2024-11-21 PDD Holdings Inc. (PDD) Q3 2024 Earnings Call Transcript

PDD Holdings Inc. (NASDAQ:PDD) Q3 2024 Earnings Conference Call November 21, 2024 7:30 AM ET

PDD Holdings Inc. (纳斯达克:PDD) 2024 年第三季度收益电话会议 2024 年 11 月 21 日上午 7:30 ET

Company Participants 公司参与者

Lei Chen - Chairman & Co-Chief Executive Officer

雷晨 - 董事长兼联席首席执行官

Jiazhen Zhao - Executive Director & Co-Chief Executive Officer

赵家珍 - 执行董事兼联席首席执行官

Jun Liu - Vice President, Finance

刘军 - 副总裁，财务

Conference Call Participants

电话会议参与者

Kenneth Fong - UBS

Charlene Liu - HSBC Charlene Liu - 汇丰银行

Joyce Ju - Bank of America

乔伊斯·朱 - 美国银行

Operator 操作员

Ladies and gentlemen, thank you for standing by, and welcome to PDD Holdings Inc. Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

女士们，先生们，感谢您的耐心等待，欢迎参加 PDD Holdings Inc. 2024 年第三季度收益电话会议。目前，所有参与者都处于只听模式。会议将包括演示文稿，随后是问答环节。[操作员说明] 请注意，今天的会议正在录音。

I would now like to hand the conference over to your host today. Sir, please begin.

现在我想把会议交给今天的主持人。先生，请开始。

Unidentified Company Representative

未确认的公司代表

Thank you, operator. Hello, everyone, and thank you for joining us today. PDD Holdings earnings release was distributed earlier and is available on our website at investor.pddholdings.com as well as through the GlobeNewswire services.

谢谢，接线员。大家好，感谢大家今天加入我们。PDD Holdings 的收益报告已于早些时候发布，可以在我们的网站 investor.pddholdings.com 以及通过 GlobeNewswire 服务获取。

Before we begin, I would like to refer you to our safe harbor statement in earnings press release, which applies to this call as we will make certain forward-looking statements. Also, this call includes discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to GAAP measures.

在我们开始之前，我想请您参考我们在收益新闻稿中的安全港声明，该声明适用于此次电话会议，因为我们将作出某些前瞻性声明。此外，此次电话会议包括对某些非 GAAP 财务指标的讨论。请参阅我们的收益新闻稿，其中包含非 GAAP 指标与 GAAP 指标的对账。

Joining us today on the call are Mr. Chen, Lei, our Chairman and Co-Chief Executive Officer;

今天参加电话会议的有我们的主席兼联席首席执行官陈磊先生；

Mr. Zhao Jiazhen, our Executive Director and Co-Chief Executive Officer; as well as Mr. Liu Jun, our VP of Finance. Lei and Jiazhen will make some general remarks on our performance for the past quarter and our strategic focus. Jun will then walk us through our financial results for the third quarter ended September 30, 2024. During the Q&A session, Lei and Jiazhen will answer questions in Chinese, and we'll help translate. Please kindly note that the English translation is for reference only. In case of any discrepancy, statements in the original language should prevail.

赵家珍先生，我们的执行董事兼联席首席执行官；以及我们的财务副总裁刘军先生。雷和家珍将对我们上个季度的表现和战略重点做一些总体评论。然后，军将带我们了解截至 2024 年 9 月 30 日的第三季度财务业绩。在问答环节，雷和家珍将用中文回答问题，我们会协助翻译。请注意，英文翻译仅供参考。如有任何不符，应以原文为准。

Now, it's my pleasure to introduce our Chairman and Co-Chief Executive Officer, Mr. Chen Lei. Lei, please go ahead.

现在，我很高兴介绍我们的主席兼联席首席执行官，陈磊先生。磊，请开始。

Lei Chen

Thank you. Hello, everyone. Thank you all for joining our earnings call for the third quarter of 2024.

谢谢。大家好。感谢大家参加我们 2024 年第三季度的财报电话会议。

In the third quarter, we stepped up our efforts in execution of high-quality development strategy and invested firmly in building a healthy platform ecosystem. We rolled out several initiatives that extended our ecosystem upgrade to the whole supply chain, such as RMB10 billion fee reduction program and a high-quality merchant support program. This effort brought cost saving and efficiency gains to over 10 million merchants, and during the process, encouraged the agricultural regions and industrial belts that we serve to embark a new phase of high-quality development.

在第三季度，我们加大了高质量发展战略的执行力度，坚定地投资于建设健康的平台生态系统。我们推出了多项举措，将生态系统升级扩展到整个供应链，例如人民币 100 亿元的费用减免计划和高质量商家支持计划。这一努力为超过 1000 万商家带来了成本节约和效率提升，并在此过程中，鼓励我们服务的农业地区和产业带进入高质量发展的新阶段。

This past quarter, we delivered robust results with revenues and net income reaching RMB99.4 billion and RMB25 billion, respectively. When compared to last quarter, we have seen a moderation in revenue growth and profits have also trended lower. This was partially due to intensified competition in the e-commerce sector and the various challenges faced by our business. At the same time, as noted last quarter, our investments in ecosystem development are expected to impact short-term financial results, and this is within our expectation.

在过去的一个季度中，我们取得了强劲的业绩，收入和净利润分别达到人民币 994 亿元和人民币 250 亿元。与上个季度相比，我们看到收入增长有所放缓，利润也有所下降。这部分是由于电子商务领域竞争加剧以及我们业务面临的各种挑战。同时，正如上个季度所指出的，我们在生态系统发展方面的投资预计会影响短期财务业绩，这在我们的预期之内。

坚决不出风头，但有些表演的成分，理论上还有其他的办法。

Beyond the financial results, we placed greater value on our long-term benefits of ecosystem investments. Over the past quarter, our initiatives in fee reductions and merchant support policies have received positive feedback from merchants, manufacturers, as well as from the consumers. In mid-August, we first launched the RMB10 billion fee reduction program, which included several measures, such as service fee refunds, fee reduction for buy now pay later services, lower security deposit and an easier fund withdrawal process. In addition, we also upgraded aftersales service support for merchants, which brings further cost savings while improving service quality. These efforts injected fresh energy into our ecosystem and created opportunities for growth and transformation that benefits both our merchants and industry [they serve] (ph).

