拼多多 (PDD) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the PDD Holdings, Inc., second-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們，先生們，感謝你們的支持，歡迎參加拼多多控股公司 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

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

現在我想將會議交給今天的主持人。先生，請繼續。

Thank you, operator. And 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 and also through the Globe Newswire services.

謝謝您，接線生。大家好，感謝你們今天的參與。PDD Holdings 的收益報告已於早些時候發布，可在我們的網站 investor.pddholdings.com 上查閱，也可透過 Globe Newswire 服務查閱。

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 press release, which contains a reconciliation of non-GAAP measures to GAAP measures.

在我們開始之前，我想請您參閱收益新聞稿中的安全港聲明，該聲明適用於本次電話會議，因為我們將做出某些前瞻性陳述。此外，本次電話會議也討論了某些非公認會計準則財務指標。請參閱我們的收益新聞稿，其中包含非 GAAP 指標與 GAAP 指標的對帳。

Joining us today on the call are Mr. Chen Lei, our Chairman and Co-Chief Executive Officer; Mr. Zhao Jiazhen, our Executive Director and Co-Chief Executive Officer; and Mr. Liu Jun, our VP of Finance. Liu and Zhao will make some general remarks on our performance for the past quarter and our strategic focus, and Jun will walk us through our financial results for the second quarter ended June 30, 2024.

今天參加電話會議的有我們的董事長兼聯席執行長陳雷先生、我們的執行董事兼聯合執行長趙家振先生以及我們的財務副總裁劉軍先生。劉和趙將對我們上一季的業績和策略重點做一些總體評價，而李軍將向我們介紹截至 2024 年 6 月 30 日的第二季財務業績。

During the Q&A session, Lei and Jiazhen will answer questions in Chinese and will help translate. Please note that English transmission is for reference only. And in case of any discrepancy, statements in the original language should prevail.

在問答環節，雷和家珍將以中文回答問題並協助翻譯。請注意，英語傳輸僅供參考。如有任何差異，應以原文陳述為準。

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

現在，我很高興介紹我們的董事長兼聯合執行長陳雷先生。雷，請說。

Hello, everyone, and thank you for joining our second-quarter 2025 earnings conference call. The first half of 2025 has seen rapid trends in the external environment. At this critical juncture when merchants doing business on the platform face challenges, we stepped up our commitment in high-quality development and launched the RMB100 billion support program. Through this program, we have invested and will continue to invest substantial resources to support the merchant ecosystem.

大家好，感謝您參加我們的 2025 年第二季財報電話會議。2025年上半年，外部環境呈現快速走勢。在平台商家面臨挑戰的關鍵時刻，我們加大高品質發展的力度，推出千億扶持計畫。透過該計劃，我們已經投入並將繼續投入大量資源來支持商家生態系統。

Together with our merchants, we are actively exploring new business models for the global business, seeking new growth opportunities and navigating the ups and downs of the market cycles. This significant ecosystem investments were reflected in our Q2 financial performance. Revenue growth further moderated and operating profit declined by 21% year-over-year.

我們與商家一起積極探索全球業務的新商業模式，尋求新的成長機會，並應對市場週期的起伏。這項重大的生態系統投資反映在我們第二季的財務表現。營收成長進一步放緩，營業利潤較去年同期下降21%。

However, as we have emphasized in the past, we prioritize long-term value creation over short-term financial results. Our focus remains on investing for the long term, such as strengthening the ecosystem, driving value chain upgrades and delivering tangible benefits to our consumers. As a result of our investments in a RMB100 billion support programs, we are pleased to see that the platform ecosystem is making steady progress towards sustainable and high-quality development.

然而，正如我們過去所強調的那樣，我們優先考慮長期價值創造而不是短期財務表現。我們的重點仍然是長期投資，例如加強生態系統、推動價值鏈升級以及為消費者帶來實際利益。我們很高興地看到，在千億扶持計畫的推動下，平台生態正朝著可持續、高品質發展的方向穩步邁進。

Since August last year, our RMB10 billion fee reduction initiative has brought substantial savings for our merchants, creating room for them to innovate and to offer a wider selection of high-quality products to the consumers. At the same time, our logistics support initiative significantly reduced the cost of shipping to remote areas and led to a 40% growth in order numbers from the regions, injecting new energy into the economy.

自去年8月以來，我們推出的100億元減費措施為商家帶來了大幅降費，為他們創造了創新空間，並為消費者提供了更多優質的商品選擇。同時，我們的物流支援措施大幅降低了偏遠地區運輸成本，帶動偏遠地區訂單量成長40%，為經濟注入了新的活力。

In this past quarter, the entire company rallied behind the RMB100 billion support program to deliver innovative solutions to help merchants grow their business, while further reducing costs and commissions for merchants. We are seeing businesses of all sizes from established brands to small merchants, gaining new momentum in our ecosystem.

在過去的一個季度，全公司上下齊心協力，全力支持千億扶持計劃，提供創新解決方案，幫助商家發展業務，同時進一步降低商家的成本和佣金。我們看到，從知名品牌到小商家，各種規模的企業都在我們的生態系統中獲得了新的發展動力。

Let us look at a few examples. We are seeing established consumer brands successfully reinventing themselves by leveraging consumer insights to shorten product launch cycles, lower R&D costs and enter into new market segments. Many industrial belt manufacturers were able to make the transition from white label products to a branded offering, breaking away from commoditized competition.

讓我們來看幾個例子。我們看到成熟的消費品牌透過利用消費者洞察來縮短產品發布週期、降低研發成本並進入新的細分市場，從而成功地重塑自我。許多工業皮帶製造商能夠從白標產品轉型為品牌產品，擺脫商品化的競爭。

With the help of the Duo Duo premium produce program, we are seeing farmers and growers and higher margins by improving quality control and by moving into food processing to capture higher value add. Alongside merchant support, we have also expanded our consumer giveback program.

