業績會第一現場

參與了話題 · ·

拼多多2026Q2業績直播

【AI 要點總結】

財務表現

- 集團收入1124億元，同比增長8%

- 淨利潤272億元，同比下降12%，主要源於對平台及產業生態的投入

- 交易服務收入547億元，同比增長13%

- 非GAAP運營利潤291億元，運營利潤率26%

業務進展

- 千億扶持戰略從投入期進入收效期，平台及產業生態效用加速釋放

- 推出150餘項綜合治理舉措，6月份集中落地50餘個專項方案

- 在雄安新區設立專項公司併購置辦公大樓，設立傳統產業數據處理服務中心

- 免費送貨進村服務在全國十多個省市建立縣級中轉站和村級代售點

機會

- 通過免費送貨進村等基建項目完善中轉網絡，打通偏遠地區物流末端站點

- 幫助傳統代工廠提升產品和品牌能力，推動供給側價值躍遷

- 通過數字化和智能化技術實現定製化生產，提升供應鏈質量和效率

- 與製造企業建立深度產品共創關係，發揮平台市場洞察和全球渠道能力

風險

- 全球監管和合規環境發生重大變化，給業務帶來困難和機遇

- 受影響市場的跨境訂單面臨履約效率降低和成本上升問題

- 電商行業競爭激烈，市場環境複雜多變

【AI 會議實錄】

Operator

Ladies and gentlemen, thank you for standing by and welcome to PDD Holdings, Inc Second Quarter 2026 Earnings Conference Call. At this time, all participants are in a listen only mode. There will be a presentation followed by a question and answer session at which time if you wish to ask a question, you will need to press *1 on your telephone. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your host today. Sir, Please go ahead.

IR Representative

Thank you, operator, and hello, everyone, and thank you for joining us today. PDD Holdings earnings conference. Earnings release was distributed earlier and is available on our website at Investor PD holdings.com as well as through the GLOBE NEWSWIRE Services. Before we begin, I'd like to refer you to our Safe Harbor statement in the earnings press release which applies to this call as we will make certain forward-looking statements. Also this call includes discussions of certain non GAAP financial measures. Please refer to our earnings release which contains a reconciliation of non GAAP measures to GAAP measures.

Joining us today on the call are Mr. Chen Lei, our Co Chairman and Co Chief Executive Officer, Mr. Zhaojiang, our Co Chairman and Co Chief Executive Officer, as well as Mr. Lijong, our financial Director. Lei and Jajin will make some general remarks on our performance for the past quarter and our strategic focus. June will then walk us through our financial results for the second quarter ended June 30, 2026. On today's call, certain management remarks will be in Chinese and will help translate. Please kindly know that English translation is for reference only and in case of any discrepancy, statements in their original language should prevail. Now it's my pleasure to introduce our Co Chairman and Co Chief Executive Officer, Mr. Zhou Zheng.

Zhao Zheng

大家好，我是趙家珍，感謝各位參加我們2026年第二季度 Hello, everyone. This is Zhao Zheng, and thank you for joining our earnings call for the second quarter of 2026. 在正式開始之前，我們想借此機會對公司獨立董事教授的離世深表哀悼並向他在任職期間所做出的重要貢獻和勤勉盡責的服務致以敬高崇高的敬意 Before we formally begin, we would like to take this opportunity to express our deepest condolences on the passing of our independent Director, Professor Ivana Richard, and to pay our highest tribute to significant contributions and dedicated service during her tenure with us.

生前長期擔任荷蘭瓦赫尼根大學獨立系獨立學系主任在食品研究和藥品作用領域享有國際的聲譽自2023年8月擔任獨立董事以來，教授爲公司的治理和發展提出了寶貴的專業意見同時，荷蘭瓦赫尼根大學作爲多座農研大賽的長期合作伙伴持續爲賽事注入國際視野和專業指導，助力賽事成爲全球農研科技創新與人才成長的重要平台我們將繼續秉承教授對農研事業的熱忱，持續加大對農業農研的投入以長期行動傳承其專業精神，爲全球農研發展和食品安全貢獻更多的力量接下來，讓我們回到本季度的業績發佈 He served a long tenor as Chair of the Toxicology department at Wageningen University and Research in the Netherlands and earned an international reputation in the fields of Food Research and drug effects. Since joining the company as an independent director in August 2023, Professor Richins provided invaluable professional advice on the company's governance and development. At the same time, as a long standing partner of our smart agricultural competition, Welcome England University and Research has consistently brought international perspectives and expert guidance to the event, helping it become an important global platform for innovation in agricultural technology as well As for talent development. We will carry forward the passion for agricultural research and continue to increase our investment in agriculture and agricultural research and through these long term commitments honor her professional legacy and make greater contributions to agricultural and food safety research worldwide. And now let us return to the results for the quarter.

今年的第二季度是我們新十年高質量發展從開局起步到縱深推進的新階段我們長期堅持的千億扶持會商戰略，逐步從投入期進入收效期平台及產業生態效用加速釋放，供需兩側均實現質效升級同時，我們繼續穩步的推進三年再造拼多多重大戰略自營品牌業務雖然在過去半年裏受到一些客觀因素的影響比預期的起步進度要慢，但整體的態勢良好當前已經全面啓動，正在順利的推進我們將全力投入供應鏈的高質量再造，推動傳統產業升級持續釋放供應鏈的內生潛力 The second quarter this year marked a new phase in the new decade of high quality development as we moved from initial rollout to deeper execution. Our 100 billion support program has entered a phase in which our sustained investment is beginning to yield tangible results. The positive effects across our platform and industry are being unlocked at a faster pace with improvements in both the quality and efficiency across the supply and demand sites. At the same time, we continue to make steady progress on our strategic goal of building another PDD over the next three years. Although the initial rollout of our first party brand model over the past six months was slower than expected due to certain external factors, the overall momentum remains positive. The operations are now fully underway and progressing smoothly. We will commit fully to transforming the supply chain for higher quality growth, drive the upgrading of traditional industries, and continue to unlock the supply chain's new growth potential from within.

