A while ago, zhonggai shares fell too miserably. Everyone is looking forward to its annual report.
On the 21st, pinduoduo released its financial report for the fourth quarter and the whole year of 2021, with a net profit of 6.62 billion yuan in the fourth quarter, far exceeding market expectations. Subsequently, US stocks opened, and pinduoduo's share price once rose by more than 5%. But it dived rapidly. As of press time, it fell nearly 5%.
Let's take a closer look at pinduoduo's latest earnings data.
fourth quarter revenue growth increased by 3% year on year
the number of active buyers in year reached 869 million
\u3000\u3000 1. Annual active sellers were 868.7 million, with a year-on-year increase of 10%
According to the financial report, by the end of 2021, the number of active buyers for many years was 868.7 million, up 10% year-on-year from 788.4 million at the end of the previous year.
In terms of the number of monthly active users, the average number of monthly active users of pinduoduo app in the fourth quarter was 733.4 million, a year-on-year increase of 2% compared with 719.9 million in the same period in 2020.
2.2021 revenue 93.95 billion, an increase of 58%
In terms of revenue, pinduoduo's total revenue in the fourth quarter was 27.230.9 billion yuan, compared with 26.547 billion yuan in the same quarter of 2020, a year-on-year increase of 3%. The quarter on quarter growth rate hit a new low since listing.
The year-on-year growth of online service revenue was RMB 9.39 billion, mainly due to the year-on-year growth of online service revenue of RMB 9.39 billion in 2020.
\u3000\u3000 3. The net profit in the fourth quarter exceeded 6.6 billion and turned losses into profits
Under the general accounting standards, the operating profit in this quarter was 6.907 billion yuan, which was 2.047.8 billion yuan compared with the operating loss in the same period in 2020. The net profit attributable to ordinary shareholders was 6.619.5 billion yuan, while the net loss attributable to ordinary shareholders in the same quarter of 2020 was 1.376.4 billion yuan.
Liu Jun, vice president of pinduoduo finance, said that the increase in profits in the fourth quarter was mainly due to the reduction of marketing expenses and the one-time expense deduction.
It should be noted that the company has a one-time rebate in this quarter, which temporarily boosted the performance of this quarter.
\u3000\u3000 4. Decrease in marketing expenses: Q4 decreased by 23% year-on-year
R & D expenses increase: 30% year-on-year increase
In the fourth quarter, pinduoduo's R & D expenditure was 2.026 billion yuan, and the annual R & D expenditure reached 8.992.6 billion yuan, a year-on-year increase of 30%.
Meanwhile, in the fourth quarter, marketing expenses decreased by 23% year-on-year. Chen Lei said that pinduoduo will shift its focus from marketing to R & D in 2021, which will lay a solid foundation for the long-term development of the company.
\u3000\u3000 5. The annual turnover (Gmv) was 2441 billion yuan, with a year-on-year increase of 46%
Benefiting from the dual trust of consumers and businesses, the annual turnover of the platform (Gmv) and the annual average consumption of active buyers (ARPU) have achieved double growth. Among them, the annual turnover (Gmv) reached 2441 billion yuan, an increase of 46% over the previous year's 1667.6 billion yuan; The average annual consumption of active buyers was 2810.0 yuan, up 33% year-on-year from 2115.2 yuan the previous year.
61 billion orders in 6.1, a year-on-year increase of 59%
Data show that in the past year, the platform has generated 61 billion orders, a year-on-year increase of 59%. According to Liu Jun, vice president of finance of pinduoduo, under the strategy of Shenzhen Agricultural Products Group Co.Ltd(000061) "zero Commission" and re investment in agriculture, the increase of agricultural orders on the platform is particularly significant.
q4 profits continue to be invested in 10 billion agricultural research
Chen Lei: there is still a long way to go
In August last year, pinduoduo announced the establishment of the "10 billion agricultural research project", continued to promote the universal benefit of agricultural science and technology, and invested all the profits in the second and third quarters into the project. Chen Lei, chairman and CEO of pinduoduo, said that the profits in the fourth quarter will also be used in the field of agricultural research and technology, and continue to deepen pinduoduo's efforts in agricultural digitization, so as to promote more agricultural production areas and farmers directly connected to the digital economy.