在 Duo Duo 優質農產品計劃的幫助下，我們看到農民和種植者透過改善品質控制並進入食品加工領域以獲取更高的附加價值，從而獲得更高的利潤。除了商家支援外，我們還擴大了消費者回饋計劃。

In addition to the RMB10 billion program, we introduced new long-term consumer campaigns, such as the RMB10 billion coupon program. During this year's June 18 shopping festival, we provided additional coupons to the top of -- on top of a national trading program, driving record sales across multiple categories, including fresh produce, electronics, on applicants, and apparel, offering more value for the consumers. Meanwhile, in our global business, merchants and our platform faced more complex business environment.

除了百億計畫外，我們還推出了百億消費券計畫等新的長期消費者活動。在今年的6·18購物節期間，我們在全國交易計劃的基礎上提供了額外的優惠券，推動了新鮮農產品、電子產品、應用程序和服裝等多個類別的銷售創下紀錄，為消費者提供了更多價值。同時，在我們的全球業務中，商家和我們的平檯面臨著更複雜的商業環境。

To navigate through the market cycles, we are working together with merchants to explore new business models and new markets while at the same time deliver innovative solutions to drive efficiency. As a platform that has its roots in agriculture, we continue to invest in agritech through initiatives like the Smart Agriculture Competition, which is now in its fifth iteration. 46 global teams competed in a preliminary held in July this year, showcasing cutting-edge technology in AI farming, hydroponics, and (inaudible) systems. This event is emerging as an important platform for agricultural technology research and application. Later in this year's competition, the participants will bring their technology from labs to fields, testing the commercial application of their research findings.

為了順應市場週期，我們正在與商家合作探索新的商業模式和新市場，同時提供創新解決方案以提高效率。作為一個紮根於農業的平台，我們透過智慧農業競賽等措施持續投資農業科技，該競賽現已舉辦至第五屆。今年 7 月舉行的初賽吸引了 46 支全球隊伍參賽，展示了人工智慧農業、水耕和（聽不清楚）系統等領域的尖端技術。該活動正成為農業技術研究和應用的重要平台。在今年比賽後期，參賽者將把他們的技術從實驗室帶到實地，以測試他們的研究成果的商業應用。

Looking ahead, as external environment continue to evolve and competition intensifies, we remain committed to long-term value creation over short-term results. Our team will prioritize high-quality growth by creating long-term opportunities for merchants and investing in consumer experience. As we ramp up our investments, profitability will inevitably fluctuate and this quarter's results may not represent future earnings trends.

展望未來，隨著外部環境不斷變化和競爭加劇，我們仍致力於創造長期價值，而非短期成果。我們的團隊將優先考慮高品質的成長，為商家創造長期機會並投資於消費者體驗。隨著我們加大投資，獲利能力將不可避免地出現波動，本季的業績可能無法代表未來的獲利趨勢。

And now, I will hand it over to Zhao Jiazhen to share more details about our performance in the second quarter.

現在，我將把時間交給趙家珍，讓他分享更多關於我們第二季業績的細節。

(interpreted) Thank you, Lei, and hello, everyone. This is Zhao Jiazhen. Thank you for joining our second quarter 2025 earnings call. In Q2, to help merchants tackle emerging challenges we actively leveraged our role as a platform to take on more social responsibilities. We accelerated our execution of the RMB100 billion support program, which represents a significant commitment to high-quality development.

（譯）謝謝雷，大家好。這是趙家珍。感謝您參加我們的 2025 年第二季財報電話會議。第二季度，為幫助商家應對新出現的挑戰，我們積極發揮平台作用，承擔更多社會責任。加快實施千億支持計劃，這是推動高品質發展的重大舉措。

This also marks the first merchant support program of this scale. These substantial investments once again affected our quarterly revenue and profit. As Lei noted, comparing to short-term financial performance, we focus more on investments that bring long-term value to the platform ecosystem. And this is why we are willing to accept lower profits to consistently reinvest in the platform ecosystem in the long run. This past quarter under the unprecedented investment through the RMB100 billion support program, significant resources to initiatives such as RMB10 billion fee reduction program, logistics support initiative and new quality merchant support program.

這也是首個如此規模的商家扶持計畫。這些巨額投資再次影響了我們的季度營收和利潤。正如雷軍所言，相較於短期財務表現，我們更注重為平台生態系統帶來長期價值的投資。這就是為什麼我們願意接受較低的利潤，以便長期持續地對平台生態系統進行再投資。本季度，在千億扶持計畫的空前投入下，大量資源投入到百億降費計畫、物流扶持計畫、新優質商家扶持計畫等措施。

We continue to lower costs and increase efficiencies for millions of merchants, mainly saved millions of RMB each year just from service fee reductions. These efforts created more momentum and space for industrial upgrades. The logistics support initiative also bridged supply and demand and helped drive rapid order volume growth from remote regions, greatly enriching the daily life of consumers in these regions.

我們持續為數百萬商家降本增效，光是服務費降低一項，每年就節省數百萬元。這些努力為產業升級創造了更大的動力和空間。物流支援措施也連結了供需雙方，幫助推動偏遠地區訂單量快速成長，大大豐富了這些地區消費者的日常生活。

On the supply side, the RMB100 billion support program expanded support for SMEs, new quality merchants and branded merchants, ensuring all types of businesses could benefit from the platform's resource support. This help agriculture and manufacturing regions achieve all-rounded, high-quality development to meet diverse consumer needs.

供給面方面，千億扶持計畫加強對中小企業、新優商家、品牌商家的支持力度，確保各類商家都能享有到平台的資源支援。這有助於農業和製造業地區實現全面、高品質發展，滿足多樣化的消費需求。

Our Duo Duo premium produce team visited multiple agricultural regions, including Suzhou rice, Zhaotong potatoes, Kunming flowers, Shangqiu eggs, bamboo shoots in Fuzhou, seafood in Shantou and Chaoshan, and [belt] in Guizhou to provide customized support based on local specialties and industry advantages. By enriching product offerings and store metrics, we helped fresh produce merchants overcome seasonal shortages and achieve sustainable growth.