此外，爲了進一步推動供應鏈轉型升級，我們還在雄安新區設立的專項公司購置了辦公大樓錨定智能化發展新機遇推動傳統制造業升級，高質量發展走向價值高端設立了傳統產業數據處理服務中心和傳統制造高質量發展綜合服務中心 Furthermore, to accelerate supply chain transformation and upgrades, we have established A dedicated company in the Xinhua New area and purchased an office building there. To focus on new opportunities created by intelligent technologies and to support upgrading and high quality development of traditional manufacturing. We have also established a data processing service Center for traditional industries and integrated service centers to help traditional manufacturers move up the value chain and pursue. High quality development 過去的這個季度我們的業績表現保持穩健本季度集團收入1124億元，同比增長8% 淨利潤272億元，同比下降12% 這主要源於我們對平台以及產業生態的一系列投入一定程度上影響了本季度的業績表現 Delivered solid results for the quarter. Group revenue was RMB 112.4 billion, representing a year over year increase of 8%, while group net income was RMB 27.2 billion, declining 12% year over year. This mainly reflected our continued investments in our platform and the broader industry ecosystem, which partly weighed on our performance this quarter.

今年上半年電商行業的競爭仍然激烈，市場環境複雜多變給平台治理產業發展都提出了更高的要求，這些都給我們帶來新的挑戰我們繼續通過治理減免扶持的系統性舉措，持續加大對平台及產業生態的投入全力構建多方共贏的平台生態 In the first half of this year, competition in the e-commerce industry remain intense. A complex and rapidly evolving market environment placed greater demands on both platform governance and industry development, presenting us with new challenges. We continue to step up investment in our platform and in industry ecosystems through a coordinated set of measures focused on governance, fee reductions and merchant support, with the goal of building a platform ecosystem that creates value for all participants.

在平台治理上，我們大幅增加研發費用的投入不僅迭代升級技術防控體系，更大幅擴充專項治理團隊將治理的觸角延伸至全域品類針對垂直類目特性，我們逐一開展靶向式專項治理推動生態治理向常態化精細化制度化縱深邁進 We have significantly increased our R&D spending on platform governance and in addition to upgrading our technology enabled risk prevention and control systems, we significantly expanded our specialist trust and safety teams and strengthened our oversight across all product categories. By taking into account specific characteristics of the different categories and launching targeted governance initiatives, we made ecosystem governance more regular, granular and rules based.

截至目前，平台已累計出臺150餘項綜合治理舉措僅六月份便針對細分領域集中落地了五十餘個專項方案覆蓋商品准入食品安全藥品安全資質審核廣告治理知識產權保護虛假營銷等整治直播帶貨規範技術濫用防範等關鍵環節我們堅持以制度的剛性築牢合規體現，以系統思維重構治理邏輯切實營造一個更安全更規範更值得信賴的消費環境 To date, the platform has introduced more than 150 comprehensive trust and safety measures. In June alone, we launched over 50 targeted initiatives addressing key areas such as product listing controls, Food and Drug safety, qualification reviews, advertising compliance, intellectual property protection, misleading marketing, live stream e-commerce standards and provision prevention of technology misuse. We are dedicated to upholding high compliance standards to rigorous rules, taking a systematic approach to reshaping our governance framework and fostering A safer, better regulated and more trustworthy shopping.

在食品安全領域，我們推出專項治理舉措，全面禁售餐飲自售類商品進一步提升商家的資質審核信息展示等環節的准入標準從前端防範並降低食品安全風險與此同時，平台還對直播售賣食品的經營範圍主播行爲講解方式等做出了細化的要求從商品准入到直播呈現，全程引導商家誠信經營真實展示確保消費者在直播間能夠買的安心，吃的放心 A governance initiative that prohibits the sale of freshly prepared food and beverage products. We further tightened merchant qualification reviews as well as information disclosure requirements to prevent and mitigate food safety risks early on. At the same time, the platform introduced more detailed requirements governing the primitive scope of food products sold via live streaming, live streamer conduct, and how products are described and presented. From product information to live stream presentations, we guide merchants throughout the food process to operate with integrity and present products truthfully so that consumers can purchase and consume the food products with ease of mind.

群，我們還針對治理的難點堵點的問題，專門製作發佈了多項視頻課程提醒商家主動學習與自己行業相關的規則，避免違規同時依規維護自身的合法權益其中，店鋪營業執照常見問答課程上線後，在24小時內就達到了34萬次點擊 In early June, we also produced and released a number of video courses addressing common challenges and pinpoints in platform governance. These courses encourage merchants to familiarize themselves with the rules relevant to their industries, avoid violations, and protect their legitimate rights and interests in accordance with platform rules. Namely, the course Frequently Asked Questions about Store Business Licenses received 340,000 views within 24 hours of launch.

治理進行系統性升級的基礎上，我們的千億扶持戰略持續加大投入扶持範圍從廣大商家延伸至農農產區產業帶的上下游推動供應鏈體系實現全方位升級在農產區，2026多多好特產專項行動先後走進江蘇水產重慶李子山西鄉村海南鳳梨海南荔枝湖南板鴨湖北小龍蝦等數十個農特產區助力農產區培育新品提升種植標準，完善冷鏈物流等推動農產區實現價值轉換 On the systematic upgrade of our platform governance, we have continued to step up investment in 100 billion support program. Our support now extends beyond our broad merchant base to upstream and downstream participants across agricultural production regions and industrial clusters, helping Dr. comprehensive upgrades throughout the supply chain. In agricultural production regions, the 2026 Dual Premium Produce Initiative has reached dozens of specialty agricultural regions, including those for Jiangsu aquatic products, Chongqing plums, Shanxi Chinese tune spots, Hainan pineapples, Hainan lychees, Hunan preserved duck, and Hubei crayfish. Through the initiative, we help these regions develop new products, raise cultivation standards, and improve culture and logistics, thereby unlocking greater value.

