2024年第二季度拼多多财报_6页_52kb

PDD Holdings 2024 Second Quarter Unaudited Financial Summary

Core Financial Highlights

PDD Holdings Inc. reported strong financial results for the second quarter of 2024, showcasing significant growth in multiple key metrics:

• Total Revenues: RMB97,059.5 million (US$13,355.8 million), up 86% from RMB52,280.7 million in Q2 2023.
• Operating Profit: RMB32,564.5 million (US$4,481.0 million), an increase of 156% year-over-year.
• Non-GAAP Operating Profit: RMB34,987.3 million (US$4,814.4 million), up 139% from RMB14,609.4 million in Q2 2023.
• Net Income Attributable to Ordinary Shareholders: RMB32,009.4 million (US$4,404.6 million), up 144% year-over-year.
• Non-GAAP Net Income Attributable to Ordinary Shareholders: RMB34,432.1 million (US$4,738.0 million), up 125% from RMB15,269.4 million in Q2 2023.
• Basic Earnings per ADS: RMB23.14 (US$3.18)
• Diluted Earnings per ADS: RMB21.61 (US$2.97)
• Non-GAAP Diluted Earnings per ADS: RMB23.24 (US$3.20)
• Net Cash from Operating Activities: RMB43,792.6 million (US$6,026.1 million), up from RMB23,396.0 million in Q2 2023.

Revenue Breakdown

• Online Marketing Services and Others: RMB49,115.9 million (US$6,758.6 million), up 29% from RMB37,932.8 million in Q2 2023.
• Transaction Services: RMB47,943.7 million (US$6,597.3 million), up 234% from RMB14,347.9 million in Q2 2023.

Cost and Expenses

• Total Costs of Revenues: RMB33,698.1 million (US$4,637.0 million), up 80% year-over-year, driven by increased fulfillment and payment processing fees.
• Total Operating Expenses: RMB30,796.9 million (US$4,237.8 million), up 48% from RMB20,872.2 million in Q2 2023.
  • Sales and Marketing Expenses: RMB26,049.1 million (US$3,584.5 million), up 48% from RMB17,542.2 million in Q2 2023, due to increased promotion and advertising spending.
  • General and Administrative Expenses: RMB1,838.6 million (US$253.0 million), up 208% from RMB596.0 million in Q2 2023, primarily due to staff-related costs.
  • Research and Development Expenses: RMB2,909.2 million (US$400.3 million), slightly up from RMB2,734.0 million in Q2 2023.

Balance Sheet Overview

• Cash, Cash Equivalents, and Restricted Cash: RMB284.9 billion (US$39.2 billion) as of June 30, 2024, up from RMB217.2 billion as of December 31, 2023.
• Other Non-Current Assets: RMB67.8 billion (US$9.3 billion) as of June 30, 2024, compared to RMB48.0 billion as of December 31, 2023, mainly due to time deposits and investment securities.
• Total Liabilities: RMB178.766 billion (US$24.599 billion) as of June 30, 2024, compared to RMB160.836 billion (US$21.626 billion) as of December 31, 2023.
• Total Shareholders’ Equity: RMB253.978 billion (US$34.948 billion) as of June 30, 2024, compared to RMB187.241 billion (US$25.485 billion) as of December 31, 2023.

Earnings Per Share

• Basic Earnings per Ordinary Share: RMB5.78 (US$0.80)
• Diluted Earnings per Ordinary Share: RMB5.40 (US$0.74)
• Basic Earnings per ADS: RMB23.14 (US$3.18)
• Diluted Earnings per ADS: RMB21.61 (US$2.97)
• Non-GAAP Diluted Earnings per ADS: RMB23.24 (US$3.20)

Non-GAAP Financial Measures

The Company uses non-GAAP measures to assess performance, including:

• Non-GAAP Operating Profit: RMB34,987.3 million (US$4,814.4 million), up 139% year-over-year.
• Non-GAAP Net Income Attributable to Ordinary Shareholders: RMB34,432.1 million (US$4,738.0 million), up 125% from RMB15,269.4 million in Q2 2023.
• Non-GAAP Diluted Earnings per Ordinary Share: RMB5.81 (US$0.80)
• Non-GAAP Diluted Earnings per ADS: RMB23.24 (US$3.20)

These non-GAAP measures exclude the impact of share-based compensation expenses, fair value changes of certain investments, and interest expenses related to the amortization of convertible bonds to face value.

Management Comments

• Mr. Lei Chen: While acknowledging the progress made, the Company faces challenges ahead and is committed to transitioning toward high-quality development and fostering a sustainable ecosystem.
• Mr. Jiazhen Zhao: Emphasized the Company's commitment to supporting high-quality merchants while addressing low-quality ones to build a healthier and more sustainable ecosystem.
• Ms. Jun Liu: Noted that revenue growth has slowed quarter-on-quarter and will face pressure due to intensified competition and external challenges. Profitability is also expected to be impacted by continued investment.

Conference Call

The Company will hold a conference call on August 26, 2024, at 7:30 AM ET (12:30 PM IST and 7:30 PM HKT). The webcast will be available at https://investor.pddholdings.com/investor-events.

Forward-Looking Statements

The press release includes forward-looking statements, which are subject to risks and uncertainties. These include factors such as the Company's growth strategies, competitive environment, economic conditions, and regulatory changes. The Company encourages investors to review its SEC filings for more detailed risk disclosures.

Summary of Key Financial Trends

• Revenue Growth: Strong growth in both online marketing and transaction services.
• Profitability: Operating and net income increased significantly, with non-GAAP measures showing even stronger growth.
• Cash Flow: Net cash from operating activities rose substantially, indicating improved operational performance.
• Balance Sheet: The Company's liquidity and asset base grew, with a notable increase in cash and other non-current assets.
• Investor Communication: The Company remains committed to transparency and will provide further details via a conference call and webcast.

Conclusion

PDD Holdings demonstrated robust financial performance in Q2 2024, with significant year-over-year increases in revenue, operating profit, and net income. The Company is focused on long-term sustainable growth, despite acknowledging the challenges posed by a competitive market and the need for continued investment. Non-GAAP measures highlight the underlying performance trends, while the balance sheet shows a strong liquidity position. The Company is preparing to provide further insights through an earnings call.