Q3拼多多季报PPT版

1、3Q 2020 HighlightsNotes:“LTM”, Last Twelve Months, references to the twelve-month period that ends on the last day of the month or quarter indicated.“GMV” refers to the total value of all orders for products and services placed on the Pinduoduo mobile platform, regardless of whether the products and

2、 services are actually sold, delivered or returned. Buyers on the platform are not charged for shipping fees in addition to the listed price of merchandise. Hence, merchants may embed the shipping fees in the listed price. If embedded, then the shipping fees are included in GMV. As a prudential matt

3、er aimed at eliminating any influence on Pinduoduos GMV of irregular transactions, the Company excludes from its calculation of GMV transactions in certain product categories over certain amounts and transactions by buyers in certain product categories over a certain amount per day.“Active buyers in

4、 a given period references to the number of user accounts that placed one or more orders (i) on the Pinduoduo mobile app, and (ii) through social networks and access points in that period, regardless of whether the products and services are actually sold, delivered or returned.“MAUs”, Monthly Active

5、 Users, refers to the number of user accounts that visited the Pinduoduo mobile app during a given month, which does not include those that accessed the platform through social networks andaccess points.LTM(1) GMV(2)RMB1,457.6bn73% YoY GrowthLTM(1) Active Buyers(3)731.3mn36% YoY GrowthAverage MAUs(4

6、)643.4mn50% YoY GrowthRevenuesRMB14,209.8mn89% YoY Growth34Strong GMV Growth of 73% YoY GMV(LTM, RMB in billions)73% YoY1,457.61,268.71,157.21,006.6840.2709.1557.4471.6344.8LTM Sep-18LTM Dec-18LTM Mar-19LTM Jun-19LTM Sep-19LTM Dec-19LTM Mar-20LTM Jun-20LTM Sep-20 Driven by Rapidly Expanding User Bas

7、e and Spending per Active Buyer5231.7272.6289.7366.0429.6481.5487.4568.8643.41Q202Q203Q20MAUs(Average, in millions)Active Buyers(LTM, in millions)385.5418.5443.3483.2536.3585.2628.1683.2731.3LTM Sep-18LTM Dec-18LTM Mar-19LTM Jun-19LTM Sep-19LTM Dec-19LTM Mar-20LTM Jun-20LTM Sep-20Annual SpendingPer

8、Active Buyer(1)(LTM, RMB)3Q184Q181Q192Q193Q194Q19Notes:(1)“Annual spending per active buyer” in a given period refers to the quotient of total GMV in that period divided by the number of active buyers in the same period.894.41,126.91,257.31,467.51,566.71,720.11,842.41,857.01,993.1LTM Sep-18LTM Dec-1

9、8LTM Mar-19LTM Jun-19LTM Sep-19LTM Dec-19LTM Mar-20LTM Jun-20LTM Sep-2050% YoY27% YoY36% YoYRevenues and Monetization Rate610,792.77,290.0 7,513.96,541.15,653.94,545.23,372.412,193.314,209.83Q184Q181Q192Q193Q194Q191Q202Q203Q20Notes:(1)“Monetization Rate” is revenues expressed as a percentage of tota

10、l GMV for a given LTM period.2.5%2.8%2.9%2.9%3.0%3.0%2.8%2.9%3.0%LTM Sep-18LTM Dec-18LTM Mar-19LTM Jun-19 LTM Sep-19LTM Dec-19LTM Mar-20LTM Jun-20 LTM Sep-20Revenues(RMB in millions)Monetization Rate(1)(%, LTM)89% YoYNon-GAAP(1) Cost of Revenues(RMB in millions)Cost Structure7Non-GAAP Sales & Market

11、ing Expenses(RMB in millions)% of Revenues774.11,421.9869.01,591.01,824.82,030.21,821.82,652.63,255.7% of Revenues3,049.25,832.14,693.15,895.36,689.79,035.27,064.88,864.09,736.53Q2023%90%3Q184Q181Q192Q193Q194Q191Q202Q203Q203Q184Q181Q192Q193Q194Q191Q202Q20Notes:(1)Our Non-GAAP measures exclude share-

12、based compensation expenses, interest expenses related to the convertible bonds amortization to face value and fair value change of long-term investments. Please refer to our earnings press release for more details.25%103%19%103%22%24%19%28%22%81%89%84%108%73%23%69%Cost Structure (Contd)8Non-GAAP(1)

13、 General & Administrative Expenses(RMB in millions)Non-GAAP(1) Research & Development Expenses(RMB in millions)% of Revenues40.865.967.191.3230.5121.2118.1136.5132.61%1%1% of Revenues298.3446.8537.9610.8892.5942.81,265.21,124.21,424.73Q209%17%1%9%3Q184Q181Q192Q193Q194Q191Q202Q203Q203Q184Q181Q192Q193

14、Q194Q191Q202Q20Notes:(1)Our Non-GAAP measures exclude share-based compensation expenses, interest expenses related to the convertible bonds amortization to face value and fair value change oflong-term investments. Please refer to our earnings press release for more details.1%3%8%12%1%8%2%12%1%10%10%

15、Non-GAAP(1) Net (Loss)/Gain Attributable to Ordinary Shareholders(RMB in millions)Profitability9Non-GAAP(1) Operating Loss(RMB in millions)(790.0)(2,112.9)(1,621.9)(898.4)(2,123.5)(1,336.6)(3,587.9)(725.1)(339.8)3Q184Q181Q192Q193Q194Q191Q202Q203Q20% ofRevenues-12%-55%(618.9)(1,895.9)(1,379.1)(411.3)

16、(1,660.4)(815.0)(3,169.6)(77.2)466.43Q184Q181Q192Q193Q194Q191Q202Q203Q20-8%-48%-23%-18%Notes:(1)Our Non-GAAP measures exclude share-based compensation expenses, interest expenses related to the convertible bonds amortization to face value and fair value change oflong-term investments. Please refer to our earnings press release for more details.-37%-34%-36%-30%-6%-12%-28%-22%-6%-1% of Revenues-2%3%Balance SheetEnding Cash, Cash Equivalents and Short-term Investments(1)(RMB in millions)21,79141,05745,575Dec 31, 2018Dec 31, 201930-Sep-20Notes(1)All highly liquid