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拼多多Q2業績大超預期，淨利破百億
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[home Express] Pinduoduo's second-quarter income and net profit under non-GAAP far exceeded market expectations, and he is long-term optimistic about the improvement of consumer user experience brought about by the company's investment in agriculture and R & D.

$PDD Holdings (PDD.US)$
Highlights of the second quarter of 2022
The total income was 31.44 billion yuan, an increase of 36% over the same period last year.Much higher thanThe market expects 23.93 billion yuan.
Operating profit under non-GAAP was 10.54 billion yuan, an increase of 231% over the same period last year.Much higher thanThe market expects 3.96 billion yuan.
The net profit attributable to ordinary shareholders under non-GAAP was 10.78 billion yuan, an increase of 161% over the same period last year.Much higher thanThe market expects 4.12 billion yuan.
Net income per diluted American depositary receipt under non-generally accepted accounting standards is 7.54 yuan.Much higher thanThe market is expected to be 2.84 yuan.
Financial indicators:
Revenue in the second quarter of 2022 was 31.44 billion yuan, up 36% from the same period last year.Much higher thanThe market expects 23.93 billion yuan. Of this total, online marketing services and others rose 39 per cent year-on-year to 25.17 billion yuan, trading services revenue rose 107 per cent year-on-year to 6.22 billion yuan, and merchandise sales revenue fell 97 per cent to 50 million yuan.
$PDD Holdings (PDD.US)$ Highlights of the second quarter of 2022 The total income was 31.44 billion yuan, an increase of 36% over the same period last year.Much higher thanThe market expects 23.93 billion yuan. Operating profit under non-GAAP was 10.54 billion yuan, an increase of 231% over the same period last year.Much higher thanThe market expects 3.96 billion yuan. The net profit attributable to ordinary shareholders under non-GAAP was 10.78 billion yuan, an increase of 161% over the same period last year.Much higher thanThe market expects 4.12 billion yuan. Net income per diluted American depositary receipt under non-generally accepted accounting standards is 7.54 yuan.Much higher thanThe market is expected to be 2.84 yuan. Financial indicators: Revenue in the second quarter of 2022 was 31.44 billion yuan, up 36% from the same period last year.Much higher thanThe market expects 23.93 billion yuan. Of this total, online marketing services and others rose 39 per cent year-on-year to 25.17 billion yuan, trading services revenue rose 107 per cent year-on-year to 6.22 billion yuan, and merchandise sales revenue fell 97 per cent to 50 million yuan. The cost in the second quarter of 2022 was 7.96 billion yuan, up 1% from a year earlier. Sales and marketing expenses in the second quarter of 2022 were 11.34 billion yuan, an increase of 9% over the same period last year.
The cost in the second quarter of 2022 was 7.96 billion yuan, up 1% from a year earlier.
$PDD Holdings (PDD.US)$ Highlights of the second quarter of 2022 The total income was 31.44 billion yuan, an increase of 36% over the same period last year.Much higher thanThe market expects 23.93 billion yuan. Operating profit under non-GAAP was 10.54 billion yuan, an increase of 231% over the same period last year.Much higher thanThe market expects 3.96 billion yuan. The net profit attributable to ordinary shareholders under non-GAAP was 10.78 billion yuan, an increase of 161% over the same period last year.Much higher thanThe market expects 4.12 billion yuan. Net income per diluted American depositary receipt under non-generally accepted accounting standards is 7.54 yuan.Much higher thanThe market is expected to be 2.84 yuan. Financial indicators: Revenue in the second quarter of 2022 was 31.44 billion yuan, up 36% from the same period last year.Much higher thanThe market expects 23.93 billion yuan. Of this total, online marketing services and others rose 39 per cent year-on-year to 25.17 billion yuan, trading services revenue rose 107 per cent year-on-year to 6.22 billion yuan, and merchandise sales revenue fell 97 per cent to 50 million yuan. The cost in the second quarter of 2022 was 7.96 billion yuan, up 1% from a year earlier. Sales and marketing expenses in the second quarter of 2022 were 11.34 billion yuan, an increase of 9% over the same period last year.