以海南鳳梨產區爲例，當地商家在近年開始引進金磚鳳梨的新品種與傳統品種不同，金磚鳳梨口感甜而不酸，且無需挖鹽不用泡鹽水在平台秒殺萬人團等流量引擎的扶持下，迅速打開局面成爲當季的水果頂流此外，電商的確定性訂單也給了果農擴大種植的信心截至目前，金鑽鳳梨在當地的種植面積從最初的零星試種已經發展到了超過十萬畝 Pineapple growing region As an example, in recent years, local merchants have begun introducing a new variety known as the Golden Diamond Pineapple. Unlike traditional varieties, it has a distinct sweetness and required neither removing the ICE nor soaking in salt water before serving. And supported by high traffic programs on our platform, including Flash Sale and 10,000 People Goodbye, the variety quickly gained market traction and became one of the season's most popular foods. The greater certainty provided by e-commerce orders has also given growers the confidence to expand production. To date, the local cultivation area for Golden Diamond pineapples has grown from scattered trial plots to more than 100,000 more.

我們的薪資供給專項團隊先後走進蘇州家紡紹興帳篷金華戶外廣州美妝揭陽男裝信陽紡織等產業帶從流量曝光數據賦能市場拓維成本減負智能製造和倉儲升級等維度爲產業帶商家提供系統性的扶持很多工廠的生產週期壓縮了一倍，履約能力實現了大幅度的提升既能快速響應平台的海量訂量需求又能精準匹配用戶個性化定製訂單，從而實現了從傳統制造到自建品牌的跨越式發展也帶動各個產業帶完成了新舊動能的轉換 Across the industrial belt are a dedicated new quality supply team as visited manufacturers across different regions and sectors, including home textile in Suzhou, tent manufacturers in Xiaoxing, outdoor products in Jinhua, cosmetics in Guangzhou, menswear in Jieyang and textile in Xinya, which provide a suite of support measures to these merchants such as traffic support, data enablement, expansion of market reach, cost reduction, smart manufacturing and warehousing upgrades. As a result, manufacturers have cut their production cycles by half and have substantially improved their fulfillment capabilities. They can now rapidly handle large order volumes on a platform while tailoring to consumers customization needs. This has enabled manufacturers to take a transformative leap from traditional manufacturing to building brands of their own, while accelerating the shift from traditional to new growth drivers across this industrial field.

信陽紡織產業爲例，在信陽固始縣當地城市勞務輸出大縣此前僅在江浙一帶從事紡織行業的固始人就超過二十萬人最近幾年，當地的年輕人開始在本地設廠，通過拼多多將紡織產品賣到全國各地年銷量平均增長四到五倍，並在文章等細小的細分的小品類做出了頭部品牌在夏天銷往東南亞歐洲等地目前當地已經從勞務輸出爲主，走出了一條集資金技術人才銷售渠道於一體的產業化發展道路 For example, Gushu County in Xinjiang was once a major source of migrant labor, with more than 200,000 local residents previously working in the textile industry in Jiangsu and Zhejiang provinces alone. In recent years, younger generation from the county have begun establishing factories locally and selling textile products nationwide through Pinduoduo. Their annual sales have grown by an average of four to five times and have built leading brands in niche categories such as mosquito Nets that are exported to Southeast Asia and Europe during the summer season. Today, the local economy has moved beyond its traditional reliance on labor migration and has established an integrated path to industrial development that brings together capital, technology, talent and sales channels.

此外，我們的包郵進村服務推出半年來也在持續的收穫成效目前我們已在全國十多個省市建立的縣級中轉站村級代售點等末端基地網絡爲縣域鄉村創造了海量的工作崗位，同時也推動各類消費品家電產品農資農具等加速進入鄉村市場持續爲各類商家開拓新增量，讓偏遠鄉村的用戶跟過上更好的生活 Condition our free Tripping to Villages programme has continued to deliver positive results since its launch six months ago. We have now established last mile delivery networks across more than 10 provinces and municipalities nationwide, including county level transit hubs and village pickup points. These networks have brought significant job creation to counties and rural communities while accelerating the distribution of consumer goods, home appliances, agricultural supplies and farming equipment to rural markets. In doing so, we are helping merchants unlock new growth opportunities and enabling consumers in remote villages to improve quality of life.

以山東省爲例，作爲農業大省，山東省是拼多多免費送貨入村的重點佈局區域此前，菏菏澤的鄄城臨沂沂水等地的試點已經取得了顯著的成效鄉村訂單量成倍增長而青州作爲國內重要的水溶肥新型化肥生產基地衆多農資企業正在借勢發力，把產品賣到全國更多村莊 I take Shandong as an example. As one of China's leading agricultural provinces, it is a key region for Pinodore's free Shipping to villages program, and earlier pilots in Houzo Jianchen and Dengyi Yishi have already produced significant results, with all the volumes in the villages increasing several fold. Qinzhou, meanwhile, is a major domestic production hub for water soluble and innovative fertilizers, and many local agricultural supply companies are building on this momentum to reach more villages across the country.

公衆平台，我們一直積極承擔應定的社會責任持續回饋社會前不久，受颱風及強降雨影響，廣西多地發生嚴重洪澇災害爲全力支援一線救災，拼多多緊急向受災地區捐贈現金一千萬元用於採購物資和救災設備，安置受災群衆，幫地幫助各地災後重建 as a platform serving the public We have always sought to fulfil our social responsibilities and give back to the society. And recently, typhoons and heavy rainfall caused severe flooding in several parts of Guangxi. To support frontline disaster relief efforts, Pinduoduo made a cash donation of RMB 10 million to the affected areas. The funds were used to procure relief supplies and equipment, provide assistance and temporary shelter to affected residents and support post disaster recovery and reconstruction.

