PDD2024年年报学习笔记-1

前言：随着PDD仓位达到7%，PDD已经是我现有仓位中比较大的一笔投资了。

目前计划（立个FLAG）2026年以PDD为契机，全面学习研究这个“该死”的，竞争激烈的零售行业。 毕竟零售行业未来仍将是一个举足轻重的重点行业。COSCO的50倍市盈率说明一切皆有可能。准备把PDD，COSCO,沃尔玛的年报进行阅读对比。加深对零售行业的了解，为未来更多的可能性做好准备。

以下内容来源于PDD2024年年报。我将分几期进行学习笔记记录。中文翻译主要借助元宝和google gemini。

Business Overview/业务概览PDD Holdings is a multinational commerce group that owns and operates a portfolio of businesses. We aim to bring more businesses and people into the digital economy so that local communities and small businesses can benefit from increased productivity and new opportunities.

拼多多控股是一家跨国商业集团，拥有并运营一系列业务。我们的目标是推动更多企业和个人融入数字经济，使本地社区和小型企业能够从生产力提升和新机遇中获益。Our customers are third-party merchants who sell their products on our platforms. Our revenues primarily consist of (i)transaction services and (ii) online marketing services and others.For transaction services, we earn fees from merchants for sales of their products completed on our platforms.

我们的客户是在我们平台上销售产品的第三方商家。我们的收入主要来自（1）交易服务，以及（2）在线营销服务及其他。For online marketing services and others, we earn service fees from merchants for various types of online marketing services.

These include matching product listings appearing in search or browsing results on our platforms, charging merchants based on impressions or clicks, and providing display marketing services where merchants place advertisements on our platforms primarily at fixed prices.

在交易服务方面，我们通过商家在平台上完成的商品销售向其收取费用。

在线营销服务及其他方面，我们通过为商家提供各类在线营销服务获取服务费。这包括将商品列表匹配并展示在平台搜索结果或浏览列表中，根据曝光量或点击量向商家收费，以及提供展示营销服务——商家主要以固定价格在我们的平台上投放广告。

注：PDD就不是自营货物销售的平台，属于只赚取服务费的中间商。

注意是根据曝光量或点击量向商家收费，而不是先收费，再根据 收费额去曝光（竞价曝光）！换句话说，点击量，曝光量大的商家，收费才多。

Our revenues grew from RMB130,557.6 million in 2022 to RMB247,639.2 million in 2023 and further to RMB393,836.1 million (US$53,955.3 million) in 2024. We generated net income of RMB31,538.1 million, RMB60,026.5 million and RMB112,434.5 million (US$15,403.5 million) in 2022, 2023 and 2024, respectively.

我们的收入从2022年的人民币130,557.6百万元增长至2023年的人民币247,639.2百万元，并进一步增至2024年的人民币393,836.1百万元（约合53,955.3百万美元）。

我们在2022年、2023年和2024年分别实现净利润人民币31,538.1百万元、人民币60,026.5百万元和人民币112,434.5百万元（约合15,403.5百万美元）。

注：收入和利润增速都极快，后面的管理层概述和财务报告有详细细节。

Overview of Our Platforms /我们的平台概览The Pinduoduo Platform /拼多多平台

Founded in 2015, the Pinduoduo platform provides buyers with a comprehensive selection of value-for-money merchandise and fun and interactive shopping experiences. The platform provides a comprehensive suite of product categories, including agricultural produce, apparel, shoes, bags, mother and childcare products, food and beverages, consumer electronics, electronic appliances, furniture and household goods, cosmetics and other personal care items, sports and fitness and auto accessories.

Pinduoduo pioneered an innovative “team purchase” model. Buyers are encouraged to share product information on social networks, and invite their friends, family and social contacts to form shopping teams to enjoy the more attractive prices available under the “team purchase” option. The act of sharing is then rewarded by the more attractive purchase price offered through the team purchase option. The embedded social element helps foster a highly engaged user base.

拼多多平台成立于2015年，为消费者提供全面的高性价比商品选择以及充满乐趣的互动购物体验。平台提供丰富的商品品类，涵盖农产品、服装、鞋履、箱包、母婴用品、食品饮料、消费电子、家用电器、家具家居、化妆品及其他个护用品、运动健身及汽车配件等。

拼多多开创了创新的"拼团"模式。平台鼓励买家在社交网络上分享商品信息，并邀请其亲友及社交联系人组建购物团队，以享受"拼团"选项下更具吸引力的价格。分享行为将通过拼团获得的更优购买价格得到回报。这种内嵌的社交元素有助于培养高参与度的用户基础。

注：黄峥在一次采访中提过，PDD的拼团模式，就是针对女性的“游戏”。Pinduoduo launched its proprietary e-waybill system to efficiently integrate merchants with third-party logistics service providers, and provide buyers real-time visibility on the delivery status of their purchase orders. Once an order is placed on the Pinduoduo platform and confirmed with the applicable merchant, the merchant will handle fulfillment, select the most suitable thirdparty logistics service provider and arrange for the delivery of the products to the buyers.

