拼多多公司市场前景及投资研究报告-培训课件外文版2024.5temu亚马逊淘宝京东

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TRENDSPinduoduoCHAPTER

01BenchmarksMostvaluableretailbrandsworldwidein2022,bybrandvalue(inmillionU.S.dollars)World:mostvaluableretailbrands2022BrandvalueinmillionsofU.S.dollars100,000

150,000050,000200,000250,000300,000AmazonTheHomeDepotTmall281,69584,22064,54961,492WalmartCostcoTaobaoJDLowe'sTargetIkea49,61439,05727,21324,56223,53923,414Aldi21,282EbayShopee17,32816,2243Description:Asof2022,Amazonwasrankedastheworld`smostvaluableretailbrand,withabrandvalueofaround282billionU.S.dollars.Aisaninternationale-commercecompanyofferingonlineretail,computingservices,consumerelectronics,digitalcontentaswellasotherlocalservicessuchasdailydealsandgroceries.Alibaba,HomeDepot,andWalmartwerethenextmostvaluableretailbrandsintheworldthatyear.

ReadmoreNote(s):Worldwide;2022Source(s):BrandZ;KantarMarketcapofleadinglargecape-commercecompaniesworldwideasofJune2023(inbillionU.S.dollars)Leadinglargecape-commercecompaniesworldwide2023,bymarketcapMarketcapinbillionU.S.dollars600

80002004001,0001,2001,4001,600Amazon(UnitedStates)Mean1,337.5262.9213.6Alibaba(China)Prosus*(Netherlands)Pinduoduo(China)Median101.191.991.9JD.com(China)53.523.918.7eBay(UnitedStates)Pinterest(UnitedStates)4Description:WithamarketcapofoveronetrillionU.S.dollars,Amazonranksfirstamongtheleadinglargecape-commercecompaniesworldwide.AccordingtoJune2023data,thee-commercegiantranksaheadofAlibaba,Prosus,andPinduoduo.Duringthemeasuredperiod,Alibaba'smarketcapamountedtonearly214billionU.S.dollars.ReadmoreNote(s):Worldwide;June30,2023;*Prosusincludes:OLX,PayU,iFood,DeliveryHero,Swiggy,Tencent,Mail.ruandothersmallere-commercecompanies.Figureshavebeenrounded.

ReadmoreSource(s):GPBullhound;S&PCapitalIQE-commercemarketshareofleadinge-retailersworldwidein2021,basedonGMVGlobale-commercemarketshareofleadinge-retailers2021Alibaba24%JD.com10%Restofweb37%Walmart1%eBay2%Apple2%Pinduoduo7%Shopee1%S1%Amazon13%Rakuten1%5Description:Alibabawasthetopcompanyworldwideintermsofgrossmerchandisevolume(GMV)shareacrosstheweb.TheChinesee-retailgiantwhichprovidesconsumersbusiness-to-business(B2B),consumer-to-consumer(C2C),andbusiness-to-consmer(B2C)e-commerceaccountedforatotal24percentoftheoverallonlineGMVin2021.Amazonrankedsecond,accountingfor13percentofoverallonlineGMV.ReadmoreNote(s):Worldwide;2021;basedongrossmerchandisevolume(GMV)Source(s):Activate;DigitalCommerce360;eMarketer;InternalRevenueService;Varioussources(Copmanydata)LeadingChineseinternetcompaniesontheFortuneChina500rankingin2023,basedonrevenue(inbillionyuan)LeadingChineseinternetcompaniesontheFortuneChina500ranking2023Revenueinbillionyuan40002006008001,0001,200JD.com1,046.24Alibaba868.69Tencent554.55Xiaomi280.04MeituanPinduoduo219.96130.56123.6896.594.1880.3576.5760.6740.272924.22BaiduNeteaseKuaishouTechnologyHuitongdaNetworkShanghaiGanglianKeHoldings(Beike)BeijingUnitedInformationTechnologyiQIYIDingdong6Description:AccordingtotheFortuneChina500rankingin2023,whichwasbasedoncompanyannualrevenuesin2022,thee-commercegiantJD.comwasthehighest-earningChineseinternetenterprisewithanannualrevenueofmorethan1,046billionyuan.ItscloserivalAlibabaGroupfollowed.Overthepastdecade,theChineseonlineindustryhasbeendominatedbythreedomestictechgiants,collectivelyknownasBATs-Baidu,Alibaba,andTencent.Duetocensorshipregulations,globalinternet[...]

