Picture from: Visual China
Titanium media note March 13: late today, pinduoduo reported results for the fourth quarter of 2018 and the full year, the first annual report since pinduoduo's listing.
According to the financial report, as of the fourth quarter, the number of active buyers of the platform was 41.85 billion, an increase of 173.7 million compared with the same period of 2017, an increase of 33 million from the previous quarter, an increase of 71% and a 9% increase from the previous quarter.
Under this wave of growth, the gap between the number of users and the number of JD.com has further widened, surpassing the 113.2 million people in Jingdong, and the gap with Ali is also shrinking, from the half of the number of Ali users before the listing to nearly two-thirds.
On the other hand, on the whole, the year-on-year and month-on-month curves of the number of active buyers in the year are continuing to decline. That is to say, the stage of explosive growth in the number of users is gradually passing.
In 2018, the average annual consumption of active buyers was 1126.9 yuan, nearly doubled from 576.9 yuan in the same period of 2017. The average annual order of active buyers of the platform reached 26.56, which was 51% higher than the 17.55 in the same period of last year.
Under the double growth of the number of users and the frequency of user consumption, in 2018, the total order volume was 11.1 billion, which was 158% higher than the 4.3 billion in the same period of 2017. The average daily order volume of the platform was 11.8 million in 2017. Rose to 30.4 million single. During the 12-month period ended December 31, 2018, the multi-platform GMV reached 471.6 billion yuan, a 234% increase from the 141.2 billion yuan in the same period in 2017.
On the revenue side, pinduoduo, who is still in a rapid growth period, achieved revenue of 5.6539 billion yuan in Q4, up 37.9% from 1.1794 billion yuan in the same period of 2017 and 68% over the previous quarter. Full-year revenue of 13.12 billion yuan, up 652 percent year-on-year, compared with many e-commerce platforms with growth of below 30 percent, the performance is bright.
As for the platform's revenue growth, pinduoduo is attributable to the growth in online marketing technical service revenue. In the Q4 quarter, pinduoduo's online marketing technical service revenue was 5.0624 billion yuan, up 470% from 887.6 million yuan in the same period of 2017 compared with the same period last year. This is 70% higher than Q3's 2.9741 billion yuan month-on-month increase. In addition, revenue from trading services on the platform Q4 was 591.5 million yuan, up 103 percent from 291.8 million yuan in the same period in 2017.
But it is worth mentioning that while revenues continue to rise, net losses continue to expand, mainly because pinduoduo is still growing in marketing and subsidies. In 2018, under non-US General Accounting Standards (NON-GAAP), Pinduoduo's operating loss was 3.9583 billion yuan, up from 525 million yuan in 2017. Q4 quarter, platform operating loss of 2.6409 billion yuan, NON-GAAP loss of 2.1129 billion yuan, compared with the previous quarter 1.0983 billion yuan expansion.
In Q18 of 2018, the sales expenses of the platform mainly for promotion subsidy activities and brand promotion were 6.024 billion yuan, an increase of 699% compared with 2017. For the whole year of 2018, the platform sales expenses were 13.441 billion yuan, an increase of 900% over the same period of 2017.
In terms of R & D investment, pinduoduo's R & D spending increased to 525.2 million yuan in the Q4 quarter, an increase of 901 percent over the same period in 2017, and pinduoduo invested 1.1161 billion yuan in R & D spending in the whole of 2018, up 764 percent from the same period last year.
At the same time, while the financial report was disclosed, pinduoduo also released a personnel news, announcing the establishment of a Technical Advisory Board, composed of a former Microsoft Global Executive Vice President and now an independent director of pinduoduo, founder of YC China. Baidu board vice-chairman Lu Qi led related work.
"based on distributed AI technology, pinduoduo has created a differentiated, personalized path for the e-commerce industry," Huang said. With more and more users joining the network and increasing daily activity, pinduoduo is continuously optimizing the AI engine to meet the user's evolving deep-seated, diverse needs. "
Taking into account the importance of further research and development, pinduoduo will set up a technical advisory committee to further strengthen pinduoduo's technical capabilities under the leadership of Dr. Lu Qi and other members of the committee, Mr. Huang said. Huang also revealed that pinduoduo and a number of scientific research institutions around the world will work together to promote the development of distributed AI technology. (the first titanium media in this article, author / Xie Kangyu)
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