多多優質農產品團隊走訪了蘇州大米、昭通馬鈴薯、昆明鮮花、商丘雞蛋、福州竹筍、汕頭潮汕海產品、貴州【帶】等多個農業產區，根據當地特色和產業優勢提供客製化支援。透過豐富產品供應和門市指標，我們幫助生鮮農產品商家克服季節性短缺並實現永續成長。

In Zhaotong Yunnan, for example, local potatoes are particularly taste and nutritious and have been a main source of income for local farmers. However, due to geographic constraints, these potatoes were traditionally sold as low added value raw produce. In recent years, one of our merchants set up automated production to turn these potatoes into flavored chips.

以雲南昭通為例，當地的馬鈴薯味道鮮美，營養豐富，已成為當地農民的主要收入來源。然而，由於地理限制，這些馬鈴薯傳統上被作為低附加價值的原料出售。近年來，我們的一個商家建立了自動化生產，將這些馬鈴薯製成了風味薯片。

With the platform's health, the product gained national popularity creating its own online followings. This turned agricultural produce into a key local industry that increased income for 11,000 local farmers. This quarter, new quality supply team also visited industrial belts such as Yiwu small merchandise, Xinyang snacks, apparel in Guanyuan, children's’ wear in Foshan and fishing gear in Weiha.

隨著該平台的健康發展，該產品獲得了全國性的知名度，並擁有自己的線上追隨者。農產品產業由此成為當地支柱產業，帶動1.1萬戶農民增收。本季，新品供團隊也造訪了義烏小商品、信陽小吃、廣元服飾、佛山童裝、威海漁具等產業帶。

By making these visits, we gained deeper understanding of merchant needs and challenges faced by them. Following these visits, leveraging the platform's digital capabilities and promotional tools such as the Black Label stores and Duo Duo short videos, we were able to help merchants explore new growth models.

透過這些走訪，我們更深入了解了商家的需求和他們面臨的挑戰。透過這些訪問，我們利用平台的數位化能力和黑標店、多多短影片等推廣工具，幫助商家探索新的成長模式。

In Yiwu, after decades of development, the local small merchandise market is facing intense commoditized competition, with many merchants and factories operating with same profit margins and low barriers to entry. Our team integrated the merchant systems with the platform's back-end to help them identify hit products.

在義烏，經過數十年的發展，當地的小商品市場面臨激烈的商品化競爭，許多商家和工廠利潤相同，進入門檻較低。我們的團隊將商家系統與平台的後端集成，以幫助他們識別熱門產品。

Together with the referral support from the platform, this significantly improved the success rate of new product development, reducing the cost of trial and error. Our support measures created room for merchants to innovate and injected new energy in the transformation of the local industries. In addition to merchant in agricultural regions and industry belts, the RMB100 billion support program is also empowering consumer brands, especially traditional national brands, facing new consumer trends.

加上平台的推薦支持，大大提高了新產品開發的成功率，並降低了試錯成本。我們的支持措施為商家創新創造了空間，為當地產業轉型注入了新活力。除了農業區域和產業帶商戶，千億扶持計畫也在賦能消費品牌，特別是傳統的國家品牌，以應對新的消費趨勢。

Many of these traditional brands are dealing with challenges such as lack of product innovation and slowing growth. Leveraging deep consumer insights, our team worked with brand partners on an end-to-end solution covering product planning, marketing and store operations. These partnerships have enabled brands to successfully tap into younger and niche market segments, unlocking new growth opportunities and achieving strategic transformation.

許多傳統品牌正面臨產品創新不足、成長放緩等挑戰。利用深入的消費者洞察，我們的團隊與品牌合作夥伴共同開發涵蓋產品規劃、行銷和門市營運的端到端解決方案。這些合作使品牌成功進入更年輕、更小眾的細分市場，釋放新的成長機會並實現策略轉型。

Our supply side investments also stimulated consumption demand. During the June 18 promotion, sales hit new highs across dozens of categories. The Super Double Discount event alone reached over 3.76 million orders in a single day, meeting consumers' evolving needs.

我們的供給面投資也刺激了消費需求。6月18日促銷期間，數十個品類的銷售額創下新高。光是超級雙倍優惠活動一天就達成超過376萬份訂單，滿足了消費者不斷變化的需求。

And as competition in the e-commerce industry intensifies around new business models, we remain committed to long-term thinking. We will continue to deepen the RMB100 billion support program investing substantial resources in improving user experience, merchant services and industrial upgrades to build a win-win ecosystem. We also hope our efforts can help guide the industry toward a more inclusive and more open environment, creating greater value for the society.

隨著電子商務產業圍繞新商業模式的競爭日益激烈，我們仍致力於長遠思考。我們將持續深化千億扶持計劃，投入大量資源提升使用者體驗、服務商戶、促進產業升級，建構共贏生態。我們也希望我們的努力能引導產業走向更包容、更開放的環境，為社會創造更大的價值。

I will now hand it over to Jun, who will provide you with an update on our Q2 financial performance.

現在我將把時間交給 Jun，他將向您提供我們第二季財務表現的最新情況。

Thank you, Zhao Jiazhen. Hello, everyone. Let me walk you through our financial performance for the second quarter ended June 30, 2025. In terms of some statements in the second quarter, total revenues increased 7% year-over-year to RMB104 billion. This was driven by an increase in revenues from online marketing services and transaction services.

謝謝你，趙家珍。大家好。讓我向您介紹我們截至 2025 年 6 月 30 日的第二季的財務表現。從第二季的一些報表來看，總營收年增7%至人民幣1,040億元。這是由於網路行銷服務和交易服務收入的成長所致。

Revenue growth further moderated as competition intensified and as we help merchants increase efficiencies. Revenues from online marketing services and others were RMB55.7 billion this quarter, up 13% from the quarter of 2024. Revenues from transaction services were RMB48.3 billion, up 1% from the same quarter last year.

隨著競爭加劇以及我們幫助商家提高效率，營收成長進一步放緩。本季網路行銷服務及其他收入為人民幣557億元，較2024年同期成長13%。交易服務收入為483億元，較去年同期成長1%。

Moving on to cost and expenses. Our total cost of revenues increased 36% from RMB33.7 billion in Q2 2024 to RMB45.9 billion this quarter, mainly due to increase in fulfillment fees, bandwidth and server costs and payment processing fees. On a GAAP basis, operating expenses this quarter increased 5% to RMB32.3 billion, from RMB30.8 billion in the same quarter of 2024.