ReadmoreNote(s):China;2022Source(s):FortuneMarketvalueoftheyoungest500mostvaluableChineseprivatecompaniesin2022(inbillionyuan)Youngestbrandsamongthe500mostvaluableChineseprivatecompanies2022Marketvalueinbillionyuan200

3000100400500600700Pinduoduo(2015)YumChina(2016)LiAuto(2015)632161143GenkiForest(2016)Pony.ai(2016)705754MGI(2016)Chehaoduo(2015)EnvisionAESC(2018)Dewu(2015)50433633.530Airwallex(2015)ASRMicroelectronics(2015)7Description:Foundedin2015,thecompanyEnvisionAESCwithamarketcapofaround43billionyuan,wastheyoungestbrandtobelistedinthe500mostvaluableChineseprivatecompaniesin2022.Pingduoduo,ane-commerceplatformfoundedin2015thatpromotestraditionalagricultureindustry,rankedfirstbyachievingamarketvalueof632billionyuanin2022.ReadmoreNote(s):China;2022Source(s):HurunResearchInstituteLeadinge-commercecompaniesinChinaasof2022,basedonmarketvaluation(inbillionyuan)Mostvaluablee-commercecompaniesinChina2022Marketvaluationinbillionyuan400

60002008001,0001,2001,4001,6001,500AlibabaPinduoduo632JD.com611DewuBeijingUnitedInformationTechnologyMeiOne6759.540MomoCom28.58Description:Asof2022,AlibabaremainedChina'sleadinge-commercecompany,withamarketvalueofapproximately1.5trillionyuan.Inthatyear,PinduoduosurpassedJD.comasthesecond-largeste-commercecompany.Thereweresevene-commercecompaniesamongChina's500leadingprivatecompanies.ReadmoreNote(s):China;2022;amongnon-stateownedenterprisesSource(s):HurunResearchInstituteCHAPTER

02KeyfinancialsAnnualrevenueofPinduoduoInc.from2016to2022(inmillionyuan)Pinduoduo'sannualrevenue2016-2022140,000130,557.59120,000100,00080,00060,00040,00020,000093,949.9459,491.8730,141.89201913,119.9920181,744.082017504.86201620202021202210Description:Foundedin2015,theChinesesociale-commerceplatformPinduoduogeneratedarevenueofmorethan130billionyuanin2022,increasingbyover200timesinthepastsixyears.AmajorfactorinthemeteoricriseofPinduoduowastherapidexpansionofChina'slower-tiermarket.ReadmoreNote(s):China;2016to2022;fiscalyearendingDecember31Source(s):PinduoduoAnnualrevenueofPinduoduoInc.from2017to2022,bysegment(inmillionyuan)Pinduoduo'sannualrevenue2017-2022,bysegmentOnlinemarketingservicesTransactionservicesMerchandisesales140,000120,000100,00080,00060,00040,00020,000020172018201920202021202211Description:In2022,theChinesee-commerceplatformPinduoduo(PDD)generatedaround102.72billionyuanfromitsonlinemarketingservices.Foundedin2015,Pinduoduohasbecomethesecond-largestonlineshoppingplatforminChinabasedonthenumberofusers.ReadmoreNote(s):2017to2022Source(s):PinduoduoE-commerceretailsalesofPinduoduoInc.inChinafrom2019to2022withanestimatefor2023(inbillionU.S.dollars)Retaile-commercesalesofPinduoduoinChina2019-2023600500526.71444.484003002001000378.28258.43155.9920192020202120222023*12Description:In2022,Pinduoduogeneratede-commerceretailsalesofaround444.5billionU.S.dollars,increasingfromaround378.3billionU.S.dollars.Despitethecoronaviruspandemic,Pinduoduo'se-commerceretailsalesgrewatasteadypace.

