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Pinduoduo released the first quarter report, with a revenue of 23.8 billion yuan, starting the technology flow

via:凤凰网     time:2022/5/28 6:01:18     readed:77

Article/Shi Yuanwen

Editing by Chen Fang

On May 27, pinduoduo announced its financial results for the first quarter of 2022 in the run-up to the 618 carnival. Revenue for the quarter was 23.8 billion yuan, up 7 percent year on year. Affected by this, spelling duo duo once rose more than 9% before the plate.

According to the financial data, pinduoduo's operating profit in the first quarter of this year was 2.2 billion yuan under US GENERAL accounting standards. Net profit attributable to common shareholders was nearly 2.6 billion yuan, compared with a loss of 2.9 billion yuan a year earlier.

In addition, pinduoduo hit a new high in the number of active buyers, an indicator of the development of e-commerce enterprises. In the 12 months ended March 31, 2022, pinduo's multi-year active buyers reached 881.9 million, an increase of 58.1 million or 7% compared to the same period in 2021. In the first quarter, Pinduoduo had 751.3 million average monthly active users, up 4% year on year.

As can be seen from the financial statements, pinduoduo's revenue has maintained a relatively stable growth since it turned into a profit in the second quarter of 2021, and the fundamentals are gradually stabilizing. More and more abundant business activities and more and more heavy agricultural investment, gradually become a new highlight of Pinduoduo.

Quarterly revenue of 23.8 billion yuan

Pinduoduo reported revenue of 23.8 billion yuan in the first quarter of 2022, up 7% from 22.2 billion yuan in the same period of 2021, according to data just released by the company. Under American GAAP, the operating profit for the quarter was 2.2 billion yuan, while the net loss for the same period in 2021 was 2.9 billion yuan. The change in operating profit also laid the foundation for the change in net profit, and the net profit attributable to common shareholders in the quarter was 2.6 billion yuan. A good report card, so to speak.

But like its rivals, Pinduoduo's user growth is slowing. The number of active multi-year buyers of PINDuo reached 881.9 million as of March 31, 2022, an increase of 7% year-on-year, compared with 19% and 10% growth respectively in the third and fourth quarters of 2021.

But growth in average monthly active users is picking up. In the first quarter of 2022, pduo Duo's average monthly active users were 751.3 million, up 4% year on year, while the figure was 733.4 million in the fourth quarter of 2021, up only 2%.

The increase in monthly active users is mainly due to pinduoduo's increased subsidies for agricultural products. At present, Pinduoduo has launched a total of 40,000 agricultural products with billions of subsidies. Agricultural products, as daily high-frequency consumer goods, naturally attract people from all circles. Buy food on pin-duo duo, has become a lot of consumers' choice.

More business activities can bring more transaction volume. During the Chinese New Year Shopping Festival, pinduoduo's sales of HPV vaccine, functional health products and other health services and products increased by nearly two times. Sales of food and beverages, fresh fruit and digital appliances also grew strongly.

At present, it is the time to celebrate the third anniversary of pinduoduo's 10 billion subsidy. For small and medium-sized businesses severely affected by the epidemic, the platform will take a number of measures, including product marking, flow support, logistics subsidies and after-sales support, to help high-quality goods connect directly to the national market and solve difficulties for businesses. " Pinduoduo 618 promotion project leader said.

In 2016, in the e-commerce industry dominated by Taobao and JINGdong, Pinduoduo seized the flow dividend of wechat private domain and sinking market. But now, not according to the common sense of Pingduo Duo, continue to stop burning money on sales expenses, with higher gross profit to drive operating profit, and finally to drive net profit. On the other hand, Pinduoduo's investment territory is not large compared with jd and Ali, which also makes it easier for pinduoduo to pack lightly.

Under various factors, Pinduoduo can be said to have delivered a more quality report card this time. " With user growth slowing down, the platform has paid more attention to the technology field in the past few quarters, providing consumers and businesses with more diversified services through technological innovation and greatly improving the production efficiency of the platform. " Pinduoduo financial vice president Liu Jun said.

Start to flow technology

Chen lei has been at the helm of Pinduoduo for more than a year. The biggest advantage of Pduo Duo used to be strong flow and strong liquidity. Now, this low-profile CEO with technical background leads Pduo Duo to the road of strong technology.

Under GAAP, Pinduoduo's marketing expenses declined 14% year-over-year in the first quarter, further reducing the percentage of marketing expenses to 47% of revenue, compared to 59% in the same period in 2021.

On the other hand, PDD, which has hired more senior r&d staff, saw its r&d spending rise 20% year-on-year to 2.7 billion yuan in the first quarter. " In the past few quarters, we have chosen to devote more resources and energy to digital technology, agricultural technology and agricultural logistics. " Chen Lei said that at present, heavy warehouse technology and agriculture have gradually achieved results, but also let us more firmly committed to the long-term determination of agricultural digitization.

In the past quarter, Pinduoduo continued to focus on logistics, warehousing and other infrastructure. During the Spring Festival, in order to facilitate consumers' shopping, PDD cooperates with merchants and logistics service providers to provide 24/7 express delivery service, so that consumers across the country can enjoy fresh and affordable cherries, oranges and seafood during the Spring Festival Gala.

Pinduoduo cooperates with more than 1,000 agricultural producing areas in China and sends most of its agricultural products straight from the place of origin. " With the help of produce infrastructure, fresh produce can now be transported to warehouses in just a few hours. This greatly reduces the time it takes consumers to receive fresh produce. " Chen lei said.

▲ Daliang Mountain Cherry went out of the mountain through Pinduoduo. In the past few quarters, Pinduoduo has been focusing on agricultural infrastructure construction, greatly improving the efficiency of agricultural commodities on the upside.

To achieve such cooperation," "Agricultural goods intelligent processing system"; Thanks a lot. In this intelligent system, the data of agricultural products merchants are interconnected, the data information of various agricultural production areas can be summarized, and agricultural products can be accurately matched with consumers in need.

However, these technologies are not the most important. Volume & quot; . Not long ago, in the final of the second Duoduo Agricultural Research And Technology Competition held by Pinduoduo, a high-tech tomato driven by an algorithm gained enough attention.

This research and development team from wageningen University in the Netherlands, China Agricultural University, Northwest A&F University, Polar Star Agriculture and Bayer Crop Science several young people, they are far away in different places, can not see these crops every day, but the use of ". Man-machine fusion algorithm ". Help them modify their planting strategies in real time.

Team members of the Final team of Duoduo Agricultural Research Competition collected and recorded data at the competition base in Yunnan. Peng to | perturbation

In the field, the flow of fashionable technology is no longer an irrelevant concept, but a real effort to improve agricultural production.

So far, Pinduoduo is in agriculture. Burn & quot; Our strategy will not change in the future. On an earnings call in the evening, Chen lei said pinduoduo has been focusing on agricultural infrastructure and agricultural research in the past few quarters, and digitalization of agriculture remains the primary and core strategy.

But Rome wasn't built in a day. Agricultural field in addition to technology, but also to invest a lot of manpower and material resources, marketing started to fight more, but also continue to explore how to get used to from ". Good day & quot; To & quot; Bitter days & quot; But at least it's the right way to go.

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