《倚天屠龙记》中，当六大门派围攻光明顶时，作为武林中的"下沉"门派，丐帮没有参与。等到六大门派撤退后，丐帮又联合了一些小帮派，"不讲江湖 规矩"地端了明教总坛。 丐帮和拼多多有着存在着诸多共性，比如都从群众中来，指导思想都是自下而上。 当淘系与京东两大头部电商平台，相继投入到围攻美团的战役上时，拼多多却悄悄进入了敌后。 一个是主站推进面向供给侧的千亿扶持，筛选商家，提升站内供给质量；另一个是美团优选撤退后，多多买菜在没有对手的情况下，以低成本的方式承接 增量。 二季度，拼多多收入仍然保持了两位数增长，财报显示，季度内总收入1039.9亿元，同比增长7%，低于上个季度的10%，远低于去年同期的86%。 经调整利润327.1亿元，虽然同比下滑5%，但远高于市场预期223.9亿元。面对利润超预期，拼多多方面提到，季度内的利润中包含了利息与投资收益，反 串分析师，相当于泼完冷水之后，打开风扇猛吹。 从财报中可以看到，经营利润率确实大幅下跌。拼多多二季度经营利润为258亿元，同比下滑21%。 面对不算差的数据，高管坚决的利空指引，市场分歧非常明显。 拼多多联席CEO赵家臻 除此之外，官方给出的财报通稿开头中，直接使用了 ...

证券研究报告 | 2025年08月26日 拼多多（PDD.O） 优于大市 2025Q2 财报点评：利润表现亮眼，继续坚持投资电商生态 核心观点 公司研究·海外公司财报点评 互联网·互联网Ⅱ | 证券分析师：张伦可 | 证券分析师：王颖婕 | | --- | --- | | 0755-81982651 | 0755-81983057 | 收入端：国内电商稳健增长，半托管转型拖累交易服务收入。25Q2 公司实现 营业收入 1040 亿元，同比+7%，其中在线营销服务收入 557 亿元，同比 +13%，预计公司广告货币化率已进入平稳期，广告收入的表现基本反映 出公司国内电商 GMV 表现保持稳健增长。交易服务收入 483 亿元，同比 +1%，较 Q1 继续降速，分拆来看：1）美团优选退出缓和社区团购竞争 格局，预计能够为多多买菜带来一定增量；2）Q2 开始正式推行千亿扶 持计划，结合其他商家扶持行为对主站佣金的影响仍然持续；3）Temu 受美国政策影响，转型半托管对收入继续带来影响（从全额法转为净额 法），但我们预计 temuQ2 海外整体 GMV 增速仍保持在 40%左右，尽管在 收缩了美国市场的投放后虽然出现用 ...

Core Viewpoint - Pinduoduo remains committed to "long-termism" despite slowing revenue growth and profit contraction, emphasizing long-term value creation over short-term financial performance [1][3][8] Revenue and Profit Summary - In Q2 2025, Pinduoduo reported total revenue of 104 billion RMB, a year-on-year increase of 7%, indicating a further slowdown in growth [2][4] - Operating profit under Non-GAAP was 27.7 billion RMB, down 21% year-on-year, while net profit attributable to ordinary shareholders was 32.7 billion RMB, a decline of approximately 5% [1][2] - Revenue from online marketing services and other income was 55.7 billion RMB, up 10%, while transaction service revenue was 48.3 billion RMB, only a 1% increase compared to the same period in 2024 [2] Cost and Expense Analysis - Total revenue costs rose significantly from 33.7 billion RMB to 45.9 billion RMB, a 36% increase year-on-year, primarily due to higher fulfillment costs, bandwidth and server costs, and payment processing fees [2] - Total operating expenses increased from 30.8 billion RMB to 32.3 billion RMB, a 5% rise, mainly driven by increased sales and marketing expenses [2] Strategic Initiatives - Pinduoduo has launched the "100 Billion Support" plan and the "100 Billion Reduction" initiative to support merchants, which includes various measures such as fee reductions and deposit adjustments [2][3] - The company is focusing on long-term investments to strengthen its ecosystem and upgrade its value chain, prioritizing merchant support over immediate profit [1][3][4] Market Response and Future Outlook - Following the earnings report, Pinduoduo's stock price initially rose over 10% before closing at 128.21 USD, reflecting a 0.87% increase [1] - Management has cautioned the market about future earnings volatility, emphasizing the need for continued investment to support small and medium-sized merchants amid increasing competition [4][5] Competitive Landscape - Pinduoduo is not engaging in the immediate retail battle but is focusing on supply-side strategies through its support plans [6] - The company acknowledges the challenges of the "Duoduo Buy Vegetables" business, which requires significant long-term investment, while also addressing the need for a robust supply chain to meet consumer demands [7][8]

