拼多多2021Q3财报-14页_157kb

Pinduoduo Q3 2021 Financial Summary

Core Content

Pinduoduo Inc. (NASDAQ: PDD) announced its unaudited financial results for the third quarter ended September 30, 2021. The company highlighted significant growth in revenue, user base, and profitability, while also emphasizing strategic shifts towards technology and agricultural development.

Key Financial Highlights

• Total Revenues: RMB21,505.8 million (US$3,337.6 million), up 51% year-over-year from RMB14,209.8 million in Q3 2020.
• Average Monthly Active Users (MAU): 741.5 million, up 15% from 643.4 million in Q3 2020.
• Active Buyers (12-Month Period): 867.3 million, up 19% from 731.3 million in the same period in 2020.

Revenue Breakdown

• Online Marketing Services and Others: RMB17,946.5 million (US$2,785.3 million), up 44% from RMB12,484.8 million.
• Transaction Services: RMB3,477.1 million (US$539.6 million), up 161% from RMB1,332.1 million.
• Merchandise Sales: RMB82.1 million (US$12.7 million), down 79% from RMB392.8 million.

Costs and Expenses

• Total Costs of Revenues: RMB6,558.6 million (US$1,017.9 million), up 101% from RMB3,260.2 million.
• Total Operating Expenses: RMB12,807.8 million (US$1,987.7 million), up slightly from RMB12,245.4 million.
  • Sales and Marketing Expenses: Slightly decreased to RMB10,050.6 million from RMB10,071.9 million.
  • General and Administrative Expenses: Down 9% to RMB334.8 million from RMB368.6 million.
  • Research and Development Expenses: Up 34% to RMB2,422.4 million from RMB1,804.9 million.

Profitability

• Operating Profit: RMB2,139.3 million (US$332.0 million), compared to an operating loss of RMB1,295.7 million in Q3 2020.
• Non-GAAP Operating Profit: RMB3,260.7 million (US$506.1 million), compared to a non-GAAP operating loss of RMB339.8 million.
• Net Income Attributable to Ordinary Shareholders: RMB1,640.0 million (US$254.5 million), compared to a net loss of RMB784.7 million.
• Non-GAAP Net Income Attributable to Ordinary Shareholders: RMB3,150.2 million (US$488.9 million), compared to RMB466.4 million.
• Basic Earnings per ADS: RMB1.31 (US$0.20), compared to a net loss of RMB0.66 in Q3 2020.
• Diluted Earnings per ADS: RMB1.15 (US$0.18), compared to a net loss of RMB0.66 in Q3 2020.
• Non-GAAP Diluted Earnings per ADS: RMB2.18 (US$0.34), compared to RMB0.33 in Q3 2020.

Cash Flow and Balance Sheet

• Net Cash Flow from Operating Activities: RMB8,736.6 million (US$1,355.9 million), up from RMB8,321.8 million.
• Cash, Cash Equivalents, and Short-Term Investments: RMB97.9 billion (US$15.2 billion) as of September 30, 2021, compared to RMB87.0 billion as of December 31, 2020.
• Total Assets: RMB166.5 billion (US$25.8 billion), up from RMB158.9 billion.
• Total Liabilities: RMB98.4 billion (US$15.2 billion), compared to RMB98.7 billion as of December 31, 2020.
• Total Shareholders’ Equity: RMB68.1 billion (US$10.5 billion), up from RMB60.2 billion.

Main Points

• Pinduoduo experienced substantial revenue growth in Q3 2021, driven by online marketing services and transaction services.
• The company is shifting focus from sales and marketing to R&D and digital inclusion in agriculture.
• The "10 Billion Agriculture Initiative" will be funded by profits from the third quarter.
• The company is promoting young leaders to critical roles in the next six to 12 months.
• Pinduoduo reported a significant improvement in profitability, with operating profit and net income turning positive.
• The company's non-GAAP financial measures are used to assess performance and provide a clearer view of underlying trends.
• Pinduoduo encourages investors to consider both GAAP and non-GAAP measures when evaluating performance.

Key Information

• Conference Call: Hosted on November 26, 2021, at 7:30 AM U.S. Eastern Time (8:30 PM Beijing/Hong Kong Time).
• Webcast: Available at https://investor.pinduoduo.com/investor-events.
• Non-GAAP Measures: Excludes share-based compensation, fair value changes of long-term investments, and interest expenses related to convertible bonds.
• Forward-Looking Statements: Include growth strategies, business development, and market conditions, with inherent risks and uncertainties.
• Contact for Inquiries: investor@pinduoduo.com (investor relations) and internationalmedia@pinduoduo.com (media relations).

Conclusion

Pinduoduo's Q3 2021 financial results reflect strong performance and a strategic pivot towards R&D and agricultural technology. The company's focus on digital inclusion in agriculture and its financial health indicate a solid foundation for future growth. Investors are encouraged to review both GAAP and non-GAAP measures for a comprehensive understanding of the company's financial position.