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1 Pinduoduo Anounces Third Quarter 2019 Unaudited Financial Results SHANGHAI, CHINA, November 20, 2019 (GLOBE NEWSWIRE) Pinduoduo Inc. (“Pinduoduo“ or the “Company“) (NASDAQ: PD), an innovative and fast growing technology platform and one of the leading Chinese e-commerce players, today announced its unaudited financial results for the third quarter ended September 30, 2019. Third Quarter 2019 Highlights l GMV1in the twelve-month period ended September 30, 2019 was RMB840.2 bilion (US$2117.5 bilion), an increase of 144% from RMB344.8 bilion in the twelve-month period ended September 30, 2018. l Total revenues in the quarter were RMB7,513.9 milion (US$1,051.2 milion), an increase of 123% from RMB3,372.4 milion in the same quarter of 2018. l Average monthly active users3in the quarter were 429.6 milion, an increase of 85% from 231.7 milion in the same quarter of 2018. l Active buyers4in the twelve-month period ended September 30, 2019 were 536.3 milion, an increase of 39% from 385.5 milion in the twelve-month period ended September 30, 2018. l Anual spending per active buyer5in the twelve-month period ended September 30, 2019 was RMB1,566.7 (US$219.2), an increase of 75% from RMB894.4 in the twelve-month period ended September 30, 2018. “We celebrated our fourth anniversary in early October with an annual active buyer base exceding half a bilion for the twelve-month period ended September 30, 2019,“ said Mr. Zheng Huang, Chairman and Chief Executive Officer of Pinduoduo. “We continued to invest in our users throughout the third quarter, and stepped our marketing up a notch from the second half of September for the launch of our anniversary sale. This has added to our steady momentum of user growth as our average monthly active users grew by 64 milion from the prior quarter to 1“GMV” refers to the total value of all orders for products and services placed on the Pinduoduo mobile platform, regardles of whether the products and services are actualy sold, delivered or returned. Buyers on the platform are not charged for shipping fes in addition to the listed price of merchandise. Hence, merchants may embed the shipping fes in the listed price. If embedded, then the shipping fes are included in GMV. As a prudential mater aimed at eliminating any influence on Pinduoduos GMV of iregular transactions, the Company excludes from its calculation of GMV transactions over certain amounts (RMB10,00) and transactions by buyers over a certain amount (RMB1,000,000) per day. 2This anouncement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RB into US$ has been made at RMB7.147 to US$1.00, the non buying rate in efect on September 30, 2019 as set forth in the H.10 Statistical Release of the Federal Reserve Board. 3“Monthly active users” refers to the number of user acounts that visited the Pinduoduo mobile ap during a given month, which does not include those that acesed the platform through social networks and access points. 4“Active buyers” in a given period refers to the number of user acounts that placed one or more orders (i) on the Pinduoduo mobile ap, and (i) through social networks and aces points in that period, regardles of whether the products and services are actualy sold, delivered or returned. 5 “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. 2 reach 430 milion. Coupled with greater user engagement and frequency of visit, annual spending per active buyer has grown 75% year-over-year, driving our last-twelve-month GMV up 144% to reach RMB840.2 bilion. We wil work even harder to deliver a consistently improving user experience and build up our users trust and familiarity with our platform.” “For the quarter ended September 30, 2019, our total revenues increased by 123% year-over-year to RMB7,513.9 milion, as merchant demand for our online marketing services continued to grow,“ added Mr. David Liu, Vice President of Strategy. “While we continue to invest in sales