除了财务业绩之外，我们更加重视生态系统投资的长期收益。在过去的一个季度中，我们在降低费用和商户支持政策方面的举措得到了商户、制造商以及消费者的积极反馈。8 月中旬，我们首次推出了人民币 100 亿元的费用减免计划，其中包括服务费退款、先买后付服务的费用减免、降低保证金以及简化资金提取流程等多项措施。此外，我们还升级了商户的售后服务支持，这在提高服务质量的同时进一步节省了成本。这些努力为我们的生态系统注入了新的活力，并创造了增长和转型的机会，使我们的商户和他们所服务的行业受益。

As a first among the e-commerce platform, we also adopted the logistic support vendors to promote e-commerce services in remote regions across Western China. Last quarter, we eliminated the transhipment fees for orders to these regions with all such costs covered by the platform. This innovation marked a first upgrade to our fulfillment experience that builds on our earlier initiatives that provide free shipping to some villages in Western China. Programs like this not only benefit local consumers, but also enable merchants to enter these underserved markets, which further strengthens the economic link between different regions.

作为首个电子商务平台，我们还采用了物流支持供应商，以促进中国西部偏远地区的电子商务服务。上个季度，我们取消了这些地区订单的中转费用，所有此类费用由平台承担。这一创新标志着我们履行体验的首次升级，建立在我们早期为中国西部一些村庄提供免费送货的举措之上。这样的项目不仅惠及当地消费者，还使商家能够进入这些服务不足的市场，从而进一步加强不同地区之间的经济联系。

In addition to fee reductions, we also launched the high-quality merchant support program, which aims to empower merchants and brands that demonstrates strong product and technology innovation capabilities. Leveraging our digital capabilities, we offer comprehensive support in product development, marketing, operation and supply chain management. The examples set by these quality merchants and brands also served as a driving force behind the growth and transformation of agricultural production regions and industrial belts in the future.

除了降低费用外，我们还推出了高质量商户支持计划，旨在赋能那些展现出强大产品和技术创新能力的商户和品牌。利用我们的数字化能力，我们在产品开发、营销、运营和供应链管理方面提供全面支持。这些优质商户和品牌树立的榜样也成为未来农业生产地区和产业带增长和转型的推动力。

At the moment, the RMB10 billion fee reduction program covers all product categories on our platform with over RMB10 billion in fee reductions planned for the coming year. The logistic support measures continue to benefit consumers from remote areas, driving significant order volume growth from these regions compared to the last quarter. Meanwhile, the high-quality merchant support program has already implemented in dozens of agriculture regions and industrial zones in reaching the platform supply chain for high-quality products.

目前，人民币 100 亿元的费用减免计划涵盖了我们平台上的所有产品类别，计划在来年减少超过人民币 100 亿元的费用。物流支持措施继续使偏远地区的消费者受益，与上一季度相比，这些地区的订单量显著增长。同时，高质量商家支持计划已在数十个农业地区和工业区实施，以达到平台供应链的高质量产品。

On demand side, consumers are experiencing a shift in their preferences with greater focus on quality and personalization. This has posed new demands on supply chain innovation. At the same time, our initiatives in fee reductions and merchant support policies are encouraging more merchants to innovate, which enables them to better meet the consumers' demand for more quality products, thereby creating a positive cycle. This reaffirms our commitment to make investments that drive impactful results over the long run. We will continue to firmly execute our high-quality development strategy and to nurture a healthy platform and supply chain ecosystem, which brings sustained benefits to consumers, merchants and the manufacturers.

在需求方面，消费者的偏好正在发生变化，更加注重质量和个性化。这对供应链创新提出了新的要求。同时，我们的降费和商户支持政策正在鼓励更多商户进行创新，使他们能够更好地满足消费者对更高质量产品的需求，从而形成一个良性循环。这重申了我们对长期推动有影响力结果的投资承诺。我们将继续坚定执行高质量发展战略，培育健康的平台和供应链生态系统，为消费者、商户和制造商带来持续的利益。

As a platform rooted in agriculture, we continue to make our own contributions in this field with a particular focus on advancing research and technology innovation. On September 20, we hosted the final round of fourth Smart Agriculture Competition, where six finalist teams explored cutting-edge technologies in agriculture digitalization and experimented with real-world applications. On September 26, we hosted a Global AgriInno Challenge 2024 in collaboration with leading research institutes. Dozens of young entrepreneurs from around the world represented innovative digital solutions to tackle agriculture challenges faced by farmers around the world.

作为一个植根于农业的平台，我们继续在这一领域做出自己的贡献，特别是专注于推进研究和技术创新。9 月 20 日，我们举办了第四届智慧农业大赛的决赛，六支入围队伍探索了农业数字化的前沿技术，并进行了实际应用的实验。9 月 26 日，我们与领先的研究机构合作举办了 2024 全球农业创新挑战赛。来自世界各地的数十位年轻企业家展示了创新的数字解决方案，以应对全球农民面临的农业挑战。

As mentioned last quarter, as a global company in a new era, we are committed to driving innovation and adapting to change. We are also prepared to do more to give back to the society, to support agriculture and other industry sectors, and to take on greater social responsibilities in the region across the globe.

正如上个季度所提到的，作为新时代的全球公司，我们致力于推动创新和适应变化。我们也准备做更多的事情来回馈社会，支持农业和其他行业部门，并在全球范围内承担更大的社会责任。

整篇都在讲农业，感觉是个农业公司，已经走在“又红又专”的大路上。

And now, I will hand it over to our Co-CEO, Zhao Jiazhen, to talk in more details about our development plan.

现在，我将把话筒交给我们的联席首席执行官赵家珍，让她详细谈谈我们的发展计划。

Jiazhen Zhao 赵家珍

[Foreign Language] [外语]

[Interpreted] Thank you, Lei. Hello, everyone. This is Zhao Jiazhen. Thank you all for joining our earnings call for the third quarter of 2024.

谢谢，雷。大家好。我是赵家珍。感谢大家参加我们 2024 年第三季度的财报电话会议。

[Foreign Language] [外语]

[Interpreted] In the third quarter, thanks to the steady recovery of macro consumption, our business performance remained robust. As we continue to firmly execute our high-quality development strategy, as Lei just mentioned, we have been actively optimizing the platform ecosystem. This includes a series of fee reductions and initiatives to support our merchants, all aimed to ensuring benefits for both the supply and demand side. Let me now take a moment to share some of our efforts in supporting merchants.

