第拼多多财务报告

1、Pinduoduo3Q2019ResultsNo v 2 0 1 9The following presentation has been prepared by Pinduoduo Inc. (“Pinduoduo” or the “Company”) solely for informational purposes and should not be construed to be, directly or indirectly, in whole or in part, an offer to buy or sell and/or an invitation and/or a reco

2、mmendation and/or a solicitation of an offer to buy or sell any security or instrument or to participate in any investment or trading strategy, nor shall any part of it form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities or otherwi

3、se.This presentation does not contain all relevant information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of the Company. Nothing contained in this document shall be relied upon as a promi

4、se or representation as to the past or future performance of the Company. Past performance does not guarantee or predict future performance.You acknowledge that any assessment of the Company that may be made by you will be independent of this document and that you will be solely responsible for your

5、 own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company.This document contains forward-looking statements. These statements

6、are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward- looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potentia

7、l,” “continue” or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as Pinduoduos strategic and operational plans, contain forward-looking statements. Pinduoduo may also make written or oral forward-looking statements in

8、its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, includi

9、ng but not limited to statements about Pinduoduos beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement,

10、including but not limited to the following: Pinduoduos growth strategies; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the reco

11、gnition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; tre

12、nds and competition in Chinas e- commerce market; changes in its revenues and certain cost or expense items; the expected growth of Chinas e-commerce market; PRC governmental policies and regulations relating to Pinduoduos industry, and general economic and business conditions globally and in China

13、and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Pinduoduos filings with the SEC. Pinduoduo undertakes no obligation to update any forward-looking statement, except as required under applicable law.This document also co

14、ntains non-GAAP financial measures, the presentation of which is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America. In addition, the Companys c

15、alculation of these non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited. The reconciliation of those measures to the most comparable GAAP measures is contained within this document or the earnings press release.This do

16、cument speaks as of Sep 30, 2019. Neither the delivery of this document nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date.LTM(1) GMV(2)RMB840.2bn144%

17、 YoY GrowthRevenuesRMB7,513.9mn123% YoY GrowthLTM(1) Active Buyers(3)536.3mn39% YoY GrowthAverage MAUs(4)429.6mn85% YoY GrowthNotes:“LTM”, Last Twelve Months, references to the twelve-month period that ends on the last day of the month or quarter indicated.GMV references to the total value of all or

18、ders for products and services placed on our Pinduoduo mobile platform, regardless of whether the products and services are actually sold, delivered or returned. Buyers onour platform are not charged for shipping fees in addition to the listed price of merchandise. Hence, merchants may embed the shi

19、pping fees in the listed price. If embedded, then the shipping fees are included in our GMV. As a prudential matter aimed at eliminating any influence on our GMV of irregular transactions, we exclude from our calculation of GMV transactions over certain amounts (RMB100,000) and transactions by buyer

20、s over a certain amount (RMB1,000,000) per day.“Active buyers in 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

21、 are actually sold, delivered or returned.3“MAUs”, Monthly Active 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 and access points.GMV(LTM, RMB in billions)144% Y

22、oY840.2709.1557.4471.6344.870.9141.2198.7262.1LTM Sep-17LTM Dec-17LTM Mar-18LTM Jun-18LTM Sep-18LTM Dec-18LTM Mar-19LTM Jun-19LTM Sep-194Active Buyers(LTM, in millions)39% YoY536.3385.5418.5443.3483.2294.9 343.6 157.7244.8LTM Sep-17LTM Dec-17LTM Mar-18LTM Jun-18LTM Sep-18LTM Dec-18LTM Mar-19LTM Jun-

23、19LTM Sep-1975% YoY1,467.51,566.71,126.91,257.3Annual Spending Per Active Buyer(1)762.8894.4449.2576.9673.985% YoY366.0429.6MAUs(Average, in millions)272.6289.7195.0231.771.1141.0166.2(LTM, RMB)Notes:LTM Sep-17LTM Dec-17LTM Mar-18LTM Jun-18LTM Sep-18LTM Dec-18LTM Mar-19LTM Jun-19LTM Sep-193Q174Q171Q

24、182Q183Q184Q181Q192Q193Q195(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.Revenues(RMB in millions)Monetization Rate(1)(%, LTM)123% YoY7,290.0 7,513.95,653.94,545.23,372.42,709.01,17

25、9.4 1,384.6423.02.9%2.9%3.0%2.8%2.5%2.2%1.6%1.2%3Q174Q171Q182Q183Q184Q181Q192Q193Q19Notes:“Monetization Rate” is revenues expressed as a percentage of total GMV for a given LTM period.LTM Dec-17 LTM Mar-18 LTM Jun-18 LTM Sep-18 LTM Dec-18 LTM Mar-19 LTM Jun-19 LTM Sep-196Non-GAAP(1) Cost of Revenues

26、(2)(RMB in millions)44%32%23%14%23%25%19%22%24% of RevenuesNon-GAAP Sales & Marketing Expenses(RMB in millions)101%64%88%108%90%103%103%81%89% of Revenues1,824.81,591.01,421.9869.0774.1373.8318.4387.3186.63Q174Q171Q182Q183Q184Q181Q192Q193Q196,689.75,832.15,895.34,693.12,938.4 3,049.21,216.3753.4427.

27、63Q174Q171Q182Q183Q184Q181Q192Q193Q19Notes:Our Non-GAAP measures exclude share-based compensation expenses and interest expenses related to the convertible bonds amortization to face value. Please refer to our earnings press release for more details.Adjusting for a payment rebate from Tencent, our g

28、ross profit margin in 1Q19 would have been 73%7Non-GAAP(1) General & Administrative Expenses(RMB in millions)1%1%2%1%1%1%1%1%3% of RevenuesNon-GAAP Research & Development Expenses(RMB in millions)8%4%5%6%9%8%12%8%12% of Revenues230.591.365.967.140.823.730.05.510.13Q174Q171Q182Q183Q184Q181Q192Q193Q19892.5610.8537.9446.8298.3169.034.350.265.73Q174Q171Q182Q183Q184Q181Q192Q193Q19Non-GAAP(1) Operating Loss(RMB in millions)-55%-1%-17%-30%-23%-37%-36%-12%-28% of RevenuesNon-GAAP Net