and marketing, we also maintain a healthy cash position, with positive operating cashflows and over RMB40.3 bilion in cash, cash equivalents and short-term investments. This puts us in a good position to make the necesary investments for our long-term growth.” Third Quarter 2019 Unaudited Financial Results Total revenues were RMB7,513.9 milion (US$1,051.2 milion), an increase of 123% from RMB3,372.4 milion in the same quarter of 2018. The increase was primarily due to an increase in revenues from online marketing services. l Revenues from online marketing services were RMB6,711.4 milion (US$938.9 milion), an increase of 126% from RMB2,974.1 milion in the same quarter of 2018. l Revenues from transaction services were RMB802.5 milion (US$112.3 milion), an increase of 101% from RMB398.3 milion in the same quarter of 2018. Total costs of revenues were RMB1,833.3 milion (US$256.5 milion), an increase of 137% from RMB774.7 million in the same quarter of 2018. The increase was mainly due to higher costs for cloud services, cal center and merchant support services. Total operating expenses were RMB8,472.6 milion (US$1,185.4 milion), compared with RMB3,867.2 milion in the same quarter of 2018. l Sales and marketing expenses were RMB6,908.8 milion (US$966.6 milion), an increase of 114% from RMB3,229.6 milion in the same quarter of 2018, mainly due to an increase in online and offline advertisement and promotions. l General and administrative expenses were RMB436.6 milion (US$61.1 milion), an increase of 43% from RMB305.6 milion in the same quarter of 2018, primarily due to expenses relating to our initiatives where we work with local governments to aleviate rural poverty. l Research and development expenses were RMB1,127.2 milion (US$157.7 milion), an increase of 240% from RMB332.0 milion in the same quarter of 2018. The increase was primarily due to an increase in headcount and the recruitment of more experienced R its future busines development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to atract and retain buyers; 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 to buyers; 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 to Pinduoduos industry, and general economic and busines conditions globaly and in China and asumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Pinduoduos filings with the SEC. Al information provided in this pres release and in the atachments is as of the date of this pres release, and Pinduoduo undertakes no obligation to update any forward-looking statement, except as required under applicable law. 6 About Pinduoduo Inc. Pinduoduo is an innovative and fast growing technology platform that provides buyers with value-for-money merchandise and a fun and interactive shopping experience. The Pinduoduo mobile platform offers a comprehensive selection of atractively priced merchandise, featuring a dynamic social shopping experience that leverages social networks effectively. For more information, please visit investor.pinduoduo/ For investor and media inquiries, please contact: Pinduoduo Inc. investorpinduoduo internationalmediapinduoduo PINDUODUO INC. CONDENSED CONSOLIDATED BALANCE SHETS (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”) 7 As of December 31, 2018 September 30, 2019 RMB RMB US$ (Unaudited) ASSETS Curent Assets Cash and cash equivalents 14,160,322 15,694,045 2,195,678 Restricted cash 16,379,364 18,672,032 2,612,313 Receivables from online payment platforms 247,586 524,436 73,371 Short-term investments 7,630,689 24,560,779 3,436,179 Amounts due from related parties 1,019,033 1,253,490 175,370 Prepayments and other curent asets 953,989 884,602 123,762 Total curent asets 40,390,983 61,589,384 8,616,673 Non-current asets Property and equipment, net 29,075 38,153 5,338 Intangible aset 2,579,338 2,182,296 305,314 Right-of-use asets - 316,239 44,243 Other non-curent assets 182,667 449,990 62,956 Total non-current asets 2,791,080 2,986,678 417,851 Total Asets 43,182,063 