拼多多-拼多多2019年第二季度财报（英文）-2019.8-11页_1mb

Pinduoduo 2Q 2019 Results Summary

Core Content

Pinduoduo Inc. released its second-quarter 2019 financial results, highlighting significant growth in key metrics such as GMV, revenues, and active buyers. The report also includes information on the company's cost structure, margin improvements, and strong cash position.

Key Financial Highlights

• LTM GMV: RMB709.1 billion, representing a 171% YoY growth.
• Revenues: RMB7,290.0 million, showing a 169% YoY growth.
• LTM Active Buyers: 483.2 million, with a 41% YoY increase.
• Average MAUs: 366.0 million, reflecting an 88% YoY growth.

Definitions and Notes

• LTM (Last Twelve Months): Refers to the twelve-month period ending on the last day of the month or quarter indicated.
• GMV (Gross Merchandise Volume): Total value of all orders placed on the Pinduoduo mobile platform, regardless of whether the products are sold, delivered, or returned. Shipping fees are included if embedded in the listed price.
• Active Buyers: Users who placed one or more orders on the Pinduoduo mobile app or via social networks and access points during the period.
• MAUs (Monthly Active Users): Users who visited the Pinduoduo mobile app during a given month, excluding those who accessed the platform through social networks and access points.
• Non-GAAP Measures: Financial metrics that exclude share-based compensation expenses. These are used for internal analysis and comparison, but not as a substitute for GAAP financial information.

Cost Structure

• Non-GAAP Cost of Revenues:
  • 103% of revenues in 2Q19.
  • Adjusting for a payment rebate from Tencent, the gross profit margin in 1Q19 would have been 73%.
• Non-GAAP Sales & Marketing Expenses:
  • 85% of revenues in 2Q19.
• Non-GAAP General & Administrative Expenses:
  • 5% of revenues in 2Q19.
• Non-GAAP Research & Development Expenses:
  • 23% of revenues in 2Q19.

Margin Improvement

• Non-GAAP Operating Loss:
  • -115% of revenues in 2Q19, indicating a significant improvement in operating performance.
• Non-GAAP Net Loss Attributable to Ordinary Shareholders:
  • The report includes this metric, though specific figures are not detailed in the text.

Strong Cash Position

• Ending Cash, Cash Equivalents, and Restricted Cash: RMB[amount] million.
• The company adopted new accounting guidance (ASU 2016-18) after losing its EGC status, which requires a more detailed explanation of changes in cash, cash equivalents, and restricted cash.

Disclaimer and Forward-Looking Statements

• The document is for informational purposes only and should not be used for investment decisions.
• It contains forward-looking statements, which involve risks and uncertainties. Actual results may differ due to various factors, including market trends, competition, regulatory changes, and economic conditions.
• The company does not guarantee or predict future performance and undertakes no obligation to update forward-looking statements.

Strategic Focus

• The growth in GMV and revenues is attributed to the rapidly expanding user base and increased spending per active buyer.
• Pinduoduo continues to focus on monetization, with an emphasis on improving the monetization rate and optimizing cost structures to enhance profitability.