[解读] 在第三季度，由于宏观消费的稳步复苏，我们的业务表现依然强劲。正如雷刚才提到的，我们继续坚定执行高质量发展战略，积极优化平台生态系统。这包括一系列的降费措施和支持商家的举措，旨在确保供需双方的利益。现在让我花点时间分享我们在支持商家方面的一些努力。

[Foreign Language] [外语]

[Interpreted] As we discussed last quarter, our investment in platform ecosystem focused on two key areas. First, we have reduced transaction fees for high-quality merchants. On the other hand, we have committed billions of resources to empower merchants in emerging industrial clusters with strong product and technology innovation capabilities.

正如我们在上个季度讨论的那样，我们对平台生态系统的投资集中在两个关键领域。首先，我们降低了优质商家的交易费用。另一方面，我们投入了数十亿资源，以赋能具有强大产品和技术创新能力的新兴产业集群中的商家。

[Foreign Language] [外语]

[Interpreted] In the third quarter, our RMB10 billion fee reduction program introduced a series of measures which played a key role in helping merchants lower costs and improve efficiency through substantial fee reductions and refunds. Many merchants, especially agriculture and national goods, saved hundreds of thousands RMB a year, largely reducing their operating costs. This allows them to free up more resources for product development and technology upgrades, driving the industry towards a new phase of high-quality growth.

在第三季度，我们的人民币 100 亿元减费计划推出了一系列措施，通过大幅减费和退款在帮助商家降低成本和提高效率方面发挥了关键作用。许多商家，尤其是农业和国货，每年节省了数十万人民币，大大降低了运营成本。这使他们能够腾出更多资源用于产品开发和技术升级，推动行业迈向高质量增长的新阶段。

[Foreign Language] [外语]

[Interpreted] Additionally, we have enhanced aftersales service system for merchants. We introduced a green channel alongside a dedicated aftersales service team to fully support merchants with abnormal orders, complaints and customer dissatisfaction. Once the merchants appeal is approved, the platform compensates for the relevant orders. This improves not only the merchants' experience, but also the overall business environment on the platform.

此外，我们为商家增强了售后服务系统。我们引入了绿色通道以及专门的售后服务团队，以全面支持商家处理异常订单、投诉和客户不满。一旦商家的申诉获得批准，平台将对相关订单进行赔偿。这不仅改善了商家的体验，也改善了平台上的整体商业环境。

[Foreign Language] [外语]

[Interpreted] As part of our logistics support initiative, we cover all transhipment fees across Western China. This substantially reduces delivery cost for orders in these regions. For categories like agricultural products and daily essentials, delivery fees were cut by up to 70%, greatly encouraging merchants to enter these markets. Quality products from across the country are now reaching Western China, promoting further infrastructure development in e-commerce and logistics. It also opens new opportunities for the region's abundant resources to access national markets.

作为我们物流支持计划的一部分，我们承担整个中国西部的所有转运费用。这大大降低了这些地区订单的配送成本。对于农产品和日常必需品等类别，配送费用最多减少了 70%，极大地鼓励了商家进入这些市场。来自全国的优质产品现在正在进入中国西部，促进了电子商务和物流的基础设施进一步发展。这也为该地区丰富的资源进入全国市场开辟了新的机会。

[Foreign Language] [外语]

[Interpreted] Following our RMB10 billion fee reduction program, we also launched the high-quality merchant support program. For example, during the Harvest Festival in early September, we have allocated RMB1 billion in subsidies and RMB2 billion in online traffic resources to support high-quality agricultural merchants from various regions. This effort helped seasonal agricultural products reach urban markets, boosting yields and income in agricultural communities.

[解读] 在我们实施人民币 100 亿元的费用减免计划后，我们还启动了高质量商户支持计划。例如，在九月初的丰收节期间，我们已拨出人民币 10 亿元的补贴和人民币 20 亿元的在线流量资源，以支持来自各地区的高质量农业商户。这一举措帮助季节性农产品进入城市市场，提升了农业社区的产量和收入。

[Foreign Language] [外语]

[Interpreted] Beyond agricultural regions, the high-quality merchant support program also extended towards to other industrial communities. Leveraging the platform's digital capabilities, we're collaborating with manufacturers to explore full supply chain models. This helps them advance manufacturing process, strengthen brand recognition and drive industries toward high-quality developments.

[解释] 除了农业地区，高质量商户支持计划还扩展到其他工业社区。利用平台的数字能力，我们与制造商合作探索完整的供应链模式。这有助于他们改进制造工艺，加强品牌认知度，并推动行业向高质量发展。

[Foreign Language] [外语]

[Interpreted] In the recently concluded Double 11 Shopping Festival, our RMB10 billion program partnered with numerous national brands to launch customized high-quality products. This initiative led to impressive growth with sales of national brands both new and established rising more than 10-fold quarter-on-quarter. In the coming quarters, we will further broaden our support for high-quality merchants, covering more agricultural and industrial regions to drive industry transformation and advancement.

[解读] 在最近结束的双十一购物节中，我们的人民币 100 亿元计划与众多国货品牌合作，推出定制的高品质产品。此举带来了令人瞩目的增长，新老国货品牌的销售额环比增长超过十倍。在接下来的季度中，我们将进一步扩大对高质量商家的支持，覆盖更多农业和工业地区，以推动行业转型和进步。

[Foreign Language] [外语]

[Interpreted] Our firm investments on the supply side has enabled us to provide consumers with a more diverse selection of high-quality products, allowing their evolving preferences. In response to shifting consumption trends, we have expanded offerings of new smartphones, top brand cosmetics and healthy food to users in first- and second-tier cities, addressing the personalized demands of urban professionals and younger generations. For those in third- and fourth-tier cities in rural areas, we have focused on offering more premium home appliances, maternity and baby products and fresh produce, driving a wave of consumption upgrades.