64,576,062 9,034,524 PINDUODUO INC. CONDENSED CONSOLIDATED BALANCE SHETS (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”) 8 As of December 31, 2018 September 30, 2019 RMB RMB US$ (Unaudited) LIABILITIES AND SHAREHOLDERS EQUITY Curent Liabilities Amounts due to related parties 478,113 2,085,604 291,787 Customer advances 191,482 379,001 53,024 Payable to merchants 17,275,934 19,819,656 2,772,872 Accrued expenses and other liabilities 2,225,667 4,197,751 587,287 Merchant deposits 4,188,273 6,654,130 930,947 Lease liabilities- 80,882 11,316 Total curent liabilities 24,359,469 33,217,024 4,647,233 Convertible bonds - 5,140,305 719,155 Lease liabilities - 254,508 35,607 Other non-curent liabilities - 7,949 1,112 Total non-current liabilities - 5,402,762 755,874 Total Liabilities 24,359,469 38,619,786 5,403,107 Shareholders equity Ordinary Shares 142 148 21 Additional paid-in capital 29,114,527 40,695,277 5,693,479 Accumulated other comprehensive income 1,035,783 1,804,675 252,483 Accumulated deficits (11,327,858) (16,543,824) (2,314,56) Total shareholders equity 18,822,594 25,956,276 3,631,417 Total liabilities and shareholders equity 43,182,063 64,576,062 9,034,524 PINDUODUO INC. CONDENSED CONSOLIDATED STATEMENTS OF LOSS (Amounts in thousands of RMB and US$) 9 For the thre months ended September 30, For the nine months ended September 30, 2018 2019 2018 2019 RMB RMB US$ RMB RMB US$ (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenues Online marketplace services 3,372,418 7,513,948 1,051,240 7,466,068 19,349,160 2,707,047 Total Revenues 3,372,418 7,513,948 1,051,240 7,466,068 19,349,160 2,707,047 Costs of revenues Costs of online marketplace services (774,684) (1,833,318) (256,491) (1,481,214) (4,301,341) (601,780) Total costs of revenues (774,684) (1,833,318) (256,491) (1,481,214) (4,301,341) (601,780) Gros profit 2,597,734 5,680,630 794,749 5,984,854 15,047,819 2,105,267 Sales and marketing expenses (3,29,647) (6,908,755) (966,570) (7,417,839) (17,901,713) (2,504,542) General and administrative expenses (305,569) (436,610) (61,084) (6,135,03) (951,030) (13,054) Research and development expenses (331,97) (1,127,238) (157,706) (590,84) (2,597,983) (363,470) Total operating expenses (3,867,213) (8,472,603) (1,185,360) (14,143,686) (21,450,726) (3,001,066) Operating los (1,269,479) (2,791,973) (390,61) (8,158,832) (6,402,907) (895,79) Interest income 164,819 414,615 58,006 351,583 1,069,285 149,598 Interest expenses - (6,150) (860) - (6,150) (860) Foreign exchange gain 5,419 33,542 4,693 6,879 76,416 10,691 Other income, net 918 23,176 3,242 7,138 55,608 7,780 Los before income tax and share of results of equity investe (1,098,323) (2,326,790) (325,530) (7,793,232) (5,207,748) (728,590) Share of results of equity investe - (8,218) (1,150) - (8,218) (1,150) Income tax expenses - - - - - - Net los (1,098,323) (2,35,08) (326,680) (7,793,232) (5,215,96) (729,740) PINDUODUO INC. NOTES TO FINANCIAL INFORMATION (Amounts in thousands of RMB and US$) 10 For the thre months ended September 30, For the nine months ended September 30, 2018 2019 2018 2019 RMB RMB US$ RMB RMB US$ (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net los (1,098,323) (2,35,08) (326,680) (7,793,232) (5,215,96) (729,740) Deemed distribution to certain holders of convertible preferred shares - - - (80,496) - - Net los atributable to ordinary shareholders (1,098,323) (2,35,08) (326,680) (7,873,728) (5,215,96) (729,740) Los per ordinary share: -Basic (0.30) (0.50) (0.07) (3.19) (1.13) (0.16) -Diluted (0.30) (0.50) (0.07) (3.19) (1.13) (0.16) Los per ADS (4 ordinary shares equals 1 ADS ): -Basic (1.20) (2.0) (0.28) (12.76) (4.52) (0.64) -Diluted (1.20) (2.0) (0.28) (12.76) (4.52) (0.64) Weighted average number of outstanding ordinary shares (in thousands): -Basic 3,678,051 4,649,429 4,649,429 2,467,082 4,619,623 4,619,623 -Diluted 3,678,051 4,649,429 4,649,429 2,467,082 4,619,623 4,619,623
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