拼多多推出了自主研发的电子面单系统，以高效对接商家与第三方物流服务提供商，并为买家提供所购订单配送状态的实时可视化追踪。一旦在拼多多平台下单并经相关商家确认，商家将负责履行订单，选择合适的第三方物流服务提供商，并安排将商品配送至买家。

Pinduoduo requires merchants to strictly abide by the return policy for products they sell on the Pinduoduo platform. In accordance with the policy, buyers can return the products within the return period so long as the products are in their original condition and any usage of such products does not affect the merchants’ ability to resell. Once a buyer submits a return request, the merchant will first review and process the request. In the event that the request is not resolved within a certain amount of time or a dispute escalates, the platform will be involved to resolve the request or dispute.

拼多多要求商家严格遵守其在平台上销售商品的退货政策。根据该政策，只要商品保持原样且任何使用行为不影响商家的二次销售能力，买家可在退货期内退回商品。买家提交退货申请后，商家将首先审核并处理该申请。若申请未能在规定时间内解决或争议升级，平台将介入处理退货申请或解决争议。

注：卷商家，卷自己，不卷买家。

As a natural extension of the Pinduoduo platform, we launched Duo Duo Grocery, a next-day grocery pick-up service, in 2020.

The service caters to the rising consumer demand for more timely turnaround and better value-for-money goods without home delivery requirements. Duo Duo Grocery connects local farmers and distributors directly to local consumers on a daily basis and provide supporting services on the delivery of such goods to consumers. Each day, consumers place their orders with merchants through the Duo Duo Grocery channel, which is integrated within the Pinduoduo mobile app. The merchants supply the ordered items overnight to regional warehouses. The sorted goods are then delivered from regional warehouses to designated pickup points the next day, where consumers can pick up their purchases.

作为拼多多平台的自然延伸，我们于2020年推出了"多多买菜"，一项次日自提的生鲜购物服务。

该服务迎合了消费者对更及时周转、更高性价比且无需配送到家的商品日益增长的需求。多多买菜将本地农户和分销商与本地消费者直接连接，每日进行匹配，并为商品配送给消费者提供支持服务。消费者每天通过集成在拼多多手机应用内的多多买菜频道向商家下单。商家连夜将订购商品供应至区域仓库。次日，分拣好的商品从区域仓库配送至指定自提点，消费者即可在此提取所购商品。

注：随着美团退出，目前已经是该领域的唯一玩家

The Temu Platform/Temu 平台 

Temu was founded in September 2022 in Boston, Massachusetts, the United States. Following its initial launch in North America in September 2022, Temu expanded to Oceania in March 2023 and Europe in April 2023 and then to other countries and regions worldwide. As of the end of 2024, Temu was serving consumers in various countries and regions, including the United States, Japan, Germany, the United Kingdom, France, Canada and Italy, which are among the world’s largest economies. Although at an early stage of development, Temu aspires to become a global online platform dedicated to providing quality products to consumers at attractive prices.

Temu于2022年9月在美国马萨诸塞州波士顿成立。自2022年9月首次在北美上线后，Temu于2023年3月扩展至大洋洲，同年4月进入欧洲，随后陆续拓展至全球其他国家和地区。截至2024年底，Temu已为包括美国、日本、德国、英国、法国、加拿大和意大利等全球主要经济体在内的多个国家和地区的消费者提供服务。尽管处于发展早期，Temu致力于成为一个致力于以具有吸引力的价格为消费者提供优质商品的全球在线平台。

In partnership with a global network of logistics vendors and fulfillment partners, Temu brings together buyers, merchants, manufacturers and brands from around the world, offering a growing selection of merchandise in product categories such as apparel, electronic appliances, household goods, sports and fitness, tools and home improvement, and pet supplies.

Temu empowers merchants with value-added services that enable a broader market reach. Merchants provide product listings that buyers can browse and order on the Temu mobile app or website. Temu enables merchants to streamline their manufacturing and commercial operations, leading to lower prices and reduced waste.

