PDD 拼多多 2025年第3季度财报电话会议文字稿中英文

中文翻译

显示英文

Operator

女士们、先生们，感谢各位的耐心等待，欢迎参加拼多多控股有限公司2025年第三季度财报电话会议。[接线员提示]请注意，今天的电话会议正在录音。现在，我将会议交给今天的主持人。请开始。

Unknown Executive

谢谢接线员，大家好，感谢各位今天参加我们的电话会议。拼多多控股的财报新闻稿已于稍早发布，可在我们的官网investor.pddholdings.com以及Globe Newswire服务上查阅。在开始之前，我想提醒各位参考我们财报新闻稿中的安全港声明，该声明同样适用于本次电话会议，因为我们将做出某些前瞻性陈述。此外，本次电话会议将讨论某些非公认会计准则财务指标。请参考我们的财报新闻稿，其中包含了非公认会计准则指标与公认会计准则指标的调节表。今天参加电话会议的有：我们的董事长兼联席首席执行官陈磊先生；我们的执行董事兼联席首席执行官赵佳臻先生；我们的财务副总裁刘珺女士目前正在休病假。今天将代表刘珺女士进行准备好的发言的是我们投资者关系团队的林欣怡女士，她在我们之前的财报电话会议上也曾发言。磊和佳臻将就我们过去一个季度的表现和战略重点发表一些总体看法，然后刘珺将带我们回顾截至2025年9月30日的第三季度财务业绩。在问答环节，磊和佳臻将用中文回答问题并协助翻译。请注意，英文翻译仅供参考。如有任何不一致之处，以原始语言陈述为准。现在，我很荣幸地介绍我们的董事长兼联席首席执行官陈磊先生。磊，请开始。

Lei Chen

大家好，感谢参加我们2025年第三季度财报电话会议。今年是公司成立10周年。就在本次财报发布前，我们刚刚庆祝了10岁生日。2015年起步时，我们开创了团购模式，提出了'多实惠、多乐趣'的价值主张，并创造了以'普惠、人为先、更开放'三个关键词定义的新型电商。从那时起，我们逐渐从初创企业成长为电商行业的重要参与者，并在这一过程中为用户、商家以及行业和社会创造了更大价值。本季度，我们实现营收1080亿元人民币，增长仍面临压力。一如既往，我们优先考虑长期价值而非短期结果。回顾过去十年，我们始终坚持'普惠'的核心价值观，坚守自身职责和原则，专注于电商核心业务。在这一历程中，我们努力为用户创造价值，满足最广泛消费者的需求。我们也竭诚回馈行业生态系统，推动行业变得更加普惠、更加人为先、更加开放。自成立第一天起，我们的使命就是通过提供实惠价格和优质服务来服务最广泛的消费者。10年前，我们推出团购模式以解决农民、种植户以及产业带商家面临的挑战。这种电商模式帮助了大量农民和普通劳动者增加收入，同时为城乡消费者提供价格实惠的优质食品和日用品。今天，10年过去了，我们仍然关注各行各业人们的日常生活。我们继续为消费者提供价格实惠的优质商品，帮助众多中小企业商家扩大市场覆盖。最终，我们帮助生产者和消费者过上更好的生活。作为诞生于移动互联网时代的新型电商平台，我们超越了以产品为中心的传统网购模式，转而'人为先'。我们围绕消费者焦点构建了我们的模式。我们试图理解每一次点击背后的人情味，我们珍视每一笔订单背后的消费者信任。我们努力为每一次购物体验带来更多实惠和更多乐趣。怀着这一目标，我们将持续推动产品创新、技术融合、服务升级以及选品和供应链效率的提升。通过这样做，我们旨在满足日常消费者多样化且快速增长的需求。在整个历程中，我们面临着激烈而持久的行业竞争，但我们始终坚定地关注公司的长期内在价值，推动平台生态系统的高质量发展，并倡导更加开放的行业环境。自去年以来，我们进一步提升了生态系统发展，推出了大量商家支持举措，如'百亿补贴'计划和'千亿扶持'计划。通过这些举措，我们投资于我们的商家和更广泛的生态系统，为成熟品牌和中小企业创造了创新和增长空间。我们希望能在促进供应链升级和解决我们那些有质量但缺乏品牌知名度的商家长期面临的挑战方面发挥作用。展望未来，电商行业正面临更加激烈的竞争，我们将继续坚持过去10年指导我们的原则，坚守为消费者创造价值的使命，专注于投资我们平台和更广泛行业的高质量发展。如今，我们的业务规模远超10年前，而更大的规模意味着更大的社会责任。因此，当我们思考新时代的增长时，我们必须以优先考虑更广泛公众利益和整个生态系统长期前景的方式进行。未来，我们将推出更多类似'千亿扶持'计划的战略举措，以支持供给侧和需求侧。我们也在加强回馈行业和更广泛社会的努力。三年前，我们启动了全球业务，现已发展到服务多个市场。如今，随着贸易壁垒和其他全球事件的快速发展，我们看到平台监管环境发生了重大变化，包括不同国家和地区的贸易政策、税收规则、数据安全和产品合规法规。这意味着我们将不可避免地面临更大的挑战和更多的不确定性。作为一家年轻的全球公司，我们正在努力学习、跟上并适应这些趋势。然而，仍然存在重大的不确定性，使公司面临难以预测和量化的风险，这可能影响我们的财务表现，无论是短期还是长期。在激烈的行业竞争、复杂的全球环境以及我们持续的生态系统投资中，我们的季度盈利能力将会波动，并且本质上难以预测。因此，简单的线性预测可能不是预测未来表现的好方法。正如我们过去强调的那样，短期股价波动从来不是我们的关注点。相反，我们的重点仍然是通过做正确的事情和为消费者创造价值来建立持久的内在价值。正是怀着对高质量发展的坚定承诺，我们开启了下一个十年，朝着'Costco加迪士尼'的愿景迈进。接下来，我们将把电话交给赵佳臻进行进一步发言。

