拼多多公布第一季度和2019财年的业绩（英文）-2019.5-7页_124kb

Pinduoduo Inc. Q1 2019 Unaudited Financial Summary

Core Financial Highlights

• GMV (Gross Merchandise Volume) for the twelve-month period ended March 31, 2019, reached RMB557.4 billion (US$83.1 billion), up 181% from RMB198.7 billion in the same period of 2018.
• Total Revenues in Q1 2019 were RMB4,545.2 million (US$677.3 million), an increase of 228% from RMB1,384.6 million in Q1 2018.
• Online Marketing Services Revenues rose 256% to RMB3,948.4 million (US$588.3 million), while Transaction Services Revenues increased 116% to RMB596.8 million (US$88.9 million).
• Average Monthly Active Users reached 289.7 million, up 74% from 166.2 million in Q1 2018.
• Active Buyers in the twelve-month period ended March 31, 2019, were 443.3 million, an increase of 50% from 294.9 million in the same period of 2018.
• Annual Spending per Active Buyer was RMB1,257.3 (US$187.3), up 87% from RMB673.9 in the previous year's period.

Financial Performance Overview

• Total Costs of Revenues increased by 174% to RMB873.3 million (US$130.1 million), primarily due to higher cloud services, call center, and merchant support costs, partially offset by a RMB339.2 million payment rebate from Tencent.
• Total Operating Expenses rose to RMB5,792.4 million (US$863.1 million), up from RMB1,319.0 million in Q1 2018.
  • Sales and Marketing Expenses increased by 302% to RMB4,889.3 million (US$728.5 million), mainly due to increased advertising and branding efforts.
  • General and Administrative Expenses rose significantly to RMB236.1 million (US$35.2 million) from RMB28.8 million, driven by higher headcount and share-based compensation.
  • Research and Development Expenses increased by 816% to RMB667.1 million (US$99.4 million), due to more experienced R&D staff and increased cloud service costs.
• Operating Loss was RMB2,120.5 million (US$316.0 million), compared to RMB253.1 million in Q1 2018.
• Non-GAAP Operating Loss was RMB1,621.9 million (US$241.7 million), up from RMB239.5 million.
• Net Loss Attributable to Ordinary Shareholders was RMB1,877.7 million (US$279.8 million), compared to RMB281.5 million in Q1 2018.
• Non-GAAP Net Loss Attributable to Ordinary Shareholders was RMB1,379.1 million (US$205.5 million), up from RMB267.9 million.
• Basic and Diluted Net Loss per ADS was RMB1.64 (US$0.24), compared to RMB0.64 in Q1 2018.
• Net Cash Used in Operating Activities was RMB1,543.3 million (US$230.0 million), up from RMB683.5 million in Q1 2018.
• Cash, Cash Equivalents, and Restricted Cash at the end of Q1 2019 was RMB37.2 billion (US$5.5 billion), compared to RMB30.5 billion at the end of December 2018.

Conference Call Details

• The company will host a conference call on Monday, May 20, 2019, at 7:30 AM U.S. Eastern Time (7:30 PM Beijing/Hong Kong Time).
• Dial-in numbers:
  • International: +65-6713-5090
  • Mainland China: 4006-208-038
  • U.S.: +1-845-675-0437
  • U.K.: +44-203-621-4779
  • Hong Kong: +852-3018-6771
• Passcode: Pinduoduo
• A telephone replay will be available until 9:59 AM ET on May 28, 2019.
• A live and archived webcast will be available on the Investor Relations section of the company's website: http://investor.pinduoduo.com/

Non-GAAP Financial Measures

• The company uses non-GAAP financial measures to evaluate performance, excluding share-based compensation expenses.
• These measures include:
  • Non-GAAP Operating Loss: RMB1,621.9 million (US$241.7 million)
  • Non-GAAP Net Loss Attributable to Ordinary Shareholders: RMB1,379.1 million (US$205.5 million)
  • Non-GAAP Basic and Diluted Net Loss per ADS: RMB1.20 (US$0.20) and RMB1.20 (US$0.20), respectively.
• The company does not present these measures in accordance with U.S. GAAP and encourages users to review the full financial information.

Key Financial Statements

Balance Sheets

• Total Assets at March 31, 2019: RMB49.78 billion (US$7.42 billion), up from RMB43.18 billion (US$6.48 billion) at December 31, 2018.
• Total Liabilities and Shareholders' Equity at March 31, 2019: RMB49.78 billion (US$7.42 billion).
• Cash and Cash Equivalents: RMB22.5 billion (US$3.35 billion) at March 31, 2019, up from RMB14.16 billion (US$2.12 billion) at December 31, 2018.

Cash Flow Statements

• Net Cash Used in Operating Activities: RMB1,543.3 million (US$230.0 million).
• Net Cash Provided by Financing Activities: RMB7,993.8 billion (US$1,191.1 billion).
• Increase in Cash, Cash Equivalents, and Restricted Cash: RMB6.68 billion (US$995.3 million).

Strategic Outlook

• The company emphasized continued user engagement and improved user experience as key drivers of growth.
• It plans to strategically invest in users and merchants to drive greater engagement through new features and functions.
• The increase in marketing spend by merchants reflects confidence in the platform's value.
• The company remains early in monetization and continues to balance growth with monetization.

Risks and Forward-Looking Statements

• The company includes forward-looking statements regarding future performance, growth strategies, and market trends.
• These statements are subject to risks and uncertainties, including:
  • Market competition
  • Regulatory changes
  • Economic conditions
  • Operational execution
• For more details on risks, refer to the company's SEC filings.

About Pinduoduo Inc.

• Pinduoduo is a "new e-commerce" platform offering value-for-money products and interactive shopping experiences.
• The platform leverages social networks to enhance buyer acquisition and engagement.
• The company focuses on user engagement, merchant relationships, and platform development.