Core Insights - The article discusses the significant impact of e-commerce platforms, particularly Pinduoduo, in enhancing market penetration in China's western regions, which have historically faced challenges such as high logistics costs and underdeveloped infrastructure [1][11]. Group 1: E-commerce Expansion in Western China - Pinduoduo's initiatives, including logistics network reconstruction and policy subsidies, aim to break geographical and cognitive barriers in the western consumer market [1][11]. - The introduction of a transit collection model and reduced logistics fees for remote areas has enabled consumers in the west to access high-quality products conveniently [3][11]. Group 2: Case Study of Zhang Xiang's Business - Zhang Xiang, an entrepreneur, successfully pivoted her business to focus on a new product, the warming plate, after recognizing market potential during a factory visit [2][3]. - After joining Pinduoduo, her sales skyrocketed, with the first three days of sales surpassing the total of the previous three years [3][4]. - The logistics cost reduction allowed her to expand her market reach significantly, with western provinces now accounting for nearly 10% of total sales and showing a doubling growth trend annually [3][4]. Group 3: Product Innovation and Brand Development - Pinduoduo has facilitated product upgrades and brand development for businesses, exemplified by Zhang Xiang's transition from basic warming plates to multifunctional products [5][12]. - The company has invested in product innovation based on consumer feedback, leading to significant sales growth and market presence [5][12]. Group 4: Quality and Consumer Preferences - The article highlights the importance of quality and innovation in meeting the preferences of western consumers, as seen in the case of the 1.8-liter wall-breaking machine developed by Shangweier [6][10]. - The shift in consumer habits in western regions, driven by improved logistics and product availability, is leading to a demand for higher-quality, multifunctional appliances [9][13]. Group 5: Policy Support and Market Dynamics - Pinduoduo's policies, such as logistics cost subsidies and promotional activities, have created a conducive environment for businesses to explore the western market [11][12]. - The platform's focus on quality and innovation has enabled businesses to align their products with the evolving preferences of western consumers, facilitating a more dynamic market landscape [12][13].

今年是拼多多成立的第十个年头。 十年前，这家公司以"拼团"切入电商市场，用极端效率和价格优势，撬开了一个高度成熟、竞争激烈的 行业。十年后，当它的业务触角已经延伸至全球多个国家和地区，拼多多管理层选择放慢脚步，重新审 视公司的增长路径。 12 月 19 日，在年度股东大会上，拼多多宣布升级公司治理架构，正式实行联席董事长制度。经董事会 批准，赵佳臻出任集团联席董事长，与陈磊共同担任联席董事长兼联席 CEO。同时，集团还完成了多 项关键任命：王密出任工程高级副总裁，李炯出任集团财务总监。 从表面看，这是一轮组织和治理层面的调整。但放在拼多多"第二个十年"的起点，这一变化更像是在为 下一阶段增长预留空间。在这场股东大会上，拼多多管理层给出了一个颇具分量的判断：Temu 用三年 时间，走完了拼多多国内电商十年的发展路径。 随着 Temu 在北美、欧洲等市场快速扩张，其规模已逐渐逼近拼多多国内主站，拼多多也由此站上了一 个新的发展起点。这也意味着，拼多多正在从"国内电商平台 + 海外探索"的阶段，转向以全球市场为坐 标、以中国供应链为核心的增长结构。 陈磊在会上提到，Temu 的成长速度远超早期国内电商的发展曲线。但 ...