Lei Chen

Hello, everyone, and thank you for joining our Q3 2025 earnings conference call. This year marks the 10th anniversary of the company's founding. Just before this earnings release, we celebrated our 10th birthday. When we started in 2015, we pioneered the team purchase model, which offered the value proposition of more savings and more fun at scale and created a new e-commerce defined by 3 characters, namely benefit all, people first and more open. Since then, we have gradually grown from a start into a key player in the e-commerce industry and along our journey, created greater value for our users, our merchants as well as the industry and the society. This quarter, we reported RMB 108 billion in revenue, with growth remaining under pressure. As always, we prioritize long-term value over short-term results. Looking back over the past decade, we have upheld our core value of concern, adhered firmly to our own duties and principles and maintained focus on our core business of e-commerce. Through our journey, we strive to create value for our users and to address the needs of the widest range of consumers. We have also made every effort in giving back to the industry ecosystem, driving the industry to become more benefit all, more people first and more open. Since day 1, our mission has been to serve the broadest range of consumers by offering affordable prices and quality services. 10 years ago, we introduced the team purchase model to address the challenges faced by the farmers and growers as well as industrial belt merchants. This e-commerce model has helped a large base of farmers and everyday workers increase their income while offering urban and rural consumers across through quality foods and daily necessities at affordable prices. Today, 10 years later, our focus remains on the day-to-day of people from all walks of life. We continue to provide consumers with quality goods at affordable prices and help merchants, many of which SMEs expand their market reach. And ultimately, we help producers and consumers live a better life. As a new e-commerce platform born in the mobile Internet era, we moved beyond the traditional online shopping model that placed products at the center. And instead, we put people first. We built our model around consumer focus. We try to understand a human touch behind every click, and we honor the consumer trust behind every order. We strive to bring more savings and more fun to every purchasing experience. And with this goal in mind, we will continuously driven product innovation, technology integration, service upgrades and improvements in product selection and the efficiency of supply chain. In doing so, we aim to satisfy the diverse and rapidly growing needs of everyday consumers. Throughout our journey, we have faced fierce and persistent industry competition, and yet we have remained steadfast in our focus on the company's intrinsic value in the long run, and we promote the high-quality growth of the platform ecosystem, and we advocate for a more open industry environment. Since last year, we have further elevated our ecosystem development and roll out substantial merchant support initiatives such as the $10 billion fee reduction program and $100 billion support program. Through these initiatives, we made investments in our merchants and a wider, creating room for innovation and growth for both established brands and SMEs. We hope to play our part in facilitating supply chain upgrade and addressing the long-standing challenge faced by our merchants who had quality but lack brand recognition. As we look ahead, the e-commerce industry is witnessing even more intense competition, and we will continue to uphold the principles that have guided us for the past 10 years, staying true to our mission of creating value for our consumers and focused on investing in the high-quality development of our platform and the wider industry. Today, the scale of our business is far greater than it was 10 years ago and with greater scale comes greater social responsibility. And therefore, as we think about our growth in this new era, we must do so in a way that prioritizes the interest of wider public and the long-term outlook of the entire ecosystem. Going forward, more strategic initiatives similar to $100 billion support program will be rolled out to support both supply side and demand side. We are also strengthening our efforts in giving back to the industry and a broader society. Three years ago, we launched our global business, which has now grown to serve many markets. Today, with the rapid evolvement of trade barriers and other global events, we are seeing significant shift in the platform's regulatory environment, including in trade policies, tax rules, data security and product compliance regulation across different countries and regions. This means we will inevitably face greater challenges and more uncertainties. As a young global company, we are working hard to learn to keep up and to adapt to these trends. However, there remain significant uncertainties exposing the company to risks that are unpredictable and difficult to quantify, which may impact our financial performance, both in the short term and over the long term. And in the midst of fierce industry competition, a complex global environment and our continuous ecosystem investments, our quarterly profitability will fluctuate and is inherently unpredictable. And therefore, simple linear projection might not be a good way to projecting future performance. As we have emphasized in the past, short-term stock price fluctuation has never been our focus. And rather, our focus remains on building long-lasting intrinsic value by doing the right thing and creating value for consumers. It is with our firm commitment to high-quality development, we embark on the next decade towards our vision of Costco plus Disney. And with that, we will turn the call over to Zhao Jiazhen for further remarks.

Jiazhen Zhao

[外语]

