Pinduoduo Q1 Revenue Grows 10% YoY; Launches 100B Yuan Merchant Support Program

Earnings Call

27 May

1. Pinduoduo reported Q1 2025 revenue of RMB 95.7 billion, a 10% year-over-year increase, driven by growth in online marketing and transaction services.
2. The company launched a 100 billion yuan merchant support program, upgrading from the previous 10 billion fee reduction initiative, to help merchants navigate market challenges and achieve high-quality growth.
3. Profit margins declined significantly due to increased investments in merchant support and ecosystem building, which the company views as necessary long-term investments despite short-term financial impact.
4. Pinduoduo is expanding its high-quality merchant support program from top and mid-tier merchants to include small and medium-sized businesses.
5. The platform is implementing additional consumer subsidies and direct discounts to maintain competitiveness, especially in light of national subsidy programs that favor first-party e-commerce models.
Disclaimer: This earnings call summary is generated by AI and is for informational purposes only. Due to technical limitations, inaccuracies may exist. It does not constitute investment advice or commitments.

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Pinduoduo reported Q1 2025 revenue of RMB 95.7 billion, a 10% year-over-year increase, driven by growth in online marketing and transaction services.<br>2. The company launched a 100 billion yuan merchant support program, upgrading from the previous 10 billion fee reduction initiative, to help merchants navigate market challenges and achieve high-quality growth.<br>3. Profit margins declined significantly due to increased investments in merchant support and ecosystem building, which the company views as necessary long-term investments despite short-term financial impact.<br>4. Pinduoduo is expanding its high-quality merchant support program from top and mid-tier merchants to include small and medium-sized businesses.<br>5. 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