2020年第二季度拼多多财报（英文）

1PinduoduoAnnouncesSecondQuarter2020UnauditedFinancialResultsSHANGHAI,CHINA,August21,2020(GLOBENEWSWIRE)–PinduoduoInc.("Pinduoduo"orthe"Company")(NASDAQ:PDD),aninnovativeandfastgrowingtechnologyplatformandoneoftheleadingChinesee-commerceplayers,todayannounceditsunauditedfinancialresultsforthesecondquarterendedJune30,2020.SecondQuarter2020HighlightsGMV1inthetwelve-monthperiodendedJune30,2020wasRMB1,268.7billion(US$2179.6billion),anincreaseof79%fromRMB709.1billioninthetwelve-monthperiodendedJune30,2019.TotalrevenuesinthequarterwereRMB12,193.3million(US$1,725.9million),anincreaseof67%fromRMB7,290.0millioninthesamequarterof2019.Averagemonthlyactiveusers3inthequarterwere568.8million,anincreaseof55%from366.0millioninthesamequarterof2019.Activebuyers4inthetwelve-monthperiodendedJune30,2020were683.2million,anincreaseof41%from483.2millioninthetwelve-monthperiodendedJune30,2019.Annualspendingperactivebuyer5inthetwelve-monthperiodendedJune30,2020wasRMB1,857.0(US$262.8),anincreaseof27%fromRMB1,467.5inthetwelve-monthperiodendedJune30,2019.“Inthesecondquarterof2020wecontinuedtodevoteresourcestosupporteconomicrecoveryacrossChina,andwewitnessedgreatresilienceamongstourmerchantcommunity,”saidMr.LeiChen,ChiefExecutiveOfficerofPinduoduo.“Wealsocontinuedourinvestmentsinuserengagementandexpandedourpromotionalofferingstocovermorehouseholdnecessitiesandagricultureproductsbasedonuserdemand.Ourusers’increasingrecognitionofPinduoduo’s1“GMV”referstothetotalvalueofallordersforproductsandservicesplacedonthePinduoduomobileplatform,regardlessofwhethertheproductsandservicesareactuallysold,deliveredorreturned.Buyersontheplatformarenotchargedforshippingfeesinadditiontothelistedpriceofmerchandise.Hence,merchantsmayembedtheshippingfeesinthelistedprice.Ifembedded,thentheshippingfeesareincludedinGMV.AsaprudentialmatteraimedateliminatinganyinfluenceonPinduoduo’sGMVofirregulartransactions,theCompanyexcludesfromitscalculationofGMVtransactionsincertainproductcategoriesovercertainamountsandtransactionsbybuyersincertainproductcategoriesoveracertainamountperday.2ThisannouncementcontainstranslationsofcertainRenminbi(RMB)amountsintoU.S.dollars(US$)ataspecifiedratesolelyfortheconvenienceofthereader.Unlessotherwisenoted,thetranslationofRMBintoUS$hasbeenmadeatRMB7.0651toUS$1.00,thenoonbuyingrateineffectonJune30,2020assetforthintheH.10StatisticalReleaseoftheFederalReserveBoard.3“Monthlyactiveusers”referstothenumberofuseraccountsthatvisitedthePinduoduomobileappduringagivenmonth,whichdoesnotincludethosethataccessedtheplatformthroughsocialnetworksandaccesspoints.4“Activebuyers”inagivenperiodreferstothenumberofuseraccountsthatplacedoneormoreorders(i)onthePinduoduomobileapp,and(ii)throughsocialnetworksandaccesspointsinthatperiod,regardlessofwhethertheproductsandservicesareactuallysold,deliveredorreturned.5“Annualspendingperactivebuyer”inagivenperiodreferstothequotientoftotalGMVinthatperioddividedbythenumberofactivebuyersinthesameperiod.2valuepropositioncontributedtotheuserbasegrowthanduseractivitiesonourplatform.”“ForthequarterendedJune30,2020,ourtotalrevenuesincreasedby67%year-over-yeartoRMB12,193.3million,drivenprimarilybygrowthinouronlinemarketingservicesrevenues.Weobservedhealthyrecoveryinadvertisingdemandfromourmerchantsduringthequarter,”commentedMr.TonyMa,VicePresidentofFinance.