Unknown Executive

[口译] 各位好，我是赵佳臻。再次感谢大家参加我们2025年第三季度财报电话会议。今年第三季度正值公司成立十周年。正如雷总所言，过去十年间，我们始终致力于为用户创造价值，与商家共同成长。我们努力推动行业更加开放，为社会持续创造增量价值。在这个十年的节点上，我们将继续加大力度回馈供给侧和需求侧，作为推动产业升级、为大众带来更多实惠和资金的一部分努力。本季度，我们的收入增长继续承压，营业利润实现低个位数增长。当前，我们看到电商行业围绕新商业模式展开的竞争日趋激烈。我们将持续投资于平台生态系统，类似百亿补贴计划和千亿支持计划等商家扶持举措的投入将长期持续。这些投资将影响收入和净利润的持续表现。因此，本季度的财务业绩不应被视为对未来业绩的指引。我们不能排除未来几个季度财务表现继续波动的可能性。过去十年，我们从一家初创企业成长为公众平台。我们受益于中国经济的快速发展。与此同时，我们从未忽视平台公司应尽的社会责任，积极回馈农业及其他产业。今年，我们推出了电商行业首个千亿支持计划，以扶持商家和农户。通过多多好农货、新质供给、偏远地区物流支持等举措，我们持续推动平台生态系统的高质量发展。作为一家根植农业的新电商平台，拼多多上买卖的第一批商品就是农产品。一路走来，我们在农业产业链的各个环节进行了长期投入，从供应链、仓储物流到扶持新农人、农业研发等。这些努力显著提升了农产品流通的规模和效率，大力推动了产品标准化，帮助农民增产增收。在此过程中，我们已成为中国最大的农产品平台。第三季度，我们的多多好农货项目团队走访了数十个农业特色产区，包括湖北荆州、河南商丘、山东临沂、云南普洱等地。今年，依托千亿支持计划，我们推出了多多好农货举措，加大农业投入。根据我们刚刚发布的2025农产品半年报，我们在农业领域的投入已取得显著成效。今年上半年，农产品销售额同比增长47%，农业商家数量也呈现类似快速增长，其中00后商家数量同比增长尤为显著，超过30%。这表明农产品线上流通仍蕴藏着巨大潜力。第三季度，我们的多多好农货团队走访了数十个农业特色产区，包括湖北荆州、河南商丘、山东临沂、云南[听不清]等地，为商家制定定制化解决方案，帮助他们从追求规模的模式转向注重质量的模式。在九月开始的收获季期间，我们投入10亿元补贴和20亿元流量支持，与平台上30万农业商家合作，推出了多多丰收季活动，促进农产品从农村及时流通到城市市场，帮助农民增收。在公司早期，我们的拼团模式为产业带遗留问题带来了解决方案，使产业能够快速跨区域扩张。许多地区的电商商家数量从仅有一两百家增长到数千家。然而，这种增长也导致了同质化竞争。如今，这些产业带已到了需要转型的关键节点。本季度，我们通过千亿支持计划继续投资新质供给举措。我们的团队走访了数十个产业带，如平湖羽绒服、惠州零食、佛山童装、山东箱包、潮汕汉服等。依托我们的数字化能力以及降费、商家扶持计划，我们持续为商家提质增效，旨在通过从原材料到成品的供应链各环节的增量创新，解决许多行业面临的同质化竞争挑战。九月底，我们发布了新质供给一周年发展报告。报告显示，产业带商家数量快速增长。25-30岁年龄段的商家同比增长31%，00后商家增长44%。高质量SKU数量同比增长超过50%，这些产业带上的品牌店铺数量也显著上升。这些数据表明，重点产业带正稳步迈向高质量发展。在供给侧的投资使我们能够为广泛的普通消费者带来更多实惠和乐趣。我们看到都市白领从云南订购鲜花，小镇青年购买潮流设计师玩具。我们看到山村居民享用优质海鲜，西部地区的牧民穿着防晒服。以西部地区为例，中转费豁免导致宠物用品、户外防晒装备、设计师玩具、生鲜果蔬等品类订单量大幅增长。这极大地刺激了区域间的经济活动。从这个十年新起点出发，我们将继续以消费者为中心，推动组织进化。我们将通过持续聚焦的努力，逐一解决用户、商家和行业面临的实际问题，继续建设一个惠及所有人的繁荣平台，承担更大的社会责任，为公众创造价值。现在，我将交给辛怡为大家介绍我们第三季度的财务表现。

Unknown Executive

[Interpreted] Good day, everyone. This is Zhao Jiazhen. Thank you again for joining our Q3 2025 earnings release. The third quarter this year marks the company's 10th anniversary. As Lei mentioned, over the past 10 years, we have remained committed to creating value for our users and growing alongside our merchants. We have strived to drive the industry to become more open and have delivered incremental value to the society. At this 10-year juncture, we will continue to step up our efforts to give back to the supply side and the demand side as part of our efforts to drive industry upgrades and deliver more savings and more funds to the general public. In this quarter, our revenue growth continued to be under pressure and operating profit grew in low single digits. Currently, we see intensified competition within the e-commerce sector that is centered around new business models. We will continue to invest back into our platform ecosystem and our investments into the merchant support initiatives similar to the RMB 10 billion fee reduction program and the RMB 100 billion support program will continue in the long run. These investments will affect the sustained performance of revenue and net profit. And accordingly, our financial results of this quarter should not be considered as guidance for future performance. We cannot rule out the possibility that the financial performance in the next few quarters will continue to fluctuate. Over the past decade, we grew from a start-up into a public platform. We benefited from China's rapid economic development. And at the same time, we have not lost sight of the social responsibilities that are inherent to a platform company and proactively gave back to the agriculture and other industries. And this year, we rolled out the first RMB 100 billion support program in the e-commerce industry to support merchants and farmers. Through initiatives such as Duo Duo Premium Produce, new quality supply and logistics support to remote regions, we continue to drive the high-quality development of the platform ecosystem. As a new e-commerce platform with roots in agriculture, the first products bought and sold on Pinduoduo was agricultural produce. Along the way, we have made long-term investments across different parts of the agricultural industry from supply chain and warehousing logistics to supporting new generations of farmers and agricultural research and development. These efforts have significantly increased the scale and efficiency of agricultural product distribution, greatly promoted product standardization and helped farmers increase output and income. And in this process, we have become the largest platform for agricultural products in China. In the third quarter, our Duo Duo Premium project team visited dozens of agriculture specialty regions, including Hubei, Jingzhou, Henan, Shangqiu, Shandong, Liyang, and Yunnan, Pu'er. This year, on the back of CNY 100 billion support program, we launched the Duo Duo Premium Produce initiative to step up our investments into agriculture. Based on the 2025 agricultural product half year report that we just issued, our investments in agriculture have yielded significant results. And in the first half of this year, agriculture sales grew by 47% year-over-year, and we saw a similarly rapid increase in the number of agricultural merchants with a particularly notable increase of over 30% year-over-year in the generation of merchants born in the 2000s. This demonstrates that the online distribution of agricultural products continues to hold immense promise. In the third quarter, our Duo Duo Premium Produce team visited dozens of agricultural specialty regions, including Hubei, Jingzhou, Henan, Shangqiu, Shandong, Liyang, and Yunnan [indiscernible] to develop tailored solutions for the merchants and help them make the transition from a model that prioritizes scale to one that prioritize quality. And during the harvest season starting in September, we allocated RMB 1 billion subsidy and RMB 2 billion traffic support and in collaboration with the 300,000 agricultural merchants on our platform, we rolled out the Duo Duo harvest season program to facilitate the timely distribution of produce from rural areas to urban markets, helping farmers increase income. In the early days of our company, our team purchase model brought about a solution to the legacy challenges within the industrial belts and enabled the industries to quickly scale across regions. The number of e-commerce merchants in many of these regions grew from just 100 or 200 to several thousands. However, this growth has also led to commoditized competition. And today, these industrial belts have reached a critical juncture that calls for transformation. This quarter, we continue to invest in a new quality supply initiative through our CNY 100 billion support program. Our teams visited dozens of industrial belts such as down jackets in Pinghu, snacks in Huizhou, children's wear in Foshan, bags and luggage in Shandong, and Hanfu in Chaoqian. Leveraging our digital capabilities and fee reduction and merchant support programs, we continue to enhance quality and efficiency for our merchants, we aim to address the challenges of commoditized competition faced by many industries by incremental innovation across each part of the supply chain from raw materials to finished products. At the end of September, we released a 1-year development report on new quality supply. The report shows rapid growth in the number of industrial merchants. The number of merchants between the age of 25 and 30 grew by 31% year-over-year and those born in the 2000s grew by 44%. The number of high-quality SKUs increased by over 50% year-over-year, and we've also seen a significant rise in the branded stores on these industrial belts. And these figures demonstrate that the key industrial belts are steadily moving towards high-quality development. And on supply side, investments have allowed us to bring more savings and more fun to a broad base of ordinary consumers. We see urban white-collar workers ordering fresh flowers from Yunnan, while young people in small towns buy trendy designer toys. We see mountain villages enjoying high-quality seafood, while herdsmen in Western regions wear UV protective jackets. And taking the Western regions as an example, the exemption of transshipment fees has led to a significant surge in order volume for pet supplies, outdoor and sun protection gears, designer toys and fresh produce and plants, among other product categories. This greatly stimulated economic activities between the regions. Starting a fresh from this 10-year mark, we will continue to put consumers first and drive organizational evolution. And one by one, we will tackle the practical problems faced by our users, merchants and the industries through persistent focused efforts and continue to build a thriving platform that benefits all, taking on greater social responsibility and creating value for the public. Now I'll hand over to in Xin Yi to provide you with an update on our Q3 financial performance.