通过与全球物流供应商及履约伙伴网络合作，Temu汇聚了来自世界各地的买家、商家、制造商和品牌，持续丰富商品品类，涵盖服装、家用电器、家居用品、运动健身、工具与家装、宠物用品等。

Temu通过增值服务赋能商家，助其拓展更广阔的市场。商家在Temu移动应用或网站上展示商品列表供买家浏览和订购。Temu帮助商家优化生产与商业运营，从而实现降价和减少浪费。

注：商家还是中国国内供应链为主力依托（2025年年度股东大会陈述）

Buyers and Merchants /买家和商家

Our key ecosystem partners are the buyers and merchants who transact on our platforms. These ecosystem partners add value for each other in a virtuous cycle. The buyer base attracts more merchants. As the number of merchants increases, we are able to offer even more competitive prices and customized products and services, attracting more buyers, thus creating a virtuous cycle.

我们生态系统中的核心合作伙伴是在我们平台上进行交易的买家和商家。这些生态伙伴在良性循环中相互赋能、彼此增值。庞大的买家基础吸引更多商家入驻。随着商家数量增加，我们能够提供更具竞争力的价格及定制化产品与服务，从而吸引更多买家，形成良性循环。注：PDD的飞轮效应。买家越多，商家越多。商家越多，越能逼迫商家去优胜劣汰，最终形成物美价廉的大单品。在这个过程中，反过来尝到甜头的买家也会越来越多，又会吸引更多的商家来加入这个“”鱿鱼游戏”。如此循环，周而复始。

Buyers browse, explore and purchase attractive value-for-money merchandise from third-party merchants. Direct buyer traffic to our platforms is generated from word-of-mouth referrals by existing buyers, as well as the effect of marketing campaigns.

Merchants are drawn by the scale of the sales volume. This scale encourages merchants to join us and to offer more competitive prices and customized products and services to our buyers. Many merchants set aside exclusive product supplies and offer competitive prices to buyers.

买家在平台上浏览、探索并向第三方商家购买具有吸引力的高性价比商品。平台的直接买家流量主要来自现有用户的口碑推荐以及营销活动的效果。

商家则被平台巨大的销售规模所吸引。这种规模效应促使商家加入我们，并为买家提供更具竞争力的价格和定制化的产品与服务。许多商家会预留独家货源并以有竞争力的价格面向买家销售。注：PDD能够成为一个给大单品经销商快速回流资金的渠道平台，缓解库存过度积压的压力。在PDD上面解决现金流回笼的问题，其他高价平台，买一次就赚一次的钱。

We offer merchants multiple features and value-added services to enhance their transaction efficiency to help merchants promote their merchandise and handle transactions more effectively, including online marketing services and transaction services. We also offer merchants additional training resources and merchant support, which are easily accessible through the main merchant dashboard and are frequently updated to guide merchants through the various tools available to them on our platforms.

我们为商家提供多种功能与增值服务，以提升其交易效率，帮助商家更有效地推广商品和处理订单，包括在线营销服务和交易服务。我们还为商家提供额外的培训资源和商户支持，这些资源可通过商家主控面板便捷获取，并会定期更新，以指导商家熟练运用平台上提供的各类工具。Trust and Safety /信任与安全

We implement strict policies and control measures aimed at ensuring the accuracy of product descriptions. In general, merchant registration starts with an identity verification process.

We screen and verify the product listings posted by merchants. After merchants post product information on our platforms, we leverage artificial intelligence-based screening system to identify potential issues and subject questionable merchandise to further review and verification. After products are listed, we continue to monitor and conduct semantic analysis on buyer reviews, the results of which are used to evaluate the associated merchant’s compliance with our policies. If a merchant is found to have violated our policies, the merchant is required to compensate the buyers in accordance with that merchant’s service agreement. A merchant’s record of compliance may affect its sales volume.

我们实施严格的政策和控制措施，致力于确保商品描述的准确性。通常，商家注册始于身份验证流程。

我们对商家发布的商品信息进行筛查与核验。商家在平台上发布商品信息后，我们会利用基于人工智能的筛查系统识别潜在问题，并对可疑商品进行进一步审查与验证。商品上架后，我们会持续监控并对买家评价进行语义分析，分析结果将用于评估相关商家对平台政策的遵守情况。若发现商家违反政策，该商家需根据其服务协议对买家进行赔偿。商家的合规记录可能影响其销售额。注：算法的重要意义。

We invest in technical capabilities relating to keyword identification, filtering images, text and video recognition and a blacklisting mechanism. We also encourage and support merchants who sell high-quality products and provide superb services, as part of the continued efforts to improve user experience, thereby creating a virtuous cycle that attracts high-quality merchants and weeds out counterfeit and infringing goods. We will continue to invest in the long-term sustainable development of our platform ecosystems.