對於新十年的未來發展，我們更加確信，高質量發展對我們來說既是一場全力以赴的衝刺，更是一場堅持不懈的長跑面向未來，我們將繼續秉承長期主義，以十年磨一劍十年磨一劍的耐心和定力把新十年高質量發展的每一步走穩走實走深繼續重倉供應鏈，持續賦能商家和產業，爲消費者創造更好的商品和服務以實際行動爲用戶商家和社會創造更多的正向價值 as we embark On our next decade, we are more convinced than ever that high quality development cause for both the intensity of the Sprint and more importantly, the perseverance of a marathon. We will stay committed to taking a long term approach and execute our new decade of high quality development strategy with patience and resolve to deliver solid and tangible progress at every step. We will continue to invest resolutely in our supply chain, empower merchants and industries and deliver better products and services to consumers. Through concrete actions, we aim to create greater positive value for our users, merchants and the society as a whole without. I will turn the call over to Chen Le, who will provide further details.

Chen Lei

And hello everyone, I'm Sulei and thank you for joining our courteous call for the second quarter of 2026. In the first half of the year, we made tangible progress under the new decade of high quality development strategy and laid a solid foundation for long term growth. As Johnson just mentioned, we focus on two key areas. 1st, through the 100 billion support program, we continue to give back to both consumers and merchants. At the same time, we upgraded our platform governance framework across the board. This initiative have helped foster a healthier environment both on our platform and in a broader industrial ecosystem. And the second, we continue to work towards our three-year initiative of building another PDD. We stepped up supply chain investment and helped supply chain partners build and develop their own brands.

During the quarter, our long term investment in the 100 billion support program started to materialize into games in a healthier platform ecosystem. On the supply side, our merchants benefited from a combination of fee reductions, merchant support initiatives and a stronger platform governance. These initiatives unlocked greater innovation among merchants, leading to the launch of new products and new brands, which drove incremental demand and the new sources of growth. Many manufacturers adopted digital and intelligent technology to enable customized production and this drove improvements in quality and efficiency across the supply chain and enable the manufacturers to transition towards a new development model.

On the demand side, we continue to serve consumers evolving needs for different product categories and diverse consumption occasions. This was particularly evident in the rural areas where our free shipping to villages program put a much wider selection of products within the reach of our consumers, helping improve their quality of life. Join all the supply chain capabilities and brand development experience gained through the 100 billion support program. We took step in this quarter to further integrate the supply chain. Our teams delved into the industrial builds of different product categories and started early stage corporations with high quality suppliers. By setting clear standards for products, production processes and quality control, we help merchants and manufacturers adapt their operations and develop a range of higher quality products with higher margins. Through these efforts, we continue to unlock the strength and the potential within the supply chain, driving the manufacturing sectors up the value chain.

Since the beginning of the year, global regulatory and compliance landscapes have undergone significant shifts. This change created challenges as well as opportunities, and they also come with greater responsibilities. We find ourselves as a unique intersection of global trade, constantly navigating diverse international regulatory frameworks. At the same time, our position is a unique one. The business touches the daily lives of billions of people around the world. While there is substantial potential for growth, it is accompanied by increased expectation and higher standards of accountability. We will stay true to our mission and continue to do every part of our work with dedication and discipline.

First, we will keep strengthening our compliance. Capabilities and fine tuning platform governance through Protect intellectual property, we combine screening technologies with expert review to monitor and assess product listings across all categories in real time. This enables us to address IP risks earlier in the process and has led to systematic improvements of IP production across a platform. And the second, we continue to invest resolutely in the supply chain by through fully executing on these structural upgrades. Our ultimate goal is to build a highly resilient e-commerce platform that consumers around the world can rely on for competitive price and great quality.

As we step into our next decade, we remain laser focused on our core e-commerce business. By deepening our supply chain investments, we will continue to empower our merchants and broader industry, delivering A wider range of high quality products and services to. We are confident in our ability to translate our three-year initiative of building another PDD into tangible, verifiable results. And in doing so, we'll strive to help the traditional suppliers capture the opportunity in this new intelligent era and empowering them to transform and move out the value chain and build brands with global reach. And now let me turn you over to Li Zhou, who will walk you through our result for the second quarter 2026.

Li Zhou

Well, thank you, Lei and hi everyone, this is Joan. Now let me walk you through our financial performance for the second quarter end of June 30th, 2026. First, income of income statement. In the second quarter, our total revenues increased 8% year over year to RMB 105.4 billion. This was mainly driven by an increase in revenues from transaction services. Revenues from online marketing services and others will RMB 57.6 billion this quarter compared with RMB 55.7 billion in the same quarter of 2025. Revenues from transaction services were RMB 54.7 billion, up 13% from the same quarter last year.

Moving on to costs and expenses. Our total cost of revenues increased 5% from RMB 45.9 billion in Q22025 to RMB 48 billion this quarter. On a GAAP basis, total operating expenses this quarter increased 13% to RMB 36.6 billion from RMB 32.3 billion in the same quarter of 2025. On a non GAAP basis, total operating expenses increased to RMB 35.3 billion this quarter from RMB 30.4 billion in Q2 2025. Our total non GAAP operating expenses as a percentage of total revenue this quarter was 31% versus 29% in the same quarter last year.

Looking into specific expense items, our non GAAP sales networking expenses this quarter were RMB 29.3 billion of 10% versus the same quarter last year. On a non GAAP basis, our sales and marketing expenses as a percentage of our revenues this quarter was 26% in line with the same quarter last year. Our non GAAP general administrative expenses for RMB 1.7 billion versus RMB 0.7 billion in the same quarter of 2025. Our research and development expenses were RMB 4.3 billion this quarter on a non GAAP basis, up 40% year over year.

On a GAAP basis, operating profit for the quarter was RMB 27.8 billion versus RMB 25.8 billion in the same quarter last year, up 8% year over year. Non GAAP operating profit was RMB 29.1 billion versus RMB 27.7 billion in the same quarter last year. Non GAAP operating profit margin was 26% this quarter versus 27% for the same quarter last year. Net income attributable to ordinary shareholders was RMB 27.2 billion for 1/4 compared to RMB 30.8 billion in the same quarter last year. Basic earnings per ADS was RMB 19.32 and diluted. Earnings per ADS was RMB 18.45 versus basic earnings per ADS of RMB 22.01 and diluted earnings per ADS of RMB 20.75 in the same quarter of 2025.