ReadmoreNote(s):China;2019to2022Source(s):eMarketer;InsiderIntelligenceAnnualgrossprofitofPinduoduoInc.from2016to2022(inmillionyuan)Pinduoduo'sannualgrossprofit2016-2022120,00099,095.29100,00080,00060,00040,00020,000062,231.8540,213.2223,803.1110,214.7420181,021.252017-73.012016-20,000201920202021202213Description:Pinduoduo,aChinesesociale-commerceappfeaturinggroupbuyingdeals,achievedarapidgrowthfrom2016to2022.Inspiteofagrosslossof73millionyuaninthesecondyearafterestablishment,thecompanymanagedtomakeasignificantprofitafterwardswithatentimessurgebetween2017and2018.TheonlinegroupdiscounterwentpublicontheNasdaqinJuly2018andwasrankedasthethirdintheleadinge-commerceretailersinChina.In2022,Pinduoduogeneratedagross[...]

ReadmoreNote(s):China;2016to2022;fiscalyearendingDecember31Source(s):PinduoduoTotalassetsofPinduoduoInc.from2016to2022(inbillionyuan)Pinduoduo'stotalassets2016-2022250200237.12181.21158.911501005076.06201943.18201813.3120171.770201620202021202214Description:In2022,theChinesee-commerceplatformPinduoduo(PDD)heldtotalassetsofalmost237billionyuan,upfromroughly181billioninthepreviousyear.Foundedin2015,Pinduoduohasbecomethesecond-largestonlineshoppingplatforminChinabasedonthenumberofusers.ReadmoreNote(s):2016to2022Source(s):PinduoduoNumberofemployeesatPinduoduoInc.from2016to2022Pinduoduo'snumberofemployees2016-202214,00012,00012,9929,76210,0008,0006,0004,0002,00007,9865,8283,68320181,15920175312016201920202021202215Description:In2022,theChinesee-commerceplatformPinduoduo(PDD)employed12,992people.About6,444ofitsemployeesworkedinthesalesandmarketingdepartment.Foundedin2015,Pinduoduohasbecomethesecond-largestonlineshoppingplatforminChinabasedonthenumberofusers.ReadmoreNote(s):2016to2022Source(s):PinduoduoCHAPTER

03PinduoduousersMonthlyactiveusersofmobileshoppingappPinduoduoinChinafrom1stquarter2021to1stquarter2023(inmillions)MAUsofmobileshoppingappPinduoduoinChina2021-20237006226236085955905806005004003002001000571567545Q12021Q22021Q32021Q42021Q12022Q22022Q32022Q42022Q1202317Description:Asofthefirstquarterof2023,theChinesemobileshoppingappPinduoduohadapproximately623millionmonthlyactiveusers,upfrom622millioninthepreviousquarter.Thatquarter,Pinduoduoreachedamobilepenetrationrateofaround62.8percent.ReadmoreNote(s):China;Q12021toQ12023Source(s):MoonfoxDataPenetrationrateofmobileshoppingappPinduoduoinChinafrom1stquarter2021to1stquarter2023PenetrationrateofmobileshoppingappPinduoduoinChina2021-202370%63.1%62.8%61.9%60.4%59.8%59.1%58.3%57.8%60%50%40%30%20%10%0%57.3%Q12021Q22021Q32021Q42021Q12022Q22022Q32022Q42022Q1202318Description:Asofthefirstquarterof2023,theChinesemobileshoppingappPinduoduoreachedapenetrationrateofaround62.8percent.Pinduoduohasgrownrapidlyoverthepastyearandhadmorethan750millionmonthlyactiveusersinthefirstquarterof2022.ReadmoreNote(s):China;Q12021toQ12023Source(s):MoonfoxDataDistributionofusersofleadinge-commerceplatformsinChinaasofAugust2022,byagegroupBreakdownofmajoronlineretailerusersinChina2022,byageShareofonlineshoppers24-30years

