拼多多-2020Q3拼多多季报PPT版（英文）-2020.11-11页_746kb

Pinduoduo 3Q 2020 Results Summary

Core Content

Pinduoduo Inc. released its third-quarter 2020 financial results, highlighting strong growth across multiple metrics. The results reflect the company's continued expansion in the e-commerce market, particularly in China, and its focus on increasing user engagement and monetization.

Key Financial Highlights

• LTM GMV (Gross Merchandise Volume): RMB1,457.6 billion, representing a 73% YoY growth.
• Revenues: RMB14,209.8 million, with an 89% YoY growth.
• LTM Active Buyers: 731.3 million, up by 36% YoY.
• Average MAUs (Monthly Active Users): 643.4 million, showing a 50% YoY growth.

Definitions and Notes

• GMV: Represents the total value of all orders on the Pinduoduo mobile platform, including embedded shipping fees. Irregular transactions are excluded from the calculation.
• Active Buyers: Refers to the number of user accounts that placed one or more orders on the Pinduoduo mobile app or through social networks and access points.
• MAUs: The number of user accounts that visited the Pinduoduo mobile app in a given month, excluding those accessing via social networks and access points.
• Annual Spending Per Active Buyer: Calculated as total GMV divided by the number of active buyers in the same period.

Revenues and Monetization Rate

• The monetization rate, which is the ratio of revenues to GMV, indicates the company's ability to convert GMV into actual revenue.
• The monetization rate is not explicitly stated, but the growth in revenues suggests an improvement in this metric.

Cost Structure

• Non-GAAP Cost of Revenues: Typically ranges between 19% to 28% of revenues, with a notable increase in the most recent quarter.
• Non-GAAP Sales & Marketing Expenses: Varies between 73% to 108% of revenues, reflecting the company's heavy investment in user acquisition and marketing.
• Non-GAAP General & Administrative Expenses: Remains relatively low, around 1% to 3% of revenues.
• Non-GAAP Research & Development Expenses: Ranges from 8% to 17% of revenues, indicating a strategic focus on innovation and technology development.

Profitability

• Non-GAAP Operating Loss: Ranges from -6% to -55% of revenues, indicating fluctuating operating performance.
• Non-GAAP Net (Loss)/Gain Attributable to Ordinary Shareholders: Ranges from -1% to -48% of revenues, showing that the company continues to operate at a loss but with some improvement in the latest quarter.

Balance Sheet

• Ending Cash, Cash Equivalents, and Short-term Investments: The amount is not explicitly provided, but the company emphasizes its strong liquidity position.
• Short-term investments include highly liquid investments with original maturities of greater than three months but less than twelve months.

Strategic Focus

Pinduoduo continues to focus on user growth, increasing spending per active buyer, and expanding its ecosystem through social commerce and third-party logistics partnerships. The company's growth strategies are centered around cost efficiency, brand recognition, and operational improvements.

Risk and Forward-Looking Statements

• The document contains forward-looking statements, which are subject to risks and uncertainties.
• Key risks include market competition, changes in PRC regulations, economic conditions, and assumptions about future performance.
• The company advises that investors should not rely on forward-looking statements as a guarantee of future results.

Conclusion

Pinduoduo demonstrated robust growth in 3Q 2020, driven by a rapidly expanding user base and increased spending per active buyer. Despite operating at a loss, the company is investing heavily in sales and marketing, as well as research and development, to sustain and enhance its market position. The balance sheet reflects a strong liquidity position, supporting the company's continued growth and operational needs.