"礼物没有，订单也没有" 作者 | 小海 图源 | pxhere 金钩拜 金钩拜 金钩噢得喂~ 昨晚挂床尾的袜子都收到圣诞老人送的礼物了吗？ 图源：pxhere 对于大部分跨境电商卖家，圣诞老人似乎并没有在这个节日给到他们最期望的礼物——爆单。 不同于节日一片欢愉的热闹氛围，跨境电商卖家在圣诞大促的单量并不理想，甚至有点惨淡，卖家直呼 要关店了。 01 "我们打算在圣诞后关掉temu，理由很简单，该清的库存，差不多都清掉了……"卖家表示，平台全托管 模式的确让他们在某个周期内享受到了福利，但是ROAS广告算法的设置却导致他们被迫打价格 战，"一个高价限流，直接卡死所有的小心思和小动作；20刀的原价被卡到2刀，不是玩笑，是现实。" 销量惨淡，平台卖家计划关店 旺季变"淡季"，圣诞节变"圣诞劫"。 这是今年圣诞节不少卖家表露出来的现象。亚马逊平台出现大规模销量下滑的现象，有卖家称，从12月 16日开始订单量明显减少，至19日后出现断崖式下跌，部分卖家销量仅为平时的四分之一，甚至有卖家 反映订单"归零"。 "往年的12月18日至20日是年底销售最后的冲刺高峰，今年不到20号就已经没单量了，22号更是惨 淡。"一位亚 ...

Core Insights - China's complete industrial system and supply chain network are becoming key assets for companies to build long-term competitiveness [3][30] - The International Monetary Fund (IMF) has adjusted its forecast for China's economic growth to 5% by 2025, reflecting the resilience of the Chinese economy despite multiple shocks [4][30] - Pinduoduo announced a strategic shift to heavily invest in the Chinese supply chain to achieve its goal of "recreating Pinduoduo" [4][31] Group 1: Economic Resilience and Supply Chain - The IMF's forecast adjustment is supported by international financial institutions like Goldman Sachs and Morgan Stanley, indicating a growing interest in China's vast consumer market and the resilience of "Made in China" in a complex global environment [4][30] - Pinduoduo's co-chairman revealed that Temu has achieved in three years what Pinduoduo took ten years to accomplish in domestic e-commerce, highlighting the rapid growth of both platforms [4][30] Group 2: Shifts in E-commerce Growth Logic - The Chinese internet industry is experiencing a profound change in growth logic, moving away from reliance on traffic to a focus on user value due to user growth plateauing and rising customer acquisition costs [7][34] - Data from QuestMobile indicates that the total number of internet users is expected to reach 1.269 billion by September 2025, with a growth rate of 2%, marking a shift from horizontal expansion to vertical value exploration [7][34] Group 3: Pinduoduo's Strategic Transformation - Pinduoduo aims to transition from being a "logistics provider" to deeply embedding and empowering the supply chain, marking a shift in its core growth engine from traffic leverage to industrial leverage [8][34] - The complete industrial system in China, characterized by specialized industrial clusters, provides a solid foundation for this transformation [8][35] Group 4: Empowering Chinese Manufacturing - Pinduoduo's strategy is based on a structural resonance between supply and demand, as many Chinese manufacturers face transformation pressures and need digital capabilities and new market channels [10][38] - The platform's commitment to the Chinese supply chain is a strategic alignment with the transformation of Chinese manufacturing, moving beyond mere resource allocation to a redefined growth path [11][38] Group 5: Paths to Empowerment - Pinduoduo's empowerment of Chinese manufacturing can be observed through three clear paths: data-driven manufacturing transformation, direct resource access for industrial empowerment, and long-term capability building [14][42] - The C2M (Customer-to-Manufacturer) model connects consumer data feedback to production decisions, significantly reducing the time from demand discovery to product launch [14][42] Group 6: Market Activation and Global Expansion - The transformation of the supply chain directly enhances the domestic consumption market, with Pinduoduo reporting a 47% year-on-year increase in agricultural product sales [20][50] - The rapid growth of Temu reflects an evolution in China's manufacturing export model, focusing on overall supply chain capabilities rather than just cost advantages [22][52] Group 7: Redefining Platform Value - The deep binding of platforms and supply chains is leading to a redefinition of platform value, shifting from mere transaction facilitation to co-building industrial ecosystems [24][54] - This transition requires platforms to possess global compliance governance capabilities, cross-cultural brand operation skills, and deep technical empowerment of the supply chain [24][54] Group 8: Industry Exploration and Future Implications - Pinduoduo's strategic practice represents a significant industry exploration, testing whether digital platforms can play a constructive role in the transformation and upgrading of the real economy [27][57] - The outcome of this exploration will provide valuable insights for Chinese enterprises in their competitive strategies during the new phase of globalization [27][57]

