$Pinduoduo(PDD.US)$, China's largest agriculture and interactive commerce platform, today announced its unaudited financial results for the fourth quarter and the fiscal year ended December 31, 2020.

Fourth Quarter 2020 Highlights

• GMV in the twelve-month period ended December 31, 2020, was RMB1,667.6 billion (US$2255.6 billion), an increase of 66% from RMB1,006.6 billion in the twelve-month period ended December 31, 2019.
  

• Total revenues in the quarter were RMB26,547.7 million (US$4,068.6 million), an increase of 146% from RMB10,792.7 million in the same quarter of 2019.
  

• Average monthly active users in the quarter were 719.9 million, an increase of 50% from 481.5 million in the same quarter of 2019.
  

• Active buyers in the twelve-month period ended December 31, 2020, were 788.4 million, an increase of 35% from 585.2 million in the twelve-month period ended December 31, 2019.
  

• Annual spending per active buyer in the twelve-month period ended December 31, 2020, was RMB 2,115.2 (US$324.2), an increase of 23% from RMB 1,720.1 in the twelve-month period ended December 31, 2019.

「We saw six years ago that mobile is the only way to go. Therefore, we are the only major consumer internet company in the world that is mobile-only. The mobile internet fundamentally transforms the way humans interact with each other,」 said Mr. Lei Chen, Chairman and Chief Executive Officer of Pinduoduo.

「This revolution is tearing down the walls between the physical and digital worlds. Being a mobile-only product in this new age, we are well-placed to benefit from the opportunities thrown up by each behavioral change.」

「One such change sweeping the world is agriculture and grocery. Pinduoduo started with agricultural products, with the vision of offering consumers the ‘Costco + Disney’ experience of more savings and more fun. We are now the largest agriculture platform in China and we hope that Pinduoduo can one day become the largest grocer in the world,」 Mr. Chen continued.

「Agriculture is a strategic priority for us, and we will continue to invest in technology and operations across the agricultural value chain to optimize food production, distribution, and consumption,」 added Mr. David Liu, Vice President of Strategy. 「Reducing inefficiencies in the supply chain will lower structural costs and make groceries more affordable for everyone.」

「We continued to deliver strong results in the fourth quarter and generate positive cash flow from operations,」 said Mr. Tony Ma, Vice President of Finance. 「Our total revenues for fiscal year 2020 increased 97% from the prior year, and excluding contribution from merchandise sales, our total revenues grew 78%.」

Fourth Quarter 2020 Unaudited Financial Results

• Total revenues were RMB26,547.7 million (US$4,068.6 million), an increase of 146% from RMB10,792.7 million in the same quarter of 2019. 

• Operating loss was RMB2,047.8 million (US$313.8 million), compared with an operating loss of RMB2,135.3 million in the same quarter of 2019. Non-GAAP operating loss was RMB1,114.5 million (US$170.8 million), compared with an operating loss of RMB1,336.6 million in the same quarter of 2019.

• Basic and diluted net loss per ADS were RMB1.13 (US$0.17), compared with RMB1.52 in the same quarter of 2019. Non-GAAP basic and diluted net loss per ADS were RMB0.15 (US$0.02), compared with RMB0.72 in the same quarter of 2019.

Fiscal Year 2020 Financial Results

• Total revenues were RMB59,491.9 million (US$9,117.5 million), representing an increase of 97% from RMB30,141.9 million in 2019. 

• Operating loss was RMB9,380.3 million (US$1,437.6 million), compared with an operating loss of RMB8,538.2 million in 2019. Non-GAAP operating loss was RMB5,767.3 million (US$883.9 million), compared with RMB5,980.5 million in 2019.

• Basic and diluted net loss per ADS were RMB6.02 (US$0.92), compared with RMB6.04 in 2019. Non-GAAP basic and diluted net loss per ADS were RMB2.49 (US$0.38), compared with RMB3.68 in 2019.

Leadership transition at Pinduoduo: CEO Chen Lei appointed Chairman

$Pinduoduo(PDD.US)$ announced that its Board of Directors has appointed CEO Chen Leito to take up the position of Chairman, after accepting the resignation of founder Colin Huang, who has stepped down from the Board and will devote his time to exploring new long-term opportunities.