拼多多-2020年第四季度拼多多业绩财报（英文）-2021.3-15页_346kb

Pinduoduo 2020 Fourth Quarter and Fiscal Year Unaudited Financial Summary

Core Content and Key Highlights

Pinduoduo Inc. ("Pinduoduo") announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2020. As a leading mobile-only e-commerce platform in China, Pinduoduo continues to expand its reach and impact in the digital economy, especially in the agriculture and grocery sector.

Fourth Quarter 2020 Highlights

• GMV (Gross Merchandise Volume): RMB1,667.6 billion (US$255.6 billion), up 66% from RMB1,006.6 billion in the same period in 2019.
• Total Revenues: RMB26,547.7 million (US$4,068.6 million), an increase of 146% compared to RMB10,792.7 million in Q4 2019.
• Average Monthly Active Users: 719.9 million, up 50% from 481.5 million in Q4 2019.
• Active Buyers: 788.4 million, up 35% from 585.2 million in the twelve-month period ending December 31, 2019.
• Annual Spending per Active Buyer: RMB2,115.2 (US$324.2), up 23% from RMB1,720.1 in the same twelve-month period in 2019.

Fiscal Year 2020 Highlights

• Total Revenues: RMB59,491.9 million (US$9,117.5 million), up 97% from RMB30,141.9 million in 2019.
• Net Cash Flow from Operating Activities: RMB28,196.6 million (US$4,321.3 million), up from RMB14,821.0 million in 2019.
• Cash, Cash Equivalents, and Short-Term Investments: RMB87.0 billion (US$13.3 billion) as of December 31, 2020, up from RMB41.1 billion in 2019.

Financial Performance Breakdown

Fourth Quarter 2020

• Revenues from Online Marketing Services and Others: RMB18,922.0 million (US$2,899.9 million), up 95% from RMB9,686.7 million in Q4 2019.
• Revenues from Transaction Services: RMB2,267.9 million (US$347.6 million), up 105% from RMB1,106.0 million in Q4 2019.
• Revenues from Merchandise Sales: RMB5,357.8 million (US$821.1 million), up from nil in Q4 2019.
• Total Costs of Revenues: RMB11,526.1 million (US$1,766.5 million), up 466% from RMB2,037.4 million in Q4 2019.
• Total Operating Expenses: RMB17,069.4 million (US$2,616.0 million), up from RMB10,890.6 million in Q4 2019.
• Operating Loss: RMB2,047.8 million (US$313.8 million), down from RMB2,135.3 million in Q4 2019.
• Non-GAAP Operating Loss: RMB1,114.5 million (US$170.8 million), down from RMB1,336.6 million in Q4 2019.
• Net Loss Attributable to Ordinary Shareholders: RMB1,376.4 million (US$210.9 million), down from RMB1,751.6 million in Q4 2019.
• Non-GAAP Net Loss Attributable to Ordinary Shareholders: RMB184.5 million (US$28.3 million), down from RMB815.0 million in Q4 2019.
• Basic and Diluted Net Loss per ADS: RMB1.13 (US$0.17), down from RMB1.52 in Q4 2019.
• Non-GAAP Basic and Diluted Net Loss per ADS: RMB0.15 (US$0.02), down from RMB0.72 in Q4 2019.