繼續討論成本和費用。我們的總收入成本從 2024 年第二季的 337 億元 337 億元成長 36% 至本季的 459 億元，主要原因是履行費、頻寬和伺服器成本以及支付處理費的增加。以美國通用會計準則計算，本季營運費用較 2024 年同期的 308 億元人民幣成長 5% 至 323 億元。

On a non-GAAP basis, operating losses increased to RMB3.4 billion this quarter from RMB28.4 billion in Q2 2024. In the second quarter, a significant resources in rolling out a series of merchant support initiatives. Looking ahead, we are committed to supporting the vitality of the ecosystem, and we'll continue to prioritize long-term value creation over short-term results. Our total non-GAAP operating expenses as a percentage of total revenues this quarter was 29%, in line with the same quarter last year.

以非公認會計準則計算，本季營業虧損從 2024 年第二季的 284 億元 284 億元增加至 34 億元。第二季度，投入大量資源推出一系列商家扶持措施。展望未來，我們致力於支持生態系統的活力，並將繼續優先考慮長期價值創造而不是短期成果。本季我們的非公認會計準則總營業費用佔總收入的百分比為 29%，與去年同期持平。

Looking to specific expense items. Our non-GAAP sales and marketing expenses this quarter were [RMB27.2 billion], up 5% versus the same term last year. Sales and marketing expenses as a percentage of our revenues this quarter was 26%, in line with the same quarter last year. Our non-GAAP general and administrative expenses were RMB667 million versus RMB594 million in the same quarter of 2024. Our research and development expenses were RMB3.1 billion this quarter on non-GAAP basis and RMB3.6 billion on a GAAP basis, up 23% year-over-year.

查看具體的費用項目。本季我們的非公認會計準則銷售和行銷費用為 [ 272 億元人民幣]，比去年同期成長 5%。本季銷售和行銷費用占我們收入的百分比為 26%，與去年同期持平。我們的非公認會計準則一般及行政開支為人民幣 6.67 億元，而 2024 年同期為 5.94 億元。本季我們的研發費用以非美國通用會計準則計算為人民幣 31 億元，以美國通用會計準則計算為人民幣 36 億元，較去年同期成長 23%。

On a GAAP basis, operating profit for the quarter was RMB25.8 billion versus [RMB32.6 billion] in the same last year, [21%] year-over-year. Non-GAAP operating profit was RMB27.7 billion versus RMB35 billion in the same quarter last year. Non-GAAP operating profit margin was 21% this quarter, down from 36% from the same quarter last year. The year-on-year decline of operating profit reflects our continued investments in supporting our merchants and ecosystem. Net income attributable to ordinary shareholders was [RMB30.8 billion] for the quarter compared to RMB32 billion in the same quarter last year, down 4% year-over-year.

以美國通用會計準則計算，本季營業利潤為 258 億元，去年同期為 326 億元，較去年同期成長 [21%]。非美國通用會計準則營業利潤為人民幣277億元，去年同期為350億元人民幣。本季非公認會計準則營業利益率為 21%，低於去年同期的 36%。營業利潤的同比下降反映了我們對支持商家和生態系統的持續投資。本季歸屬於普通股股東的淨利為[308億元人民幣]，去年同期為320億元人民幣，較去年同期下降4%。

Base earnings per ADS was RMB22.01 and diluted earnings per ADS was RMB20.75 versus basic earnings per ADS of RMB23.14 and diluted earnings per ADS of RMB21.61 in the same quarter of 2024. Non-GAAP net income attributable to ordinary shareholders was RMB32.7 billion versus RMB34.4 billion in the same quarter last year. Non-GAAP diluted earnings per ADS of [RMB22.07 versus RMB23.24] in the second quarter of 2024. The net income in Q2 benefited from e-commerce seasonality and may not represent future earnings. As we remain focused on long-term dollar creation, the sustained investments may continue to weigh on short-term profitability.

每股美國存託憑證基本收益為人民幣 22.01 元，每股美國存託憑證稀釋收益為人民幣 20.75 元，而 2024 年同期每股美國存託憑證基本收益為人民幣 23.14 元，每股美國存託憑證稀釋收益為人民幣 21.61 元。非美國通用會計準則下，歸屬於普通股股東的淨利為327億元人民幣，去年同期為344億元。2024 年第二季非公認會計準則每股美國存託憑證攤薄收益為 [22.07 元人民幣 vs. 23.24 元人民幣]。第二季的淨收入受益於電子商務的季節性，可能不代表未來的收益。由於我們仍然專注於長期美元創造，持續的投資可能會繼續影響短期獲利能力。

That completes the income statement. Now, let me move on to cash flow. Our net cash generated from operating activities was RMB21.6 billion compared with RMB43.8 billion in the same quarter last year. As of June 30, 2025, we have RMB387.1 billion in cash, cash equivalents and short-term vestment.

這樣就完成損益表了。現在，讓我來談談現金流。我們的經營活動產生的淨現金為人民幣216億元，去年同期為人民幣438億元。截至2025年6月30日，我們擁有現金、現金等價物及短期投資人民幣3,871億元。

Thank you. This concludes prepared remarks.

謝謝。準備好的發言到此結束。

Thank you, Jun. Next, we'll 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. (Event Instructions) Lei and Jiazhen will answer questions in Chinese, will help translate for convenience purposes. Operator, we'll open for questions.

謝謝Jun。接下來我們進入問答環節。在今天的問答環節中，雷佳珍和王軍將在線上回答分析師的提問。(活動須知) 雷和嘉珍會用中文回答問題，並會幫忙翻譯以方便大家。接線員，我們將開始回答問題。

(Operator Instructions) Alicia Yap, Citigroup.

（操作員指示）花旗集團的 Alicia Yap。

Two questions. First is that this quarter, we saw our e-commerce platform have made substantial investment in the instant retail, instant shopping, launching a new wave of industry investment. At the same time, we also saw some content platforms also continue to step up their e-commerce effort. So compared to the peers, the lead in the company's revenue growth rate has narrowed this quarter. So could management elaborate on the reasons behind this and how management is thinking about navigating these competitive dynamics?