$PDD Holdings (PDD.US)$ Highlights of the second quarter of 2022 The total income was 31.44 billion yuan, an increase of 36% over the same period last year.Much higher thanThe market expects 23.93 billion yuan. Operating profit under non-GAAP was 10.54 billion yuan, an increase of 231% over the same period last year.Much higher thanThe market expects 3.96 billion yuan. The net profit attributable to ordinary shareholders under non-GAAP was 10.78 billion yuan, an increase of 161% over the same period last year.Much higher thanThe market expects 4.12 billion yuan. Net income per diluted American depositary receipt under non-generally accepted accounting standards is 7.54 yuan.Much higher thanThe market is expected to be 2.84 yuan. Financial indicators: Revenue in the second quarter of 2022 was 31.44 billion yuan, up 36% from the same period last year.Much higher thanThe market expects 23.93 billion yuan. Of this total, online marketing services and others rose 39 per cent year-on-year to 25.17 billion yuan, trading services revenue rose 107 per cent year-on-year to 6.22 billion yuan, and merchandise sales revenue fell 97 per cent to 50 million yuan. The cost in the second quarter of 2022 was 7.96 billion yuan, up 1% from a year earlier. Sales and marketing expenses in the second quarter of 2022 were 11.34 billion yuan, an increase of 9% over the same period last year.
Sales and marketing expenses in the second quarter of 2022 were 11.34 billion yuan, an increase of 9% over the same period last year, mainly due to increased spending on promotions and advertising activities.
$PDD Holdings (PDD.US)$ Highlights of the second quarter of 2022 The total income was 31.44 billion yuan, an increase of 36% over the same period last year.Much higher thanThe market expects 23.93 billion yuan. Operating profit under non-GAAP was 10.54 billion yuan, an increase of 231% over the same period last year.Much higher thanThe market expects 3.96 billion yuan. The net profit attributable to ordinary shareholders under non-GAAP was 10.78 billion yuan, an increase of 161% over the same period last year.Much higher thanThe market expects 4.12 billion yuan. Net income per diluted American depositary receipt under non-generally accepted accounting standards is 7.54 yuan.Much higher thanThe market is expected to be 2.84 yuan. Financial indicators: Revenue in the second quarter of 2022 was 31.44 billion yuan, up 36% from the same period last year.Much higher thanThe market expects 23.93 billion yuan. Of this total, online marketing services and others rose 39 per cent year-on-year to 25.17 billion yuan, trading services revenue rose 107 per cent year-on-year to 6.22 billion yuan, and merchandise sales revenue fell 97 per cent to 50 million yuan. The cost in the second quarter of 2022 was 7.96 billion yuan, up 1% from a year earlier. Sales and marketing expenses in the second quarter of 2022 were 11.34 billion yuan, an increase of 9% over the same period last year.
$PDD Holdings (PDD.US)$ Highlights of the second quarter of 2022 The total income was 31.44 billion yuan, an increase of 36% over the same period last year.Much higher thanThe market expects 23.93 billion yuan. Operating profit under non-GAAP was 10.54 billion yuan, an increase of 231% over the same period last year.Much higher thanThe market expects 3.96 billion yuan. The net profit attributable to ordinary shareholders under non-GAAP was 10.78 billion yuan, an increase of 161% over the same period last year.Much higher thanThe market expects 4.12 billion yuan. Net income per diluted American depositary receipt under non-generally accepted accounting standards is 7.54 yuan.Much higher thanThe market is expected to be 2.84 yuan. Financial indicators: Revenue in the second quarter of 2022 was 31.44 billion yuan, up 36% from the same period last year.Much higher thanThe market expects 23.93 billion yuan. Of this total, online marketing services and others rose 39 per cent year-on-year to 25.17 billion yuan, trading services revenue rose 107 per cent year-on-year to 6.22 billion yuan, and merchandise sales revenue fell 97 per cent to 50 million yuan. The cost in the second quarter of 2022 was 7.96 billion yuan, up 1% from a year earlier. Sales and marketing expenses in the second quarter of 2022 were 11.34 billion yuan, an increase of 9% over the same period last year.
Management expenses in the second quarter of 2022 were 826 million yuan, an increase of 90% over the same period last year, mainly due to an increase in employee-related expenses.