Non GAAP net income attributable to ordinary shareholders was RMB 28.5 billion versus RMB 32.7 billion in the same quarter last year. Non GAAP diluted earnings per ADS was RMB 19.33 versus RMB 22.07 the same quarter of 2025. That completes the income statements. Now let me move on to cash flow. Our net cash generated from our operating activities was RMB 25.7 billion compared with RMB 21.6 billion in the same quarter last year. As of June 30th, 2026, we had our RMB 456.4 billion in cash, cash equivalents and short term investments. Thank you. And this concludes my prepared remarks.

IR Representative

Well, thank you, Joan. We'll now move on to the Q&A session. In today's Q&A session, Lei, Jajin and Joan will take questions from an analyst on the line. We could take a maximum of two questions from each analyst. Lei and Jajin will answer questions in Chinese and will help translate for convenience purpose. Operator, we're open for questions.

Operator

Thank you, ladies and gentlemen. We will now begin the question and answer session. If you wish to ask a question, please press *1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press *2. Participants are requested to restrict to two questions at each time. Your first question comes from Thomas Chong with Jefferies.

Thomas Chong

晚上好，謝謝管理層介紹我的提問啊我的第一個問題呢，是關於公司的全球化的業務的啊我們注意到歐盟近1年7月起，對啊，首爾跨境包裹徵收一個過渡性的那個關稅請問管理層呢，這些關稅的變動以及海外去年的監管的大環境對平台整體的當量呢呃，預計會產生多大程度的影響面對這些政策的逆風，公司接下來的全球化的業務的發展戰略會是呃，什麼呃，這個是第一個問題，呃，我第二個問題呢是啊，關於上一個季度，公司也宣佈了全新的品牌經營的戰略呃，請管理層可以分享一下，呃，最近的一個發展呃，市場應該如何思考這個品牌經營上線之後呢對公司業務會帶來的影響，比如說在經營商品和三批的商品的呃側重以及在經營商品的定價上會有什麼樣的考慮 I will translate myself. My first question is about the company's global business. We noticed that the EU introduced a temporary customs duty or low value cross-border consignments starting from July this year. Can management help us understand the expected impact of this change on the company's overall or the volume? In light of these policy headwinds, what will be the company's growth strategy for the global business going forward? And my second question is on the company's first party brand business announced last quarter. Could management provide an update about the roll out and the progress made so far? And more importantly, how should investors frame the potential impact of this initiative on the company? How are you thinking about the mix and the positioning of first party versus third party products and what will guide your pricing strategy for first party products? Thank you,

Chen Lei

Yihao Thomas. 那我來先回答一下你的這第一個問題啊，就是關全球化業務的問題那麼近段時間呢呃，全球化的這個業務呢，的確面臨着啊，監管和合規環境呢的比較大的變化那麼呢給我們的業務呢，帶來了呃，困難和機遇都很大那麼我們感覺到呢，自己的責任也很大 Hi, Thomas, this is Chen Lei. Let me take your first question about our global business. Over this. The regulatory and compliance landscape facing our global business has changed significantly. These changes have created challenges as well as opportunities for our business. They also come with great responsibilities.

呃，公司正處在一個特殊的啊，全球經濟貿易的交匯口那麼我們在面臨着不同的呃，監管政策的壓力但我們呢，也處在一個非常特殊的位置，目前公司的業務那麼關係到全球幾十億人的正常生活那麼發展空間很大，那麼對應的責任呢也很大 We believe we stand at a unique intersection in the global economy and global trade. We face pressure from different regulatory policies while also occupying A distinctive position. Currently, our business touches the daily lives of billions of people around the world. While there is substantial potential for growth, it is accompanied by increased expectations and higher standards of accountability.

啊，那針對你剛才提到的這個歐盟關稅政策的變動呢團隊一直在積極的研究和適應，我們結合過去積累的經驗在調整，呃供應鏈優化履約的鏈路，那麼在嚴守合規底線的前提下呢我們要積極的兼顧消費者的體驗，商家的經營和業務的長期發展那麼從短期上來看呢呃，受影響的市場的跨境電單呢呃，會面臨着履約效率降低以及成本上升的問題那麼相關的業務增長呢的確會受到不小的影響 On the changes to the EU customs duties that you mentioned, our team is actively assessing and adapting to them, drawing on the experience that we have gained over the over the years. We have adjusted our supply chain and we are optimizing our fulfillment processes with compliance as our bottom line. We are working to balance consumer experience, merchant operations and the long term development of our business. In the short term, cross-border orders in the affected markets will face slower fulfillment efficiency and higher costs, which will have a considerable impact on those parts of our business.

那如果我們從中長期去看呢那麼其實外部環境的變化呢其實進一步的凸顯了，呃，供應鏈投入的重要性啊這也是在促使我們加快相關能力的建設那麼一方面呢，我們會記錄繼續的引入和支持更多本土的優質商家那麼豐富本地商品的供給那麼另外一方面呢，我們也是在加快本地倉本地化倉儲履約基建的佈局，那麼擴大本地發貨的覆蓋面那麼通過這些投入呢我們希望能夠更深入的融入我們服務的每一個市場那麼夯實供應鏈的基礎，增強韌性，那麼更好的適應環境的變化和波動 However, over the medium to long term, changes in the external environment have further underscored the importance in our supply chain and has prompted us to accelerate the development of the relevant capabilities. First, the platform will continue to onboard and support more high quality local merchants to broaden the supply of local products. 2nd, we are accelerating the build out of local warehousing and fulfillment infrastructure and expanding the coverage of local fulfillment. Through these investments, we hope to integrate more deeply into every market we serve, strengthen the foundation and resilience of our supply chain, and better navigate changes and volatility in the environment.

那麼除了工業能力呢那麼合規能力的建設和平台治理呢也是我們長期投入的重要的基礎能力那麼我們會呢，持續的優化平台治理，進一步提升商品的質量那把這個消費者保護做到位，那目標呢是爲全球的消費者提供一個值得信任的平台 In addition to supply chain capabilities, compliance capabilities and platform governance are also critical foundational capabilities in which we will invest for the long term. We will continue to enhance platform governance, further improve product quality, and strengthen consumer protection, with the goal of providing consumers around the world with a platform they can trust.