Core Insights - The article discusses how Pinduoduo dominates family group chats through social e-commerce strategies that leverage trust among acquaintances [1][3][5] - It highlights the psychological aspect of consumer behavior, where trust in familiar relationships leads to increased purchasing activity on the platform [7][10] Group 1: Social E-commerce Strategy - Pinduoduo's success is attributed to its ability to integrate social relationships with e-commerce, creating a unique customer acquisition model defined as "social e-commerce" [12] - The platform capitalizes on the trust within family and friend circles, making consumers more likely to purchase based on recommendations from known individuals rather than traditional advertising [8][10] Group 2: Consumer Behavior and Purchase Dynamics - The urgency created by notifications of group purchases and the social pressure to participate in deals leads to a collective buying behavior among users [14][16] - Pinduoduo's model allows consumers to aggregate their purchasing power, enabling the platform to negotiate lower prices with manufacturers due to large order volumes [20][22] Group 3: Business Model and Pricing Strategy - The low prices offered by Pinduoduo are not solely due to subsidies but are a result of the "C2M (Customer to Manufacturer)" model, which eliminates intermediaries and connects consumers directly with manufacturers [24] - Each consumer's participation in group buying enhances Pinduoduo's bargaining power, effectively making them a crucial part of the platform's business ecosystem [26]

Core Viewpoint - Pinduoduo Group announced an upgrade to its governance structure by implementing a co-chairman system during its annual shareholder meeting, appointing Zhao Jiazhen as co-chairman alongside Chen Lei, who also serves as co-CEO [2] Group 1: Governance Changes - The board approved the appointment of Zhao Jiazhen as co-chairman, who is a member of the founding team and has a background in e-commerce management [2] - Chen Lei continues to serve as co-chairman and co-CEO, indicating a dual leadership approach [2] Group 2: Executive Appointments - Wang Mi was appointed as Senior Vice President of Engineering, previously serving as Vice President of R&D at Pinduoduo and having experience at Tencent and Oracle [2] - Li Jiong was appointed as Chief Financial Officer, having previously worked at KPMG before joining Pinduoduo [2] Group 3: Market Insights - During the meeting, Chen Lei addressed investor concerns regarding the EU's investigation into Temu, highlighting Temu's rapid growth and significant market presence in many countries [2] - Chen noted that Temu has achieved in three years what Pinduoduo accomplished in ten years in the domestic e-commerce market, which has led to increased scrutiny and concern [2]