“InadditiontomerchantsdeferringtheirmarketingspendtotheJunequarter,wewouldattributesuchincreasetobetterreturnsasaresultofhigheruserengagementonourplatformandmorecompellingadvertisingproductofferings.”SecondQuarter2020UnauditedFinancialResultsTotalrevenueswereRMB12,193.3million(US$1,725.9million),anincreaseof67%fromRMB7,290.0millioninthesamequarterof2019.Theincreasewasprimarilyduetoanincreaseinrevenuesfromonlinemarketingservices.RevenuesfromonlinemarketingserviceswereRMB11,054.7million(US$1,564.7million),anincreaseof71%fromRMB6,467.1millioninthesamequarterof2019.RevenuesfromtransactionserviceswereRMB1,138.6million(US$161.2million),anincreaseof38%fromRMB822.9millioninthesamequarterof2019.TotalcostsofrevenueswereRMB2,662.1million(US$376.8million),anincreaseof67%fromRMB1,594.7millioninthesamequarterof2019.Theincreasewasmainlyduetohighercostsforcloudservices,callcenterandmerchantsupportservices.TotaloperatingexpenseswereRMB11,170.8million(US$1,581.1million),comparedwithRMB7,185.7millioninthesamequarterof2019.SalesandmarketingexpenseswereRMB9,113.6million(US$1,289.9million),anincreaseof49%fromRMB6,103.7millioninthesamequarterof2019,mainlyduetoanincreaseinadvertisingexpensesandpromotionandcouponexpenses.GeneralandadministrativeexpenseswereRMB394.8million(US$55.9million),anincreaseof42%fromRMB278.3millioninthesamequarterof2019,primarilyduetoanincreaseinheadcount.ResearchanddevelopmentexpenseswereRMB1,662.4million(US$235.3million),anincreaseof107%fromRMB803.7millioninthesamequarterof2019.TheincreasewasprimarilyduetoanincreaseinheadcountandtherecruitmentofmoreexperiencedR&Dpersonnel,andanincreaseinR&D-relatedcloudservicesexpenses.OperatinglosswasRMB1,639.6million(US$232.1million),comparedwithRMB1,490.4millioninthesamequarterof2019.Non-GAAPoperatingloss6wasRMB725.1million(US$102.6million),comparedwithRMB898.4millioninthesamequarterof2019.6TheCompany’snon-GAAPfinancialmeasuresexcludeshare-basedcompensationexpenses,interestexpensesrelatedtotheconvertiblebonds’amortizationtofacevalueandgainfromfairvaluechangeoflong-terminvestments.See“ReconciliationofNon-GAAPMeasurestoTheMostDirectlyComparableGAAPMeasures”setforthattheendofthispressrelease.3NetlossattributabletoordinaryshareholderswasRMB899.3million(US$127.3million),comparedwithRMB1,003.3millioninthesamequarterof2019.Non-GAAPnetlossattributabletoordinaryshareholders6wasRMB77.2million(US$10.9million),comparedwithRMB411.3millioninthesamequarterof2019.BasicanddilutednetlossperADSwereRMB0.75(US$0.11),comparedwithRMB0.88inthesamequarterof2019.Non-GAAPbasicanddilutednetlossperADSwereRMB0.06(US$0.01),comparedwithRMB0.36inthesamequarterof2019.NetcashprovidedbyoperatingactivitieswasRMB5,495.3million(US$777.8million),comparedwithRMB4,148.0millioninthesamequarterof2019,primarilyduetoanincreaseinonlinemarketingservicesrevenues.Cash,cashequivalentsandshort-terminvestmentswereRMB49.0billion(US$6.9billion)asofJune30,2020,comparedwithRMB41.1billionasofDecember31,2019.4ConferenceCallTheCompanywillhostaconferencecalltodiscusstheearningsat7:30AMU.S.EasternTimeonFriday,August21,2020(7:30PMBeijing/HongKongTimeonFriday,August21,2020).Pleasepre-registertojointhisconferenceusingtheregistrationlinkbelow.Pleasedialinusingtheparticipantdial-innumbers,directeventpasscode,PINanduniqueregistrantIDwhichwouldbeprovidedtoyouuponregistering.Pre-registerat:http://apac.directeventreg.com/registration/event/6066567Atelephonereplayofthecallwillbeavailableaftertheconclusionoftheconferencecalluntil9:59AMEasternTimeonAugust29,2020.Dial-innumbersforthereplayareasfollows:International:+61-2-8199-0299U.S.:+1-646-254-3697Passcode:6066567AliveandarchivedwebcastoftheconferencecallwillbeavailableontheInvestorRelationssectionofPinduoduo’swebsiteathttp://investor.pinduoduo.com/UseofNon-GAAPFinancialMeasuresInevaluatingthebusiness,theCompanyconsidersandusesnon-GAAPmeasures,suchasnon-GAAPoperatinglossandnon-GAAPnetlossattributabletoordinaryshareholders,assupplementalmeasurestoreviewandassessoperatingperformance.Thepresentationofthesenon-GAAPfinancialmeasuresisnotintendedtobeconsideredinisolationorasasubstituteforthefinancialinformationpreparedandpresentedinaccordancewithaccountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica(“U.S.GAAP”).TheCompany’snon-GAAPfinancialmeasuresexcludeshare-basedcompensationexpenses,interestexpensesrelatedtotheconvertiblebonds’amortizationtofacevalueandgainfromfairvaluechangeoflong-terminvestments.TheCompanypresentsthesenon-GAAPfinancialmeasuresbecausetheyareusedbymanagementtoevaluateoperatingperformanceandformulatebusinessplans.TheCompanybelievesthatthenon-GAAPfinancialmeasureshelpidentifyunderlyingtrendsinitsbusinessbyexcludingtheimpactofshare-basedcompensationexpenses,interestexpensesrelatedtotheconvertiblebonds’amortizationtofacevalueandgainfromfairvaluechangeoflong-terminvestments,whicharenon-cashitems.TheCompanyalsobelievesthatthenon-GAAPfinancialmeasurescouldprovidefurtherinformationabouttheCompany’sresultsofoperations,andenhancetheoverallunderstandingoftheCompany’spastperformanceandfutureprospects.Thenon-GAAPfinancialmeasuresarenotdefinedunderU.S.GAAPandarenotpresentedinaccordancewithU.S.GAAP.Thenon-GAAPfinancialmeasureshavelimitationsasanalyticaltools.TheCompany’snon-GAAPfinancialmeasuresdonotreflectallitemsofincomeand5expensesthataffecttheCompany’soperationsanddonotrepresenttheresidualcashflowavailablefordiscretionaryexpenditures.Further,thesenon-GAAPmeasuresmaydifferfromthenon-GAAPinformationusedbyothercompanies,includingpeercompanies,andthereforetheircomparabilitymaybelimited.TheCompanycompensatesfortheselimitationsbyreconcilingthenon-GAAPfinancialmeasurestothenearestU.S.GAAPperformancemeasure,allofwhichshouldbeconsideredwhenevaluatingperformance.TheCompanyencouragesyoutoreviewtheCompany’sfinancialinformationinitsentiretyandnotrelyonasinglefinancialmeasure.Formoreinformationonthenon-GAAPfinancialmeasures,pleaseseethetablecaptioned“ReconciliationofNon-GAAPMeasurestoTheMostDirectlyComparableGAAPMeasures”setforthattheendofthispressrelease.SafeHarborStatementsThisannouncementcontainsforward-lookingstatements.Thesestatementsaremadeunderthe“safeharbor”provisionsoftheU.S.PrivateSecuritiesLitigationReformActof1995.Theseforward-lookingstatementscanbeidentifiedbyterminologysuchas“will,”“expects,”“anticipates,”“aims,”“future,”“intends,”“plans,”“believes,”“estimates,”“confident,”“potential,”“continue”orothersimilarexpressions.Amongotherthings,thebusinessoutlookandquotationsfrommanagementinthisannouncement,aswellasPinduoduo’sstrategicandoperationalplans,containforward-lookingstatements.Pinduoduomayalsomakewrittenororalforward-lookingstatementsinitsperiodicreportstotheU.S.SecuritiesandExchangeCommission(the“SEC”),initsannualreporttoshareholders,inpressreleasesandotherwrittenmaterialsandinoralstatementsmadebyitsofficers,directorsoremployeestothirdparties.Statementsthatarenothistoricalfacts,includingbutnotlimitedtostatementsaboutPinduoduo’sbeliefsandexpectations,areforward-lookingstatements.Forward-lookingstatementsinvolveinherentrisksanduncertainties.Anumberoffactorscouldcauseactualresultstodiffermateriallyfromthosecontainedinanyforward-lookingstatement,includingbutnotlimitedtothefollowing:Pinduoduo’sgrowthstrategies;itsfuturebusinessdevelopment,resultsofoperationsandfinancialcondition;itsabilitytounderstandbuyerneedsandprovideproductsandservicestoattractandretainbuyers;itsabilitytomaintainandenhancetherecognitionandreputationofitsbrand;itsabilitytorelyonmerchantsandthird-partylogisticsserviceproviderstoprovidedeliveryservicestobuyers;itsabilitytomaintainandimprovequalitycontrolpoliciesandmeasures;itsabilitytoestablishandmaintainrelationshipswithmerchants;trendsandcompetitioninChina’se-commercemarket;changesinitsrevenuesandcertaincostorexpenseitems;theexpectedgrowthofChina’se-commercemarket;PRCgovernmentalpoliciesandregulationsrelatingtoPinduoduo’sindustry,andgeneraleconomicandbusinessconditionsgloballyandinChinaandassumptionsunderlyingorrelatedtoanyoftheforegoing.FurtherinformationregardingtheseandotherrisksisincludedinPinduoduo’sfilingswiththeSEC.Allinformationprovidedinthispressreleaseandintheattachmentsisasofthedateofthispressrelease,andPinduoduoundertakesnoobligationtoupdateanyforward-lookingstatement,exceptasrequiredunderapplicablelaw.6AboutPinduoduoInc.Pinduoduoisaninnovativeandfastgrowingtechnologyplatformthatprovidesbuyerswithvalue-for-moneymerchandiseandfunandinteractiveshoppingexperiences.ThePinduoduomobileplatformoffersacomprehensiveselectionofattractivelypricedmerchandise,featuringadynamicsocialshoppingexperiencethatleveragessocialnetworkseffectively.Formoreinformation,pleasevisithttp://investor.pinduoduo.com/Forinvestorandmediainquiries,pleasecontact:PinduoduoInc.investor@pinduoduo.cominternationalmedia@pinduoduo.comPINDUODUOINC.CONDENSEDCONSOLIDATEDBALANCESHEETS(AmountsinthousandsofRenminbi(“RMB”)andU.S.dollars(“US$”))7AsofDecember31,2019June30,2020RMBRMBUS$(Unaudited)ASSETSCurrentassetsCashandcashequivalents5,768,1864,209,623595,833Restrictedcash27,577,67132,468,2674,595,585Receivablesfromonlinepaymentplatforms1,050,974429,37560,774Short-terminvestments35,288,82744,801,0786,341,181Amountsduefromrelatedparties2,365,5282,428,172343,685Prepaymentsandothercurrentassets950,2771,245,451176,282Totalcurrentassets73,001,46385,581,96612,113,340Non-currentassetsProperty,equipmentandsoftware,net41,27347,5256,727Intangibleasset1,994,2921,706,291241,510Right-of-useassets517,188514,92672,883Othernon-currentassets503,1203,049,958431,694Totalnon-currentassets3,055,8735,318,700752,814Totalassets76,057,33690,900,66612,866,154PINDUODUOINC.CONDENSEDCONSOLIDATEDBALANCESHEETS(AmountsinthousandsofRenminbi(“RMB”)andU.S.dollars(“US$”))8AsofDecember31,2019June30,2020RMBRMBUS$(Unaudited)LIABILITIESANDSHAREHOLDERS’EQUITYLIABILITIESCurrentliabilitiesAmountsduetorelatedparties1,502,8921,928,353272,941Customeradvancesanddeferredrevenues605,970750,548106,233Payabletomerchants29,926,48833,978,5034,809,345Accruedexpensesandotherliabilities4,877,0625,906,412835,998Merchantdeposits7,840,9129,923,1801,404,535Short-termborrowings898,7482,754,466389,869Leaseliabilities115,734144,29320,423Totalcurrentliabilities45,767,80655,385,7557,839,344Non-currentliabilitiesConvertiblebonds5,206,6825,572,449788,729Leaseliabilities428,593410,53158,107Othernon-currentliabilities7,38938,0715,389Totalnon-currentliabilities5,642,6646,021,051852,225Totalliabilities51,410,47061,406,8068,691,569SHAREHOLDERS’EQUITYOrdinaryshares14815322Additionalpaid-incapital41,493,94951,013,1187,220,438Accumulatedothercomprehensiveincome1,448,2301,794,728254,027Accumulateddeficits(18,295,461)(23,314,139)(3,299,902)Totalshareholders’equity24,646,86629,493,8604,174,585Totalliabilitiesandshareholders’equity76,057,33690,900,66612,866,154PINDUODUOINC.CONDENSEDCONSOLIDATEDSTATEMENTSOFLOSS(AmountsinthousandsofRMBandUS$)9ForthethreemonthsendedJune30,ForthesixmonthsendedJune30,2019202020192020RMBRMBUS$RMBRMBUS$(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)RevenuesOnlinemarketingservices6,467,07311,054,6981,564,69110,415,48716,546,9682,342,072Transactionservices822,9351,138,617161,1611,419,7252,187,406309,607TotalRevenues7,290,00812,193,3151,725,85211,835,21218,734,3742,651,679CostsofrevenuesCostsofonlinemarketplaceservices(1,594,709)(2,662,115)(376,798)(2,468,023)(4,492,362)(635,853)Totalcostsofrevenues(1,594,709)(2,662,115)(376,798)(2,468,023)(4,492,362)(635,853)Grossprofit5,695,2999,531,2001,349,0549,367,18914,242,0122,015,826Salesandmarketingexpenses(6,103,703)(9,113,584)(1,289,944)(10,992,958)(16,410,205)(2,322,714)Generalandadministrativeexpenses(278,345)(394,842)(55,886)(514,420)(733,116)(103,766)Researchanddevelopmentexpenses(803,664)(1,662,356)(235,291)(1,470,745)(3,135,506)(443,802)Totaloperatingexpenses(7,185,712)(11,170,782)(1,581,121)(12,978,123)(20,278,827)(2,870,282)Operatingloss(1,490,413)(1,639,582)(232,067)(3,610,934)(6,036,815)(854,456)Interestandinvestmentincome,net402,568838,276118,650654,6701,298,558183,799Interestexpenses-(162,918)(23,060)-(313,552)(44,380)Foreignexchangegain/(loss)44,760(2,397)(339)42,874(21,670)(3,067)Otherincome,net39,83567,0089,48432,43254,6177,731Lossbeforeincometaxandshareofresultsofequityinvestees(1,003,250)(899,613)(127,332)(2,880,958)(5,018,862)(710,373)Shareofresultsofequityinvestees-26437-18426Incometaxexpenses------Netloss(1,003,250)(899,349)(127,295)(2,880,958)(5,018,678)(710,347)PINDUODUOINC.CONDENSEDCONSOLIDATEDSTATEMENTSOFLOSS(AmountsinthousandsofRMBandUS$,exceptforpersharedata)10ForthethreemonthsendedJune30,ForthesixmonthsendedJune30,2019202020192020RMBRMBUS$RMBRMBUS$(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)Netloss(1,003,250)(899,349)(127,295)(2,880,958)(5,018,678)(710,347)Netlossattributabletoordinaryshareholders(1,003,250)(899,349)(127,295)(2,880,958)(5,018,678)(710,347)Lossperordinaryshare:-Basic(0.22)(0.19)(0.03)(0.63)(1.06)(0.15)-Diluted(0.22)(0.