時呢，爲了給全球的商家提供一個健康公平的營商環境那我們在呢知識產權合規方面呢，做了大量的工作那目前平台已經在技術監測和人工審查的基礎之上構建了系統化的知識產權保護能力那麼近期呢，我們和友商在知識產權訴訟案件中的全面勝訴呢也證明了我們平台知識產權保護機制的有效性堅定的保護平台生態夥伴的正當權益，創造公平可靠的經營環境 At the same time, we have done extensive work on intellectual property compliance to provide a healthy business environment and level playing field for merchants around the world. Building on technology enabled monitoring and manual review, the platform has developed systematic IP protection capabilities. Our recent favorable ruling in the IP litigation involving an industry peer has further demonstrated the effectiveness of our IP protection mechanism. We will remain committed to protecting the legitimate rights and interests of our ecosystem partners and to fostering a fair and reliable business environment.

那麼監管和政策的變化，那麼應該來說呢，是整個行業要共同面臨的課題那我們對團隊的執行力和組織韌性都有充分的信心也不會因爲短期的波動而改變全球化業務的長期方向那麼接下來呢，我們將繼續踏實的做好供應鏈預約合規和消費者服務那爭取呢爲全球的消費者提供一個長期穩定價格優惠質量過硬可以被信賴的購物平台啊獲得呢消費者的喜愛和信任，謝謝 Regulatory and policy changes are issues that the entire industry must address. We are confident in our execution capabilities and organizational resilience. Short term volatility will not change the long term direction of our global business. Going forward, we will continue to steadily advance our work across supply chain, fulfillment, compliance and consumer service. We will strive to provide consumers around the world with a shopping platform that remains stable over the long term and offers compelling prices and reliable quality. A platform that they can count on, trust and enjoy using. Thank you.

Zhao Zheng

啊，我，我是戴愛珍，呃，關於你的第二個問題我來回答啊，那品牌自營業務呢，是我們在長期供應鏈投資方向的一個重要的延伸呃，我們也希望與這個有能力同時有意願的製造企業建立深度的產品共創的關係那發揮平台在市場洞察全球渠道方面的能力去提升產業鏈的品牌化發展和價值創造的確定性並且呢，能把這些增量這些增量價值實實在在的帶給整個產業鏈 Mr. Zhajan, regarding your second question, our first party brand business is an important extension of our long term investment in supply chain capabilities. We aim to work closely with manufacturers that have strong capabilities and willingness to invest in long term product development. By leveraging the platform's market insights and global reach, we seek to bring greater certainty to brand development and value creation across the industry value chain, and in turn, turned out incremental value into tangible benefits for all the participants.

初期我們會有選擇的，在平台和供應鏈具備獨特優勢的核心品類上進行深耕和製造業企業長期的合作，去共同的參與產品定義研發質量標準和 And in terms of execution, we will first focus selectively on core product categories where our platform and supply chain capabilities provide some distinctive advantages. We will work with manufacturers over the long term, from product planning and R&D to setting quality standards and market testing.

儘管這塊業務呢，需要較長的培育與磨合的週期它的啓動所需的時間也相較最初的預期更長但是呢，這是平台明確的長期的戰略方向啊我們會保持耐心，把每個環節都做到位我們對品牌自營的長期前景有信心 The business requires an extended period of development and collaboration and the initial rollout has taken longer than we originally expected. And nevertheless, it remains a clear long term strategic priority for the platform and we will remain patient and focused on getting every step right and we are confident in the long term prospects of our first party brand model.

呃，關於這個運營策略，那平台開放和公平的底層機制並不會發生改變啊我們始終認爲，爲消費者持續的提供優質的商品和服務離不開健康公平多元化的供應端生態那在未來，我們的品牌自營商品和第三方商家的商品將共同去滿足消費者在不同場景不同定位的多元需求最終呢，能夠創造多方共贏的平台生態謝謝 In terms of operating strategy, our commitment to maintaining an open and fair marketplace will not change. We have always believed that consistently delivering quality products and services to consumers requires a healthy, fair and diverse supply chain ecosystem. And going forward, our first party brand products and products offered by third party merchants or complement each other in meeting consumers diverse needs across different use cases and market segments and ultimately creating an ecosystem that benefits all participants. Thank you.

IR Representative

Thank you. Thank you so much and. We can move on to the next analyst on the line.

Operator

Your next question comes from Alicia Yap with Citigroup. Please go ahead.

Alicia Yap

Hi, thank you. 管理層晚上好，謝謝接受我的提問兩個問題啊，第一個問題是我們看到，呃，全球其他的頭部電商平台隨着他們的業務的呃規模擴大，也會選擇加大物流和履約的基礎設施的這個投資啊，比如在自開倉儲網絡和配送的團隊所以想請問管理層如何思考未來在物流履約層面的這個投入策略第二個問題是，呃，我們過去一段時間我們也看到不少啊這個全球的同行，就global peers 都在即時零售上做了大量的這個投入呃請問管理層如何評估這種新消費習慣對行業競爭格局和公司核心業務的潛在影響然後在行業加速佈局半小時達啊小時達的這個情況下公司有什麼好的策略去持續鞏固用戶薪資和市場的份額我自己啊翻譯一下啊 so then for ticket my question so Two questions, first is that we have seen many global e-commerce company invest in their own warehousing and also delivery capabilities as their scale, for example by building out their own warehouse networks and also delivery capabilities. How should we think about you know the company investment priority in this area over the long term? And the second question is on the quick commerce. So many global peers have make significant investment in this area. How does management assess the potential impact of the shift in consumer behavior on the industry competitive landscape and also the company's core business as the industry ramps UPS investment in the same day delivery, what strategy is the company pursuing to strengthen user my share and also defends your market share? Thank you.

