Pinduoduo's net profit for Q1 2024 fiscal year is 27.998 billion yuan, an increase of 245.61% year-over-year.

On May 22, Pinduoduo (Stock Code: PDD) announced its financial report, showing that the company’s net profit attributable to ordinary shareholders for the first quarter of fiscal year 2024 was 27.998 billion yuan, a year-over-year increase of 245.61%; operating revenue was 86.812 billion yuan, a year-over-year increase of 130.66%.

Pinduoduo Holdings was established on April 20, 2015, in the Cayman Islands. It is a third-party mobile e-commerce platform under Shanghai Xunmeng Information Technology Co., Ltd., operating on a merchant onboarding model, and is a pioneer of new e-commerce focused on people. Born in the mobile era, Pinduoduo started as a retail platform for agricultural products, deeply engaged in agriculture, and created a new retail model featuring “拼” (pin) as its characteristic. It has gradually developed into a comprehensive e-commerce platform with a clear focus on agricultural and sideline products, and is the only pure mobile e-commerce platform of its scale worldwide. As a pioneer of new e-commerce, Pinduoduo is committed to innovative consumer experiences, integrating “more affordability” and “more fun” to create lasting value for the broadest user base. As of June 2021, the platform’s annual active users reached 849.9 million, with 8.6 million merchants, and an average of over 100 million packages in transit daily. It is the e-commerce platform with the largest user base in mainland China and the world’s largest online retail platform for agricultural and sideline products.

(Source: Tonghuashun (300033) iFinD)