兩個問題。第一是本季我們看到我們的電商平台在即時零售、即時購物領域做了大量的投入，掀起了新一輪的產業投資熱潮。同時，我們也看到一些內容平台也不斷增加電商力度。因此與同業相比，本季該公司營收成長速度的領先優勢有所縮小。那麼管理階層能否詳細說明這背後的原因以及管理階層如何考慮應對這些競爭動態？

And then the second question is the external environment has shifted rapidly in the first half of this year. So looking ahead, how does management think about the next phase for your global business? What new directions or evolutions do you see in terms of the business model? And then from a financial perspective, where do you think the main growth opportunities are? And how should we think about the growth target?

第二個問題是，今年上半年外部環境發生了快速變化。那麼展望未來，管理階層如何看待您全球業務的下一個階段？您認為商業模式方面有哪些新的方向或演變？那麼從財務角度來看，您認為主要的成長機會在哪裡？那我們該如何看待成長目標呢？

(interpreted) This is Zhao Jiazhen, let me take your first question. And in the past quarter, industry competition intensified further as the major market participants invested heavily in new business models. And against this backdrop, our revenue growth slowed further in Q2, while operating profit declined meaningfully for the second consecutive quarter. And in response to the intensified competition, we will adopt a proactive and long-term approach, taking the competition as an opportunity to strengthen the high-quality development of the platform ecosystem. And then accordingly, we have chosen to increase investment and to forego part of the profits in order to create growth opportunities for the SME merchants.

(翻譯)我是趙家珍，我來回答您的第一個問題。在過去的一個季度，隨著主要市場參與者大力投資新的商業模式，產業競爭進一步加劇。在此背景下，我們的營收成長在第二季進一步放緩，而營業利潤連續第二季大幅下降。而針對日益激烈的競爭，我們將採取積極主動、著眼長遠的策略，以競爭為契機，強化平台生態的高品質發展。因此，我們選擇增加投資並放棄部分利潤，以便為中小企業創造成長機會。

And from management's perspective, we believe this is a responsibility that the platform is best placed to take on. And at the same time, represents a long-term investment in strengthening our ecosystem. We do not believe this quarter's profit level are sustainable and fluctuations in profitability is likely to continue in the coming quarters. Currently, the industry is going through a critical stage of high-quality development. We realize that only by taking the initiative and working closely with the supply chain partners, can the platform drive sustainable growth for the industry and also achieve high-quality development.

從管理階層的角度來看，我們認為這是該平台最適合承擔的責任。同時，這也代表著對加強我們生態系統的長期投資。我們認為本季的利潤水準不可持續，未來幾季獲利能力的波動可能會持續下去。目前，產業正處於高品質發展的關鍵階段。我們意識到，平台只有主動作為，與供應鏈夥伴緊密合作，才能推動產業的永續成長，實現高品質的發展。

Amid the intensifying competition, we choose to turn our focus on the individual merchants and the specific merchant support cases to deepen our merchant support measures one case at a time. For example, we are seeing merchants on our platform collaborating with college research teams to design and build smart factories and automatic production lines, which are then used to produce high-quality, ready-to-eat, fresh salad products. In the past, these products could only be found offline and now available to consumers through our platform and deliver to their doorsteps.

在日益激烈的競爭中，我們選擇將焦點轉向個體商家、轉向具體的商家扶持案例，逐一深化商家扶持措施。例如，我們看到我們平台上的商家與大學研究團隊合作，設計和建造智慧工廠和自動生產線，然後用於生產高品質、即食、新鮮的沙拉產品。過去這些產品只能在線上找到，現在消費者可以透過我們的平台購買並送貨上門。

The platform pay special attention to this technology-enabled agriculture products and provide targeted support under the RMB100 billion support program, which helps merchants increase its online offered tangible savings to consumers and, at the same time, broaden the supply of high-quality innovative products on the platform. There are many more examples of such cases that benefit all parties involved.

平台對科技農業產品給予高度重視，並在千億扶持計畫下給予有針對性的扶持，幫助商家提升線上銷售，為消費者帶來實實在在的節省，同時拓寬平台優質創新產品的供給。類似這樣的案例還有很多，對相關各方都有好處。

And each of these cases is made possible only through the close collaboration between the platform, the merchants and the supply chain. We understand that to deliver effective support and to ensure that the RMB100 billion support program truly gets to the SME merchants who need it most, we need to go deep into agricultural regions and the industry belts and carefully understand the pain points and difficulties that merchants are dealing with.

而這些案例的實現，都離不開平台、商家和供應鏈的緊密合作。我們深知，要實際做好扶持工作，確保千億扶持計畫真正惠及最需要的中小企業商戶，需要深入農業區域、產業帶，認真了解商戶的痛點、困難。

And looking ahead, changes in the external environment and intensifying competition will inevitably lead us to step our investments in the merchant ecosystem. And these factors combined will cause the short-term financial results to fluctuate. However, in the long run, if we execute well on each and every one of these merchant support cases, we are confident in achieving sustainable, high-quality growth together with our merchants. This is how we are approaching today's competitive environment.

展望未來，外在環境的變化和競爭的加劇必然會促使我們增加對商家生態系統的投入。這些因素綜合起來將導致短期財務績效波動。但從長遠來看，如果我們做好每一個商家支援案例，我們有信心與商家一起實現可持續的、高品質的成長。這就是我們應對當今競爭環境的方式。

(interpreted) Hello. This is Chen Lei. Let me take your questions on our global business. We noted that in the past few quarters, we have seen significant changes across countries and regions and also shifts in the global. We may continue to see some short-term volatility in different markets.

（翻譯）你好。我是陳磊。讓我回答您有關我們全球業務的問題。我們注意到，過去幾個季度，各國和地區都發生了重大變化，全球情勢也發生了變化。我們可能會繼續看到不同市場出現一些短期波動。

Overall, however, we observed steady consumer demand and consumer trust in our platform is gradually growing. We will proactively adapt to changes in each region, make timely adjustment and to meet the changing regulatory requirements of each region as well as the diverse needs of consumers.

