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Pinduoduo3Q 2019 ResultsNov 20192DisclaimerThe folowing presentation has ben prepared by PinduoduoInc. (“Pinduoduo” or the “Company”) solely for informational purposes and should not be construed to be, directly or indirectly, in whole or in part, an ofer to buy or sel and/or an invitation and/or a recomendation and/or a solicitation of an ofer to buy or sel any security or instrument or to participate in any investment or trading strategy, nor shal any part of it form the basis of, or be relied on in conection with, any contract or investment decision in relation to any securities or otherwise.This presentation does not contain al relevant information relating to the Company or its securities, particularly with respectto the risks and special considerations involved with an investment in 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. Past performance does not guarante or predict future performance.You acknowledge that any asesment of the Company that may be made by you wil be independent of this document and that you will be solely responsible for your own assesment of the market and the market position of the Company and that you wil conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the busines 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 195. These forward-loking statements can be identified by terminology such as “wil,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expresions. Among other things, the busines outlok and quotations from anagement in this anouncement, as wellas Pinduoduosstrategic and operational plans, contain forward-looking statements. Pinduoduomay also make writen or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Comission(the “SEC”), in its anual report to shareholders, in pres releases and other writen materials and in oral statements made by its oficers, directors or employes to third parties. Statements that are not historical facts, including but not limited to statements about Pinduoduosbeliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to difer materialy from those contained in any forward-looking statement, including but not limited to the folowing: Pinduoduosgrowth strategies; 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 andthird-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-comerce market; changes in its revenues and certain cost or expense items; the expected growth of Chinas e-comerce market; PRC governmental policies and regulations relating to Pinduoduosindustry, 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 Pinduoduosfilings with the SEC. Pinduoduoundertakes no obligation to update any forward-loking statement, except as required under aplicable law.This document also contains non-GAP financial measures, the presentation of which is not intended to be considered in isolationor as a substitute for the financial information prepared and presented in acordance with acounting principles generaly acepted in the United States of America. In adition, the Companys calculation of these non-GAAP financial measures may be diferent from the calculation used by other companies, and therefore comparability may be limited. The reconciliation of those measures to the most comparable GAP measures is contained within this document or the earnings pres release.This document speaks as of Sep 30, 2019. Neither the delivery of this document nor any further discusions of the Company with any of the recipients shal, under any circumstances, create any implication that there has ben no change in the affairs of the Company since that date.3Q 2019 HighlightsNotes:(1)“LTM”, Last Twelve Months, references to the twelve-month period that ends on the last day of the month or quarter indicated.(2)GV references to the total value of al orders for products and services placed on our Pinduoduomobile platform, regardles of whether the products and services are actualy sold, delivered or returned. Buyers on our platform are not charged for shiping fes in adition to the listed price of merchandise. Hence, merchants may embed theshiping fes in the listed price. If embeded, then the shiping fes are included in our GMV. As a prudential mater aimed at eliminating any influence on our GMV of iregular transactions, we exclude from our calculation of GMV transactions over certain amounts (RMB10,00) and transactions by buyers over a certain amount (RMB1,00,00) per day.