作者 | 李小霞 编辑 | 乔芊 经历过前几次业绩大幅不及预期后，投行对于拼多多的预期开始变得保守。结果却是，在阿里、京东忙着外卖大战的二季度，拼多多交上了久违的符合预 期的业绩。 今年二季度，拼多多营收1039.8亿元，同比增长只有7%，除却疫情时的影响，这是拼多多历史上少见的个位数增速。好在，与市场1039.3亿的预期， 几无差别。 惊喜的地方在于利润得到改善，且表现大超市场预期。该季度，拼多多经营利润为257.9亿元；净利润307.5亿元，同比下降4%。相比上个季度，降幅明 显收窄。 受益于此，拼多多当日盘前拉升涨超11%。但随着业绩电话会开始，一如即往，拼多多高管又一次强调了"本季度利润不具有可持续性，未来的财务表现 仍会有较大波动"，股价冲高回落，一度由涨转跌。 外卖战场之外的拼多多。 「超预期」的另一面 今年第一季度拼多多业绩暴雷，很大程度是因为营销费用的大幅上涨。 上季度，拼多多销售和市场费用达到334亿，同比增长43%；去年第四季度电商旺季的营销费用也不过314亿元，一季度却比之还要多出20亿。 在这种背景下，让人始料未及的是，拼多多该季度营销费用比市场预期低了近80亿元。财报显示，二季度其销 ...

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， ...

Financial Performance - Pinduoduo reported total revenue of 103.9848 billion yuan for Q2 2025, a year-on-year increase of 7% [1] - Net profit attributable to ordinary shareholders was 30.7535 billion yuan, down 4% year-on-year; non-GAAP net profit was 32.7084 billion yuan, down 5% year-on-year [1] Competitive Landscape - The e-commerce industry is experiencing intensified competition, leading to a slowdown in revenue growth for Pinduoduo compared to other platforms [2][3] - The company acknowledges that the current profit levels are not sustainable and anticipates continued fluctuations in future profits due to increased competition and investment in merchant support [8][13] Strategic Initiatives - Pinduoduo has launched the "100 Billion Support Plan" to reduce operational costs for merchants and enhance the quality of the e-commerce ecosystem [6][7] - The plan includes targeted support for agricultural merchants and new quality merchants, aiming to improve their operational efficiency and market reach [7][11] Globalization Efforts - The company is adapting to changes in global trade structures and consumer demands, focusing on enhancing supply chain capabilities and localizing operations [5][14] - Pinduoduo aims to provide high-quality products to consumers worldwide while strengthening its service and compliance capabilities [5] Consumer Engagement - During the "618" shopping festival, Pinduoduo invested heavily in subsidies for quality agricultural products and consumer coupons, resulting in significant growth for participating merchants [15][16] - The company is committed to creating a healthier and more vibrant platform ecosystem by continuously investing in both supply and demand sides [16]

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 ...