$PDD Holdings (PDD.US)$ Highlights of the second quarter of 2022 The total income was 31.44 billion yuan, an increase of 36% over the same period last year.Much higher thanThe market expects 23.93 billion yuan. Operating profit under non-GAAP was 10.54 billion yuan, an increase of 231% over the same period last year.Much higher thanThe market expects 3.96 billion yuan. The net profit attributable to ordinary shareholders under non-GAAP was 10.78 billion yuan, an increase of 161% over the same period last year.Much higher thanThe market expects 4.12 billion yuan. Net income per diluted American depositary receipt under non-generally accepted accounting standards is 7.54 yuan.Much higher thanThe market is expected to be 2.84 yuan. Financial indicators: Revenue in the second quarter of 2022 was 31.44 billion yuan, up 36% from the same period last year.Much higher thanThe market expects 23.93 billion yuan. Of this total, online marketing services and others rose 39 per cent year-on-year to 25.17 billion yuan, trading services revenue rose 107 per cent year-on-year to 6.22 billion yuan, and merchandise sales revenue fell 97 per cent to 50 million yuan. The cost in the second quarter of 2022 was 7.96 billion yuan, up 1% from a year earlier. Sales and marketing expenses in the second quarter of 2022 were 11.34 billion yuan, an increase of 9% over the same period last year.
$PDD Holdings (PDD.US)$ Highlights of the second quarter of 2022 The total income was 31.44 billion yuan, an increase of 36% over the same period last year.Much higher thanThe market expects 23.93 billion yuan. Operating profit under non-GAAP was 10.54 billion yuan, an increase of 231% over the same period last year.Much higher thanThe market expects 3.96 billion yuan. The net profit attributable to ordinary shareholders under non-GAAP was 10.78 billion yuan, an increase of 161% over the same period last year.Much higher thanThe market expects 4.12 billion yuan. Net income per diluted American depositary receipt under non-generally accepted accounting standards is 7.54 yuan.Much higher thanThe market is expected to be 2.84 yuan. Financial indicators: Revenue in the second quarter of 2022 was 31.44 billion yuan, up 36% from the same period last year.Much higher thanThe market expects 23.93 billion yuan. Of this total, online marketing services and others rose 39 per cent year-on-year to 25.17 billion yuan, trading services revenue rose 107 per cent year-on-year to 6.22 billion yuan, and merchandise sales revenue fell 97 per cent to 50 million yuan. The cost in the second quarter of 2022 was 7.96 billion yuan, up 1% from a year earlier. Sales and marketing expenses in the second quarter of 2022 were 11.34 billion yuan, an increase of 9% over the same period last year.
The R & D expenditure in the second quarter of 2022 was 2.61 billion yuan, an increase of 12% over the same period last year, mainly due to an increase in the number of employees and the recruitment of more experienced R & D personnel.
$PDD Holdings (PDD.US)$ Highlights of the second quarter of 2022 The total income was 31.44 billion yuan, an increase of 36% over the same period last year.Much higher thanThe market expects 23.93 billion yuan. Operating profit under non-GAAP was 10.54 billion yuan, an increase of 231% over the same period last year.Much higher thanThe market expects 3.96 billion yuan. The net profit attributable to ordinary shareholders under non-GAAP was 10.78 billion yuan, an increase of 161% over the same period last year.Much higher thanThe market expects 4.12 billion yuan. Net income per diluted American depositary receipt under non-generally accepted accounting standards is 7.54 yuan.Much higher thanThe market is expected to be 2.84 yuan. Financial indicators: Revenue in the second quarter of 2022 was 31.44 billion yuan, up 36% from the same period last year.Much higher thanThe market expects 23.93 billion yuan. Of this total, online marketing services and others rose 39 per cent year-on-year to 25.17 billion yuan, trading services revenue rose 107 per cent year-on-year to 6.22 billion yuan, and merchandise sales revenue fell 97 per cent to 50 million yuan. The cost in the second quarter of 2022 was 7.96 billion yuan, up 1% from a year earlier. Sales and marketing expenses in the second quarter of 2022 were 11.34 billion yuan, an increase of 9% over the same period last year.