(3)“Active buyers“ in a given period references to the number of user acounts that placed one or more orders (i)on thePinduoduomobile 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.(4)“MAUs”, Monthly Active Users, refers to the number of user acounts that visited thePinduoduomobile ap during a given month, which does not include those that acesed the platform through social networks and acces points. LTM(1)GMV(2)RMB840.2bn14% YoY GrowthLTM(1)Active Buyers(3)536.3mn39% YoY GrowthAverage MAUs(4)429.6mn85% YoY GrowthRevenuesRMB7,513.9mn123% YoY Growth34Strong GMV Growth of 14% YoY 70.9 141.2 198.7 262.1 344.8 471.6 557.4 709.1 840.2 LTM Sep-17 LTM Dec-17 LTM ar-18 LTM Jun-18 LTM Sep-18 LTM Dec-18 LTM ar-19 LTM Jun-19 LTM Sep-19GMV(LTM, RMB in bilions)144% YoY Driven by Rapidly Expanding User Base and Spending per Active Buyer571.1 141.0 166.2 195.0 231.7 272.6 289.7 366.0 429.6 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19MAUs(Average, in milions)Active Buyers(LTM, in milions)157.7244.8294.9343.6385.5418.5 443.3 483.2 536.3 LTM Sep-17LTM Dec-17LTM ar-18LTM Jun-18LTM Sep-18LTM Dec-18LTM ar-19LTM Jun-19LTM Sep-19Annual Spending Per 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 numberofactive buyers in the same period.449.2576.9673.9762.8894.41,126.91,257.31,467.51,566.7LTM Sep-17LTM Dec-17LTM ar-18LTM Jun-18LTM Sep-18LTM Dec-18LTM ar-19LTM Jun-19LTM Sep-1985% YoY75% YoY39% YoYIncreasing Revenues and Monetization Rate6423.0 1,179.4 1,384.6 2,709.0 3,372.4 5,653.9 4,545.2 7,290.0 7,513.9 3Q174Q171Q182Q183Q184Q181Q192Q193Q19Notes:(1) “MonetizationRate”isrevenuesexpressedasapercentageoftotalGMVforagivenLTM period.1.2%1.6%2.2%2.5%2.8%2.9%2.9%3.0%LTM Dec-17LTM ar-18LTM Jun-18LTM Sep-18LTM Dec-18LTM ar-19LTM Jun-19LTM Sep-19123% YoYRevenues(RMB in milions)Monetization Rate(1)(%, LTM)Non-GAAP(1)Cost of Revenues(2)(RMB in milions)Cost Structure7Non-GAAP Sales & Marketing Expenses(RMB in milions)% of Revenues186.6 373.8 318.4 387.3 774.1 1,421.9 869.0 1,591.0 1,824.8 3Q174Q171Q182Q183Q184Q181Q192Q193Q1944%32%23%14% of Revenues427.6 753.4 1,216.3 2,938.4 3,049.2 5,832.1 4,693.1 5,895.3 6,689.7 3Q174Q171Q182Q183Q184Q181Q192Q193Q19101%64%88%108%23% 90%Notes:(1) Our Non-GAAP measures exclude share-based compensation expenses and interest expenses related to the convertible bonds amortization to face value. Please refer to our earnings pres release for more details. (2) Adjusting for a payment rebate from Tencent, our gros profit margin in 1Q19 would have ben 73%25% 103%19% 103%22% 81%24% 89%Cost Structure (Contd)8Non-GAAP(1)General & Administrative Expenses(RMB in milions)Non-GAAP Research & Development Expenses(RMB in milions)% of Revenues5.5 10.1 23.7 30.0 40.8 65.9 67.1 91.3 230.5 3Q174Q171Q182Q183Q184Q181Q192Q193Q191% 2%1% of Revenues34.3 50.2 65.7 169.0 298.3 446.8 537.9 610.8 892.5 3Q174Q171Q182Q183Q184Q181Q192Q193Q198%4%5%6%1% 9%Notes:(1) Our Non-GAAP measures exclude share-based compensation expenses and interest expenses related to the convertible bonds amortization to face value. Please refer to our earnings pres release for more details. 1%1% 1% 8%12%1% 8%3% 12%Margin Improvement with Rapid Growth9Non-GAAP(1)Operating Los(RMB in milions)Non-GAAP Net Los Atributable to Ordinary Shareholders(RMB in milions)(230.9)(10.0)(239.5)(815.7)(790.0)(2,112.9)(1,621.9)(898.4)(2,123.5)3Q174Q171Q182Q183Q184Q181Q192Q193Q19% of Revenues-55%-1%-17%-30%(218.0)26.3 (267.9)(673.4)(618.9)(1,895.9)(1,379.1)(411.3)(1,660.4)3Q174Q171Q182Q183Q184Q181Q192Q193Q19% of Revenues-52%2%-19%-25%-23% -18%Notes:(1) Our Non-GAAP measures exclude share-based compensation expenses and interest expenses related to the convertible bonds amortization to face value. Please refer to our earnings pres release for more details. -37% -34%-36% -30%-6%-12%-28% -22%Strong Cash Position10Ending Cash, Cash Equivalents andRestricted Cash(RMB in milions)12,429 30,540 34,366Dec 31, 2017 Dec 31, 2018 Sep 30, 2019Notes(1) As the Company lost its EGC status on December 31,2018, the Company adopted the guidance of ASU 2016-18 isued 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 generaly described as restricted cash or restricted cash equivalents. Pursuant to the guidance, the Company retrospectively restated the statement of cash flows in the comparative periods.(1)
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