值得关注的是，相比上季度，拼多多的运营成本压力有所下降。本季度，拼多多营收成本为458.59亿 元，同比增长36%，财报表示，增长主要来自履约费用、带宽和服务器成本以及支付处理费用的增加。 同时，拼多多的运营开支为323.33亿元，同比上涨5%，主要由于销售和营销费用的增加导致。上季 度，拼多多总运营费用达到386亿元，增长37%，远超10%的收入增速。 拼多多本季度调整后净利润远高于市场预期的223.9亿元。尽管仍同比下降，但相比上季度同比下降 45%，拼多多调整后净利润的下降势头已大幅减缓。 在阿里、美团等竞争对手投入外卖的情况下，拼多多对即时零售的投资仍保持克制，押注于买菜业务。 财报电话会上，管理层表示，多多买菜是一个比较苦的业务，需要长期的大量投入，尽管多多买菜业务 的竞争对手正退出、集中力量去投入新业务模式，但多多买菜仍然不能松懈。目前，多多买菜的取货点 覆盖了全国超70%的行政村。 具体来看，收入方面，拼多多第二季度来自在线营销服务和其他业务的收入为557.03亿元，同比增长 13%；交易服务费收入482.81亿，同比增长0.7%。在"千亿扶持"惠商战略以及"百亿减免"等计划下，拼 多多在广告和 ...

Investment Rating - The report does not explicitly state an investment rating for the company [2]. Core Insights - Pinduoduo (PDD.US) is expected to report total revenue of 103.2 billion yuan for Q2 2025, representing a year-on-year growth of 6.3%. Online marketing revenue is projected to be 54.9 billion yuan, up 11.8%, while transaction service revenue is anticipated to reach 48.2 billion yuan, a slight increase of 0.6% [4]. - Operating expenses are expected to total 40.6 billion yuan, reflecting a significant year-on-year increase of 31.8%, with a corresponding expense ratio of 38.9%. Marketing expenses are projected to rise by 35.1% to 35.2 billion yuan, while management and R&D expenses are expected to grow modestly [4]. - The anticipated operating profit is 21 billion yuan, down 35.6% year-on-year, with a profit margin of 20.3%. Non-GAAP operating profit is expected to be 23.3 billion yuan, a decline of 33.4%, with a profit margin of 22.6% [4]. - The diluted earnings per share are projected to be 3.22 yuan, equating to 13.64 yuan per ADS [4]. Summary by Sections Company Overview - Pinduoduo is focusing on sustainable growth and enhancing its platform ecosystem, particularly through its differentiated "Duoduo Maicai" business, which is effectively operating in the instant retail sector [5]. Market Context - The macroeconomic environment remains challenging, with uncertainties surrounding tariffs affecting the cross-border e-commerce industry. A recent agreement between the US and China to pause additional tariffs for 90 days may provide some relief, but the lack of a stable trade agreement continues to pose risks [5]. Financial Performance Expectations - The company is set to release its Q2 2025 financial results on August 25, 2025, with an earnings call scheduled for 19:30 Beijing time [6].

社区团购战火重燃，新一轮的市场卡位战悄然开启。 近日，有消息称京东拼拼在北京悄然开店，这些门店大多通过与现有社区店共开门店的模式进行布局。 值得注意的是，据京东拼拼的内部人员透露，门店老板若是想与京东拼拼合作，需要提供10平方米左右的店内面积摆放冷藏柜和货架，地址得在小区门口 附近，小区居民入驻体量至少要超过600户。 在价格上，京东拼拼的价格战，矛头直指多多买菜便宜。打出低价王牌的京东拼拼，想要快速在市场中撕出缺口，依托供应链和规模化采购优势发起正面 进攻。 其实，社区团购在经历快速扩张和激烈竞争后，像每日优鲜、十荟团、呆萝卜等，昔日明星选手早已黯然退场，背后不知还有多少不知名的"烈士"。而这 一方向，美团今年上半年也有所收缩、调整。 此时，京东再次高调入局，与京东外卖一道，想借其供应链、物流优势，争夺本地消费，与线上电商业务板块互补。但能否从多多买菜、美团优选、叮咚 买菜等对手杀出重围，还要看京东拼拼有哪几把"刷子"。 京东对社区团购"不死心" 作为京东社区团购的重要布局，京东拼拼门店里陈设了冷藏柜和货架，用来存放消费者下单的冻品和生鲜商品。工作人员表示，用户当天下单后，团购的 商品会陆续在次日上午9点左 ...