PDD released the financial report for the first quarter of 2021.
According to the financial report, as of March 31, 2021, Pinduoduo's annual active buyers reached 823.8 million, a net increase of 195.7 million over the same period of the previous year, leading China's other domestic e-commerce platforms for the second consecutive quarter.
In terms of revenue, Pinduoduo’s revenue in the first quarter was 22.167 billion yuan, a year-on-year increase of 239% from 6.541 billion yuan in the same period last year.
Under non-general accounting standards, the platform’s net loss attributable to ordinary shareholders in the first quarter was RMB 1,890.3 billion, compared with a net loss of RMB 3.169 billion in the same period last year, and the net loss was significantly narrowed.
PDD officially enters a new era of 800 million users
The financial report shows that as of March 31, 2021, the number of active buyers on the Pinduoduo platform reached 823.8 million, officially entering a new era of 800 million users at a record speed, further achieving the goal of serving the largest number of users in China.
In the last quarter, Pinduoduo's user scale reached 788 million, making it the first e-commerce platform with the largest user scale in China. On this basis, Pinduoduo still maintained a user growth rate of more than 30% year-on-year in this quarter and continued to expand its lead.
In the context of the continuous recovery of China’s domestic consumer market, in the first quarter of 2021, the average monthly active users of Pinduoduo’s APP reached 724.6 million, compared with 487.4 million in the same period last year, an increase of 49% year-on-year, and the indicator of annual buyers continued to grow.
From 78% in the first quarter of 2020 to 88% in the first quarter of 2021, the scale and stickiness of users have maintained rapid growth.
More and more global first-tier brands choose to settle in Pinduoduo.
In the last quarter, the number of merchants on the Pinduoduo platform totaled more than 8.6 million, and this quarter continued to maintain rapid growth.
Pinduoduo’s "10 billion subsidies" brand flagship stores increased by more than 10 times year on year.
Among them, brands such as digital home appliances, beauty, and clothing increased the most, and only small household appliances brand flagship stores increased by more than 600.
With the strong support of ecosystem partners such as platform merchants, brand owners, and service providers, the number of active users of Pinduoduo’s “10 Billion Subsidy” channel has exceeded 100 million, and more than 10 million people buy orders every day, effectively satisfying the majority of China’s The needs of users for a better life.
"As our scale continues to grow, we are more capable and more responsible for fulfilling the mission of inclusiveness," said Chen Lei, chairman, and chief executive officer of Pinduoduo.
Pinduoduo Future is a platform that can promote the transaction of goods and services and a channel to transform innovation into solutions to daily problems.
Revenue in the first quarter increased by 239% year-on-year, increasing investment in agricultural infrastructure.
The financial report shows that in the first quarter of 2021, Pinduoduo achieved revenue of 22.167 billion yuan, a year-on-year increase of 239%, which was significantly higher than market expectations.
Analysts predict Pinduoduo's revenue in the first quarter will be 20.4 billion yuan.
Pinduoduo's revenue growth was mainly due to the strong growth of online marketing technology service revenue. In the first quarter, platform online marketing technology service revenue was 14.11115 billion yuan, a year-on-year increase of 157%, and merchandise sales revenue was 5.124 billion yuan.
Pinduoduo continued to increase subsidies and coverage for high-quality goods this quarter to meet the diverse needs of users. In the first quarter, the platform's sales and marketing expenses were 12.997 trillion yuan, an increase of 78% from 7.296.6 billion yuan in the same period last year.
As of March 31, 2021, Pinduoduo's cash and cash equivalents and short-term investments amounted to 83.4 billion yuan. Driven by strong revenue, the operating loss and net loss for the quarter narrowed at the same time.
The financial report shows that the net loss attributable to ordinary shareholders under non-general accounting standards was 1.890.3 billion yuan, which was significantly narrower than the net loss of 3.169 billion yuan in the same period last year.
As China's largest agricultural product uplink platform, Pinduoduo continued to build an agricultural product infrastructure platform this quarter.
In the field of agricultural scientific research, Pinduoduo has also successively carried out in-depth cooperation with many top scientific research institutions, academicians, and experts at home and abroad, and continued to invest in scientific planting, agricultural robots, smart agriculture, future food, and other fields.
It is understood that Pinduoduo has just joined with Singapore Institute of Food and Biotechnology Innovation to conduct pioneering research on new plant-based meat.
Before this, Pinduoduo also launched a scientific research project based on pesticide residue testing to explore food safety issues in depth.
"Pinduoduo is working towards its goal of becoming the world's largest agricultural and daily necessities platform," said Pinduoduo's chairman and chief executive officer.
In the next five years, Pinduoduo will continue to cooperate with local governments and agricultural institutions to increase technical training for farmers, use technology to empower agricultural production, and promote rural revitalization.
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