---
type: "Topics"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/topics/30069003.md"
description: "Pinduoduo 1Q25 Quick Interpretation: This quarter's results can only be described as an 'avalanche'! As a company that generates 120 billion in annual profits, the market's profit expectations for the company, regardless of seasonality, are generally between 25-35 billion.Although the first quarter is typically a slow season, the market's operating profit expectation was still around 25 billion. However, what's jaw-dropping is that the actual operating profit for the first quarter was only 16.1 billion, a direct 38% drop year-over-year! Especially when, from a revenue perspective, Pinduoduo's high-margin ad revenue still saw nearly 15% year-over-year growth. This contrast suggests that marketing expenses in Q1 were severely over budget!Q1 marketing expenses are usually lower than Q4. But this quarter's marketing expenses hit 33.4 billion, even higher than during the Q4 e-commerce peak season—something unprecedented even during Pinduoduo's high-growth periods. Moreover, with transaction-based revenue falling far short of expectations, it suggests Temu may not be the key drag on profits.Dolphin Research can only explain this by noting that during the Q1 consumer electronics subsidy season, JD.com and Alibaba relied on government subsidies, while Pinduoduo was truly spending its own money. Compared to returning profits to shareholders amid slowing growth, Pinduoduo clearly prefers reinvesting its ad revenue back into users.If Pinduoduo keeps this up, it's practically digging its own grave!"
datetime: "2025-05-27T11:09:46.000Z"
locales:
  - [en](https://longbridge.com/en/topics/30069003.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/30069003.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/30069003.md)
author: "[Dolphin Research](https://longbridge.com/zh-CN/news/dolphin.md)"
---

> 支持的语言: [English](https://longbridge.com/en/topics/30069003.md) | [繁體中文](https://longbridge.com/zh-HK/topics/30069003.md)


# Pinduoduo 1Q25 Quick Interpretation: This quarter'…


### 相关股票

- [PDD (PDD.US)](https://longbridge.com/zh-CN/quote/PDD.US.md)
- [JD-SW (09618.HK)](https://longbridge.com/zh-CN/quote/09618.HK.md)
- [JD-SWR (89618.HK)](https://longbridge.com/zh-CN/quote/89618.HK.md)
- [JD.com (JD.US)](https://longbridge.com/zh-CN/quote/JD.US.md)