我们公司在供应方面的投资使我们能够为消费者提供更多样化的高质量产品选择，以满足他们不断变化的偏好。为了应对消费趋势的变化，我们扩大了新款智能手机、顶级品牌化妆品和健康食品的供应，满足一、二线城市用户的个性化需求，尤其是城市专业人士和年轻一代。对于三、四线城市的农村地区，我们专注于提供更多高端家电、母婴产品和新鲜农产品，推动消费升级浪潮。

[Foreign Language] [外语]

[Interpreted] As Lei noted, over the next few quarters, we will stay committed to our high-quality development strategy. We will carry on with the fee reductions and the merchant support initiatives, further enhance our ecosystem and keep improving our capabilities to navigate the challenges ahead.

正如雷所指出的，在接下来的几个季度中，我们将继续致力于高质量发展战略。我们将继续进行费用减免和商户支持计划，进一步增强我们的生态系统，并不断提高我们的能力，以应对未来的挑战。

[Foreign Language] [外语]

[Interpreted] Next, I will hand over to Jun. She will provide an update on our financial performance for third quarter.

接下来，我将把时间交给 Jun。她将提供我们第三季度财务表现的最新情况。

Jun Liu

Thank you, Jiazhen. Hello, everyone. Let me walk you through our financial performance for the third quarter ended September 30, 2024.

谢谢，家珍。大家好。让我带您了解我们截至 2024 年 9 月 30 日的第三季度财务表现。

In terms of income statements, in the third quarter, our total revenues increased 44% year-over-year to RMB99.4 billion. This was mainly driven by an increase in revenues from online marketing services and transaction services. Revenues from online marketing services and others were RMB49.4 billion this quarter, up 24% from the same quarter of 2023. Revenues from transaction services were RMB50 billion, up 72% from the same quarter last year. In Q3, our top-line growth has further moderated in comparison to the last few quarters amid intensified competition and external challenges.

就收入报表而言，第三季度我们的总收入同比增长 44%至 994 亿元人民币。这主要是由于在线营销服务和交易服务收入的增加。本季度在线营销服务及其他收入为 494 亿元人民币，比 2023 年同期增长 24%。交易服务收入为 500 亿元人民币，比去年同期增长 72%。在第三季度，由于竞争加剧和外部挑战，我们的总收入增长相比过去几个季度进一步放缓。

Moving on to costs and expenses. Our total cost of revenues increased 48% from RMB26.8 billion in Q3 2023 to RMB39.7 billion this quarter, mainly due to increase in fulfillment fees and payment processing fees. On a GAAP basis, total operating expenses this quarter increased 39% to RMB35.4 billion from RMB25.4 billion in same quarter of 2023. On a non-GAAP basis, total operating expenses increased to RMB32.9 billion this quarter from RMB23.9 billion. In Q3, we further increased our investment to promote high-quality development of a sustainable platform ecosystem. Our total non-GAAP operating expenses as a percentage of total revenues this quarter was 33% compared to 35% in the same quarter last year.

接下来是成本和费用。我们的总收入成本从 2023 年第三季度的人民币 268 亿元增加 48%至本季度的人民币 397 亿元，主要是由于履约费用和支付处理费用的增加。在 GAAP 基础上，本季度的总运营费用从 2023 年同季度的人民币 254 亿元增加 39%至人民币 354 亿元。在非 GAAP 基础上，总运营费用从人民币 239 亿元增加至本季度的人民币 329 亿元。在第三季度，我们进一步增加了投资，以促进可持续平台生态系统的高质量发展。本季度我们的非 GAAP 总运营费用占总收入的百分比为 33%，而去年同期为 35%。

Looking into specific expense items. Our non-GAAP sales and marketing expenses this quarter were RMB29.8 billion, up 40% versus the same quarter last year. Throughout Q3, we remained focused on giving back to consumers [throughout] (ph) promotional campaigns and continue to invest in marketing to promote our platforms. On a non-GAAP basis, our sales and marketing expenses as a percentage of our revenues this quarter was 30% versus 31% for the same quarter last year. Our non-GAAP general and administrative expenses were RMB647 million versus RMB403 million in the same quarter of 2023. Our research and development expenses were RMB2.4 billion this quarter on a GAAP -- non-GAAP basis, up 10% year-over-year, and RMB3.1 billion on a GAAP basis. Our R&D expenses reached a new high this quarter, reflecting our focus on strengthening the core technology capabilities of our platform. As a foundation for our supply chain innovation and the trustworthy shopping environment, we are committed to further increasing our investment in R&D.

查看具体费用项目。本季度我们的非 GAAP 销售和营销费用为人民币 298 亿元，同比增长 40%。在整个第三季度，我们始终专注于通过促销活动回馈消费者，并继续投资于营销以推广我们的平台。在非 GAAP 基础上，本季度我们的销售和营销费用占收入的比例为 30%，而去年同期为 31%。我们的非 GAAP 一般和行政费用为人民币 6.47 亿元，而 2023 年同期为人民币 4.03 亿元。本季度我们的研发费用在 GAAP 和非 GAAP 基础上为人民币 24 亿元，同比增长 10%，在 GAAP 基础上为人民币 31 亿元。本季度我们的研发费用达到新高，反映了我们专注于加强平台核心技术能力。作为我们供应链创新和可信购物环境的基础，我们致力于进一步增加对研发的投资。

On a GAAP basis, operating profit for the quarter was RMB24.3 billion versus RMB16.7 billion in the same quarter last year. Non-GAAP operating profit was RMB26.8 billion versus RMB18.1 billion in the same quarter last year. Non-GAAP operating profit margin was 27% this quarter compared with 26% for the same quarter last year.

根据 GAAP，本季度的营业利润为人民币 243 亿元，而去年同期为人民币 167 亿元。非 GAAP 营业利润为人民币 268 亿元，而去年同期为人民币 181 亿元。本季度非 GAAP 营业利润率为 27%，而去年同期为 26%。

Net income attributable to ordinary shareholders was RMB25 billion for the quarter compared to RMB15.5 billion in the same quarter last year. Basic earnings per ADS was RMB18.02 and diluted earnings per ADS was RMB16.91 versus basic earnings per ADS of RMB11.38 and diluted earnings per ADS of RMB10.60 in the same quarter of 2023. Non-GAAP net income attributable to ordinary shareholders was RMB27.5 billion versus RMB17 billion in the same quarter last year. Non-GAAP diluted earnings per ADS was RMB18.59 versus RMB11.61 in the same quarter of 2023.