$PDD Holdings (PDD.US)$ Highlights of the second quarter of 2022 The total income was 31.44 billion yuan, an increase of 36% over the same period last year.Much higher thanThe market expects 23.93 billion yuan. Operating profit under non-GAAP was 10.54 billion yuan, an increase of 231% over the same period last year.Much higher thanThe market expects 3.96 billion yuan. The net profit attributable to ordinary shareholders under non-GAAP was 10.78 billion yuan, an increase of 161% over the same period last year.Much higher thanThe market expects 4.12 billion yuan. Net income per diluted American depositary receipt under non-generally accepted accounting standards is 7.54 yuan.Much higher thanThe market is expected to be 2.84 yuan. Financial indicators: Revenue in the second quarter of 2022 was 31.44 billion yuan, up 36% from the same period last year.Much higher thanThe market expects 23.93 billion yuan. Of this total, online marketing services and others rose 39 per cent year-on-year to 25.17 billion yuan, trading services revenue rose 107 per cent year-on-year to 6.22 billion yuan, and merchandise sales revenue fell 97 per cent to 50 million yuan. The cost in the second quarter of 2022 was 7.96 billion yuan, up 1% from a year earlier. Sales and marketing expenses in the second quarter of 2022 were 11.34 billion yuan, an increase of 9% over the same period last year.
Operating profit under non-GAAP was 10.54 billion yuan in the second quarter of 2022, an increase of 231% over the same period last year.Much higher thanThe market expects 3.96 billion yuan.
$PDD Holdings (PDD.US)$ Highlights of the second quarter of 2022 The total income was 31.44 billion yuan, an increase of 36% over the same period last year.Much higher thanThe market expects 23.93 billion yuan. Operating profit under non-GAAP was 10.54 billion yuan, an increase of 231% over the same period last year.Much higher thanThe market expects 3.96 billion yuan. The net profit attributable to ordinary shareholders under non-GAAP was 10.78 billion yuan, an increase of 161% over the same period last year.Much higher thanThe market expects 4.12 billion yuan. Net income per diluted American depositary receipt under non-generally accepted accounting standards is 7.54 yuan.Much higher thanThe market is expected to be 2.84 yuan. Financial indicators: Revenue in the second quarter of 2022 was 31.44 billion yuan, up 36% from the same period last year.Much higher thanThe market expects 23.93 billion yuan. Of this total, online marketing services and others rose 39 per cent year-on-year to 25.17 billion yuan, trading services revenue rose 107 per cent year-on-year to 6.22 billion yuan, and merchandise sales revenue fell 97 per cent to 50 million yuan. The cost in the second quarter of 2022 was 7.96 billion yuan, up 1% from a year earlier. Sales and marketing expenses in the second quarter of 2022 were 11.34 billion yuan, an increase of 9% over the same period last year.
$PDD Holdings (PDD.US)$ Highlights of the second quarter of 2022 The total income was 31.44 billion yuan, an increase of 36% over the same period last year.Much higher thanThe market expects 23.93 billion yuan. Operating profit under non-GAAP was 10.54 billion yuan, an increase of 231% over the same period last year.Much higher thanThe market expects 3.96 billion yuan. The net profit attributable to ordinary shareholders under non-GAAP was 10.78 billion yuan, an increase of 161% over the same period last year.Much higher thanThe market expects 4.12 billion yuan. Net income per diluted American depositary receipt under non-generally accepted accounting standards is 7.54 yuan.Much higher thanThe market is expected to be 2.84 yuan. Financial indicators: Revenue in the second quarter of 2022 was 31.44 billion yuan, up 36% from the same period last year.Much higher thanThe market expects 23.93 billion yuan. Of this total, online marketing services and others rose 39 per cent year-on-year to 25.17 billion yuan, trading services revenue rose 107 per cent year-on-year to 6.22 billion yuan, and merchandise sales revenue fell 97 per cent to 50 million yuan. The cost in the second quarter of 2022 was 7.96 billion yuan, up 1% from a year earlier. Sales and marketing expenses in the second quarter of 2022 were 11.34 billion yuan, an increase of 9% over the same period last year.
The net profit attributable to ordinary shareholders under non-GAAP in the second quarter of 2022 was 10.78 billion yuan, an increase of 161% over the same period last year.Much higher thanThe market expects 4.12 billion yuan.
$PDD Holdings (PDD.US)$ Highlights of the second quarter of 2022 The total income was 31.44 billion yuan, an increase of 36% over the same period last year.Much higher thanThe market expects 23.93 billion yuan. Operating profit under non-GAAP was 10.54 billion yuan, an increase of 231% over the same period last year.Much higher thanThe market expects 3.96 billion yuan. The net profit attributable to ordinary shareholders under non-GAAP was 10.78 billion yuan, an increase of 161% over the same period last year.Much higher thanThe market expects 4.12 billion yuan. Net income per diluted American depositary receipt under non-generally accepted accounting standards is 7.54 yuan.Much higher thanThe market is expected to be 2.84 yuan. Financial indicators: Revenue in the second quarter of 2022 was 31.44 billion yuan, up 36% from the same period last year.Much higher thanThe market expects 23.93 billion yuan. Of this total, online marketing services and others rose 39 per cent year-on-year to 25.17 billion yuan, trading services revenue rose 107 per cent year-on-year to 6.22 billion yuan, and merchandise sales revenue fell 97 per cent to 50 million yuan. The cost in the second quarter of 2022 was 7.96 billion yuan, up 1% from a year earlier. Sales and marketing expenses in the second quarter of 2022 were 11.34 billion yuan, an increase of 9% over the same period last year.
$PDD Holdings (PDD.US)$ Highlights of the second quarter of 2022 The total income was 31.44 billion yuan, an increase of 36% over the same period last year.Much higher thanThe market expects 23.93 billion yuan. Operating profit under non-GAAP was 10.54 billion yuan, an increase of 231% over the same period last year.Much higher thanThe market expects 3.96 billion yuan. The net profit attributable to ordinary shareholders under non-GAAP was 10.78 billion yuan, an increase of 161% over the same period last year.Much higher thanThe market expects 4.12 billion yuan. Net income per diluted American depositary receipt under non-generally accepted accounting standards is 7.54 yuan.Much higher thanThe market is expected to be 2.84 yuan. Financial indicators: Revenue in the second quarter of 2022 was 31.44 billion yuan, up 36% from the same period last year.Much higher thanThe market expects 23.93 billion yuan. Of this total, online marketing services and others rose 39 per cent year-on-year to 25.17 billion yuan, trading services revenue rose 107 per cent year-on-year to 6.22 billion yuan, and merchandise sales revenue fell 97 per cent to 50 million yuan. The cost in the second quarter of 2022 was 7.96 billion yuan, up 1% from a year earlier. Sales and marketing expenses in the second quarter of 2022 were 11.34 billion yuan, an increase of 9% over the same period last year.
Net income per American depositary receipt diluted under non-GAAP was 7.54 yuan in the second quarter of 2022.Much higher thanThe market is expected to be 2.84 yuan.
As of June 30, 2022, the balance of cash and cash equivalents and short-term investment is 119.4 billion yuan.
$PDD Holdings (PDD.US)$ Highlights of the second quarter of 2022 The total income was 31.44 billion yuan, an increase of 36% over the same period last year.Much higher thanThe market expects 23.93 billion yuan. Operating profit under non-GAAP was 10.54 billion yuan, an increase of 231% over the same period last year.Much higher thanThe market expects 3.96 billion yuan. The net profit attributable to ordinary shareholders under non-GAAP was 10.78 billion yuan, an increase of 161% over the same period last year.Much higher thanThe market expects 4.12 billion yuan. Net income per diluted American depositary receipt under non-generally accepted accounting standards is 7.54 yuan.Much higher thanThe market is expected to be 2.84 yuan. Financial indicators: Revenue in the second quarter of 2022 was 31.44 billion yuan, up 36% from the same period last year.Much higher thanThe market expects 23.93 billion yuan. Of this total, online marketing services and others rose 39 per cent year-on-year to 25.17 billion yuan, trading services revenue rose 107 per cent year-on-year to 6.22 billion yuan, and merchandise sales revenue fell 97 per cent to 50 million yuan. The cost in the second quarter of 2022 was 7.96 billion yuan, up 1% from a year earlier. Sales and marketing expenses in the second quarter of 2022 were 11.34 billion yuan, an increase of 9% over the same period last year.
Online e-commerce in the second quarter of the macro-economic weakness, the epidemic operation is full of challenges, but the company still achieved far better results than the market expected. Consumer sentiment rebounded in June, especially during the 618 Shopping Festival, and the highly resilient consumption gradually returned to normal growth under the effective control of the epidemic. We believe that the company has achieved better-than-expected results in overall cost reduction and efficiency in the first half of the year, and the long-term investment in agriculture and R & D has gradually achieved results, which helps to increase consumer shopping frequency and customer unit prices, and pay attention to the development of high-end brands and high-margin products for a long time.
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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