拼多多-2025 年第二季度

Data:

This document is the unaudited financial results report for the second quarter of 2025 for Pinduoduo Holdings.

1. Overview of Key Financial Data

(Q2 2025 vs. Q2 2024)

Total Revenue: RMB 103.985 billion / RMB 97.060 billion / +7%
Operating Profit: RMB 25.793 billion / RMB 32.565 billion / -21%
Net Profit: RMB 30.754 billion / RMB 32.009 billion / -4%
Non-GAAP Net Profit: RMB 32.708 billion / RMB 34.432 billion / -5%
Earnings per ADS: RMB 20.75 / RMB 21.61 / -4%
Operating Cash Flow: RMB 21.642 billion / RMB 43.793 billion / -51%

2. Revenue Structure Analysis

· Online Marketing Services and Others: RMB 55.703 billion (+13%)
· Transaction Services: RMB 48.282 billion (flat)

Growth was primarily driven by online marketing services, while transaction services showed weak growth.

3. Cost and Expense Analysis

· Operating Costs: RMB 45.859 billion (+36%)
Mainly due to increased fulfillment expenses, bandwidth and server costs, and payment processing fees.
· Operating Expenses: RMB 32.333 billion (+5%)
· Sales and Marketing Expenses: RMB 27.210 billion (+4%)
· R&D Expenses: RMB 3.591 billion (+23%)
· General and Administrative Expenses: RMB 1.532 billion (-17%)

4. Cash Flow and Balance Sheet Highlights

· Cash and Short-term Investments: As of June 30, 2025, RMB 387.1 billion (approximately $54 billion), an increase from the end of 2024.
· Other Non-current Assets: RMB 85 billion, mainly including time deposits and held-to-maturity debt securities.
· Operating cash flow declined significantly, primarily due to lower net profit and changes in working capital.

5. Key Management Statements

· Chen Lei (Chairman and Co-CEO): Emphasized investments in merchant support, focusing on long-term ecosystem health.
· Zhao Jiazhen (Executive Director and Co-CEO): Mentioned comprehensive merchant support measures.
· Liu Jun (Vice President of Finance): Acknowledged slower revenue growth, intense competition, and short-term profit pressure.

6. Non-GAAP Adjustments

Non-GAAP operating profit and net profit both declined by approximately 21% and 5% year-over-year.

7. Summary

· Revenue growth slowed, competition intensified;
· Profitability under pressure, costs and expenses grew faster than revenue;
· Cash flow weakened, but cash reserves remain strong;
· Company strategy shifts to long-term investments, sacrificing short-term profits for ecosystem health.

The frenzy in the comments proves one thing: no one reads earnings reports; the market is all about luck and sentiment.

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