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,Pinduoduo 4Q 2018 Results,March 2019,2,Disclaimer,The following presentation has been prepared by Pinduoduo Inc. (“Pinduoduo” or the “Company”) solely for informational purposes and should not be construed to be, directly or indirectly, inwhole or in part, an offer to buy or sell and/or an invitation and/or a recommendation and/or a solicitation of an offer to buy or sell any security or instrument or to participate in anyinvestment or trading strategy, nor shall any part of it form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities or otherwise.,This presentation does not contain all relevant information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with an investmentin the securities of the Company. Nothing contained in this document shall be relied upon as a promise or representation as to the past or future performance of the Company. Pastperformance does not guarantee or predict future performance.,You acknowledge that any assessment of the Company that may be made by you will be independent of this document and that you will be solely responsible for your own assessment of themarket and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of thebusiness of the Company.,This document contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S.Private Securities Litigation Reform Act of 1995.These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” orother similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as Pinduoduos strategic and operational plans, containforward-looking statements. Pinduoduo may also make written or oral forward-looking statements in its periodic reports to the U.S.Securities and Exchange Commission (the “SEC”),in itsannual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are nothistorical facts, including but not limited to statements about Pinduoduos beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks anduncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Pinduoduosgrowth strategies; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retainbuyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services tobuyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in Chinas e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of Chinas e-commerce market; PRC governmental policies and regulations relating toPinduoduos industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding theseand other risks is included in Pinduoduos filings with the SEC. Pinduoduo undertakes no obligation to update any forward-looking statement, except as required under applicable law.,This document also contains non-GAAP financial measures, the presentation of which is not intended to be considered in isolation or as a substitute for the financial information prepared andpresented in accordance with accounting principles generally accepted in the United States of America. In addition, the Companys calculation of these non-GAAP financial measures may bedifferent from the calculation used by other companies, and therefore comparability may be limited. The reconciliation of those measures to the mostcomparable GAAPmeasures is containedwithin this document or the earnings press release.,This document speaks as of December 31,2018.Neither the delivery of this document nor any further discussions of the Company with any of the recipients shall, under any circumstances,create any implication that there has been no change in the affairs of the Company since that date.,4Q 2018 Highlights,Notes:(1) “LTM”, Last Twelve Months, references to the twelve-month period that ends on the last day of the month or quarter indicated.(2) GMV references to the total value of all orders for products and services placed on our Pinduoduo mobile platform, regardless of whether the products and services are actually sold, delivered or returned. Buyers onour platform are not charged for shipping fees in addition to the listed price of merchandise. Hence, merchants may embed the shipping fees in the listed price. If embedded, then the shipping fees are included in ourGMV. As a prudential matter aimed at eliminating any influence on our GMV of irregular transactions, we exclude from our calculation of GMV transactions over certain amounts (RMB100,000) and transactions bybuyers over a certain amount (RMB1,000,000) per day.(3) As the Company lost its EGC status on December 31, 2018, the Company adopted ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”, using the modified retrospective transition approach beginningJanuary 1, 2018. The adoption did not have a significant impact on the Companys operating results for the three months and the year ended December 31, 2018 and the comparable periods.(4) “Active buyers in a given period references to the number of user accounts that placed one or more orders (i) on the Pinduoduo mobile app, and (ii) through social networks and access points in that period, regardless,of whether the products and services are actually sold, delivered or returned.(5) “MAUs”, Monthly Active Users, refers to the number of user accounts that visited the Pinduoduo mobile app during a given month, which does not include those that accessed the platform through social networks andaccess points.,LTM(1) GMV(2)RMB471.6bn234% YoY GrowthLTM(1) Active Buyers(4)418.5mn71% YoY Growth,Revenues(3)RMB5,653.9mn379% YoY GrowthAverage MAUs(5)272.6mn93% YoY Growth,3,Fiscal Year 2018 Highlights,Notes:(1) “LTM”, Last Twelve Months, references to the twelve-month period that ends on the last day of the month or quarter indicated.