Xin Yi Lim

谢谢，嘉珍。大家好，我是投资者关系团队的新一。君因医疗休假，我将代表她进行准备好的发言。让我带大家回顾截至2025年9月30日的第三季度财务表现。从损益表来看，第三季度我们的总收入同比增长9%至1083亿元人民币。这主要得益于在线营销服务和交易服务收入的增长。本季度在线营销服务及其他收入为533亿元人民币，较2024年同期增长8%。随着竞争加剧以及我们对商家生态系统的投资，在线营销服务增长进一步放缓。交易服务收入为549亿元人民币，较去年同期增长10%。接下来看成本和费用。我们的总收入成本从2024年第三季度的397亿元人民币增至本季度的468亿元人民币，增长18%，主要原因是履约费用、带宽和服务器成本以及支付处理费用的增加。按GAAP计算，本季度总运营费用从2024年同期的354亿元人民币增至364亿元人民币，增长3%。按非GAAP计算，总运营费用从2024年第三季度的329亿元人民币增至本季度的344亿元人民币。本季度我们的非GAAP总运营费用占总收入的比例为32%，与去年同期大致持平。具体来看各项费用项目。本季度我们的非GAAP销售和营销费用为298亿元人民币，与去年同期持平。按非GAAP计算，本季度销售和营销费用占收入的比例为28%，而去年同期为30%。我们的非GAAP一般及行政费用为8.96亿元人民币，而2024年同期为6.47亿元人民币。本季度研发费用按非GAAP计算为37亿元人民币，按GAAP计算为43亿元人民币，同比增长41%。本季度我们在研发方面的投资达到新高，反映了我们专注于提升平台核心技术能力的决心。我们致力于长期投资研发，以抓住供应链创新和消费者体验方面的机遇。按GAAP计算，本季度营业利润为250亿元人民币，而去年同期为243亿元人民币。非GAAP营业利润为271亿元人民币，而去年同期为[28]亿元人民币。本季度非GAAP营业利润率为25%，低于去年同期的27%。随着我们对平台生态系统的投资，我们的盈利能力可能会继续波动。归属于普通股股东的净利润为293亿元人民币，而去年同期为250亿元人民币。基本每股ADS收益为20.96元人民币，稀释每股ADS收益为19.7元人民币，而2024年同期基本每股ADS收益为18.02元人民币，稀释每股ADS收益为16.91元人民币。归属于普通股股东的非GAAP净利润为314亿元人民币，而去年同期为275亿元人民币。非GAAP稀释每股ADS收益为21.08元人民币，而2024年同期为18.59元人民币。正如雷和嘉珍提到的，我们正面临日益激烈的行业竞争格局，这要求我们对平台生态系统进行更多投资。因此，随着我们推出更大力度的商家支持举措和生态系统投资，财务结果可能会继续出现季度波动。损益表部分到此结束。现在让我转向现金流。我们的经营活动产生的净现金为457亿元人民币，而去年同期为275亿元人民币。截至2025年9月30日，我们拥有现金、现金等价物和短期投资共计4238亿元人民币。谢谢。我的准备发言到此结束。

