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。财报显示，本季度拼多多营收为1040 亿元，同比增长7%，增速较去年同期放缓。 二季度，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。 "过去这个季度，在商家及产业遭遇挑战的关键时刻，公司上下全力推进'千亿扶持'惠商战略，加 大投入反哺产业生态，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，在真金 白银的持续投入下，平台生态效用持续显现，产业侧加快实现新质转型，用户侧的消费潜力进一步释 放，供需两侧都实现了高质量发展。 "当下，外部环境的快速变化还在持续，电商行业围绕新业态的竞争也愈加激烈，我们将继续专注 高质量发展，坚持消费者导向，为产业的长足发展创造空间。"拼多多集团董事长、联席CEO陈磊表 示，在持续加大投入的过程中，短期业绩难免会有波动，我们更愿意立足长远，把长期价值放在短期利 益之前，扎实做好生态建设，促进产业转型升级，持续普惠消费者。 "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 ...

财报显示，二季度拼多多实现营收1040亿元，增速同比放缓至7%，连续多个季度放缓；净利润为307.5亿元，连续两个季度出现同比下滑。在智通财经看 来，外界对于拼多多新披露的业绩显然已有所心理准备，毕竟报告期内公司还在"百亿减免"等惠商举措的基础上推出了"千亿扶持"新战略，主动将高质量发 展投入推升到了一个全新的量级。 到下个月，拼多多（PDD.US）创业就满10个年头。 恰值当打之年的拼多多，正"被动"见证着行业环境的剧烈变化。刚刚过去的第二季度，国内头部的电商平台不约而同对即时零售赛道加码投入，但拼多多却 是个例外。面对愈发躁动和喧闹的市场环境，拼多多却像是主动屏蔽了杂音，在继续聚焦电商主业的基础上还新推出了"千亿扶持"，只为更好反哺商家和产 业，为千万商家减佣降本。 不与同业相争的拼多多，却分明把更多资源、精力和智慧投入到了电商生态建设及普惠上。站在当前时间节点环顾四周，这样的拼多多，大概也完全可以视 为是中国电商行业"非典型竞争"的范例。 用足"千亿扶持"将赋能商家进行到底 日前，拼多多2025年第二季度财报正式出炉，这是一份深度验证了公司面对外部诱惑与干扰仍保持战略定力、并坚持以"千亿扶持"反哺商家与 ...

日，拼多多发布了截至 6 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% 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，也为产业生态的长效发展创造了新的空间和 动力。 其中，一方面持续为千万商家减佣降本；另一方面加大对中小商家、新质商家及品牌商家的扶持力度， 推动各地农产区、产业带实现多层次的高质量发展。 "过去这个季度，在商家及产业遭遇挑战的关键时刻，公司上下全力推进'千亿扶持'惠商战略，加大投 入反哺产业生态，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，在真金白银 的持续投入下，平台生态效用持续显现，产业侧加快实现新质转型，用户侧的消费潜力进一步释放，供 需两侧都实现了高质量发展。 "当下，外部环境的快速变化还在持续，电商行业围绕新业态的竞争也愈加激烈，我们将继续专注高质 量发展，坚持消费者导向，为产业的长足发展创造空间。"拼多多集团董事长、联席CEO陈磊表示，在 持续加大投入的过程中，短期业绩难免会有波动，我们更愿意立足长远，把长期价值放在 ...

Core Viewpoint - The company prioritizes the interests of merchants and consumers over short-term platform profits [2][22]. Financial Performance - In Q1 2025, the company reported revenue of 957 billion, a 10% year-on-year increase, which was below market expectations of 1,016 billion [3]. - Operating profit for the quarter was 161 billion, down 38% year-on-year, while net profit attributable to ordinary shareholders was 147 billion, a 47% decline [4]. - Revenue from online marketing services and other services was 487 billion, a 15% increase from 425 billion in Q1 2024, exceeding the market expectation of 480 billion [6]. - Revenue from transaction services was 470 billion, a 6% increase from 444 billion in Q1 2024, but fell short of the expected 542.3 billion by over 70 billion [6]. Strategic Focus - The company is committed to a high-quality development strategy, sacrificing short-term profits for long-term investments [7][8]. - Initiatives such as "100 billion subsidy," "e-commerce westward," and "new quality merchant support plan" have been launched to support merchants [7]. - The company emphasizes the importance of supporting merchants to create a better platform ecosystem, as stated by CEO Chen Lei [8][22]. Marketing and Support Initiatives - Marketing expenses in Q1 reached 334 billion, a 43% increase from 234 billion in the same period last year, exceeding market expectations [12]. - The "100 billion subsidy" program has significantly reduced store security deposits for various categories and increased support for small and medium-sized merchants [13]. - The company has introduced a "merchant rights protection committee" to enhance communication and support for merchants [23]. Market Position and Future Outlook - Despite the overall industry growth slowing to single digits, the company managed to maintain a 10% growth rate, which is considered commendable [10]. - The company's stock price fell nearly 14% following the earnings report, reflecting market skepticism about its long-term strategy [11]. - The company is focused on creating a resilient future by prioritizing merchant growth, which in turn benefits consumers and ensures sustainable platform development [22]. Industry Context - The company has maintained a consistent focus on e-commerce, avoiding diversifications into other sectors, and has reinvested profits into merchant support initiatives [26][27]. - The company aims to expand its support to small and medium-sized merchants, enhancing their operational efficiency and reducing costs [27]. - The company's initiatives have led to significant growth in sales for many merchants, demonstrating the effectiveness of its support strategies [29][30].

