Profit far exceeds expectations!Chen Lei, chairman of Pinduoduo, said that it may affect long -term competitiveness

[Dahe Daily · Dahecai Cube] (Reporter Chen Wei) When many Internet companies were lamenting "the hardest second quarter", Pinduoduo made a very beautiful answer sheet on August 30.

According to the financial report data, the revenue in the second quarter achieved revenue of 31.44 billion yuan, an increase of 36%year -on -year. The net profit of the general shareholders of the United States under general accounting standards was 8.9 billion yuan. Facing the growth of revenue and net profit, Pinduoduo is low -key "interpretation", which is mainly due to occasional factors such as passive extension of some projects and significant reduction in business activities of travel. At this time Disadvantages.

From a macro perspective, the epidemic pressure allows most consumers to focus on consumption. Pinduoduo's cost -effective positioning on the e -commerce platform eventually makes it more tough than other e -commerce platforms.

When discussing changes in consumer demand in the second quarter, Pinduoduo said that it was indeed affected by the epidemic at the beginning of the second quarter, but the second half of this quarter gradually recovered.

"Since mid -May, Pinduoduo has promoted several marketing activities, and issued coupons, reversing consumers' confidence, and Pinduoduo also actively operates to meet consumer demand." Pinduoduo Chairman and CEO Chen Lei is in the performance. Said at the conference call after the release.

In terms of subdivided business, Pinduoduo's income is mainly composed of three parts: platform online marketing technology services, transaction services, and product sales. Among them, the operating income of Pinduoduo online marketing technology services in this quarter increased by 39%compared with the previous year to 25.173 billion yuan; transaction services increased by 107%year -on -year to 6.216 billion yuan; due to the withdrawal of self -operated projects, Pinduoduo goods sales revenue It was 50.71 million yuan, a 97%decrease from the same period last year.

Pinduoduo said that revenue growth is mainly due to consumption recovery. At the conference call, Chen Lei specifically mentioned the 6 · 18 Consumption Festival. By investing in operating measures such as consumer subsidies and traffic support, the platform's overall consumption has ushered in a strong rebound, and industries such as mobile phones, home appliances, beauty, daily chemicals have doubled year -on -year growth.

While revenue growth, Pinduoduo's marketing costs were 11.34 billion yuan, a year -on -year increase of only 9%, and the proportion of revenue dropped to 36%. At the same time, the total operating cost of Pinduoduo was 14.780 billion yuan, which was only 12.4%year -on -year, which was lower than revenue growth.

Under such circumstances, Pinduoduo's comprehensive gross profit margin and cost rate have been significantly improved. In the second quarter, Pinduoduo comprehensive gross profit margin was 74.68%, an increase of 8.95%year -on -year. At the same time, the cost of Pinduoduo was 47.05%, a year -on -year decrease of 11.21%, of which the sales fee rate was 36.08%, a year -on -year decrease of 8.99%, which released profitable space for Pinduoduo.

However, Pinduoduo believes that this is very state. The sales cost rate decreases and the gross profit margin is mainly due to the launch of several projects (including promotion activities and agriculture), and the reduction of business -related expenses.

"In the first half of this quarter, our expenditure is temporarily restricted, but as the situation gradually returns to normal, we will increase expenditure in the second half of the year." Chen Lei said at the conference call. Pinduoduo is still in the growth stage. Although the short -term financial report looks good, it will still be based on long -term investment in agricultural science and technology research and development in the future to support the long -term guarantee of the platform to ensure the development of quality. It repeatedly emphasized that Pinduoduo has not focused on profitability. Pinduoduo's profitability in the second quarter depends on some external factors, and these factors are mostly short -term.

Responsible editor: Chen Yuyao | Review: Li Zhen | Director: Wan Junwei

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