本季度归属于普通股股东的净利润为人民币 250 亿元，而去年同期为人民币 155 亿元。每股 ADS 基本收益为人民币 18.02 元，每股 ADS 摊薄收益为人民币 16.91 元，而 2023 年同期每股 ADS 基本收益为人民币 11.38 元，每股 ADS 摊薄收益为人民币 10.60 元。非 GAAP 归属于普通股股东的净利润为人民币 275 亿元，而去年同期为人民币 170 亿元。非 GAAP 每股 ADS 摊薄收益为人民币 18.59 元，而 2023 年同期为人民币 11.61 元。

As noted last quarter, our profitability may gradually trend lower over the long run as we continue to invest to support high-quality merchants and promote a sustainable platform ecosystem. Moving forward, we will remain committed to long-term investment to build a healthy platform ecosystem, bringing sustained benefits to consumers, merchants and other ecosystem partners.

正如上个季度所指出的，随着我们继续投资以支持高质量商家并促进可持续的平台生态系统，我们的盈利能力可能在长期内逐渐下降。展望未来，我们将继续致力于长期投资，以建立一个健康的平台生态系统，为消费者、商家和其他生态系统合作伙伴带来持续的利益。

敢这么说，敢一直强调至少不担心说坏了。

That completes the income statement. Now, let me move on to cash flow. Our net cash generated from operating activities was RMB27.5 billion compared with RMB32.5 billion in the same quarter last year. As of September 30, 2024, we have RMB308.5 billion in cash, cash equivalents and short-term investments.

这就完成了损益表。现在，让我转到现金流。我们来自经营活动的净现金流为 275 亿元人民币，而去年同期为 325 亿元人民币。截至 2024 年 9 月 30 日，我们拥有 3085 亿元人民币的现金、现金等价物和短期投资。

Thank you. This concludes my prepared remarks.

谢谢。这就是我准备的发言。

Unidentified Company Representative

未确认的公司代表

Thank you, Jun. Next, we will move on to the Q&A session. In today's Q&A session, Lei, Jiazhen and Jun will take questions from analysts on the line. We could take a maximum of two questions from each analyst. Lei and Jiazhen will answer questions in Chinese, and we'll help translate for convenience purpose.

谢谢，Jun。接下来，我们将进入问答环节。在今天的问答环节中，Lei、Jiazhen 和 Jun 将回答在线分析师的问题。我们每位分析师最多可以提两个问题。Lei 和 Jiazhen 将用中文回答问题，我们会协助翻译以方便交流。

Operator, we are now open for questions.

操作员，我们现在开始接受提问。

Question-and-Answer Session

问答环节

Operator 操作员

Thank you. We will now begin the question-and-answer session. [Operator Instructions] And our first question will come from Kenneth Fong with UBS. Please go ahead.

谢谢。我们现在开始问答环节。[操作员说明] 我们的第一个问题来自瑞银的 Kenneth Fong。请开始。

Kenneth Fong

[Foreign Language] [外语]

Last quarter, management placed great emphasis on your commitment to invest in the merchant ecosystem and we have also seen the company implementing a series of merchant support initiatives since then. Can management share the current progress of this initiative and elaborate on the plans moving forward?

上个季度，管理层非常重视您对投资商户生态系统的承诺，我们也看到公司自那时以来实施了一系列商户支持举措。管理层能否分享这一举措的当前进展，并详细说明未来的计划？

And my second question is, we are seeing that the company is still actively exploring new markets in this global business, but at the same time, we also noted that external environment is evolving and we are hearing different views on the business from external stakeholder. Could management share your thoughts on this and also provide an update on the future plans for the global business? Thank you.

我的第二个问题是，我们看到公司在这个全球业务中仍在积极开拓新市场，但同时我们也注意到外部环境在变化，并且我们听到了外部利益相关者对业务的不同看法。管理层能否分享你们对此的看法，并提供关于全球业务未来计划的最新信息？谢谢。

Jiazhen Zhao 赵家珍

[Foreign Language] [外语]

[Interpreted] Hi. This is Zhao Jiazhen. Let me take your question on our merchant support initiative.

你好。我是赵家珍。让我来回答您关于我们商户支持计划的问题。

[Foreign Language] [外语]

[Interpreted] As we have always emphasized, it's crucial for us along with all our ecosystem partners to collaborate closely in creating value for consumers. Merchants, as essential partners in serving consumers, are vital in this effort. The healthy and sustainable merchant ecosystem is, therefore, fundamental to our health -- quality development.

正如我们一直强调的那样，与我们所有的生态系统合作伙伴密切合作，为消费者创造价值是至关重要的。商家作为服务消费者的重要合作伙伴，在这一努力中至关重要。因此，健康和可持续的商家生态系统对我们的健康——优质发展至关重要。

[Foreign Language] [外语]

[Interpreted] To this end, we have made substantial investments in the merchant ecosystem this quarter, giving strong support to high-quality merchants through the RMB10 billion fee reduction program. As just mentioned, we have implemented several policies, including service fee refunds, lower security deposits, weaving transhipment fees for orders from remote regions and enhancing after sales support for merchants.

为此，我们在本季度对商家生态系统进行了大量投资，通过人民币 100 亿元的费用减免计划大力支持优质商家。正如刚才提到的，我们实施了多项政策，包括服务费退款、降低保证金、免除偏远地区订单的中转费用，并加强对商家的售后支持。

[Foreign Language] [外语]

[Interpreted] We aim to guide high-quality merchants towards sustainable growth through consistent implementation of this policy over the long term. For instance, the fee reduction efforts such as service fee refunds and deposit reductions not only lower merchants' operational cost, but also improve their efficiency. This in turn empowers merchants to invest more in improving their products and services over time.

[解释] 我们的目标是通过长期持续实施这一政策，引导高质量商家实现可持续增长。例如，服务费退款和押金减少等费用减免措施不仅降低了商家的运营成本，还提高了他们的效率。这反过来又使商家能够随着时间的推移更多地投资于改进他们的产品和服务。

[Foreign Language] [外语]

[Interpreted] In the third quarter, we also made substantial progress in logistics. With our logistics fee reduction policy, merchants are no longer charged for transhipment fees for all orders shipped to Western regions. This enables merchants to reach a broader customer base at lower cost. It also furthers our strategy to extend logistics services across Western China, encouraging the distribution of high-quality goods to their regions.

