拼多多-2020年第二季度拼多多财报-2020.8-13页_606kb

报告摘要

Pinduoduo Q2 2020 Financial Summary

Core Financial Highlights

Pinduoduo Inc. (NASDAQ: PDD) reported its unaudited financial results for the second quarter ended June 30, 2020, showcasing significant growth in key metrics.

GMV (Gross Merchandise Volume): RMB1,268.7 billion (US$179.6 billion), a 79% increase from RMB709.1 billion in the same period in 2019.
Total Revenues: RMB12,193.3 million (US$1,725.9 million), up 67% year-over-year from RMB7,290.0 million in Q2 2019.
Online Marketing Services Revenues: RMB11,054.7 million (US$1,564.7 million), a 71% increase from RMB6,467.1 million in Q2 2019.
Transaction Services Revenues: RMB1,138.6 million (US$161.2 million), up 38% from RMB822.9 million in Q2 2019.
Average Monthly Active Users: 568.8 million, up 55% from 366.0 million in Q2 2019.
Active Buyers (12-month period): 683.2 million, an increase of 41% from 483.2 million in the same period in 2019.
Annual Spending per Active Buyer: RMB1,857.0 (US$262.8), up 27% from RMB1,467.5 in the same period in 2019.

Operating Performance

Total Operating Expenses: RMB11,170.8 million (US$1,581.1 million), up 58% from RMB7,185.7 million in Q2 2019.
- Sales and Marketing Expenses: RMB9,113.6 million (US$1,289.9 million), up 49% from RMB6,103.7 million, driven by higher advertising and promotion expenses.
- General and Administrative Expenses: RMB394.8 million (US$55.9 million), up 42% from RMB278.3 million, mainly due to increased headcount.
- Research and Development Expenses: RMB1,662.4 million (US$235.3 million), up 107% from RMB803.7 million, attributed to headcount growth and recruitment of experienced personnel.
Operating Loss: RMB1,639.6 million (US$232.1 million), compared with RMB1,490.4 million in Q2 2019.
Non-GAAP Operating Loss: RMB725.1 million (US$102.6 million), down from RMB898.4 million in Q2 2019.
Net Loss Attributable to Ordinary Shareholders: RMB899.3 million (US$127.3 million), compared with RMB1,003.3 million in Q2 2019.
Non-GAAP Net Loss Attributable to Ordinary Shareholders: RMB77.2 million (US$10.9 million), down from RMB411.3 million in Q2 2019.
Basic and Diluted Net Loss per ADS: RMB0.75 (US$0.11), compared with RMB0.88 in Q2 2019.
Non-GAAP Basic and Diluted Net Loss per ADS: RMB0.06 (US$0.01), compared with RMB0.36 in Q2 2019.

Cash Flow and Liquidity

Net Cash Provided by Operating Activities: RMB5,495.3 million (US$777.8 million), up from RMB4,148.0 million in Q2 2019.
Cash, Cash Equivalents, and Short-Term Investments: RMB49.0 billion (US$6.9 billion) as of June 30, 2020, compared with RMB41.1 billion as of December 31, 2019.

Conference Call

Date and Time: August 21, 2020, at 7:30 AM U.S. Eastern Time (7:30 PM Beijing/Hong Kong Time).
Pre-Registration Link: http://apac.directeventreg.com/registration/event/6066567
Replay Dial-in Numbers:
- International: +61-2-8199-0299
- U.S.: +1-646-254-3697
- Passcode: 6066567
Webcast: Available on the Investor Relations section of Pinduoduo's website at http://investor.pinduoduo.com/

Non-GAAP Financial Measures

Pinduoduo uses non-GAAP measures to evaluate its performance. These include:

Non-GAAP Operating Loss: RMB725.1 million (US$102.6 million) for Q2 2020, compared with RMB898.4 million in Q2 2019.
Non-GAAP Net Loss Attributable to Ordinary Shareholders: RMB77.2 million (US$10.9 million) for Q2 2020, compared with RMB411.3 million in Q2 2019.

These measures exclude share-based compensation, interest expenses related to convertible bonds, and gains from fair value changes of long-term investments.

Financial Statements Overview

Balance Sheet:
- Total Assets (June 30, 2020): RMB90,900,666 (US$12,866,154), compared with RMB76,057,336 (US$10,866,154) as of December 31, 2019.
- Total Liabilities (June 30, 2020): RMB61,406,806 (US$8,691,569), compared with RMB51,410,470 (US$7,291,569) as of December 31, 2019.
- Total Shareholders’ Equity (June 30, 2020): RMB29,493,860 (US$4,174,585), compared with RMB24,646,866 (US$3,574,585) as of December 31, 2019.
Cash Flow Statement:
- Net Cash Provided by Operating Activities (Q2 2020): RMB5,495.3 million (US$777.8 million), up from RMB4,148.0 million in Q2 2019.
- Net Cash Used in Investing Activities: RMB9,695.8 million (US$1,372,354) for the six months ended June 30, 2020.
- Net Cash Provided by Financing Activities: RMB8,418.7 million (US$1,191,596) for the quarter ended June 30, 2020.
- Increase in Cash and Cash Equivalents: RMB4,178,765 (US$591,465) for the quarter ended June 30, 2020.

Notes to Financial Information

Non-GAAP Adjustments:
- Operating Loss Adjustments: Add back share-based compensation expenses.
- Net Loss Adjustments: Add back share-based compensation and interest expenses related to convertible bonds, and subtract gains from fair value change of long-term investments.
Non-GAAP Net Loss Attributable to Ordinary Shareholders:
- Q2 2020: RMB77.2 million (US$10.9 million), compared with RMB411.3 million in Q2 2019.
- Six months ended June 30, 2020: RMB3,246,885 (US$459,566), compared with RMB1,790,351 (US$254,027) for the same period in 2019.

Safe Harbor Statement

Pinduoduo includes forward-looking statements in its financial reports, which are subject to risks and uncertainties. These statements may be affected by factors such as growth strategies, market trends, competition, regulatory changes, and general economic conditions.

About Pinduoduo

Pinduoduo is an innovative and fast-growing e-commerce platform that offers value-for-money products and interactive shopping experiences. It leverages social networks to create a dynamic shopping environment. The company is committed to supporting economic recovery and enhancing user engagement through targeted promotional offerings.