year-on-year increase of 36%, attributed to rising fulfillment costs, bandwidth and server expenses, and payment processing fees [6] Asset Overview - As of June 30, 2025, Pinduoduo's cash, cash equivalents, and short-term investments totaled RMB 387.1 billion, up from RMB 331.6 billion as of December 31, 2024 [6] - Total assets were reported at RMB 505.03 billion, down from RMB 567.16 billion at the end of 2024 [4]

Group 1 - Pinduoduo's stock price increased by 2.01% on August 25, reaching $129.66 per share, with a trading volume of $1.346 billion and a total market capitalization of $184.071 billion [1] - As of March 31, 2025, Pinduoduo reported total revenue of 95.672 billion RMB, representing a year-on-year growth of 10.21%, while net profit attributable to shareholders was 14.742 billion RMB, a decrease of 47.35% year-on-year [1] Group 2 - Pinduoduo is scheduled to disclose its fiscal year 2025 mid-term report on August 25, prior to the market opening in the Eastern Time Zone [2] - The company was established on April 20, 2015, in the Cayman Islands and operates through its domestic entity, Shanghai Xunmeng Information Technology Co., Ltd., which was founded in 2014 [2] - Pinduoduo's core business model is based on social group buying, focusing on initiatives like the "Hundred Billion Subsidy," agricultural product promotion, and high-quality goods from production areas, aiming to serve the broadest segment of Chinese consumers [2]

Core Viewpoint - Pinduoduo reported a slowdown in revenue growth and a decline in adjusted net profit for Q2 2025, indicating potential volatility in future profits [1] Financial Performance - Pinduoduo's revenue for the second quarter reached 1039.85 billion yuan, reflecting a 7% year-over-year growth [1] - Adjusted net profit for the quarter was 327.08 billion yuan, a decrease of 5% compared to the previous year [1] - Adjusted earnings per ADS were 22.07 yuan, down from 23.24 yuan in the same period last year [1] Market Reaction - Following the earnings report, Pinduoduo's stock price initially rose over 10% in pre-market trading but later fell by 3.47%, settling at 122.7 USD per share [1] - The adjusted net profit exceeded market expectations of 223.9 billion yuan, indicating a significant improvement compared to the previous quarter's 45% year-over-year decline [1] Strategic Focus - Pinduoduo emphasized a shift towards investments that yield long-term returns, suggesting a strategic pivot in its operational focus [1] - The company does not anticipate that the current quarter's profit levels can be sustained in the future [1]

Core Insights - Pinduoduo reported a total revenue of 103.98 billion yuan for Q2 2025, representing a year-on-year growth of 7% [1] - The operating profit for the quarter was 25.79 billion yuan, showing a decline of 21% compared to the previous year [1] - Net profit attributable to ordinary shareholders was 30.75 billion yuan, down 4% year-on-year [1] Revenue Breakdown - Online marketing services and other business revenues reached 55.7 billion yuan, marking a 13% increase year-on-year [1] - Transaction service revenue was 48.28 billion yuan, remaining nearly flat compared to the same period last year [1] Expense Analysis - Total operating expenses for the quarter amounted to 32.33 billion yuan, reflecting a 5% increase year-on-year due to higher platform sales and marketing costs [1]

Financial Data and Key Metrics Changes - In Q2 2025, total revenues increased by 7% year over year, driven by growth in online marketing services and transaction services [22] - Operating profit declined by 21% year over year, reflecting the company's commitment to long-term investments over short-term financial results [7][27] - Non-GAAP operating profit margin decreased to 27% from 36% in the same quarter last year [27] - Net income attributable to ordinary shareholders decreased by 4% year over year [28] Business Line Data and Key Metrics Changes - Revenues from online marketing services increased by 30% year over year [22] - Revenues from inspection services grew by 1% compared to the same quarter last year [22] - Total cost of revenues increased by 36% from RMB 33.7 billion in Q2 2024 to RMB 45.9 billion in Q2 2025, primarily due to higher fulfillment fees and payment processing fees [23] Market Data and Key Metrics Changes - The company observed a 40% growth in order numbers from remote regions due to logistic support initiatives [8] - The June 18 shopping festival saw record sales across multiple categories, indicating strong consumer demand [10][20] Company Strategy and Development Direction - The company launched a RMB 100 billion support program to invest in the merchant ecosystem and drive long-term value creation [6][14] - Focus on high-quality growth by creating long-term opportunities for merchants and investing in consumer experience [11][20] - The company aims to deepen its support for individual merchants and explore new business models in response to intensified competition [34][37] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the rapid changes in the external environment and the challenges faced by merchants [6] - The company remains committed to long-term value creation, even if it leads to fluctuations in profitability [11][59] - Management expressed confidence in the potential of China's consumer market, despite escalating competition [61] Other Important Information - The company is actively investing in agri-tech and has launched initiatives to support agricultural technology research [10][11] - The total grocery business is viewed as a meaningful long-term investment, with plans to deepen commitments across product quality and delivery efficiency [52] Q&A Session Summary Question: Insights on revenue growth rate narrowing and competitive dynamics - Management noted intensified competition leading to slower revenue growth and emphasized a proactive approach to strengthen the platform ecosystem [34][35] Question: Future directions for global business and growth opportunities - Management highlighted steady consumer demand and the need for continuous investment in supply chain capabilities to adapt to changing market conditions [38][39] Question: Key changes observed since the RMB 100 billion support program launch - Management reported early effects of the support program, including increased merchant efficiency and market reach [45][46] Question: Company's view on the grocery business amidst competition - Management affirmed commitment to the grocery business, emphasizing the importance of creating unique value and addressing supply chain challenges [49][52] Question: Stability of investment cycle and profit margin trends - Management indicated that Q2 profits benefited from seasonality and that fluctuations in profitability are expected in the coming quarters [57][59] Question: Updates on consumer sentiment and macro trends - Management observed steady growth in retail sales and online penetration, while acknowledging the competitive landscape's impact on consumer behavior [61][63]

本文源自：观点网 拼多多称，第二季度来自在线营销服务和其他业务的收入为557.032亿元，较2024年同期的491.159亿元 增长13%。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 观点网讯：8月25日，拼多多公布2025年第二季度未经审计财务业绩。 财报显示，拼多多第二季度营收1039.8亿元，较2024年同期的970.595亿元增加7%；调整后每ADS收益 22.07元，超出市场预期的15.50元；调整后净利润327.1亿元，超出市场预期的223.9亿元，较2024年同期 的344.321亿元下降5%。 ...