Xin Yi Lim

Thank you, Jiazhen. Hello, everyone. This is Xin Yi from the Investor Relations team. Jun is on medical leave, and I will deliver the prepared remarks on behalf of her. Let me walk you through our financial performance for the third quarter ended September 30, 2025. In terms of income statements, in the third quarter, our total revenues increased 9% year-over-year to RMB 108.3 billion. This was driven by an increase in revenues from online marketing services and transaction services. Revenues from online marketing services and others were RMB 53.3 billion this quarter, up 8% from the same quarter of 2024. Online marketing services growth moderated further as competition intensified and as we invest in the merchant ecosystem. Revenues from transaction services were RMB 54.9 billion, up 10% from the same quarter last year. Moving on to costs and expenses. Our total cost of revenues increased 18% from RMB 39.7 billion in Q3 2024 to RMB 46.8 billion this quarter, mainly due to increase in fulfillment fees, bandwidth and server costs and payment processing fees. On a GAAP basis, total operating expenses this quarter increased 3% to RMB 36.4 billion from RMB 35.4 billion in the same quarter of 2024. On a non-GAAP basis, total operating expenses increased to RMB 34.4 billion this quarter from RMB 32.9 billion in Q3 2024. Our total non-GAAP operating expenses as a percentage of total revenues this quarter was 32%, roughly in line with the same quarter last year. Looking into specific expense items. Our non-GAAP sales and marketing expenses this quarter were RMB 29.8 billion, flat compared to the same quarter last year. On a non-GAAP basis, our sales and marketing expenses as a percentage of our revenues this quarter was 28% compared to 30% in the same quarter last year. Our non-GAAP general and administrative expenses were RMB 896 million versus RMB 647 million in the same quarter of 2024. Our research and development expenses were RMB 3.7 billion this quarter on a non-GAAP basis and RMB 4.3 billion on a GAAP basis, up 41% year-over-year. Our investment in R&D reached a new high this quarter, reflecting our focus on improving the core technology capabilities of our platform. We are committed to investing in R&D over the long run to capture opportunities in supply chain innovation and consumer experience. On a GAAP basis, operating profit for the quarter was RMB 25 billion versus RMB 24.3 billion in the same quarter last year. Non-GAAP operating profit was RMB 27.1 billion versus RMB [ 28 ] billion in the same quarter last year. Non-GAAP operating profit margin was 25% this quarter, down from 27% for the same quarter last year. As we invest in the platform ecosystem, our profitability may continue to fluctuate. Net income attributable to ordinary shareholders was RMB 29.3 billion for the quarter compared to RMB 25 billion in the same quarter last year. Basic earnings per ADS was RMB 20.96 and diluted earnings per ADS was RMB 19.7 versus basic earnings per ADS of RMB 18.02 and diluted earnings per ADS of RMB 16.91 in the same quarter of 2024. Non-GAAP net income attributable to ordinary shareholders was RMB 31.4 billion versus RMB 27.5 billion in the same quarter last year. Non-GAAP diluted earnings per ADS was RMB 21.08 versus RMB 18.59 in the same quarter of 2024. Now as Lei and Jiazhen mentioned, we are facing an increasingly competitive industry landscape, which calls for more investments in the platform ecosystem. And therefore, as we roll out greater merchant support initiatives and ecosystem investments, financial results may continue to fluctuate from quarter-to-quarter. That completes our income statement. Now let me move on to cash flow. Our net cash generated from operating activities was RMB 45.7 billion compared with RMB 27.5 billion in the same quarter last year. As of September 30, 2025, we had RMB 423.8 billion in cash, cash equivalents and short-term investments. Thank you. This concludes my prepared remarks.

Unknown Executive

谢谢，心怡。接下来我们将进入问答环节。在今天的问答环节中，雷总和佳臻将回答分析师在线提问。[接线员指示] 雷总和佳臻将用中文回答问题，并将协助翻译以便大家理解。接线员，我们现在开放提问。

Operator

[接线员指示] 第一个问题来自美国银行的Joyce Ju。

Joyce Ju

[外语] 我将自己翻译。我的第一个问题是，第三季度我们看到整体在线零售行业出现复苏，行业同比增长达到了过去几个季度的最佳水平。管理层能否分享公司对近期行业趋势的看法？同时，我们注意到多多本季度在线营销服务收入增长放缓，我们估计这也表明变现率面临一些压力。管理层能否详细说明推动增长的主要因素？您预计这一趋势在未来几个季度会持续吗？其次，在过去几个季度，我们看到多家平台公司推出了重大业务创新并加大了对新模式的投入，这确实改变了竞争格局。管理层如何看待中国电商行业未来的竞争前景，以及为什么？

Jiazhen Zhao

[外语]

Unknown Executive

[口译] 我是赵佳臻，我来回答这个问题。过去几个季度，行业进入了新的投资周期。电商领域正在快速发展，在拥有众多强大参与者的行业格局中，竞争是不可避免的。面对这种竞争激烈且快速变化的环境，我们的首要关注点应该是我们的平台能为消费者、商家和其他参与者创造什么独特价值。我们不会过多关注短期的行业趋势或竞争对手的每一个举动。在我们看来，从现在开始，我们必须利用自身优势追求高质量增长，增强核心能力，以更好地服务商家和消费者，并在此过程中创造更多价值。当然，我们也对线上零售的整体复苏感到鼓舞。今年年初，我们进一步认识到高质量增长的长期价值，我们的管理团队承诺将平台生态系统投资提升到新阶段，并启动了千亿扶持计划来支持我们的商家。这涉及平台主动投入大量资源投资商家和更广泛的行业。通过这样做，我们的目标是为成熟品牌和中小企业提供充足的创新和增长空间。同时，我们还成立了商家保护委员会，与商家建立长期沟通机制。我们还对商家售后服务体系进行了针对性升级，并实施了多项改进措施来解决异常订单纠纷等问题。所有这些努力都专注于优化商家的营商环境，培育一个所有参与者都能共同繁荣的平台生态系统。展望未来，管理层一致认为，我们有责任进一步增加对平台生态系统的投资，并从公共利益和整个生态系统长期健康发展的更广阔视角来思考公司的发展。我们将继续专注于平台的长期内在价值和健康发展。因此，在未来一段时间，我们计划推出更多惠及商家和消费者的战略举措。诸如千亿扶持计划等项目，并进一步加强我们对行业投资和回馈社会的努力。回到增长率的话题，我们在几个季度前提到，随着平台规模的扩大以及竞争的加剧，我们的增长率将会放缓。随着我们继续投资支持商家和行业的项目，我们的财务表现在未来一段时间可能会出现起伏。然而，我们将始终保持长期视角，专注于为消费者和商家创造独特价值，并构建我们的内在价值。关于您的第二个竞争问题。正如您所观察到的，我们行业的竞争已经加剧。过去几个月，我们看到许多行业同行投入大量资本和资源积极发展新的商业模式，导致电商领域围绕新兴商业模式的竞争日益激烈。在这种环境下，我们将继续投入大量资本来加强我们的平台生态系统。诸如百亿补贴计划和千亿扶持计划等重大商家支持举措将长期持续，并会推出更多类似项目。平台愿意让渡部分利润，为整个生态系统的发展创造空间。我们将这些视为我们的长期投资。例如，如前所述，今年我们在千亿扶持计划下启动了多多优质农产品活动，这极大地帮助了优质农业商家扩大规模并提高产品分销效率。类似这样的举措还有很多。这些长期投资自然会影响我们的收入和利润表现。展望未来，在外部环境变化和竞争加剧的情况下，我们的长期投资将会增加。因此，我们认为本季度的盈利能力不应作为未来业绩的指引，未来几个季度的业绩仍有可能持续波动。谢谢。