Zhao Zheng

你好啊，我是我是趙家珍呃，關於這個物流履約投資那這個和其他的投入一樣啊，我們呢始終是這個立足消費者體驗與商家在做生意的時候遇到的一些痛點我們去做一些能夠創造切實價值有針對性的審慎的投入那因此呢啊，我們針對不同的市場和業務形態我們的投入重點呢是會有所不同的 hi，this is 趙家珍嗯 With our other investments and our investments in logistics and fulfillment are guided by the need to improve consumer experience and address the practical challenges the merchants face in doing business. We make prudent and targeted investments where we believe we can create tangible value and accordingly, our investment priorities vary across markets and business models.

呢大部分地區的這個電商物流網絡已經比較的成熟了但是呢，在西部偏遠地區，還有廣大的鄉村末端的配送依然存在着明明顯的瓶頸啊爲此呢，我們投入大量的資源去深入物流的鏈路在千億的扶持戰略下，堅堅決的推進送貨進村以 In in the domestic market, e-commerce logistics network are already quite well developed across across most regions now. However, last mile delivery remains a significant bottleneck in remote western regions and many rural communities. And to address this problem, we have committed substantial resources to strengthening logistics network and under 100 billion support program. We are firmly advancing the Free Shipping to Villages initiative and our logistics support for remote regions.

去年底以來，比如我們在這個湖南攸縣的免費送貨入村業務已經建成了覆蓋全縣177個的村的村級驛站在山東的沂水呢，我們也將這個日日均的進村的包裹派送量提升至了上萬件那這些基建呢，不僅幫助化肥農資等生產資料能夠直直達田間地頭也讓更多的高品質的商品呢，能夠順暢的進村釋放偏遠地區的巨大的消費潛力，也顯著的提升了商家銷往這些區域的訂單轉化 And since the end of last year, under the Fish Ship into Villages initiative, we have established local service stations covering all 177 villages in Hunan Yoshin, in Shandong, Yishi. We we have increased the number of parcels delivered to villages to more than 100,000 per day. And this infrastructure not only helps agricultural supplies such as fertilizers on rich farmers more directly, but also enables A wider range of high quality products to reach rural consumers more efficiently. And in doing so, we are helping unlocking significant consumer demand in underserved regions and meaningfully improve order conversion for our merchants that serve these communities.

的海外市場呢呃，商家端分散的這個點對點的發貨啊，往往比較難形成集合發貨的規模效應啊這會導致整體的履約成本較高啊，抑制了一部分的消費需求啊針對存在這些問題的市場，我們也會因地制宜的去投入中轉倉的建設運營幫助當地的商家優化履約鏈路，降低物流門檻去提升當地消費者的履約確定 In certain overseas markets, fragmented point to point shipping by individual merchants oftentimes makes it very difficult to achieve the economies of scale that is made possible through the consolidation of shipments. This results in higher overall fulfillment costs and leaves some consumer demand on that. In markets facing these challenges, we invest targetedly in development and operations of transit warehouses. These investments help local merchants streamline their fulfillment processes and lower logistics barriers while providing local consumers with a more reliable delivery experience.

那你的問題呢啊，未來我們將繼續堅持這種以解決實際問題爲導向的履約投入策略我們把供應鏈的能力做紮實，通過提升履約效率和確定性去改善消費者體驗推動供需之間的正向循環，從而呢增加平台長期的內生的 And back to your question, we will continue to take a practical and solution oriented approach to fulfillment related investments. And by building stronger supply chain capabilities and improving the efficiency and reliability of fulfillment services, we aim to enhance the consumer experience, create a virtual cycle between supply and demand, and strengthen the platform's capacity for a sustainable organic growth over the.

嗯，那針對你的第二個問題呢零售與電商的這個形態始終是在快速的演進啊我們也關注到市場上不斷的湧現出各種創新的業務模式那即使零售和我們核心的電商和買菜業務呢滿足的是消費者在不同場景下的多元化的訴求從我們現階段的業務基礎來看他們在底層的鏈路和業務模式上還是有較大的差異的啊我們覺得能夠形成的協同相對的有限因此呢，在這個階段啊，我們還是選擇把精力和資源集中投入到自身更有積累，也能夠更加能夠創造獨特價值的地方 and to a second question Retail and e-commerce business models are constantly evolving and we are seeing a growing range of innovative business models emerge across the market. Now quick commerce serves different consumer needs and use cases as compared to our core e-commerce and grocery businesses. And given the current stage of our business, these are fairly different in terms of both supply chain requirements and operating model and with limited scope for synergies. So we have therefore chosen to focus our resources and efforts on areas where we have established strength and our best position to create differentiated values.

嗯，隨着行業走向成熟，那各個平台在服務消費者的過程中基於各自的能力和積累，會選擇不同的路徑那對我們來說呢，這條路徑一直比較清晰，就是繼續把供應鏈做紮實啊當前我們平台在重倉供應鏈上的投入是雙管齊下的那我們的目標呢，是既要備好貨，也要修好路 Platforms will take different approaches to serving consumers based on their respective capabilities and experience. Our path has always been quite clear, which is we will continue strengthening our supply chain capabilities. Our current supply chain investments have two complementary priorities. Firstly is ensuring a strong supply of quality products and 2nd is building the infrastructure to deliver.

在備好貨方面，我們在持續的通過薪資供給多做好特產等這些專項去幫助有能力的傳統代工廠去提升產品和品牌的能力去推動供給側的價值躍遷，讓消費者呢能夠享受到更高質價比的這個優質的國貨那在修好路方面呢啊，我們通過送貨進村等基建的項目去完善中轉的網絡打通偏遠地區的物流末端的站點，讓更多地區的消費者能夠享受到電商帶來的這個便惠和實便利和實惠 Through initiatives such as New Quality Supply and Duo Duo Premium Produce, we continue to help capable traditional manufacturers strengthen their product development and brand building capabilities, enabling them to move up the value chain and giving consumers greater access to high quality products at compelling value. And on the infrastructure side, through projects such as free shipping to villages, we are improving our distribution network and addressing last mile delivery gaps in remote areas and enabling consumers in more regions to benefit from the convenience and affordability of e-commerce.

