On November 28th, PinDuoDuo(PDD) released its financial report for the third quarter of 2023, ending on September 30th. The revenue for the third quarter was 688.4 billion RMB, showing a year-on-year growth of 93.9%. The net profit, according to the U.S. General Accounting Standards, reached 15.54 billion RMB, with a net profit margin of 22.6%. PDD attributed its overall positive performance to the accelerated recovery of the consumer market and the vigorous implementation of its "high-quality development" strategy throughout the year.
With that, PDD's market value is almost the same as that of Alibaba.
Post the earnings report, Alibaba founder Jack Ma appeared on company intranet and made some comment about PDD's success. According to WeChat user 大厂青年, Jack Ma stated:
Please provide constructive opinions and suggestions, especially innovative ideas. I believe that everyone at Alibaba today is watching and listening. I firmly believe that Alibaba will change, and Alibaba will improve. All great companies are born in winter. The era of AI e-commerce has just begun, presenting opportunities and challenges for everyone. Congratulations to PDD for its decisions, execution, and efforts over the past few years. Everyone has had their moments of excellence, but those who reform for a better future, willing to make any sacrifice, are the organizations worthy of respect. Returning to our mission and vision, Alibaba people, let's go!
This comment was made as the market value of PDD approached that of Alibaba. It suggests that Jack Ma may be expressing concerns about the future of the once e-commerce giant in China and potentially beyond. It is hoped that, with the collective wisdom of Jack Ma and other Alibaba employees, they can navigate through these challenging times successfully.