Unknown Executive

[Interpreted] This is Zhao Jiazhen, let me take this question. In the past few quarters, the industry has entered a new investment cycle. The e-commerce sector is evolving rapidly and within an industry landscape that has a large number of strong players, competition is unavoidable. And faced with this competitive and fast-changing environment, our primary focus should be that what unique value our platform can create for the consumers, merchants and other participants. We do not pay too much attention to the short-term industry trends or every move made by the competition. And as we see it from here onwards, we must leverage our inherent strength to pursue high-quality growth and enhance our core capabilities in order to better serve our merchants and consumers and along the way, creating more value. And of course, we are also encouraged to see the overall recovery in online retail. And at the beginning of this year, we further recognized the long-term value of high-quality growth and our management team made a commitment to elevate our platform ecosystem investments to a new stage and launched CNY 100 billion support program to support our merchants. And this involves the platform proactively dedicating substantial resources to invest in merchants and the broader industry. And in doing so, we target to provide ample room for innovation and growth for both established brands and SMEs. In the meantime, we also formed the Merchant Protection Committee to create a long-term communication mechanism with our merchants. We have also undertaken targeted upgrades to the merchant aftersales service system and implemented multiple improvements to address issues like abnormal order disputes. And these efforts are all focused on optimizing the business environment for our merchants and nurturing a platform ecosystem where all participants can thrive together. And looking ahead at this juncture, management unanimously agreed that it is our responsibility to further increase investment in our platform ecosystem and to think about the company's development from a broader perspective of public interest and the long-term health of the entire ecosystem. We will remain focused on the platform's intrinsic value and healthy development in the long run. And therefore, in the period ahead, we plan to roll out more strategic initiatives that benefit both merchants and consumers. Programs such as the CNY 100 billion support program and further enhance our efforts to invest in the industry and give back to the society. And back to the topic of growth rates, we mentioned several quarters ago that as the platform increase in scale and also as competition intensifies, our growth rate is set to slow down. As we continue to invest in programs to support merchants and the industry, our financial performance may experience ups and downs in the coming period. However, we will always maintain a long-term perspective, focusing on creating a unique value for consumers and merchants and building our intrinsic value. And in terms of your second question about competition. And as you have observed, the competition in our industry has intensified. And over the past few months, we've seen many industry peers deploying significant capital and resources to aggressively develop new business models, leading to increasingly fierce competition around emerging business models in the e-commerce sector. And in this environment, we will continue to invest substantial capital to strengthen our platform ecosystem. Major merchant support initiatives such as the CNY 10 billion fee reduction program and CNY 100 billion support program will be sustained over the long run and with more similar program to be launched. The platform is willing to let go some of the profits to create room for the development of the entire ecosystem. We view these as our long-term investments. And for instance, as mentioned earlier, this year, we launched the Duo Duo Premium Produce campaign under our CNY 100 billion support program, which has significantly helped quality agriculture merchants increase their scale and improve the efficiency of product distributions. There are numerous initiatives like this. And these long-term investments will naturally impact our revenue and profit performance. And moving forward, amid the changing external conditions and intensifying competition, our long-term investments are set to increase. And therefore, we do not think this quarter's profitability should serve as guidance for future performance, and there is still the possibility of continuous fluctuation in the results over the coming quarters. Thank you.

Unknown Executive

谢谢，Joyce。接线员，我们准备好回答下一位分析师的问题了。

Operator

下一个问题来自花旗集团的Alicia Yap。

Alicis a Yap

[外语] 两个问题。第一个是关于全球业务运营方面，我们观察到公司以及其他同行在许多国家都面临监管和公众审查，其中一些相当激烈。管理层如何看待这种情况？我们计划如何应对？第二个问题是，公司在过去几个季度提到对商户生态系统的投资。能否分享这一举措的当前进展？我们应该如何评估这一举措的财务影响？公司未来的计划是什么？

