Pinduoduo's first quarter revenue increased by 58% year-on-year to 37.64 billion yuan, with a net profit of 8.1 billion yuan

On May 26th, Pinduoduo Group released its performance for the first quarter of 2023 as of March 31st. According to the financial report, Pinduoduo Group achieved a revenue of 37

On May 26th, Pinduoduo Group released its performance for the first quarter of 2023 as of March 31st. According to the financial report, Pinduoduo Group achieved a revenue of 37.64 billion yuan in the first quarter, a year-on-year increase of 58.2%.

According to financial report data, the first quarter net profit under the general accounting system in the United States was 8.1 billion yuan, a decrease compared to the fourth quarter of last year. Liu Jun, Vice President of Finance at Pinduoduo, said, "Pinduoduo is still in the 'investment period' and will continue to increase investment in the future to further promote the ecological construction of the platform

Chen Lei, Chairman and Co CEO of Pinduoduo Group, said, "In the past few quarters, we have steadily adjusted our strategy and shifted our focus from growth to quality improvement. We are focused on promoting platform ecological construction, with quality improvement as our primary goal. This quarter's performance also partially reflects the results of the transformation towards high-quality development

We will prioritize practicality, increase supply chain investment, find stronger driving forces for high-quality development, accelerate the construction of a 'multi benefit+good service' healthy ecosystem, and promote a win-win situation for platform ecological health, "said Zhao Jiazhen, Executive Director and Co CEO of Pinduoduo Group.

The financial report shows that the platform's research and development investment increased by 4.2% month on month in the first quarter, reaching 2.51 billion yuan. The number of Pinduoduo R&D teams has steadily increased by 15% in 2022, accounting for about half of the total number of employees.

The research and development of cutting-edge technologies and their reserves are very important for us to build a healthy and dynamic platform ecosystem, "Chen Lei said." Heavy research and development is Pinduoduo's long-term strategy, and we will continue to invest unwaveringly in the future

Recently, Zhao Jiazhen, the newly appointed CEO of Pinduoduo, stated that Pinduoduo will fully embrace high-quality development, actively practice social responsibility, optimize platform governance capabilities, and build a healthier platform ecosystem.

It is reported that Pinduoduo will establish a "Ten Billion Ecological" special project. This special project aims to tilt resources towards high-quality merchants and products, promote the growth of small and medium-sized enterprises and high-quality merchants with quality, and improve the overall service efficiency and quality of platform merchants.

We will continue to invest heavily in the construction of physical supply chains, stabilize and strengthen the chain, supplement and extend the chain, allowing more industrial and agricultural industries to take root in the local market and lead local industries to enter the national and even global markets, "said Zhao Jiazhen.

Since the second half of last year, Pinduoduo has launched cross-border e-commerce projects to help high-quality Chinese manufacturing go overseas. Pinduoduo has specially released the "Overseas Support Plan" to provide comprehensive infrastructure services and integrated overseas solutions for manufacturing enterprises, including domestic and foreign warehousing, cross-border logistics, and after-sales services. At present, Duoduo Cross border has successfully promoted tens of thousands of manufacturing enterprises in clothing, digital, home appliances, luggage, outdoor, accessories, toys, stationery, and other fields to directly connect to overseas markets.

We are working hard to build a vibrant platform where consumers can find various products they want while helping high-quality merchants thrive. As a young and developing company, we will increase investment, accelerate high-quality transformation, and create greater social value, "said Chen Lei. (One Orange)