我们在关键词识别、图片过滤、文本与视频识别以及黑名单机制等相关技术能力上进行投入。我们还鼓励和支持销售优质商品、提供卓越服务的商家，作为持续提升用户体验努力的一部分，从而形成吸引优质商家、淘汰假冒侵权商品的良性循环。我们将持续投入，促进平台生态的长期可持续发展。

注：优质商家才会得到支持，所以商家得卷起来，得去拼。 顺便说一句，PDD的算法也许是很强的。Payment /支付

To enable a safe and seamless payment experience, our platforms provide buyers with a number of payment options including credit cards, debit cards, and methods provided through reputable third-party payment service providers, such as mobile wallets or buy now pay later solutions. We cooperate with most leading third-party payment service providers and are not dependent on any particular provider for these services.

为提供安全、无缝的支付体验，我们的平台为买家提供多种支付选择，包括信用卡、借记卡，以及通过信誉良好的第三方支付服务提供商（如移动钱包或"先买后付"解决方案）提供的支付方式。我们与多数主流第三方支付服务提供商合作，并不依赖于任何单一供应商提供此类服务。Corporate Social Responsibility and Our Impact on Agriculture/企业社会责任与我们在农业领域的影响

Corporate social responsibility has been central to how we do business, starting with operating with integrity in all we do and extending to serving the community at large. We are committed to leveraging our platforms to better the lives of millions and to promote sustainable development. In particular, agriculture is one important area where we carry out our corporate social responsibility. 

We connect millions of farmers to the digital economy. We coach farmers on setting up stores online, provide them with access to end demand, and help them to increase their household income. We support young men and women from rural areas to become e-commerce savvy “new farmers.” Many of them have become better business operators through continuous training and learning by doing.

企业社会责任始终是我们开展业务的核心，这始于我们在所有事务中秉持诚信运营的原则，并延伸至服务更广泛的社区。我们致力于利用平台力量改善数百万人的生活，促进可持续发展。其中，农业是我们履行企业社会责任的重要领域之一。

我们将数百万农民与数字经济相连接。我们指导农民在线开设店铺，帮助他们对接终端需求，助力提高家庭收入。我们支持农村青年成为精通电商的“新农人”。通过持续培训和实践中学习，他们中许多人已成为更出色的经营者。We leverage our ability to aggregate demand and create economies of scale to promote digital inclusion of smallholder farmers. 

With our support, farmers can sell directly to consumers and become less dependent on wholesale distributors. This broadens direct market access for producers and growers, improving overall supply chain efficiency. Consumers therefore get fresher and safer products at lower prices, while farmers earn more. This in turn allows farmers to reinvest in their farming practices and technology to further improve production efficiency and quality.

我们利用需求聚合能力和规模经济效应，推动小农户的数字化能力包容。

在我们的支持下，农民能够直接面向消费者销售，减少对批发经销商的依赖。这拓宽了生产者和种植者的直接市场渠道，提升了整体供应链效率。消费者从而能以更低价格获得更新鲜、更安全的产品，农民也实现了增收。这进而使农民能够对农耕实践和技术进行再投资，进一步提升生产效率和质量。

注：提高周转率，降低中间环节成本，能够给到农户更多的订单，于是固定成本分摊更低，规模经济更有优势。In August 2021, we launched the “10 Billion Agriculture Initiative” to address some of the critical needs in the agricultural sector and rural areas in China. This initiative is not driven by profit or commercial goals, but instead strives to facilitate the advancement of agri-tech, promote digital inclusion, and provide agri-tech talents and workers with greater motivation and a sense of achievement. We have been funding this initiative from our profits. We seek to generate sustainable value to our consumers, our farmer merchants, our ecosystem partners and our communities. 2021年8月，我们启动“百亿农研专项”，致力于满足中国农业和农村地区的一些关键需求。该专项不以盈利或商业目标为导向，而是着力推动农业科技进步、促进数字包容，并为农业科技人才和从业者提供更强的动力与成就感。我们一直以利润投入支持该专项，致力于为消费者、农人商家、生态伙伴及社区创造可持续价值。Through the dedicated “Help the Farmers” channel and events on the Pinduoduo platform, we endeavor to facilitate the direct sale of seasonal produce to a greater number of consumers. By doing this, we harness our supply chain expertise and resources to promote quality produce to more consumers and help farmers at the same time.

通过拼多多平台专设的“爱心助农”频道及相关活动，我们努力促进更多时令农产品直接销售给广大消费者。借此，我们运用供应链专业能力和资源，将优质农产品推广给更多消费者，同时切实帮助农民。

We also collaborate with reputable agricultural institutions to invest in technology and fund research with the objective of improving food production, quality control, food safety and sustainability, so that a greater volume of better, fresher and safer agricultural products can go directly from farm to table.