"Agricultural development requires long-term patience and investment, and the profits in the fourth quarter will continue to be used to support the in-depth exploration of agricultural research and technology." Chen Lei said that in the past year, we insisted on focusing on agriculture and made a new round of heavy investment in Shenzhen Agricultural Products Group Co.Ltd(000061) brand, agricultural talents and logistics and warehousing, which has achieved initial results.
According to the "2021 new farmers growth report" released by pinduoduo, the "new farmers" represented by the post-95 generation have become a new force to promote Shenzhen Agricultural Products Group Co.Ltd(000061) upward. As of October 2021, the number of "new farmers" on the platform has exceeded 126000, accounting for more than 13% of agriculture related businesses. Among them, women accounted for more than 31%, reaching 39060; After 2000, it accounted for more than 16%, reaching 20160.
Data show that in the past year, the platform has generated 61 billion orders, a year-on-year increase of 59%. According to Liu Jun, vice president of finance of pinduoduo, under the strategy of Shenzhen Agricultural Products Group Co.Ltd(000061) "zero Commission" and re investment in agriculture, the increase of agricultural orders on the platform is particularly significant.
"Looking back on our efforts in agriculture, we are pleased with the positive role, but agricultural digitization has just started and there is still a long way to go." Chen Lei said that in the future, he will continue to increase investment in agriculture, remain focused and patient with this long-term vision, and strive to contribute to agricultural and rural modernization and Rural Revitalization.
how to see the impact of macro uncertainty on pinduoduo
see more about the internal force range, which can be improved through technology
At the performance exchange meeting, some investors asked, how does pinduoduo deal with the current macro environment and huge industry competition?
Pinduoduo answered.
investors' question: how about the impact of macro uncertainty on pinduoduo
pinduoduo answer: internally, we can see more areas within the scope of capability and improve them through technology. For example, a large area we see now is agriculture. Many things can be done to improve the agricultural sector. For example, the production side can increase production capacity through agricultural science and technology, alleviate agricultural pressure, and farmers can obtain higher and more stable income; On the consumer side, let consumers eat fresh and affordable agricultural and sideline products to reduce pollution; In terms of circulation, improve the efficiency of Shenzhen Agricultural Products Group Co.Ltd(000061) circulation through technology and improve the rural logistics system.
Agriculture, a basic industry, can see more opportunities, reflecting our confidence in the future development of the market. But agricultural investment takes time and process, so we need patience.
some investors also asked: with regard to industry competition, the company pays attention to the value provided by itself and does not consider external competitors. Can we talk about the following aspects of investment improvement that can enhance competitiveness
pinduoduo answer: about competition, pinduoduo has been in a highly competitive industry since its establishment. China's e-commerce is a highly competitive industry. Now we see that large platforms have entered the field of e-commerce, and they provide consumers with different choices. With the upgrading of technology, consumer demand is also further iterating. We expect new models and new enterprises to join the e-commerce industry. As mentioned, internally, we think that we pay more attention to users. Whether we can serve users well and bring more benefits and fun to users is the duty of the enterprise. We really won't pay too much attention to our competitors. However, in the past time, we still have a lot of room for improvement in understanding and following up the changes of users' behavior and needs. Many competitors do better than us in many aspects, which we need to learn from them. We found that in many cases, the needs of consumers in the field of agriculture and logistics have not been met, which is the reason why we continue to invest in logistics and agricultural technology. For the medium and long-term development of the company, my team and I are full of confidence. Whether confidence can be transformed into achievements requires the unremitting efforts of all team members.
investors asked: branding and cost performance positioning were our advantages in the past, and cost performance has now become our obstacle. Would you like to hear the understanding of the management
Pinduoduo answer: for branding, we have many users, and the needs of platform users are becoming more and more diversified. We hope to meet the expectations of users to get a better experience on our platform. Brand is a part of what we should do well. However, the brand's opening a store on the platform is not achieved overnight. It takes time to run in, but in essence, the ultimate goal of us and the brand is the same - to serve consumers well, so we do what we can do patiently and reliably. In the process of cooperation, see the trend: some brands see the opportunity first, and the first brands see a higher return, so as to drive more brands to try. As for whether more brands will bring higher ARPU and customer unit price (AOV), this is not what we value, but depends on user satisfaction. We believe that the open concept will have a more positive impact on users.