Core Viewpoint - Pinduoduo's recent financial performance reflects a strategic shift towards supporting merchants through significant subsidies, which has impacted short-term profitability but is expected to yield long-term benefits for the platform and its ecosystem [2][10][31]. Financial Performance - In Q1 2025, Pinduoduo reported revenues of RMB 956.72 billion, a 10% year-on-year increase, but the growth rate has slowed compared to previous quarters [2][4]. - Operating profit decreased to RMB 160.86 billion, down 38% year-on-year, falling short of market expectations, leading to a nearly 14% drop in stock price on the earnings release day [2][4]. - Sales and marketing expenses surged by approximately RMB 100 billion year-on-year, indicating a substantial investment in merchant support [1][9]. Merchant Support Initiatives - The "100 Billion Reduction" initiative, launched in August of the previous year, aimed to reduce fees and provide subsidies to merchants, which has directly impacted Pinduoduo's profit margins [5][9]. - The recent "1000 Billion Support" plan is set to invest over RMB 100 billion in the next three years to further assist small and medium-sized merchants, expanding the scope of support [14][15]. - These initiatives are designed to help over 10 million merchants reduce costs and enhance their market reach, ultimately fostering a healthier merchant ecosystem [10][15]. Long-term Strategy - Pinduoduo's management emphasizes a long-term vision, prioritizing sustainable growth over short-term financial results, with a focus on creating high-quality products and services for consumers [10][31]. - The company believes that the current investments in merchant support will lead to a more robust and competitive platform in the future, despite the immediate financial pressures [10][31][32]. Market Impact and Future Outlook - The ongoing support measures are expected to influence revenue growth and expenditures, with management viewing these costs as long-term investments [10][11]. - As the market evolves, Pinduoduo anticipates that the benefits of its merchant support initiatives will become more apparent, potentially stabilizing and improving financial performance in subsequent quarters [32].

Core Viewpoint - Pinduoduo's Q1 performance significantly underperformed market expectations, with a revenue growth of only 10% year-on-year, marking the lowest quarterly growth rate in two years, leading to a sharp decline in stock price [2][5][12] Group 1: Financial Performance - Pinduoduo's Q1 revenue was approximately 487.2 billion RMB from online marketing services, a 15% increase year-on-year, while transaction service revenue was about 469.5 billion RMB, growing 6% year-on-year [5] - The company's promotional and advertising expenses surged to around 334.0 billion RMB in Q1, exceeding the 313.6 billion RMB spent during the peak marketing period in Q4 2024 [2][5] - The overall market sentiment is affected by Pinduoduo's declining stock value, which has dropped 46.5% from its historical peak in February 2021, currently valued at approximately 139 billion USD [12] Group 2: Competitive Landscape - Pinduoduo faces intensified competition during the 618 shopping festival, with rivals increasing their investments in instant retail, threatening Pinduoduo's user retention and shopping frequency [3][4] - The company is compelled to provide additional subsidies to retain users, investing 10 billion RMB in consumer coupons across all product categories [8][9] Group 3: Business Strategy and Challenges - Pinduoduo's strategy involves sacrificing short-term profits to support merchants, with a significant focus on long-term value creation, despite market skepticism regarding this approach [11][12] - The transition of Pinduoduo's overseas business, Temu, to a semi-managed model due to tariff changes has raised concerns about its pricing power and operational efficiency [15][16] - The company is experiencing increased cost pressures from both supply and demand sides, as it attempts to maintain its competitive edge while managing rising operational costs [10][11]

Core Viewpoint - Pinduoduo reported a revenue of 95.7 billion yuan for Q1 2025, reflecting a 10% year-on-year growth, but the growth rate has been slowing for several consecutive quarters [1] Group 1: Business Strategy - The company has increased its investment in high-quality development strategies, upgrading its "100 billion subsidy" initiatives to a "1 trillion support" program to enhance the e-commerce ecosystem [1] - Pinduoduo's management emphasizes the importance of supporting merchants during challenging market conditions, prioritizing their interests to ensure long-term platform health [1][2] Group 2: Merchant Support - The platform is exploring more commission reduction measures to lower costs for merchants, expanding support from top and mid-tier merchants to include small and medium-sized businesses [2] - The company aims to maximize the potential of small and medium-sized merchants, focusing on high-quality development and driving overall industry upgrades [2] Group 3: Consumer Initiatives - The "1 trillion support" initiative has led to various subsidy policies benefiting consumers, including a new "100 billion merchant feedback plan" and 100 billion yuan in consumer vouchers [2] - Pinduoduo is also exploring an innovative "platform direct subsidy" model to enhance consumer purchasing power while ensuring merchant rights, thereby stimulating demand and market competitiveness [2]