我们还与权威农业机构合作，投资技术并资助研究，旨在提升粮食生产、质量控制、食品安全和可持续性，让更多更优、更新鲜、更安全的农产品能够从田间直达餐桌。注：转自南方日报联合国粮食及农业组织（下称“联合国粮农组织”）、浙江大学和拼多多共同举办，农业农村部对外经济合作中心、杭州市滨江区人民政府支持的“2025年全球农创客大赛”决赛上，经过近3小时线下路演环节的激烈比拼，最终，坦桑尼亚SafeSip团队凭借其设计的禽业安全用水创新方案，一举斩获大赛金奖；中国“猪群实时守护战团队”研发的AI养猪方案，以其完善的产品设计和成熟的商业模式拿下银奖；美国PlanPulse Patch团队瞄准温室番茄等高附加价值作物，设计的植物生长预警监测方案获得铜奖。Marketing/营销

We have built up our brand awareness and our large base of loyal buyers by leveraging word-of-mouth referrals on social networks, as well as online and offline marketing and brand promotion activities, such as online advertisements and television commercials. From time to time, we also offer coupons and credits to consumers on our platforms. We continue to invest significantly in marketing activities to promote our brands and the products and services offered on our platforms.

我们通过社交网络的口碑传播，以及线上线下的营销与品牌推广活动（如在线广告和电视广告），建立了品牌认知度和庞大的忠实买家基础。我们也会不时向平台消费者提供优惠券和积分。我们持续对营销活动进行大力投入，以推广我们的品牌及平台提供的产品与服务。注：这是PDD最备受争议的环节了吧。 灵魂拷问，用9.9元买海信大电视的广告来吸引消费者下载PDD的APP，算不算本分？

PDD会有如此大的争议，就在于他有好像明显可见的“善”，又有貌似让人咬牙切齿的“恶”。Technology /技术

Our operations and growth are supported by our proprietary technology. Our technology team has created opportunities for continuous improvements in our technology capabilities, which in turn draws new talents to join us. As of December 31, 2024, we had a technology team of more than 8,900 engineers. Many of our engineers have post-graduate degrees and prior working experience in leading technology companies. We continue to invest decisively in areas such as agri-tech, supply chain technology, and our core R&D capabilities.我们的运营和成长由自研技术支撑。我们的技术团队为技术能力的持续提升创造了条件，这反过来也吸引了新人才加入。截至2024年12月31日，我们拥有超过8,900名工程师的技术团队。我们的许多工程师拥有研究生学历，并曾在领先科技公司工作。我们继续在农业科技、供应链技术及核心研发能力等领域进行决定性投入。

注：2024年员工人数2.35万。工程师占比37.8%。这个比例算不算科技公司？为什么从来不提自己是个科技公司？Competition/竞争

The e-commerce industry in which we compete is intensely competitive, and our platforms compete on a global scale with industry players such as (i) major e-commerce operators, (ii) major traditional and brick-and-mortar retailers, (iii) retail companies focused on specific product categories, and (iv) major internet companies that do not operate e-commerce businesses now but are in the process of initiating their e-commerce businesses or may launch e-commerce businesses in the future.

Our platforms compete primarily on the basis of:● our ability to attract, engage and retain buyers and merchants on our platforms;● the fun and interactive shopping experiences on our platforms;● the ability of our platforms to seamlessly connect e-commerce with social networks;● pricing of products sold on our platforms;● product quality and selection;● brand recognition and reputation;● the quality of customer service on our platforms; and● the experience and expertise of our management team.我们所在的电子商务行业竞争异常激烈，我们的平台在全球范围内与以下参与者竞争：（1）主要的电子商务运营商；（2）主要的传统及实体零售商；（3）专注于特定产品类别的零售公司；（4）目前未经营电子商务业务但正在启动或未来可能开展电子商务业务的主要互联网公司。

注：这是一个进入门槛不高，竞争激烈的行业。换句话说，电子零售行业的商业模式很一般。 要么天堂，要么地狱。

我们的平台主要基于以下方面展开竞争：1.我们吸引、互动和留住平台买家与商家的能力；2.平台提供有趣且互动的购物体验；3.平台将电子商务与社交网络无缝连接的能力；4.平台上所售产品的定价；5.产品质量与品类选择；6.品牌认知度与声誉；7.平台上的客户服务质量；8.我们管理团队的经验与专业知识。

注：上述几点中，直接和买家相关的就有1-7条。所以黄峥说，PDD要做Cosco+迪士尼。物美价廉+有趣好玩。