嗯，我們選擇的供應鏈投入方向在短期內呢可能不是見效最快的但是呢，在長期來看，這些舉措能夠實實在在的爲行業消費者商家生態呢帶來價值我們呢也會繼續做好這些基礎但重要的工作爲消費者和商家創造我們獨特的價值謝謝 Investments we have chosen to make may not yield immediate results and but we believe over the long term it will create tangible value for the industry, consumers and our merchant ecosystem. We will remain focused on this foundational yet very important work and continue creating differentiated value for consumers and merchants. Thank you,

IR Representative

operator. I think we have time for one more analyst.

Operator

Thank you. Your final question comes from Joyce Ju with Bank of America. Please go ahead.

Joyce Ju

哎，呃，磊家珍晚上好感謝接受我的提問，呃我的第一個問題是關於平台的長期商業化潛力的呃，公司推出千億扶持計劃已經接近一年了嘛呃，經過這一系列的投入，目前平台商家生態的健康度和活躍度有什麼變化呃，商家生態的改善，未來是否能進一步的轉化成爲廣告投放意願和平台商業化率的提升啊第二個問題呢，是關於收入增長的展望的呃管理層能否結合上半年的表現啊，對全年的消費趨勢做一些展望啊往後看的話，在整體消費大盤增長的基礎上我們的平台收入是否有機會實現快於大盤的增長啊謝謝，我自己翻譯一下啊 my first question is on long Term commercialization potential It has always It has been like almost a year since the company launched the R&B 100 billion support program. Could management provide an update on the health and activity? Of the merchant ecosystem following the investments as the ecosystem. Some improves are you seeing or would you expect to see a corresponding increase in merchants willingness to spend on advertising? My second question is on the revenue growth outlook. Based on the trend observed in the first half, how are you thinking about the consumer spending outlook for the full year looking ahead, this platform revenue have the potential to outgrow the broader consumer market. Thank you very much.

Zhao Zheng

嗯，你好啊，我是戴愛珍那呃，正如剛才講話中有提到哈那呃，千億扶持呢其實目前已經逐步進入到了這個產業效能釋放的階段那我們從這個2024的百億費用的減免，到去年初開始的這個千億扶持平台在這期間的這個資源的傾斜與供應鏈的反哺呃，已經覆蓋了這個各大的農產區和製造業的產業帶可以啊 This is Jajajan. And as mentioned earlier, the 100 billion support program is starting to show results from the 10 billion fee reduction program introduced in 2024 to the 100 billion support program early last year. The resources and the supply chain support that we have provided have reached major agricultural regions and manufacturing clusters.

呢呃，我們很欣喜的看到一批產業帶的商家呢藉此實現了這個制教躍遷啊比如說這個一家廣東的某美妝品牌，在平台的扶持下呢大幅的降低了獲客與運營的成本，將改善後的利潤呢投入到長達兩年的技術空間，成功轉型爲擁有自主專利的國貨品牌那還有中山燈具的產業帶的商家也藉助平台高效的測款機制果斷的加大高品質光源和智能化產品的研發打造出了上線幾個月就能夠突破數百萬 And we're encouraged to see that these efforts have enabled many merchants in industrial belts to make meaningful gains in both quality and efficiency. So for example, with the support from the platform a domestic, a cosmetics company in Guangdong significantly reduced this customer acquisition and operating costs. This company reinvested the profits in a two year R&D effort, successfully transitioning into patented national brand and merchants in Zhongshan's lighting manufacturing belt have also leveraged the platform's fast product acting capabilities to increase investment in high quality lighting components and smart product features, which led to the launch of a best selling product that generated several millions in sales within just a few months.

那這些紮實的落地案例說明呢我們的供應鏈的反哺的舉措是有成效的當然商家生態的改善呢，還是需要長期的積累那未來我們也會堅定不移的堅持的投入下去幫助更多的商家去獲得更健康可持續的 And these tangible results demonstrate that our efforts to reinvest in the supply chain ecosystem are working. And of course, building a healthier merchant ecosystem takes time, and we will remain committed to these investments and help more merchants achieve healthier and more sustainable growth.

電商平台呢，是雙邊的網絡商家的發展空間和優質的消費者體驗以及健康的平台生態密不可分那我們的千億扶持呢，首先是着眼於商商品的質量供應鏈和商家生態的改善讓中小商家能把省下的成本用在產品升級上長期來看那商家的經營經營成本呢在下降利潤空間改善，經營信心提升那這些紅利呢最終會帶來平台內存價值的可持續增長謝謝 And e-commerce platforms are two sided networks and merchants growth prospects are closely tied to a high quality consumer experience and a healthy platform ecosystem. Our 100 billion support program is therefore focused first and foremost on improving product quality, strengthening the supply chain and supporting the merchant ecosystem such that small and medium sized merchants can reinvest their efficiency gains in product upgrades. Over the long term, lower operating costs, stronger profitability and greater business confidence among merchants will ultimately Dr. sustainable organic value creation across the platform. Thank you.

Li Zhou

Hi, this is John. And let me take your second question. In the first half of the year, as consumption support policies continue to take effect, China's consumer market expanded steadily and online retail penetration continue to grow. We remain confident in the long term potential of China's consumer market and e-commerce industry. As e-commerce enters a new stage of development, platforms need to take a more proactive role in unlocking new growth by addressing fundamental supply chain bottlenecks, like for example, through a free shipping to village initiative, we're investing in a more comprehensive fast mile delivery network, including transit, warehouses and vintage pickup points. These efforts are helping strengthen rural commerce and distribution networks and stimulate consumer demand in these regions. In the first half of this year, retail sales in rural areas grew faster than the overall market, showing significant potential monetization.

Just as Jaza mentioned, we remain focused on strengthening the platform ecosystem and helping our merchant grow over time. By getting these fundamentals right, we believe the sustainable growth in the platform's intrinsic value will naturally follow. Thank you.

IR Representative

OK, thank you, John, and thank you all for joining us today. It's about time and we look forward to seeing you next quarter.

Operator

Ladies and gentlemen, that does conclude our conference for today. Thank you for participating. You may all disconnect.

更多細節：PDD Holdings IR

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