---
title: "拼多多-2025 年第二季度"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/33302290.md"
description: "Data: This document is the unaudited financial performance report of Pinduoduo Holdings for the second quarter of 2025..."
datetime: "2025-08-25T10:55:08.000Z"
locales:
  - [en](https://longbridge.com/en/topics/33302290.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/33302290.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/33302290.md)
author: "[奇迹的交易员cola](https://longbridge.com/en/profiles/10743314.md)"
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/topics/33302290.md) | [繁體中文](https://longbridge.com/zh-HK/topics/33302290.md)


# 拼多多-2025 年第二季度

Data:

This document is the unaudited financial results report for the second quarter of 2025 for Pinduoduo Holdings.

1\. Overview of Key Financial Data

(Q2 2025 vs. Q2 2024)

1.  Total Revenue: RMB 103.985 billion / RMB 97.060 billion / +7%
2.  Operating Profit: RMB 25.793 billion / RMB 32.565 billion / -21%
3.  Net Profit: RMB 30.754 billion / RMB 32.009 billion / -4%
4.  Non-GAAP Net Profit: RMB 32.708 billion / RMB 34.432 billion / -5%
5.  Earnings per ADS: RMB 20.75 / RMB 21.61 / -4%
6.  Operating Cash Flow: RMB 21.642 billion / RMB 43.793 billion / -51%

2\. Revenue Structure Analysis

· Online Marketing Services and Others: RMB 55.703 billion (+13%)  
· Transaction Services: RMB 48.282 billion (flat)

Growth was primarily driven by online marketing services, while transaction services showed weak growth.

3\. Cost and Expense Analysis

· Operating Costs: RMB 45.859 billion (+36%)  
Mainly due to increased fulfillment expenses, bandwidth and server costs, and payment processing fees.  
· Operating Expenses: RMB 32.333 billion (+5%)  
· Sales and Marketing Expenses: RMB 27.210 billion (+4%)  
· R&D Expenses: RMB 3.591 billion (+23%)  
· General and Administrative Expenses: RMB 1.532 billion (-17%)

4\. Cash Flow and Balance Sheet Highlights

· Cash and Short-term Investments: As of June 30, 2025, RMB 387.1 billion (approximately $54 billion), an increase from the end of 2024.  
· Other Non-current Assets: RMB 85 billion, mainly including time deposits and held-to-maturity debt securities.  
· Operating cash flow declined significantly, primarily due to lower net profit and changes in working capital.

5\. Key Management Statements

· Chen Lei (Chairman and Co-CEO): Emphasized investments in merchant support, focusing on long-term ecosystem health.  
· Zhao Jiazhen (Executive Director and Co-CEO): Mentioned comprehensive merchant support measures.  
· Liu Jun (Vice President of Finance): Acknowledged slower revenue growth, intense competition, and short-term profit pressure.

6\. Non-GAAP Adjustments

Non-GAAP operating profit and net profit both declined by approximately 21% and 5% year-over-year.

7\. Summary

· Revenue growth slowed, competition intensified;  
· Profitability under pressure, costs and expenses grew faster than revenue;  
· Cash flow weakened, but cash reserves remain strong;  
· Company strategy shifts to long-term investments, sacrificing short-term profits for ecosystem health.

> The frenzy in the comments proves one thing: no one reads earnings reports; the market is all about luck and sentiment.

$PDD(PDD.US)

### Related Stocks

- [PDD Holdings Inc. (PDD.US)](https://longbridge.com/en/quote/PDD.US.md)

## Comments (14)

- **奇迹的交易员cola · 2025-08-25T11:50:25.000Z · 👍 2**: @嘿嘿～ It's really a day trading bomb🌚
- **五岳山人 · 2025-08-25T11:10:31.000Z · 👍 3**: The year-on-year data is actually not that good, but the preventive measures were well taken, with multiple data points far exceeding expectations, plus the recent surge in East China assets.
  - **奇迹的交易员cola** (2025-08-25T11:20:12.000Z): Yes
- **价投路上的孤勇者 · 2025-08-25T11:05:55.000Z · 👍 2**: I want to ask if short selling is possible
- **不会炒股的春娇 · 2025-08-25T11:01:41.000Z · 👍 2**: Won't there be a big drop in this earnings report?
  - **奇迹的交易员cola** (2025-08-25T11:06:12.000Z): Revenue costs increased significantly (+36%), including fulfillment expenses, bandwidth, and payment processing fees. Sales and marketing expenses remain high. Net profit decreased by 4% year-on-year 
  - **赛博摸鱼选手** (2025-08-25T11:13:26.000Z): The difference is that last quarter was bad, and this quarter's expectations were lowered, but due to investment income, the net profit can be said to be very good🥲Last year was because expectations 
  - **奇迹的交易员cola** (2025-08-25T11:17:59.000Z): Hahaha, it's all about expectations. 😜
- **嘿嘿^ · 2025-08-25T10:59:32.000Z · 👍 3**: Expenditure has increased, which is a good thing🤔
  - **奇迹的交易员cola** (2025-08-25T11:00:51.000Z): "Good thing"
  - **嘿嘿^** (2025-08-25T11:05:59.000Z): This proves there's an investment project 🤡😈
- **hwkyl · 2025-08-25T10:57:39.000Z · 👍 2**: PDD is killing it this time
- **Gavin Luck · 2025-08-25T10:57:18.000Z · 👍 3**: Don't understand
- **纳斯达克的镰刀 · 2025-08-25T10:56:54.000Z · 👍 2**: Professional