在第三季度，我们在物流方面也取得了实质性进展。通过我们的物流费用减免政策，商家不再需要为所有运往西部地区的订单支付中转费用。这使商家能够以更低的成本接触更广泛的客户群。这也促进了我们在中国西部扩展物流服务的战略，鼓励优质商品的分销到这些地区。

[Foreign Language] [外语]

[Interpreted] These policies have received notable positive feedback from merchants. Moving forward, we're committed to making more meaningful long-term investments in this direction. By fostering a stronger merchant ecosystem, we aim to establish a more robust supply chain and deliver better products and services to consumers together with our merchants.

这些政策得到了商家的显著积极反馈。展望未来，我们致力于在这一方向上进行更多有意义的长期投资。通过培育更强大的商家生态系统，我们旨在与商家共同建立更稳健的供应链，并向消费者提供更好的产品和服务。

Lei Chen

[Foreign Language] [外语]

[Interpreted] Hi, Kenny. This is Chen Lei. Let me take your question on the global business.

嗨，Kenny。我是陈雷。让我来回答你关于全球业务的问题。

[Foreign Language] [外语]

[Interpreted] Our goal in the global business has always been to deliver our unique value to consumers across the different countries. This commitment remains unchanged. To achieve this goal, we will continue to strengthen our capabilities, to improve our supply chain and upgrade our services.

我们的全球业务目标一直是将我们独特的价值传递给不同国家的消费者。这一承诺始终不变。为了实现这一目标，我们将继续加强我们的能力，改善供应链并升级我们的服务。

[Foreign Language] [外语]

[Interpreted] As our business continue to grow, consumers and external stakeholders have placed higher requirements on us. In response to these, we have always maintained a proactive and open attitude. And over the past few months, we are actively engaging with external stakeholders in the markets where we operate. We carefully listen to their feedback and suggestions, and we promptly incorporate their suggestions into our daily operations. And in this way, we were able to continuously enhance our service standards and compliance posture.

随着我们的业务不断增长，消费者和外部利益相关者对我们提出了更高的要求。对此，我们始终保持积极和开放的态度。在过去的几个月中，我们积极与我们运营市场的外部利益相关者进行互动。我们认真听取他们的反馈和建议，并及时将他们的建议纳入我们的日常运营。通过这种方式，我们能够不断提升我们的服务标准和合规态势。

[Foreign Language] [外语]

[Interpreted] At the moment, we are already seeing some initial results from these communication efforts and we are bringing our operations to higher standards in various markets. As our global business grows, we will continue to strengthen our capability in this regard to deliver high-quality services that meet the preferences and expectations of the consumers in each market.

目前，我们已经看到了这些沟通努力的一些初步成果，并且我们正在将我们的运营提升到各个市场的更高标准。随着我们的全球业务增长，我们将继续加强这方面的能力，以提供符合各市场消费者偏好和期望的高质量服务。

[Foreign Language] [外语]

[Interpreted] At the same time, as mentioned last quarter, the impact of the intensifying competition in the global market and the complex external environment combined will bring ups and downs to our business. This is inevitable. However, this will not deter us from exploring the way forward. Challenges from the outside and external expectations motivate us to continue to strengthen our capabilities to deliver a safer and better shopping experience for global consumers. Thank you.

同时，正如上个季度提到的，全球市场竞争加剧和复杂的外部环境的影响将给我们的业务带来起伏。这是不可避免的。然而，这不会阻止我们探索前进的道路。来自外部的挑战和外部的期望激励我们继续加强我们的能力，为全球消费者提供更安全和更好的购物体验。谢谢。

Kenneth Fong

[Foreign Language] [外语]

Unidentified Company Representative

未确认的公司代表

Operator, we can move on to the next analyst on the line.

操作员，我们可以接下一个在线分析师了。

Operator 操作员

The next question will come from Charlene Liu with HSBC. Please go ahead.

下一个问题将由汇丰银行的刘佳琳提问。请继续。

Charlene Liu

Thank you. 谢谢。

[Foreign Language] [外语]

From your prepared remarks and from public information, we noticed that the company recently paid a lot of attention to compliance and platform ecosystem. And we also saw some new initiatives being launched. Can management share with us some detailed measures you have taken and what goals you expect to achieve in this area going forward?

从您的准备发言和公开信息中，我们注意到公司最近非常关注合规性和平台生态系统。我们也看到了一些新的举措正在推出。管理层能否与我们分享一些您已采取的具体措施，以及您期望在这一领域未来实现的目标？

The second question is that we noticed that this quarter's profit and profitability saw slight decline Q-on-Q. Can management kindly share your thoughts on this? And how does this align with the trend discussed by the management on last quarter's earnings call? And looking ahead, how does management think about longer-term profitability trends? Thank you very much.

第二个问题是，我们注意到本季度的利润和盈利能力环比略有下降。管理层能否分享一下你们的看法？这与管理层在上季度财报电话会议上讨论的趋势如何一致？展望未来，管理层如何看待长期盈利趋势？非常感谢。

Jiazhen Zhao 赵家珍

[Foreign Language] [外语]

[Interpreted] Hi. This is Zhao Jiazhen. Let me take your question on compliance.

[口译] 你好。我是赵家珍。让我来回答你关于合规的问题。

[Foreign Language] [外语]

[Interpreted] Our business growth, coupled with regulatory trends in various markets, has placed higher demand on our compliance capabilities. We believe that providing a safe and reliable shopping environment is a duty of an e-commerce platform. Therefore, we see compliance and high-quality ecosystem as key components of our high-quality development strategy.

我们的业务增长，加上各个市场的监管趋势，对我们的合规能力提出了更高的要求。我们认为，提供一个安全可靠的购物环境是电商平台的责任。因此，我们将合规和高质量生态系统视为我们高质量发展战略的关键组成部分。

[Foreign Language] [外语]

[Interpreted] To this end, we have taken further steps to scale up the execution of a robust set of trust and safety initiatives, all designed to fortify our compliance systems.

为此，我们已采取进一步措施，扩大执行一套强有力的信任和安全计划，所有这些计划旨在加强我们的合规系统。

[Foreign Language] [外语]

[Interpreted] In terms of compliance management, we invested heavily in building a strong expert compliance team to closely track regulatory changes and industry trends across our markets. This allows us to translate insights into actionable compliance guidance. At the same time, we have developed comprehensive educational materials for our merchants to enhance their compliance capabilities and foster the high-quality development of the supply chain.

