Shanghai Securities News China Securities Network News (Reporter Wen Ting) Pinduoduo released its financial report for the third quarter of 2023 as of September 30 on the 28th. The company's revenue for the quarter was 68.84 billion yuan, a year-on-year increase of 93.9%, and its net profit under non US accounting standards increased by 37% year-on-year to 17.03 billion yuan.
"We can clearly feel the sustained economic recovery, as well as the potential and resilience of the consumer market. With the implementation of a series of consumer promotion policies, the demand for consumer upgrading is becoming increasingly strong. At the same time, we can also see from user behavior that consumer upgrading is not only related to quality, but also to price. It is the optimization of the 'quality to price ratio' and the ultimate pursuit of consumers for high-quality goods at a good price." Co CEO Chen Lei stated.
The financial report shows that in the third quarter, the overall consumption of Pinduoduo platform saw comprehensive growth, with categories such as agricultural and sideline products, beauty and care, digital home appliances, sports and outdoor products achieving varying degrees of growth. The consumption trend of domestic brands continued to heat up.
During the reporting period, the company continued to increase its investment in technology, and its research and development expenses reached a new high, with a year-on-year increase of 5.5% to 2.85 billion yuan.
"In the future, we will continue to invest heavily in agricultural technology, supply chain technology, and overall core research and development, using technology to create long-term positive value," said Chen Lei.