Lei Chen

[外语]。

Unknown Executive

[口译] Alicia，我是雷。我来回答你的第一个问题。经过三年多的发展，公司的全球业务现在服务于许多市场的本地消费者，并获得了全球用户的积极反馈，我们对这样的支持和信任感到极大鼓舞，但同时也感受到了深刻的责任。因此，从一开始，我们全球业务的目标就是在每个市场实现长期可持续发展，并为消费者提供切实价值。因此，我们不断反思如何融入每个市场的本地文化实践和法律合规体系，从而成为当地经济的有机组成部分。我们业务的发展以及不同市场的监管趋势现在为我们设定了更高的标准。我们始终相信，为消费者提供安全可靠的购物环境是电商平台的基本职责。相应地，管理层已将信任与安全以及产品合规作为公司高质量发展战略的关键组成部分，并在这方面进行了大量投资。在技术层面，我们不断完善商家入驻和产品上架的政策和流程。公司投入了大量资源，结合自动化和人工筛查，主动监控产品上架、销售和售后服务。通过这样做，我们希望增强检测和应对安全风险的能力。同时，我们积极与外部利益相关者合作，并吸纳反馈，以更高的标准要求自己。在团队方面，我们持续投资建设专业的合规团队，紧跟运营市场的监管趋势，并及时在业务运营中实施调整。尽管做出了这些努力，但贸易政策、税收、数据安全和产品合规等领域的监管环境在各个国家和地区正在发生重大变化，这给我们带来了更大的挑战和更高的不确定性。作为一个年轻且全球化的组织，我们正在努力学习和适应这些变化。然而，我必须承认，这个过程带来了显著的不确定性，这些不确定性带来了难以预测和难以量化的风险，并可能影响公司的短期和长期财务表现。面对这些不确定性，我们仍然非常专注于加强内部能力、提升平台合规性，并培育更健康、更可持续的平台生态系统。谢谢。

Unknown Executive

[Interpreted] Alicia, this is Lei. Let me answer your first question. After more than 3 years of development, the company's global business now serves local consumers in many markets and has received positive feedback from users worldwide, and we are greatly encouraged by such support and trust, but at the same time, we sense profound responsibility. So from the very beginning, the goal of our global business has been to achieve long-term sustainable development in each market and deliver tangible value to consumers. And therefore, we continuously reflect on how to integrate with the local cultural practices and legal compliance systems in each of the markets so that we become an organic part of the local economies. The growth of our business alongside regulatory trends across different markets now set a higher standard for us. We have always believed that providing consumers with a safe and trustworthy shopping environment is a fundamental duty of an e-commerce platform. And accordingly, management has made trust and safety and also product compliance a key component of the company's high-quality development strategy and has made substantial investments in this area. And on the technical front, we are continuously refining the policies and processes for merchant onboarding and product listing. The company has dedicated significant resources combining automated and manual screening to proactively monitor product listing, sales and after-sales services. And by doing so, we hope to enhance our ability to detect and respond to safety risk. And at the same time, we actively collaborate with external stakeholders and incorporate the feedback to hold ourselves to higher standards. In terms of our teams, we continue to invest in building a professional compliance team that keeps up with regulatory trends in our operating markets and promptly implement adjustments in our business operations. And despite these efforts, regulatory environment in areas such as trade policies, tax, data security and product compliance are undergoing significant changes across various countries and regions, and this presents us with greater challenges and heightened uncertainty. As a young and global organization, we are striving to learn and to adapt to these changes. However, I have to admit that this process introduces significant uncertainties, which bring unpredictable and difficult to quantify risks and could impact the company's financial performance in both the short and long term. And in facing such uncertainties to us, we remain very focused on strengthening our internal capabilities and enhancing platform compliance and fostering a healthier and more sustainable platform ecosystem. Thank you.

Jiazhen Zhao

[外语]

Unknown Executive

[口译] 我是赵佳臻。我来回答您的第二个问题。过去10年，我们经历了一段非凡的增长历程，从一家初创企业成长为具有一定社会影响力的公众平台。在这段历程中，我们受益于数字经济的快速发展，同时也承担了像我们这样的平台公司所应承担的社会责任。这10年来，我们探索了多种利用数字能力服务更广泛社区、回馈社会的方式，特别是在乡村振兴和产业升级方面。作为这一历程的一部分，我们推出了诸如百亿农业研究计划等战略举措，为农业现代化注入新动能。今年，我们又迈出了关键一步，推出了电商行业首个千亿扶持计划。通过多多好农货、新质供给、偏远地区物流支持等关键措施，我们持续完善平台生态，为更广泛的消费市场带来更多优质商家和产品，推动不同产业的高质量发展。关于您提到的商家扶持投入问题，我们一直强调，作为电商平台，我们必须与所有生态参与者紧密协作，为消费者创造价值，而商家是我们服务好消费者的重要合作伙伴。因此，健康可持续的商家生态是平台高质量发展的根本支柱。我们希望这些举措能促进优质商家实现高质量增长。例如，我们推出的降费政策降低了商家成本，使他们更愿意且有能力在产品和服务上进行再投资。目前，我们已经看到这些生态投入在平台上产生了一些积极反馈。今年是我们成立10周年，站在这个新起点上，我们将继续勤勉地逐一解决用户、商家和行业面临的实际挑战，并希望承担更大的社会责任，构建一个惠及所有人的平台生态。谢谢。

Unknown Executive

[Interpreted] This is Zhao Jiazhen. Let me answer your second question. And over the past 10 years, we have undergone an extraordinary growth journey evolving from a start-up to a public platform with certain social influence. And throughout this journey, we have benefited from the rapid development of the digital economy and while at the same time, took on social responsibilities that are expected of a platform company like ours. And over these 10 years, we have explored different ways to leverage digital capabilities to serve the broader communities and give back to the society and particularly around rural revitalization and industry upgrades. And as part of this journey, we launched strategic initiatives such as the CNY 10 billion agriculture research program to inject new energy into agriculture modernization. And this year, we took another critical step to launch the first CNY 100 billion support program in the e-commerce sector. And through the key measures such as Duo Duo Premium Produce, new quality supply and logistics support for remote regions, we are continuously improving the platform ecosystem and brought more high-quality merchants and products to the broader consumer markets, driving the high-quality development of different industries. And regarding your question around merchant support investments, we have always emphasized that as an e-commerce platform, we must collaborate closely with all the ecosystem participants to create value for consumers and merchants are vital partners in our efforts to serve the consumers well. And therefore, a healthy and sustainable merchant ecosystem is a fundamental pillar of the platform's high-quality development. We hope these initiatives will promote high-quality growth for quality merchants. For instance, the fee reduction policies we introduced have lowered merchants costs, enabling them to be more willing and able to reinvest in their products and services. And currently, we are already seeing some positive feedback from these ecosystem investments on our platform. And this year marks our 10-year anniversary and standing at this new starting point, we will continue to diligently address the practical challenges faced by our users, merchants and industries one by one, and we hope to take a greater social responsibility and by building a platform ecosystem that benefits all. Thank you.