在合规管理方面，我们大力投资建立了一支强大的专家合规团队，以密切跟踪我们市场的监管变化和行业趋势。这使我们能够将洞察转化为可操作的合规指导。同时，我们为商家开发了全面的教育材料，以提高他们的合规能力，并促进供应链的高质量发展。

[Foreign Language] [外语]

[Interpreted] Leveraging technology, we have further streamlined our merchant onboarding and product listing processes. We have invested substantial resources to proactive product quality checks and combining technology and menu screening to properly detect and address potential productivity risks. At the same time, we work closely with external stakeholders to meet their requirements, striving to set industry-leading compliance standards.

利用技术，我们进一步简化了商户入驻和产品上架流程。我们投入了大量资源进行主动的产品质量检查，并结合技术和菜单筛选来正确检测和解决潜在的生产力风险。同时，我们与外部利益相关者密切合作，以满足他们的要求，努力制定行业领先的合规标准。

[Foreign Language] [外语]

[Interpreted] Through this investment in compliance and our support for high-quality merchants, we aim to achieve further upgrades in the supply chain. By removing bad actors and empowering top merchants, we are fostering a healthier and more sustainable merchant ecosystem. These efforts will ultimately lead to more valuable products and services for our consumers. Thank you.

通过对合规的投资和对高质量商家的支持，我们旨在实现供应链的进一步升级。通过清除不良行为者并赋能顶级商家，我们正在培育一个更健康、更可持续的商家生态系统。这些努力最终将为我们的消费者带来更有价值的产品和服务。谢谢。

Jun Liu

Hi. This is Jun. Thanks for your question. I'll take your second question about the profitability. Well, last quarter, we communicated that our revenue growth may see some moderation as a result of competition and external factors. And in addition, as we invest firmly to drive a healthy and sustainable platform ecosystem, our profitability may gradually trend lower in the long run.

你好。我是 Jun。感谢你的提问。我将回答你关于盈利能力的第二个问题。嗯，上一季度，我们表示由于竞争和外部因素，我们的收入增长可能会有所放缓。此外，随着我们坚定地投资以推动健康和可持续的平台生态系统，从长远来看，我们的盈利能力可能会逐渐下降。

Beyond the financials, we are already seeing good initial results from our investments in platform ecosystem. We are encouraged by the positive feedback from merchants on our merchant support initiative. We believe investment in the merchant ecosystem laid the foundation for the platform's healthy and sustainable development.

除了财务数据之外，我们已经看到了我们在平台生态系统投资的良好初步成果。商家对我们的商家支持计划的积极反馈让我们备受鼓舞。我们相信对商家生态系统的投资为平台的健康和可持续发展奠定了基础。

In the long run, these efforts will benefit the merchants, consumers, as well as the platform, creating more value to consumers by enabling supply chain upgrades. And I think this is a long journey. And moving forward, we will continue to explore more investment in this direction to drive impactful results. Thanks.

从长远来看，这些努力将使商家、消费者以及平台受益，通过实现供应链升级为消费者创造更多价值。我认为这是一段漫长的旅程。展望未来，我们将继续在这一方向上探索更多投资，以推动有影响力的结果。谢谢。

Unidentified Company Representative

未确认的公司代表

All right. Operator, let's move on to the next analyst on the line.

好的。接线员，让我们接通下一位分析师的电话。

Operator 操作员

The next question will come from Joyce Ju with Bank of America. Please go ahead.

下一个问题将由美国银行的 Joyce Ju 提出。请继续。

Joyce Ju

[Foreign Language] [外语]

I will translate myself. I have two questions. My first question is, can management share with us some new consumption trend that you have observed during this year's Double 11 Shopping Festival? How does management rate PDD's performance in this promotion? What are the new initiatives that [Duoduo] (ph) experimented during this event? And does management are satisfied with the results?

我会自己翻译。我有两个问题。我的第一个问题是，管理层能否与我们分享一些您在今年双十一购物节期间观察到的新消费趋势？管理层如何评价拼多多在此次促销中的表现？[Duoduo] (ph) 在此次活动中尝试了哪些新举措？管理层对结果满意吗？

My second question is actually regarding competition. From what we observed during this year's Double 11, the competition remained very remain intense in China's e-commerce market. And Duoduo's growth rate also slightly slowed down during this quarter. Could management help us understand your sort on domestic competition pressure? And will there be any adjustment in your strategies going forward? Thank you very much.

我的第二个问题实际上是关于竞争的。根据我们在今年双十一期间的观察，中国电商市场的竞争依然非常激烈。而多多的增长率在本季度也略有放缓。管理层能否帮助我们理解你们对国内竞争压力的看法？未来你们的策略会有任何调整吗？非常感谢。

Jiazhen Zhao 赵家珍

[Foreign Language] [外语]

[Interpreted] Hi. This is Zhao Jiazhen. Let me take your question on domestic consumption and shopping festivals.

你好。我是赵家珍。让我来回答你关于国内消费和购物节的问题。

[Foreign Language] [外语]

[Interpreted] We have seen an overall recovery in consumer spending and a strong growth in online consumption during the second half of this year. Recently, driven by the shopping festivals, we have also seen increasing consumer activities on our platform.

[解释] 我们看到今年下半年消费者支出的整体恢复以及在线消费的强劲增长。最近，在购物节的推动下，我们也看到平台上的消费者活动增加。

[Foreign Language] [外语]

[Interpreted] We have observed more diverse choices of consumers in today's interconnected world and [greater movements] (ph) across platforms. In response, it's essential to stay firmly focused on the consumer and to deepen their trust on our platform. To achieve this, we have consistently invested significant resources on both the consumption and supply side, delivering real benefits that reinforce the trust in our platform.

我们观察到在当今互联的世界中，消费者的选择更加多样化，并且在各个平台之间有更多的流动。对此，保持对消费者的坚定关注并加深他们对我们平台的信任至关重要。为此，我们在消费和供应两方面持续投入大量资源，提供切实的利益以增强对我们平台的信任。

[Foreign Language] [外语]

[Interpreted] During this year's Double 11 Shopping Festival, we introduced the RMB10 billion voucher campaign for the first time, offering consumers direct benefits. The response was extremely positive with strong sales growth across several product categories. Notably, agricultural products, small home appliances and daily necessities saw remarkable surges. This success demonstrates how our platform, in collaboration with merchants, has effectively fulfilled consumers' demand for valuable and cost effective products.