但整體而言，我們觀察到消費者需求穩定，消費者對我們平台的信任逐漸成長。我們將主動適應各地區的變化，及時調整，滿足各地區不斷變化的監管要求以及消費者多樣化的需求。

Now, our global business has gone through an initial phase of growth. We are encouraged to see that our products and services are well received by consumers around the world. But at the same time, our business is still in its early stages, and there is plenty of room for improvement. The vision of our global business has always been to bring more high-quality products to consumers worldwide.

現在，我們的全球業務已經進入初始成長階段。我們欣慰地看到，我們的產品和服務受到全球消費者的一致好評。但同時，我們的業務仍處於起步階段，還有很大的進步空間。我們全球業務的願景始終是為全球消費者帶來更多高品質的產品。

Looking ahead, we will continue to invest in our supply chain capabilities, service capabilities and compliance capabilities to strengthen the fundamentals for the next phase of the global business. On the supply chain capabilities, we are continuously strengthening our localized operations, working closely with local merchants to diversify product offerings and improve supply stability and delivery efficiency. On the surface capabilities, we are constantly iterating collaborations with our logistics partners to enhance the fulfillment experience. We are continuously building our team's capabilities to meet the high expectations of consumers worldwide. Looking forward, the level of surface we currently provide is still in its early stage.

展望未來，我們將繼續投資於我們的供應鏈能力、服務能力和合規能力，以加強全球業務下一階段的基礎。在供應鏈能力上，我們不斷加強在地化運營，與當地商家緊密合作，豐富產品種類，提高供應穩定性和配送效率。從表面能力來看，我們不斷與物流合作夥伴合作，以增強履行體驗。我們正在不斷提升團隊的能力，以滿足全球消費者的高期望。展望未來，我們目前提供的表面水平仍處於早期階段。

Our team will continue to work hard day by day through the continuous improvement in service quality. We hope to win over more and more consumers. Thank you for your questions.

我們的團隊將透過不斷提高服務質量，日復一日地繼續努力。我們希望贏得越來越多消費者的青睞。感謝您的提問。

Thomas Chong, Jefferies.

湯瑪斯‧張 (Thomas Chong)，傑富瑞 (Jefferies)。

My first question is about since the launch of the RMB100 billion support program last quarter, what are the key changes that management has observed in your business operations? From a financial perspective, how is the impact of these investments shown in your financial performance? And on a mid to long term horizon, what will these affect the company’'s monetization and spending?

我的第一個問題是，自從上個季度推出千億元支援計畫以來，管理階層觀察到您的業務營運發生了哪些主要變化？從財務角度來看，這些投資對你們的財務表現有何影響？從中長期來看，這些會對公司的貨幣化和支出產生什麼影響？

My second question is about what's the company's view on the Duo Duo Grocery business? We noticed that some of the company's main competitors in this business have exceeded certain markets. What are the company's future plans for this business?

我的第二個問題是，公司對多多雜貨業務的看法是什麼？我們注意到，該公司在該業務領域的一些主要競爭對手已經超越了某些市場。公司對該業務的未來計劃是什麼？

(interpreted) Thank you, Thomas, this is Zhao Jiazhen. Let me answer your first question. And since the second half of last year, with escalating competition and accelerating changes in the external environment, we have scaled up commission reductions across the platform, initiatives such as the RMB10 billion fee reduction initiative, the new quality merchant support program and the logistics support initiatives have been rolled out to lower operating costs and help drive efficiencies.

（譯）謝謝你，湯瑪斯，我是趙家珍。讓我來回答你的第一個問題。自去年下半年以來，隨著競爭加劇和外部環境變化加快，我們加大全平台佣金降低力度，推出百億降費計劃、優質商戶扶持計劃、物流扶持計劃等舉措，降低營運成本，提高效率。

And earlier this year, the management unanimously decided to launch the RMB100 billion support program as our next strategic initiative, dedicating significant resources and sacrificing the platform's profits to cultivate a sustainable and healthy platform ecosystem. The RMB100 billion support program is very broad in scope.

今年初，管理階層一致決定啟動千億扶持計畫作為下一步策略舉措，投入大量資源，犧牲平台利潤，培育可持續健康的平台生態系統。千億支持計劃涉及面非常廣泛。

We focus on our support measures where merchants needed most. Over the past quarter, we have begun to see some of the early effects. For instance, in agriculture sector, we launched 2025 Duo Duo premium produce initiative, expanding support to merchants across hundreds of high-quality agricultural regions. It helped our merchants explore new ways to bring agricultural products online, increase the added value captured by the merchants and drive higher production and income. And beyond agriculture, our dedicated teams for a new quality merchant support program also visited hundreds of manufacturing belts assisting more SME merchants with their transformation and accelerating the manufacturers' shift towards high-quality development.

我們專注於商家最需要的支援措施。在過去的一個季度，我們已經開始看到一些早期效果。例如在農業領域，我們推出2025多多優質農產品計劃，擴大對數百個優質農業產區商家的支持。幫助我們的商家探索農產品線上化的新途徑，提高商家取得的附加價值，推動產量和收入的提高。除了農業領域，新優商戶扶持計畫團隊也深入數百個製造業帶，協助更多中小企業轉型升級，加速製造業邁向高品質發展。

And similarly, through our logistics support initiatives, the platform waived shipping fees from transit warehouses to final destination for orders shipping to remote regions, allowing the merchants to sell their products to these regions by paying only the euro shipping fees, which significantly expanded the market reach. This initiative not only brought down cost and improved efficiency for merchants, but also stimulated regional consumption and allows high-quality products to reach more consumers and benefiting the wider consumer base.

同樣，透過物流支援舉措，平台免除了偏遠地區訂單從中轉倉到最終目的地的運費，商家只需支付歐元運費即可將產品銷售到這些地區，大大擴大了市場覆蓋範圍。此舉不僅幫助商家降低了成本、提高了效率，也刺激了區域消費，讓優質產品接觸到更多的消費者，惠及更廣泛的消費族群。

Going forward, we will continue to do our best to understand the pain points and difficulties faced by our merchant and through the RMB100 billion support program, increase our investments to deliver targeted and meaningful support to deepen our support to the merchant ecosystem. From a financial perspective, the investments made over the past quarter have resulted in slower revenue growth and year-on-year profit decline. This reflects the platform's commitment to invest in substantial resources to support merchants.