(2) GMV references to the total value of all orders for products and services placed on our Pinduoduo mobile platform, regardless of whether the products and services are actually sold, delivered or returned. Buyerson our platform are not charged for shipping fees in addition to the listed price of merchandise. Hence, merchants may embed the shipping fees in the listed price. If embedded, then the shipping fees are includedin our GMV. As a prudential matter aimed at eliminating any influence on our GMV of irregular transactions, we exclude from our calculation of GMV transactions over certain amounts (RMB100,000) andtransactions by buyers over a certain amount (RMB1,000,000) per day.(3) As the Company lost its EGC status on December 31, 2018, the Company adopted ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”, using the modified retrospective transition approachbeginning January 1, 2018. The adoption did not have a significant impact on the Companys operating results for the three months and the year ended December 31, 2018 and the comparable periods.(4) “Active buyers in a given period references to the number of user accounts that placed one or more orders (i) on the Pinduoduo mobile app, and (ii) through social networks and access points in that period,regardless of whether the products and services are actually sold, delivered or returned.(5) “Total orders are to the total number of orders for products and services placed on our Pinduoduo mobile platform, regardless of whether the products and services are actually sold, delivered or returned.,LTM(1) GMV(2)RMB471.6bn234% YoY GrowthLTM(1) Active Buyers(4)418.5mn71% YoY Growth,Revenues(3)RMB13,120mn652% YoY GrowthTotal Orders(5)11.1bn158% YoY Growth,4,5,38.4,70.9,141.2,198.7,344.8,471.6,LTM Mar-17,LTM Jun-17,LTM Sep-17,LTM Dec-17,LTM Mar-18,LTM Jun-18,LTM Sep-18,LTM Dec-18,Strong GMV Growth of 234% YoY GMV,(LTM, RMB in billions)20.9,234% YoY262.1,6,15.01Q17,32.82Q17,71.13Q17,141.04Q17,166.21Q18,195.02Q18,231.73Q18,272.64Q18,MAUs(Average, in millions),Active Buyers(LTM, in millions),67.7LTM Mar-17,99.7LTM Jun-17,157.7LTM Sep-17,244.8LTM Dec-17,294.9LTM Mar-18,343.6LTM Jun-18,385.5LTM Sep-18,418.5LTM Dec-18,Annual SpendingPer Active Buyer(1),(LTM, RMB),Notes:(1) “Annual spending per active buyer” in a given period refers to the quotient of total GMV in that period divided by the number of active buyers in the same period.,308.7,385.0,449.2,576.9,673.9,762.8,894.4,LTM Mar-17,LTM Jun-17,LTM Sep-17,LTM Dec-17,LTM Mar-18,LTM Jun-18,LTM Sep-18,LTM Dec-18,93% YoY,95% YoY1,126.9, Driven by Rapidly Expanding User Base and Spending per Active Buyer71% YoY,Increasing Revenues and Monetization Rate,7,37.0,104.6,423.0,1,179.4,1,384.6,2,709.0,3,372.4,5,653.9,1Q17,2Q17,3Q17,4Q17,1Q18,2Q18,3Q18,4Q18,Notes:(1) “Monetization Rate” is revenues expressed as a percentage of total GMV for a given LTM period.,1.2%,1.6%,2.2%,2.5%,2.8%,LTM Dec-17,LTM Mar-18,LTM Jun-18,LTM Sep-18,LTM Dec-18,379% YoY,Revenues(RMB in millions),Monetization Rate(1)(%, LTM),Cost Structure,Non-GAAP(1) Cost of Revenues(RMB in millions),8,Non-GAAP Sales & Marketing Expenses(RMB in millions),% ofRevenues,147%,54.3,107.4,186.6,373.8,318.4,387.3,774.1,1,421.9,1Q17,2Q17,3Q17,4Q17,1Q18,2Q18,3Q18,4Q18,103%,44%,32%,23%,14%,% ofRevenues,199%,73.5,88.5,427.6,753.4,1,216.3,2,938.4 3,049.2,5,832.1,1Q17,2Q17,3Q17,4Q17,1Q18,2Q18,3Q18,4Q18,85%,101%,64%,88%,108%,23%,90%,Notes:,(1),Non-GAAP adjustment items include impairment of a long-term investment (which so far we recorded in 4Q17 only) and share-based compensation expenses. Please refer to our prospectus and earnings pressrelease for more details.,25%,103%,Cost Structure (Contd),9,Non-GAAP(1) General & AdministrativeExpenses(RMB in millions),Non-GAAP Research & Development Expenses(RMB in millions),% ofRevenues,7%,2.7,4.8,5.5,10.1,23.7,30.0,40.8,65.9,1Q17,2Q17,3Q17,4Q17,1Q18,2Q18,3Q18,4Q18,5%,1%,2%,1%,% ofRevenues,41%,15.0,23.8,34.3,50.2,65.7,169.0,298.3,446.8,1Q17,2Q17,3Q17,4Q17,1Q18,2Q18,3Q18,4Q18,23%,8%,4%,5%,6%,1%,9%,Notes:,(1),Non-GAAP adjustment items include impairment of a long-term investment (which so far we recorded in 4Q17 only) and share-based compensation expenses. Please refer to our prospectus and earnings pressrelease for more details.,1%,1%,8%,Profitability Improved,10,Non-GAAP(1) Operating Loss(RMB in millions),Non-GAAP Net Loss Attributableto Ordinary Shareholders(RMB in millions),(108.4) (119.9),(230.9),(10.0),(239.5),(815.7) (790.0),% ofRevenues,-293%1Q17,-115%2Q17,-55%3Q17,-1%4Q17,-17%1Q18,-30%2Q18,(73.8),(106.7),(218.0),26.3,(267.9),% ofRevenues,-199%1Q17,-102%2Q17,-52%3Q17,2%4Q17,-19%1Q18,-25%2Q18,-23%3Q18,-18%3Q18,(673.4) (618.9)(2,112.9)(1,895.9)Notes:,(1),Non-GAAP adjustment items include impairment of a long-term investment (which so far we recorded in 4Q17 only) and share-based compensation expenses. Please refer to our prospectus and earnings pressrelease for more details.,-37%4Q18,-34%4Q18,Strong Cash Position,11,Ending Cash, Cash Equivalents and Restricted Cash,(RMB in millions)30,54012,4291,320,Dec 31, 2016,Dec 31, 2017,Dec 31, 2018,Notes(1) As the Company lost its EGC status on December 31, 2018, the Company adopted the guidance of ASU 2016-18 issued by FASB in November 2016, which requires that a statement of cash flows explain the,change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Pursuant to the guidance, the Company retrospectively restatedthe statement of cash flows in the comparative periods.,(1),THANKS,
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