在今年的双十一购物节期间，我们首次推出了人民币 100 亿元的优惠券活动，为消费者提供直接的优惠。反响非常积极，多个产品类别的销售额强劲增长。值得注意的是，农产品、小家电和日用品的增长尤为显著。这一成功表明，我们的平台与商家合作，已有效满足了消费者对物有所值且经济实惠产品的需求。

[Foreign Language] [外语]

[Interpreted] At the same time, our Super Double discount event supported a group of high-quality merchants with innovative products and technology. Many national brands leveraged our platform to launch new premium products, quickly gaining recognition during the shopping festival. The growth of these quality offerings enriched the selection available to consumers. This in turn strengthened consumer trust in our platform and benefited both demand and supply side.

与此同时，我们的超级双倍折扣活动支持了一批拥有创新产品和技术的高质量商家。许多国家品牌利用我们的平台推出新高端产品，在购物节期间迅速获得认可。这些优质产品的增长丰富了消费者的选择。这反过来又增强了消费者对我们平台的信任，并惠及了需求和供应双方。

[Foreign Language] [外语]

[Interpreted] Guided by the consumer-first mindset, we have invested patiently and strategically over the long term, gradually earning the trust and preference of our users. Moving forward, we're confident that by maintaining high-quality long-term investments in consumption, supply chain and ecosystem, we will further enhance consumer confidence in us. This forms the foundation of our long-term healthy development.

在以消费者为先的理念指导下，我们长期以来耐心且战略性地投资，逐渐赢得了用户的信任和偏爱。展望未来，我们相信通过在消费、供应链和生态系统中保持高质量的长期投资，我们将进一步增强消费者对我们的信心。这构成了我们长期健康发展的基础。

[Foreign Language] [外语]

[Interpreted] Regarding your second question on competition.

关于您关于竞争的第二个问题。

[Foreign Language] [外语]

[Interpreted] As we have mentioned on several occasions, the overall competition in e-commerce remains intense and our business is no exception. Additionally, as with any business, our growth won't follow a linear path over the long term. Given that, the slowdown in our revenue growth we believe is inevitable.

正如我们多次提到的，电子商务的整体竞争依然激烈，我们的业务也不例外。此外，与任何业务一样，从长远来看，我们的增长不会遵循线性路径。鉴于此，我们认为收入增长的放缓是不可避免的。

[Foreign Language] [外语]

[Interpreted] Since Q3, the release of additional macroeconomic support policies has opened up new opportunities while also presenting challenges. The Chinese domestic market is highly dynamic, which is characterized by constant changes, diverse business models and intensifying competition. However, our team's gradual aging and lack of certain capabilities might cause us to miss out on some macro opportunities, especially when facing new or evolving situations.

自第三季度以来，额外宏观经济支持政策的出台带来了新的机遇，同时也带来了挑战。中国国内市场高度动态，其特点是不断变化、多样化的商业模式和日益激烈的竞争。然而，我们团队的逐渐老化和某些能力的缺乏可能导致我们错失一些宏观机遇，尤其是在面对新的或不断变化的情况时。

[Foreign Language] [外语]

[Interpreted] For instance, multiple macro policies introduced this year have brought significant support to industries and fueled consumer demand. However, our team was unable to fully leverage this macroeconomic shift due to the limitations in our operation experience solely as a third-party platform. Consequently, to stay competitive with similar products, we had to incur much higher cost than peers, which inevitably affects our profitability now and in the near future.

例如，今年出台的多项宏观政策为行业带来了显著支持，并刺激了消费者需求。然而，由于我们仅作为第三方平台的运营经验有限，团队未能充分利用这一宏观经济变化。因此，为了在与类似产品的竞争中保持竞争力，我们不得不承担比同行高得多的成本，这不可避免地影响了我们现在和未来的盈利能力。

[Foreign Language] [外语]

[Interpreted] With the ongoing expansion of consumption boosting policies, we're excited to embrace changes ahead and tap into new opportunities to better serve our consumers. However, due to the limitations imposed by our platform business model and operational mindset shaped by our previous experience, along with shortfalls in our capabilities, we may continue to experience disadvantages relative to our peers for some time. This could further increase the financial impacts, presenting a challenge for us.

随着消费促进政策的不断扩展，我们很高兴迎接未来的变化并抓住新的机遇，以更好地服务我们的消费者。然而，由于我们的平台商业模式和由以往经验形成的运营思维的限制，加上能力的不足，我们可能在一段时间内仍会相对于同行处于劣势。这可能会进一步增加财务影响，给我们带来挑战。

[Foreign Language] [外语]

[Interpreted] In response to the current competitive environment, we are committed to maintaining high standards and enhancing our core capabilities. We will continue to explore impactful opportunities and make long-term high-quality investments in our supply chain and ecosystem, ensuring these initiatives translate into more valuable products and better services for consumers.

为了应对当前的竞争环境，我们致力于保持高标准并提升我们的核心能力。我们将继续探索有影响力的机会，并在我们的供应链和生态系统中进行长期高质量的投资，确保这些举措转化为更有价值的产品和更好的服务给消费者。

[Foreign Language] [外语]

[Interpreted] We believe that the high-quality development of the ecosystem and supply chain is the fundamental for the platform's long-term success and allow us to create long-term value for consumers. This is a long journey, require patience. We are fully prepared for it, and we will not be distracted by the evolving competitive environment. Thank you all.

我们相信，生态系统和供应链的高质量发展是平台长期成功的基础，并使我们能够为消费者创造长期价值。这是一个漫长的旅程，需要耐心。我们已做好充分准备，不会被不断变化的竞争环境分心。谢谢大家。

Unidentified Company Representative

未确认的公司代表

Thank you, Jiazhen, and thank you all for joining us today. It's about time. We look forward to speaking with you again next quarter. Thank you.

谢谢你，家珍，也谢谢大家今天加入我们。时间差不多了。我们期待下个季度再次与您交谈。谢谢。

Operator 操作员

Ladies and gentlemen, that does conclude our conference for today. Thank you for your participation. You may all now disconnect.

女士们，先生们，我们今天的会议到此结束。感谢您的参与。现在您可以断开连接。

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