## 评论 (63)

- **食懵你啊！ · 2025-05-28T03:30:20.000Z**: Subsidize merchants and get criticized, don't subsidize and still get criticized. Either way, you win 😁
- **天南李飞鱼 · 2025-05-28T00:59:41.000Z**: It can only be said that there is Lei Hou in cars and phones, and Huang Hou in online shopping.
- **宝宝资本 · 2025-05-27T14:06:11.000Z**: You sound a bit like the female voice in the opening of 2077. Today's Dead Man's Lotto killed another 33 people!
- **岩。 · 2025-05-27T13:08:49.000Z · 👍 1**: Don't want to be the richest. Just throw money like this?
- **做一个游牧民族 · 2025-05-27T13:03:58.000Z · 👍 1**: Is China's economy doomed? Can't even the poor afford PDD?
- **Xu. · 2025-05-27T12:57:24.000Z · 👍 1**: In order to maintain price advantage, platform promotion fees can be converted into cash coupons, leading to increased marketing expenses and reduced profits!
- **暴富AOA · 2025-05-27T12:19:13.000Z**: Pinduoduo is a very conscientious platform, the price is unbeatable, I always use it!
- **温哥华的小雨 · 2025-05-27T12:10:13.000Z**: Maybe it's not that bad, it's just that everyone's expectations were too high. The stock price is back to 80, still a good stock.
- **新用户_4tHk8W · 2025-05-27T11:54:39.000Z**: Is it time to enter the market?
  - **新用户_Pf3po9** (2025-05-27T12:51:03.000Z): Wait for 80
- **Hingis🌷 · 2025-05-27T11:50:15.000Z · 👍 8**: Research reports written by people who have never done e-commerce, if they had talked to more merchants, they would find that 80% of merchants, even those on Pinduoduo, wish Pinduoduo would die quickly 😆
  - **TheWall** (2025-05-27T13:40:56.000Z): There's no way, many investors haven't done e-commerce before.
  - **睡不醒的梦想家** (2025-05-27T13:46:18.000Z): Sorry, I've been in e-commerce for 10 years, and I've seen a lot.
  - **Dolphin Research** (2025-05-27T13:54:40.000Z): I think hating it and wishing it to die are two different things.
- **新用户_xOyIbm · 2025-05-27T11:46:16.000Z · 👍 20**: After so many years in e-commerce, I closed all my stores on Pinduoduo last year. Don't ask me why. It's such an LG platform, only knows how to suck the blood of merchants. Buyers can get refunds without returning goods even after three years of purchase. We merchants offer warranties, but they refu
  - **新用户_xOyIbm** (2025-05-27T11:46:59.000Z): Over 2000 yuan, just refunded. It's as if the merchant's money isn't money at all.
  - **Mountain_Capital** (2025-05-27T11:52:44.000Z): Electronic products?
  - **逍遥8858** (2025-05-27T12:18:45.000Z): Pinduoduo has always been like this, but the most annoying thing is that Taobao is now following suit, imposing penalties for delays. They set a 48-hour delivery window, and if you click 'ship' at the
- **别买中概 · 2025-05-27T11:40:29.000Z**: Does Duo Duo not have national subsidies?
  - **睡不醒的梦想家** (2025-05-27T11:50:11.000Z): The national subsidy policies vary by region and only support local enterprises. Most merchants cannot have entities across the country, so they usually rely on platforms for shell borrowing. JD.com h
  - **deguang** (2025-05-27T12:05:17.000Z): I think it's because the goods from Duoduo's billion-yuan subsidy can't be included in the national subsidy. As for why they can't be included, you can think about where the goods in its billion-yuan 
  - **乌师傅炒股养家** (2025-05-27T12:41:37.000Z): reseller
- **自然熟 · 2025-05-27T11:38:46.000Z · 👍 1**: Haha, it's been over a year since I uninstalled it, and I don't feel anything special about Pinduoduo.
- **鑫鑫圆蛋糕客服1 · 2025-05-27T11:32:56.000Z · 👍 4**: They don't want to be the richest person and don't consider the interests of shareholders.
- **睡不醒的梦想家 · 2025-05-27T11:31:27.000Z · 👍 2**: I thought the national subsidy would be unfavorable for Pinduoduo, but I didn't sell. Sigh 😮‍💨
- **逍遥8858 · 2025-05-27T11:26:51.000Z**: Haha
- **无限制星级格斗士 · 2025-05-27T11:23:08.000Z · 👍 4**: $PDD(PDD.US)I don't understand it and won't consider touching it, but I do see some big names endorsing Pinduoduo, which is... a very value-investing mindset. Of course, that's fine and not a problem.But if you always use a value-investing mindset to accompany and tolerate, does this effort, time, a
  - **Mountain_Capital** (2025-05-27T11:53:18.000Z): Valuation is low enough for value investing 🤣
- **Kevan · 2025-05-27T11:21:08.000Z · 👍 6**: Unethical companies are losing both consumers and sellers, but that doesn't mean they're not profitable.
  - **水上漂_6bnXiv** (2025-05-27T12:49:18.000Z): No conscience earns more,
- **zy88 · 2025-05-27T11:19:13.000Z · 👍 5**: Strongly disagree with your point of view
  - **Dolphin Research** (2025-05-27T11:40:29.000Z): Why? Let's discuss in detail.
  - **只想捡便宜** (2025-05-27T11:42:05.000Z): What other perspectives are there?
  - **zy88** (2025-05-27T14:37:10.000Z): I just don't think this performance will cause PDD to fall below 100, so I placed a trade during market hours, but didn't dare to go all in, and ended up making just enough for a meal before closing t
- **二号铲屎官 · 2025-05-27T11:17:16.000Z**: I don't think it cares