Unknown Executive

好的。主持人，我想我们还有时间再回答一位分析师的问题。

Operator

下一个问题来自瑞银的Kenneth Fong。

Kenneth Fong

[外语] 公司本季度营业利润率下降幅度较上一季度有所收窄。同时，管理层刚刚提到了增加投资的计划。那么我们应该如何看待公司接下来的投资节奏以及盈利水平？我的第二个问题是，管理层能否分享在近期年度购物节促销期间观察到的新消费趋势？此外，我们看到其他行业参与者通过即时零售等新商业模式在双11期间取得了良好成绩。管理层如何看待这些新兴模式下的竞争格局？

Jiazhen Zhao

[外语]

Unknown Executive

[口译] 我是赵佳臻。我来回答您的问题。第三季度，激烈的市场竞争，加上我们持续投入的百亿补贴计划，给我们的收入增长带来了压力，同时也导致运营利润率同比和环比均有所下降。目前，行业格局仍在快速变化。在这种环境下，保持长期战略定力对我们至关重要。展望未来，我们将继续加大对平台生态系统的投入。这包括商家费用减免、对优质商家的营销支持等措施，所有这些都旨在为供应链的健康发展创造更多空间，而这些投入将对我们的收入和利润构成挑战。同时，正如我们在准备好的发言中所提到的，我们的全球业务目前正面临复杂的全球环境。不同国家和地区的政策及行业监管格局已经发生并预计将继续发生重大变化。这将给我们公司带来不可预见的风险和挑战，也可能在短期和长期内影响公司的财务表现。正如我们在过去几个季度所沟通的，我们将坚定地优先考虑长期高质量发展，而非短期财务结果。相应地，我们的财务表现在未来几个季度可能会出现波动，线性预测可能不适用于财务预测。关于您的第二个问题，过去几个月，我们观察到整体消费势头积极，市场信心逐渐恢复。在第三季度促销期间，电商领域的消费需求得到进一步刺激，呈现稳步改善趋势。同时，我们清楚地认识到，电商竞争仍然非常、非常激烈。新的商业模式不断涌现，市场格局不断演变。主要参与者正在加大对新业务方向的投入，导致竞争加剧，给我们各项业务带来挑战。在这种环境下，我们将进一步提高标准，强化核心能力，并继续深化供应链改进和平台生态系统建设，以寻找新的增长机会。从长远来看，我们将增加高质量投入，将这些能力转化为为消费者提供更高性价比的产品和服务。这个过程不会一蹴而就，而是需要持续努力。在相当长的一段时间内，我们可能处于相对于竞争对手的竞争劣势，这可能伴随着收入增长放缓等财务压力。但我们的态度仍然是积极的。首先，我们选择从长远角度看待竞争，并计划主动增加投入，为生态系统的健康和可持续发展创造更多可能性，即使这意味着放弃一些短期利润。这些权衡取舍旨在在行业竞争中建立更强大、更可持续的长期价值。谢谢。

Unknown Executive

[Interpreted] This is Zhao Jiazhen. Let me answer your question. In the third quarter, heightened competition, together with our ongoing investments in the CNY 100 billion support program put pressure on our revenue growth and also led to a decline in operating margins both year-on-year and quarter-on-quarter. At the moment, the industry landscape continues to change rapidly. And in this environment, it is crucial for us to maintain our long-term strategic focus. Looking ahead, we will continue to increase investments in our platform ecosystem. This includes measures such as merchant fee reduction and marketing support for high-quality merchants and all targeted at creating more room for the healthy development of the supply chain, and these investments will pose challenges to our revenue and profit. And at the same time, as mentioned in our prepared remarks, our global business is currently facing a complex global environment. The policies and industry regulatory landscapes across different countries and regions have undergone and are expected to continue undergoing significant changes. This will bring unforeseeable risks and challenges to our company, which may also impact the company's financial performance in both the short and long term. Now as we communicated over the past few quarters, we will firmly prioritize high-quality development in the long term over short-term financial results. And accordingly, our financial performance may fluctuate over the coming quarters and linear projections may not be appropriate for financial forecast. And as to your second question, and over the past few months, we have observed an overall positive consumption momentum with gradually recovering market confidence. And during the Q3 promotional period, consumption needs in the e-commerce sector was further stimulated, showing a steadily improving trend. At the same time, we clearly recognize that the e-commerce competition remains very, very intense. New business models continue to emerge and the market landscape is constantly evolving. Major players are increasing investments in new business directions, leading to escalating competition and creating challenges for our businesses on all fronts. And in such an environment, we will further raise our standards, strengthen our core capabilities and continue to deepen our efforts in supply chain improvement and platform ecosystem development to identify new growth opportunities. And from a long-term perspective, we will increase high-quality investments to translate these capabilities into products and services that offer consumers greater quality for money. This process will not be immediate but will demand continuous efforts. For a considerable period of time, we may be at a competitive disadvantage to our competitors, and this will potentially be accompanied by financial pressures such as slower revenue growth. But our attitude remains positive. But first, we choose to view competition through a long-term lens and plan on proactively increasing investments to create more possibilities for the healthy and sustainable development of the ecosystem, even if this means forgoing some short-term profits. And these trade-offs are made with the intention to build a more robust and sustainable long-term value amid industry competition. Thank you.

Unknown Executive

好的。谢谢，Jiazhen。时间差不多了，感谢大家今天参加我们的会议。我们期待下个季度再次与大家交流。谢谢，祝大家有美好的一天。

Operator

女士们、先生们，今天的会议到此结束。感谢各位的参与。您现在可以断开连接。[本文字记录中标有[口译]的部分由现场电话会议上的口译员翻译。]