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利润背后的逆行逻辑:拼多多的“千亿生态进阶”
2 1 Shi Ji Jing Ji Bao Dao· 2025-08-28 03:32
Core Insights - Pinduoduo's recent financial report reveals a significant shift in strategy, with marketing expenses growth plummeting from 43% to 4.5%, indicating a focus on restructuring the supply-side ecosystem rather than competing aggressively on user subsidies [1][2] - The company's revenue for Q2 2025 reached 1039.85 billion yuan, a year-on-year increase of 7.14%, while net profit decreased by 4% to 307 billion yuan, highlighting a strategic choice to alleviate merchant burdens through a "100 billion support" plan [1][2] Group 1: Strategic Shifts - Pinduoduo's marketing expenses have drastically reduced, allowing for the reallocation of funds towards enhancing the merchant ecosystem, contrasting with competitors like JD and Meituan who are engaged in high-cost subsidy wars [2][3] - The company's focus on long-term returns over short-term profits is evident, as stated by Pinduoduo's executives, emphasizing the importance of ecological support for sustainable growth [2][3] Group 2: Merchant Support Initiatives - The "100 billion reduction" policy has significantly benefited over 2.7 million merchants, with promotional fee refunds exceeding 110 billion yuan in Q2 2025, resulting in an average annual savings of 180,000 yuan per merchant [3][4] - Pinduoduo's agricultural sector initiatives have shown remarkable growth, with a 47% increase in agricultural product sales and a 54% rise in quality agricultural SKUs, demonstrating the platform's commitment to supporting rural economies [3][4] Group 3: Market Expansion and Brand Transformation - The company's logistics expansion into western regions has led to a 40% increase in order volume, with notable growth in daily necessities and high-ticket items, indicating a successful penetration into previously underserved markets [4][5] - Pinduoduo's support for local brands has enabled traditional manufacturers to pivot towards new brand identities, with examples of companies successfully leveraging the platform to enhance their market presence and sales [5][6]
拼多多发布Q2财报,“千亿扶持”生态效用显现,供需两侧实现高质量发展
经济观察报· 2025-08-25 12:02
Core Viewpoint - Pinduoduo's second-quarter revenue growth slowed to 7%, with a total revenue of 104 billion yuan, due to increased investments in high-quality development and the introduction of a new "trillion support" strategy to assist merchants [2][4]. Group 1: Financial Performance - Pinduoduo reported a revenue of 104 billion yuan for the second quarter, reflecting a 7% growth rate [2]. - The company has initiated a "trillion support" strategy to enhance merchant support, marking a significant increase in investment for high-quality development [2][4]. Group 2: Merchant Support Initiatives - The "trillion support" strategy builds on the previous "billion reduction" initiative, which has saved millions for merchants by reducing service fees [4]. - Over the past year, the "billion reduction" policy has helped millions of merchants lower operational costs, with promotional service fee refunds exceeding 10 billion yuan [4]. Group 3: Regional Economic Impact - Pinduoduo's "e-commerce westward" initiative has eliminated logistics transfer fees in western regions, leading to over 40% growth in order volume from these areas [4]. - The initiative has significantly increased the availability of various products in western regions, enhancing local consumers' quality of life [5]. Group 4: Agricultural Development - Pinduoduo's support has enabled local farmers, such as those in Yunnan's Zhaotong, to transform their agricultural products into branded items, increasing income for over 11,000 households [6]. - The "2025 Agricultural Products Upward Report" indicates a 47% year-on-year increase in agricultural product sales, with seasonal fruit sales up by 51% [6]. Group 5: Innovation and Market Adaptation - Pinduoduo is focusing on long-term strategies to assist traditional brands in adapting to market changes, enhancing product innovation and market growth [9]. - The company is leveraging digital technology to help merchants identify potential best-selling products, significantly increasing profit margins for many items [9]. Group 6: Consumer Engagement - During the 618 shopping festival, Pinduoduo experienced a surge in consumer demand, with daily orders exceeding 3.76 million for its "super double" promotional event [10]. - The platform's ongoing investments are aimed at enhancing user experience and optimizing merchant services, fostering a win-win ecosystem for users, merchants, and the platform [12].