Fiscal Year 2020

• Total Revenues: RMB59,491.9 million (US$9,117.5 million), up 97% from RMB30,141.9 million in 2019.
• Revenues from Online Marketing Services and Others: RMB47,953.8 million (US$7,349.2 million), up 79% from RMB26,813.6 million in 2019.
• Revenues from Transaction Services: RMB5,787.4 million (US$887.0 million), up 74% from RMB3,328.2 million in 2019.
• Revenues from Merchandise Sales: RMB5,750.7 million (US$881.3 million), up from nil in 2019.
• Total Costs of Revenues: RMB19,278.6 million (US$2,954.6 million), up 204% from RMB6,338.8 million in 2019.
• Total Operating Expenses: RMB49,593.5 million (US$7,600.5 million), up from RMB32,341.3 million in 2019.
• Operating Loss: RMB9,380.3 million (US$1,437.6 million), down from RMB8,538.2 million in 2019.
• Non-GAAP Operating Loss: RMB5,767.3 million (US$883.9 million), down from RMB5,980.5 million in 2019.
• Net Loss Attributable to Ordinary Shareholders: RMB7,179.7 million (US$1,100.3 million), up from RMB6,967.6 million in 2019.
• Non-GAAP Net Loss Attributable to Ordinary Shareholders: RMB2,965.0 million (US$454.4 million), down from RMB4,265.8 million in 2019.
• Basic and Diluted Net Loss per ADS: RMB6.02 (US$0.92), down slightly from RMB6.04 in 2019.
• Non-GAAP Basic and Diluted Net Loss per ADS: RMB2.49 (US$0.38), down from RMB3.68 in 2019.

Strategic Focus

• Agriculture and Grocery: Pinduoduo positions itself as the largest agriculture platform in China and aims to become the largest grocer in the world. It emphasizes the role of mobile internet in transforming the consumer experience and bridging the physical and digital worlds.
• Investment in Technology and Operations: The company is investing in optimizing the agricultural value chain through technology and operations, aiming to reduce inefficiencies and lower structural costs.
• Growth Drivers: Online marketing services and transaction services are the main contributors to revenue growth.

Recent Developments

• As of February 28, 2021, US$711.9 million of the 0% convertible bond due in 2024 was converted into newly issued ADSs.

Conference Call

• Pinduoduo will host a conference call on March 17, 2021, at 7:30 AM U.S. Eastern Time (7:30 PM Beijing/Hong Kong Time).
• A replay will be available until March 25, 2021.
• Dial-in numbers and a webcast link are provided for participation.

Non-GAAP Financial Measures

• Pinduoduo uses non-GAAP measures to evaluate performance, excluding share-based compensation, fair value change of long-term investments, and interest expenses related to convertible bonds.
• These measures are used by management for internal performance assessment and business planning.
• The company provides a reconciliation of non-GAAP measures to the nearest GAAP performance measures.

Balance Sheet Summary

• Total Assets: RMB158,908.6 billion (US$24.35 billion) as of December 31, 2020, compared to RMB76.057 billion (US$11.66 billion) as of December 31, 2019.
• Total Liabilities: RMB98.732 billion (US$15.13 billion) as of December 31, 2020, compared to RMB51.41 billion (US$8.01 billion) as of December 31, 2019.
• Total Shareholders' Equity: RMB60.176 billion (US$9.22 billion) as of December 31, 2020, compared to RMB24.647 billion (US$3.80 billion) as of December 31, 2019.

Cash Flow Summary

• Net Cash Flow from Operating Activities: RMB14,946.6 million (US$2,290.7 million) for Q4 2020, up from RMB9,598.0 million in Q4 2019.
• Net Cash Flow from Investing Activities: RMB-26,622.8 million (US$-4,080.1 million) for Q4 2020, compared to RMB-11,461.9 million (US$-1,766.5 million) in Q4 2019.
• Net Cash Flow from Financing Activities: RMB42,174.8 million (US$6,463.6 million) for Q4 2020, compared to RMB893.9 million (US$137.9 million) in Q4 2019.
• Change in Cash: Increased by RMB30,314.9 million (US$4,645.9 million) for Q4 2020, compared to a decrease of RMB1,020.2 million (US$156.1 million) in Q4 2019.

Conclusion

Pinduoduo demonstrated significant growth in both GMV and revenues in the fourth quarter and fiscal year of 2020, driven by its focus on online marketing services and transaction services. The company continues to expand its user base and strengthen its position in the agriculture and grocery market. Despite operating losses, Pinduoduo generated positive cash flow from operations and has substantial cash reserves, indicating financial stability. The company also highlights its strategic investments and the importance of the mobile internet in its business model.