未來，我們將繼續深入理解商戶的痛點和困難，透過千億扶持計劃，加大投入，提供有針對性的、有意義的扶持，深化對商戶生態的支持。從財務角度來看，過去一個季度的投資導致收入成長放緩，利潤年減。這反映了該平台投入大量資源支持商家的承諾。

We will continue to ramp up our investments to enable merchants to thrive, while building a more sustainable and robust platform ecosystem. And as such, we do not believe this quarter's profits are sustainable. There will be fluctuations in profitability in the coming quarters. And about your second question on Duo Duo Grocery. And first of all, Duo Duo Grocery is a hard business, requiring significant long-term investments.

我們將持續加大投資，幫助商家蓬勃發展，同時建構更永續、更強大的平台生態系統。因此，我們認為本季的利潤不可持續。未來幾季的獲利能力將會出現波動。關於您關於 Duo Duo Grocery 的第二個問題。首先，多多雜貨店是一個艱苦的行業，需要大量的長期投資。

The competition chose to exit the business at this juncture to concentrate on investing in new business models. But to us, this is not a time to relax, we need to further increase investments based on our own business model and to address the impact from the intensifying competition with relentless execution. As to the Duo Duo Grocery business itself, when evaluating whether to pursue a new business, the first question that comes to us is always whether we can create our unique value. When we launched the Duo Duo Grocery business in 2020, we viewed this as a natural extension of our e-commerce operations. The initial reason for us to start this business was seeing the traditional e-commerce supply chains struggle to meet the users' demand for fresh produce.

競爭對手選擇在這個時刻退出業務，以集中投資新的商業模式。但對我們來說，現在還不是放鬆的時候，我們需要根據自己的商業模式進一步加大投入，以不懈的執行來應對日益激烈的競爭帶來的影響。對於多多雜貨業務本身來說，在評估是否開展新業務時，我們首先要考慮的是我們能否創造我們獨特的價值。當我們在 2020 年推出 Duo Duo 雜貨業務時，我們將其視為電子商務業務的自然延伸。我們最初開始這項業務的原因是看到傳統的電子商務供應鏈難以滿足用戶對新鮮農產品的需求。

And for example, certain fresh products incurred significant spoilage during traditional e-commerce fulfillment. And in response to these pain points, we decided to increase our investments in the supply chain to better match demand and local supply, building a supply chain suited for agricultural and fresh products and creating value for both users and merchants in terms of product variety and fulfillment efficiency.

例如，某些新鮮產品在傳統電子商務配送過程中會發生嚴重損壞。而針對這些痛點，我們決定加大對供應鏈的投入，更好地匹配需求和本地供應，打造適合農產品和生鮮產品的供應鏈，在產品種類和履約效率方面為用戶和商家共同創造價值。

After five years of investment, our Duo Duo Grocery now covers 70% of villages nationwide, addressing last mile delivery challenges in many areas and meeting consumer demand for high-quality, affordable products. At the same time, we have established an efficient agricultural product distribution network, connecting local farmers and SME merchants with local consumers and expanding the market reach. Since the beginning of this year, with the RMB100 billion support program, the platform has increased support and traffic allocation to remote regions.

經過五年的投入，我們的多多雜貨目前已覆蓋全國70%的鄉村，解決了許多地區的最後一公里配送難題，滿足了消費者對優質、實惠產品的需求。同時，我們建立了一個高效的農產品分銷網絡，將當地農民、中小商家與當地消費者連結起來，擴大市場覆蓋範圍。今年以來，平台借助千億扶持計劃，加強對偏遠地區的扶持力度和流量投放。

In regions where Duo Duo Grocery services were recently launched, local product offerings have greatly improved and expanding the reach of inclusive consumption network to meet local consumers' growing demand for better products. And meanwhile, the Grocery business has created competitive local employment opportunities contributing to the economic growth in these communities.

在多多買菜服務近期上線的地區，本地產品供應得到了極大改善，擴大了普惠消費網絡的覆蓋範圍，以滿足當地消費者對更優質產品日益增長的需求。同時，食品雜貨業務也為當地創造了有競爭力的就業機會，促進了這些社區的經濟成長。

As I just mentioned, while Duo Duo Grocery business requires substantial investment, we believe it is quite meaningful that we will continue to increase our investments. And going forward, we'll deepen our long-term commitments across product, supplies, service quality and delivery efficiency for the Duo Duo Grocery business, creating tangible benefits for consumers, supply chain participants. Thank you for your question.

正如我剛才提到的，雖然多多買菜業務需要大量投資，但我們認為繼續增加投資是非常有意義的。未來，我們將深化對多多雜貨業務在產品、供應、服務品質和配送效率方面的長期承諾，為消費者和供應鏈參與者創造實際的利益。感謝您的提問。

Lixin Ju, Bank of America.

鞠立新，美國銀行。

(interpreted) Let me translate my questions. First, in last quarter's earnings call, management mentioned the mismatch between investment cycles and the return cycle was a primary cause of the profit decline in the first quarter. Looking at the the second quarter results, it seems the company's expense ratio and profit margin levels show signs of stabilization. Just wonder, does it indicate like the company's investment cycle has already like stabilized? And how should we actually expect the profit margin trends going forward, both long term and short term?

（翻譯）讓我翻譯一下我的問題。首先，在上個季度的財報電話會議上，管理層提到投資週期和回報週期不匹配是導致第一季利潤下降的主要原因。從第二季業績來看，公司的費用率和利潤率水準似乎出現穩定跡象。只是想知道，這是否表示公司的投資週期已經穩定下來？那麼，我們實際上應該如何預期未來的長期和短期利潤率趨勢呢？

My second question is recently, we have seen some signs of improving consumer demand from some industry data. Has management observed a similar trend lately? Any updates on consumer sentiment or behaviors will be appreciated. And how does management view macro trends in the third and fourth quarter this year?

