On March 20, Pinduoduo released its fourth quarter financial report for 2023.
The financial report shows that revenue in the fourth quarter of 2023 was 88.88 billion yuan, a year-on-year increase of 123%; net profit attributable to ordinary shareholders was 23.2803 billion yuan, a year-on-year increase of 146%. The full-year revenue in 2023 will be 247.6 billion yuan, a year-on-year increase of 90%, and the net profit attributable to ordinary shareholders will be 60.0265 billion yuan, a year-on-year increase of 90%. In 2024, Pinduoduo will continue to deepen its high-quality development strategy, optimize shopping experience, enhance user activity, and create more value for consumers and merchants.
Temu, the praise e-commerce platform owned by Pinduoduo, has entered 50 countries and regions since its launch in September 2022. In the past year, Temu has attracted 9% of Americans to place orders on its platform, and its transaction volume in September has approached that of SHEIN, which has been in business for more than ten years. In 2024, Pinduoduo has set an ambitious GMV target for Temu: US$30 billion (approximately 216.6 billion yuan), which will be more than double last year's turnover.
At the 2023 fourth quarter performance exchange meeting on the evening of the 20th, regarding the progress of Pinduoduo's overseas business, Pinduoduo Chairman and Co-CEO Chen Lei said, "The original intention of our global business is to use our own supply chain and technical capabilities to bring outstanding merchants and high-quality products from around the world to consumers around the world, helping them realize their dreams. This business is still in its early stages and will face many changes and challenges. In order to cope with these unknowns, we need to continuously improve our own strength, learn from consumers and the market with a sincere attitude, actively explore innovative technologies and models, and meet market competition and various challenges. We are confident in the unique value proposition of our platform and welcome like-minded partners to join us in creating more value for consumers around the world."
At present, Pinduoduo's international business is still in its early stages. The company will implement high-quality development strategies into its global business and is ready for long-term investment.
Zhao Jiazhen, executive director and co-CEO of Pinduoduo, said, "This performance also encourages us to be more active and resolute in making long-term investments around high-quality development to help consumers achieve high-quality consumption upgrades."