Core Viewpoint - Pinduoduo (PDD.US) reported a revenue of 95.7 billion yuan for Q1 2025, reflecting a 10% year-on-year growth, although the growth rate has slowed down due to external environmental changes and ongoing investments in high-quality development [1] Group 1: High-Quality Development Strategy - Pinduoduo has intensified its high-quality development strategy this year, launching the "100 Billion Subsidy" and the new "100 Billion Support" strategy to reduce costs for merchants and promote industrial transformation [1][2] - The management emphasizes the importance of supporting merchants through short-term challenges, indicating a willingness to sacrifice short-term performance for long-term health of the platform [2] Group 2: Merchant Support Initiatives - The establishment of the "Merchant Rights Protection Committee" aims to address merchant needs and enhance service mechanisms, with initiatives like regular communication and violation warning functions introduced [3][5] - The "100 Billion Support" strategy has led to significant reductions in store security deposits for various categories, alongside increased support for small and medium-sized merchants [5][6] Group 3: Consumer Benefits and Market Dynamics - The "100 Billion Support" plan includes consumer subsidies, with initiatives like the "100 Billion Merchant Feedback Plan" and various coupon campaigns to enhance consumer demand and improve supply-demand matching [6][9] - Pinduoduo is exploring innovative models like "platform direct subsidies" to ensure competitive pricing for consumers while safeguarding merchant interests [6] Group 4: Agricultural and Technological Advancements - The "2025 Good Specialty Products" initiative focuses on enhancing support for agricultural merchants, implementing customized solutions to improve the value of local specialties and boost farmer incomes [9][10] - The establishment of the "Digital Business + New Farmers" technology center aims to drive innovation in agricultural operations, addressing industry pain points through automation and data-driven solutions [10]

更多成本将被投注于平台生态建设。 拼多多此前多次预警的 "高收入增长不可持续，盈利能力下降趋势不可避免" 正在成为现实。在 2024 四季度及全年财报中，多项数据增速开始放缓。 2024 年四季度，拼多多实现营收 1106 亿元，低于 VA 一致预期的 1178 亿元，同比增速 24.45%，仅 高于 2022 年一季度疫情封控阶段的增速低谷，远低于其他季度增长水平；佣金收入同比增速从 2024 一季度的 327% 连续跌至 33%；得益于克制的营销费用支出，拼多多仍实现了经调整净利润 299 亿 元，同比增长 17.17%，略高于预期。 虽然多项增速放缓，但 2024 年拼多多整体 GMV 增速仍是行业的 3 倍出头，然而资本市场对这家公 司的预期仍持续走低。截至 3 月 26 日，拼多多的滚动市盈率（PE-TTM）为 12.03，对比市盈率 23 的腾讯、19 的阿里、26 的美团，拼多多已经成为了 "最便宜" 的中国互联网大公司之一。 发布 2024 年全年财报后不久，拼多多被传出可能将再投千亿元人民币扶持商家。若情况属实，这意 味着投入将与其 2024 年全年的净利润规模相当。 高效敏捷地奔跑多年后， ...

Core Viewpoint - Pinduoduo plans to invest 100 billion yuan to support small and medium-sized merchants, aiming to create a win-win e-commerce ecosystem for merchants, users, and the platform [1][2]. Group 1: Investment and Support Initiatives - Since April 2023, under the leadership of Zhao Jiazhen, Pinduoduo has focused on high-quality development strategies, launching initiatives like "100 Billion Reduction," "E-commerce Westward," and "New Quality Merchant Support Plan" [2]. - The "100 Billion Reduction" initiative has already helped over 10 million merchants improve efficiency, with the promotion service fee refund alone saving merchants tens of billions annually [2][7]. - The "E-commerce Westward" initiative has led to double-digit growth in order volume in western regions, providing nearly 100 million consumers in remote areas with comprehensive free shipping [2][11]. - The "New Quality Merchant Support Plan" aims to assist innovative merchants and industries, with an initial investment of 10 billion yuan in subsidies and 20 billion yuan in traffic resources [13]. Group 2: Specific Benefits to Merchants - Merchants have reported significant cost savings due to the "100 Billion Reduction" initiative, with some saving tens of thousands of yuan monthly through reduced service fees [6][7]. - The logistics cost reduction for remote areas has allowed merchants to access new markets, with some reporting a drastic decrease in shipping costs [11]. - The support for new quality supply has enabled merchants to meet consumer demands more effectively, with notable sales increases during promotional events [14]. Group 3: Merchant Rights and Protection - Pinduoduo established the "Merchant Rights Protection Committee" to enhance the operating environment for merchants, introducing measures like "Abnormal Order Warning" and "Low Price Risk Warning" [16][17]. - The committee's initiatives aim to protect merchant profits and encourage innovation, moving away from price competition towards quality improvement [17].