31-35years

36-40years40%

60%Below24years41yearsandabove80%0%20%100%120%TaobaoJD.com17.92%15.2%17.93%17.89%24.74%21.52%18.57%25.52%26.77%13.93%Tmall12.08%15.91%16.05%17.57%27.69%30.67%13.64%Douyin11.06%9.63%25.28%28.14%30.04%19.48%Pinduoduo23.98%18.79%19Description:AsofAugust2022,morethanathirdofTaobaousersinChinawere30yearsoldoryounger.Comparatively,almosthalfofPinduoduo'suserswereover35.

ReadmoreNote(s):China;August2022Source(s):AnalysysPinduoduouserdistributioninChinaasofApril2022,bygenderShareofPinduoduousersinChina2022,bygenderFemale48.2%Male51.8%20Description:AsofApril2022,approximately51.8percentofChina'ssociale-commerceplatformPinduoduousersweremale.Inthefirstquarterof2022,Pinduoduorecordedmorethan750millionmonthlyactiveusers.

ReadmoreNote(s):China;April2022Source(s):Analysys;AuroraMobile;PenguinIntelligence;QuestMobile;TianfengSecurities;Website()CHAPTER

04TemuMonthlygrossmerchandisevolume(GMV)ofTemufromSeptember2022toApril2023(inmillionU.S.dollars)MonthlygrossmerchandisevolumeofTemu2022-2023450400350300250200150400300192141118100500283Sep2022Oct2022Nov2022Dec2022Jan2023Mar2023Apr202322Description:AfteritslaunchinSeptember2022,Pundoiduo'sinternationalonlinemarketplaceTemuenjoyedenormoussuccess.InApril2023,Temugeneratedapproximately400millionU.S.dollarsingrossmerchandisevolume,adrasticincreaseoveritsSeptember2022GMVofonlythreemilliondollars.ByJuly2023,Temuwillbeserving15countriesandregions,mostlyinNorthAmericaandEurope.ReadmoreNote(s):China;September2022toApril2023Source(s):Varioussources(YiptiData);Website(chinatalk.nl)NumberofglobaldownloadsofshoppingappTemufromSeptember2022toSeptember2023(inmillions)MonthlyglobaldownloadsofTemushoppingapp2022-202345403530252040.5438.7935.8230.1629.9715.251512.79.888.831056.295.591.510.440Sep'22Oct'22Nov'22Dec'22Jan'23Feb'23Mar'23Apr'23May'23Jun'23Jul'23Aug'23Sep'2323Description:ThepopularityofonlinemarketplaceTemuhasbeensurgingsinceitslaunchinthefallof2022.InSeptember2023,theapprecordednearly40.54millionappdownloadsworldwide.AsthesubsidiaryoftheChineseshoppingappPinduoduo,Temuhasadoptedasimilaruserexperienceapproach,suchasgamificationfeaturesandpersonalizedpurchaserecommendations.ReadmoreNote(s):Worldwide,China;September2022toSeptember2023;AppStoreandGooglePlay;AppleAppStoreincludesiPhoneandiPaddevicesSource(s):AppMagicDownloadshareofshoppingappTemuasofOctober10,2023,bycountryCountrieswithhighestdownloadshareofTemushoppingapp2023Shareoftotalappdownloads0%5%10%15%20%25%30%UnitedStatesOthers27%14%Mexico12%UnitedKingdomFrance6%6%SouthKoreaGermanySpain5%5%4%4%ItalyJapan3%3%3%PolandChile24Description:Temu,asubsidiaryoftheChineseshoppingappPinduoduo,israpidlygainingtractionintheAmericanandEuropeanmarkets.BetweenSeptember10toOctober10,2023,UnitedStatesandMexicowerethelargestmarketsfortheapp,contributing39percentofthetotalappdownloads.ReadmoreNote(s):Worldwide,China;Sept