19)(0.03)(0.63)(1.06)(0.15)LossperADS(4ordinarysharesequals1ADS):-Basic(0.88)(0.75)(0.11)(2.52)(4.26)(0.60)-Diluted(0.88)(0.75)(0.11)(2.52)(4.26)(0.60)Weightedaveragenumberofoutstandingordinaryshares(inthousands):-Basic4,649,4294,781,2434,781,2434,604,4724,715,6774,715,677-Diluted4,649,4294,781,2434,781,2434,604,4724,715,6774,715,677PINDUODUOINC.NOTESTOFINANCIALINFORMATION(AmountsinthousandsofRMBandUS$)11ForthethreemonthsendedJune30,ForthesixmonthsendedJune30,2019202020192020RMBRMBUS$RMBRMBUS$(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)Share-basedcompensationcostsincludedin:Costsofrevenues3,7319,4971,3448,01217,9442,540Salesandmarketingexpenses208,379249,54235,320404,500481,34168,129Generalandadministrativeexpenses187,049258,31636,562356,052478,50467,728Researchanddevelopmentexpenses192,816397,15656,214322,043746,095105,603Total591,975914,511129,4401,090,6071,723,884244,000PINDUODUOINC.CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWS(AmountsinthousandsofRMBandUS$)12ForthethreemonthsendedJune30,ForthesixmonthsendedJune30,2019202020192020RMBRMBUS$RMBRMBUS$(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)Netcashprovidedbyoperatingactivities4,147,9825,495,336777,8142,604,7314,928,266697,549Netcashusedininvestingactivities(1,139,423)(9,695,818)(1,372,354)(681,950)(11,280,010)(1,596,581)Netcashprovidedbyfinancingactivities-8,418,7411,191,5967,993,8289,624,2131,362,219Effectofexchangeratechangesoncash,cashequivalentsandrestrictedcash436,368(39,494)(5,591)207,87159,5648,431Increaseincash,cashequivalentsandrestrictedcash3,444,9274,178,765591,46510,124,4803,332,033471,618Cash,cashequivalentsandrestrictedcashatbeginningofperiod37,219,23932,499,1254,599,95330,539,68633,345,8574,719,800Cash,cashequivalentsandrestrictedcashatendofperiod40,664,16636,677,8905,191,41840,664,16636,677,8905,191,418PINDUODUOINC.RECONCILIATIONOFNON-GAAPMEASURESTOTHEMOSTDIRECTLYCOMPARABLEGAAPMEASURES(AmountsinthousandsofRMBandUS$,exceptforpersharedata)13ForthethreemonthsendedJune30,ForthesixmonthsendedJune30,2019202020192020RMBRMBUS$RMBRMBUS$(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)Operatingloss(1,490,413)(1,639,582)(232,067)(3,610,934)(6,036,815)(854,456)Add:Share-basedcompensation591,975914,511129,4401,090,6071,723,884244,000Non-GAAPoperatingloss(898,438)(725,071)(102,627)(2,520,327)(4,312,931)(610,456)Netlossattributabletoordinaryshareholders(1,003,250)(899,349)(127,295)(2,880,958)(5,018,678)(710,347)Add:Share-basedcompensation591,975914,511129,4401,090,6071,723,884244,000Add:Interestexpenserelatedtoconvertiblebonds’amortizationtofacevalue-146,44520,728-286,75740,588Less:Gainfromfairvaluechangeoflong-terminvestments-(238,848)(33,807)-(238,848)(33,807)Non-GAAPnetlossattributabletoordinaryshareholders(411,275)(77,241)(10,934)(1,790,351)(3,246,885)(459,566)Weighted-averagenumberofordinarysharesoutstanding-basicanddiluted(inthousands)4,649,4294,781,2434,781,2434,604,4724,715,6774,715,677Basicanddilutedlossperordinaryshare(0.22)(0.19)(0.03)(0.63)(1.06)(0.15)Add:Non-GAAPadjustmentstolossperordinaryshare0.130.170.030.240.370.05Non-GAAPbasicanddilutedlossperordinaryshare(0.09)(0.02)(0.00)(0.39)(0.69)(0.10)Non-GAAPbasicanddilutedlossperADS(0.36)(0.06)(0.01)(1.56)(2.75)(0.39)