第二個問題是，最近我們從一些產業數據中看到了消費需求改善的跡象。管理層最近是否觀察到了類似的趨勢？任何有關消費者情緒或行為的更新資訊都將受到歡迎。管理階層如何看待今年第三季和第四季的宏觀趨勢？

Joyce, this is Jun. I would take your first questions. First of all, our profits in Q2 benefited from e-commerce seasonality. And so this quarter may not represent future earnings. If we're looking at the numbers, our Q2 revenue growth further slowed to 7% and operating profit dropped to 21%.

喬伊斯，我是 Jun。我來回答你的第一個問題。首先，我們第二季的利潤受益於電子商務的季節性。因此本季的收益可能並不代表未來的收益。如果我們看數字，我們的第二季度營收成長進一步放緩至 7%，營業利潤下降至 21%。

We believe there are some reasons for this. First, under the [RMB100 billion support program], the platform has increased its investment to support merchants which naturally impacts profitability. And for second, intensified industry competition continue to create challenges for our merchants and the platform. So to help merchants navigate market cycles, the platform will continue to scale up investments should Q2 profit levels should not be seen as a reference for future performance. We do not believe this quarter's profit level is sustainable -- fluctuations in profitability in the coming quarters.

我們認為，出現這種情況是有原因的。首先，在「千億扶持計畫」下，平台加大了對商家的扶持投入，自然會影響獲利能力。其次，產業競爭加劇，為我們的商家和平台帶來持續的挑戰。因此，為了幫助商家應對市場週期，如果第二季的利潤水準不應被視為未來業績的參考，則該平台將繼續加大投資。我們認為本季的利潤水準不可持續－未來幾季的獲利能力將會出現波動。

As we have communicated in the past, in current market environment, increasing platform investment to help merchants through the cycles is a responsibility the platform can and must take on. We believe that these investments will create a healthier merchant ecosystem in the long run. Our focus remains on long-term value creation rather than short-term financial performance, as Lei and Jiazhen just mentioned, we will continue to increase our (inaudible) --

正如我們過去所傳達的，在當前的市場環境下，加大平台投入，幫助商家渡過難關，是平台能夠且必須承擔的責任。我們相信，從長遠來看，這些投資將創造一個更健康的商家生態系統。我們仍然專注於長期價值創造，而不是短期財務業績，正如雷和家珍剛才所提到的，我們將繼續提高我們的（聽不清楚）——

(interpreted) This is Zhao Jiazhen. Let me answer your second question. China's consumer market demonstrates remarkable potential and resilience and driven by sustained pro consumption policies, we have observed steady growth in overall retail sales, alongside the continuous rise in online retail penetration. We remain very confident in the overall potential of China's consumer market. However, from an industry structure perspective, we are seeing escalating competition and it is increasingly convenient for consumers to switch between different platforms.

（譯）我是趙家珍。讓我來回答你的第二個問題。中國消費市場展現出巨大的潛力和韌性，在持續的消費政策推動下，社會消費品零售總額穩定成長，網路零售滲透率持續上升。我們對中國消費市場的整體潛力仍然非常有信心。但從產業格局來看，競爭日益激烈，消費者在不同平台之間的切換也越來越方便。

And the competitive landscape is is at risk of being reshaped. And in this environment, the platform must take on a more proactive goal by increasing investments. And during the June 18 shopping festival in Q2, we not only provided substantial support to high-quality agriculture and national brands but also offered extra coupons to consumers, to provide consumers more savings for their midyear shopping needs.

競爭格局面臨重塑的風險。在這種環境下，平台必須透過增加投入來承擔更積極主動的目標。而第二季的618購物節，我們不僅大力扶持優質農業、國家品牌，還額外發放消費券，為消費者年中購物提供更多優惠。

And during the promotion, a number of agriculture and new quality merchants participating in the RMB10 billion program doubled, enabling many SME merchants across multiple categories to reach new milestones. And moreover, categories such as beauty, skin care, maternity, and baby and pet supplies also experienced good growth through the promotion.

活動期間，參與百億計畫的農業類、新優商家數量翻倍，協助眾多跨品類中小企業商家再創佳績。此外，美妝、護膚、母嬰、寵物用品等類別也透過促銷活動達到了良好的成長。

The 2025 Duo Duo premium produce program has reached hundreds of high-quality agricultural regions, helping high-quality agricultural products, which urban consumers. For example, leeches from Guangdong Maoming quickly sold over 50,000 kilograms after being featured in the RMB10 billion program. Our dedicated team for a new quality merchant support program also continued to engage with hundreds of manufacturing regions such as footwear and apparel in Xinjiang and cameras in Guangdong, leveraging the momentum of the shopping festival, we helped a large number of quality products quickly reach the market.

2025多多優質農產品計畫已涵蓋數百個優質農業地區，協助優質農產品走進城鎮消費者。例如，廣東茂名的水蛭被納入百億工程後，很快就銷售了5萬多公斤。全新優質商家扶持計畫團隊也持續對接新疆鞋服、廣東相機等數百個生產地區，借助購物節的契機，協助大批優質商品快速進入市場。

And then the platform's proactive investments have created a positive feedback from both consumers and merchants. And going forward, in this intensifying competitive environment, we will continue to increase our support on both the supply and demand sides, sacrificing part of the platform's profit to foster healthier and more vibrant ecosystem.

而平台的積極投入也得到了消費者和商家的正面回饋。未來，在競爭愈演愈烈的環境下，我們將繼續加強對供需雙方的支持，犧牲平台的部分利潤，培育更健康、更有活力的生態系統。

And by doing so, we hope to help more SME reduce costs and drive sales and offer consumers more tangible benefits. Thank you. And I think it's about time. And thank you again for joining our call today, and we look forward to speaking to you again next quarter.

我們希望透過這樣的方式，幫助更多的中小企業降低成本，促進銷售，為消費者帶來更多實惠。謝謝。我認為是時候了。再次感謝您今天參加我們的電話會議，我們期待下個季度再次與您交談。

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

女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連線。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。