As of June 30, 2020, the annual number of active buyers of the platform has reached 683.2 million, an increase of 41% compared with 483.2 million in the same period of last year, a net increase of 200 million a year, and an increase of 55.1 million active buyers in a single quarter. < / P > < p > in the second quarter, the average monthly live users of pinduoduo app reached 568.8 million, an increase of 55% compared with 366 million in the same period of last year, and a net increase of 81.4 million compared with the single quarter in the first quarter. < / P > < p > during the 12-month period up to June 30, 2020, the platform Gmv reached 1268.7 billion yuan, an increase of 79% compared with 709.1 billion yuan in the same period last year The net loss was 77.24 million yuan, significantly narrowed compared with the loss of 411 million yuan in the same period of last year. As of June 30, 2020, the annual number of active buyers of pinduoduo has reached 683.2 million, up 41% year-on-year. In the second quarter, 55.1 million new buyers were added in the second quarter, which was the largest single quarter growth since listing, and continued to lead the industry substantially. At the same time, the user activity of the platform also keeps a strong growth. In the second quarter, the average monthly active users of pinduoduo app reached 568.8 million, an increase of 55% over the same period of last year, with a strong growth of 81.4 million in a single quarter, a record high. The annual number of active buyers and the average number of monthly active users, the two core user indicators, both achieved strong single quarter growth in this quarter. Meanwhile, compared with the same period in 2019, the annual net increase was more than 200 million. Chen Lei, CEO of pinduoduo, said: “our users are increasingly recognizing the value of pinduoduo, which contributes to the user growth and user activity of our platform.” By the end of June, the average annual consumption of active buyers on the platform reached 1857 yuan, an increase of 27% compared with 1467.5 yuan in the same period last year. Thanks to the high-speed growth of GMP >, the amount of transactions per capita has continued to increase. In the 12 months to June 30, pinduoduo Gmv reached 1268.7 billion yuan, an increase of 79% compared with 709.1 billion yuan in the same period of 2019. < p > < p > in the second quarter of 2020, pinduoduo achieved revenue of 12.193 billion yuan, an increase of 67% compared with 7.290 billion yuan in the same period of 2019, higher than the consensus expectation of 12.16 billion yuan in the market. At the same time, the loss of the platform in the second quarter narrowed significantly. Under the non general accounting standards, the net loss attributable to common shareholders was 77.24 million yuan, which was 411 million yuan compared with the same period last year. < / P > < p > the revenue growth mainly comes from the strong growth of the platform’s online marketing technology service revenue. Pinduoduo said that the majority of small and medium-sized businesses on the platform showed strong resilience in the post epidemic era. The second quarter is the traditional peak season of the e-commerce industry. Coupled with the steady recovery of the domestic economy after the epidemic, the advertising demand of businesses is also rapidly recovering. < / P > < p > on the basis of platform “0 Commission” and “0 platform service fee”, pinduoduo’s increasingly perfect business development system continues to promote high-quality businesses to stand out and improve the group’s investment return rate, while also creating better goods and services for consumers. < / P > < p > in order to further meet the consumption needs of more users, we will continue to pay more than 10 billion subsidies online, cover more household necessities and agricultural products, and constantly increase subsidies for commodities. In the second quarter, the platform sales and marketing expenses were 9.114 billion yuan, 49% higher than 6.104 billion yuan in the same period of last year, and 1.817 billion yuan higher than 7.297 billion yuan in the first quarter. As of the end of the second quarter, pinduoduo held cash and cash equivalents and short-term investments totalling RMB 49 billion (excluding restricted funds), compared with RMB 41.1 billion as of December 31, 2019. Pinduoduo said that the company has sufficient cash reserves, and the 10 billion yuan subsidy will continue. It will continue to expand the categories and quantity of products subsidized, so as to provide consumers with more choices and better consumption experience. In the second quarter of 2020, pinduoduo’s R & D expenditure further climbed to 1.662 billion yuan, an increase of 107% over the same period last year. Platform R & D expenses accounted for 13.6% of the revenue, which was higher than the average level of the industry. It mainly invested in “intangible assets” such as talents, algorithms and systems, while fixed assets accounted for only a small proportion. < / P > < p > with the deepening of the reserve of cutting-edge technology R & D talents, pinduoduo continues to explore deeply, and promote the high-quality development of agriculture and manufacturing industry through the application and implementation of new models and new technologies. < / P > < p > as an e-commerce platform that is most closely integrated with China’s agricultural production areas and industrial belts, pinduoduo will continue to actively tilt resources to help agricultural products go up, drive export-oriented industrial belts to develop domestic demand markets, and accelerate the promotion of domestic economic cycle in the second quarter of 2020. During this period, pinduoduo took the lead in opening a series of innovative modes, such as “government enterprise cooperation live broadcast to help agriculture” and “industrial belt and rehabilitation University Joint broadcast” to help farmers and enterprises solve practical problems. < p > < p > as of August 16, pinduoduo’s “city and county magistrate’s Live Room” has driven a total of 396 million units of agricultural special areas and activities related to the platform, sold more than 2.38 billion kilograms of agricultural and sideline products, promoted the products of more than 260 characteristic agricultural production areas to directly connect with nearly 700 million consumers in China, and directly helped more than 850000 farmers. During the “618” activity period, orders for agricultural products on the platform increased by 136%, totaling 380 million orders. Nearly 75% of the orders come from first and second tier city users. In terms of manufacturing industry support, pinduoduo has cooperated with local governments in Shanghai, Guangdong, Zhejiang, Shandong, Jiangsu and other places to promote the resumption of work and production, promote regional economy, promote consumption, expand domestic demand and help domestic high-quality manufacturing enterprises and brands achieve high-quality development through the mode of government enterprise linkage and online and offline integration.