Group 1: Monetary Policy and Market Operations - The People's Bank of China (PBOC) held its 111th monetary policy committee meeting on December 18, 2025, discussing the integration of incremental and stock policies to enhance monetary policy effectiveness and maintain liquidity [2] - On December 24, the PBOC announced a 400 billion yuan Medium-term Lending Facility (MLF) operation to ensure ample liquidity in the banking system, marking the 10th consecutive month of increased MLF operations [3] - The PBOC and eight other departments issued guidelines to support the high-quality development of the Western Land-Sea New Corridor, proposing 21 key measures to enhance financial collaboration and innovation [3] Group 2: Real Estate Policy Adjustments - Beijing's housing policy was adjusted to allow non-resident families to purchase homes within the Fifth Ring Road after paying social insurance or income tax for at least two years, and for homes outside the Fifth Ring Road for at least one year [5] - Families with two or more children can buy an additional home within the Fifth Ring Road under the existing housing purchase restrictions [5] Group 3: Employment and Economic Indicators - The U.S. Department of Labor reported that initial jobless claims fell to 214,000, indicating a stable labor market, while continuing claims rose to 1.923 million, exceeding expectations [6] - Consumer confidence index in the U.S. has declined for five consecutive months, reflecting concerns about the job market, which may impact future consumer spending [6] Group 4: Bond Market Dynamics - The bond market experienced fluctuations, with the yield on the 10-year government bond remaining stable at 1.8350% and the 10-year policy bank bond yield decreasing by 0.05 basis points to 1.8975% [12] - On December 24, the secondary market saw significant movements, with a notable increase in the price of the "22 Vanke 04" industrial bond by over 18% [13] Group 5: Convertible Bonds and Equity Market - The convertible bond market saw major indices rise, with the China Convertible Bond Index increasing by 0.71% and trading volume reaching 758.99 billion yuan, up by 45.67 billion yuan from the previous day [22] - The A-share market also experienced gains, with the Shanghai Composite Index rising by 0.53%, supported by strong performances in the aerospace and semiconductor sectors [22] Group 6: International Bond Market - U.S. Treasury yields generally declined, with the 2-year yield down by 1 basis point to 3.47% and the 10-year yield down by 3 basis points to 4.15% [25] - In the European bond market, the 10-year government bond yields showed mixed trends, with France's yield increasing by 1 basis point while Spain's decreased by 1 basis point [28]

12月25日热门中概股涨跌不一，纳斯达克中国金龙指数（HXC）收跌0.07%。 上涨股当中（按市值从高到低），台积电涨0.70%，拼多多涨1.23%，京东涨0.31%，日月光半导体涨 0.03%，中华电信涨0.15%，腾讯音乐涨0.14%，联电涨0.19%，贝壳涨0.63%，理想汽车涨0.54%，蔚来 涨0.20%。 下跌股当中（按市值从高到低），阿里巴巴跌0.72%，网易跌0.64%，携程跌0.33%，百度跌0.38%，富 途控股跌0.27%，小鹏汽车跌0.71%，中通跌0.84%，华住酒店集团跌0.61%，满帮跌0.98%，中国新城农 村跌0.36%。 美股周三收高，标普500指数创历史新高。美国上周初请失业救济人数降至21.4万。 | | e家快服 | +9.19% | +0.085 | | --- | --- | --- | --- | | | EJH | 0.00% 盘后 | | | | 罗科任 | +7.88% | +0.160 | | | LGCL | -0.46% 盘后 | | | | 盈丰科技 | +7.32% | +0.079 | | | CREG | 0.00% 盘后 | | | | 开 ...

Core Viewpoint - Pinduoduo has emerged as a significant player in the Chinese e-commerce market, finding a new direction that aligns with JD.com's future plans, as stated by its founder Huang Zheng [1] Group 1: Company Performance and Strategy - Pinduoduo's cross-border e-commerce brand Temu has achieved rapid growth, completing in three years what Pinduoduo took ten years to accomplish domestically, indicating that Temu's scale is approaching that of Pinduoduo's main platform [3] - The company announced a governance structure upgrade, implementing a co-chairman system with Chen Lei and Zhao Jiazhen, who emphasized a focus on reconstructing Pinduoduo by heavily investing in the Chinese supply chain over the next three years [3][6] - Pinduoduo's revenue growth has slowed compared to the previous year, influenced by both internal business model adjustments and external market conditions [4] Group 2: Market Challenges - The U.S. government's cancellation of tax exemptions for low-value packages from China has impacted Temu's reliance on a "small package shipping" model [5] - Increased regulatory scrutiny in China, including new rules on internet platform pricing behavior, requires Pinduoduo to enhance algorithm transparency [6] - The European Commission has conducted surprise inspections on Temu, marking a significant challenge for Pinduoduo in navigating international regulations [6] Group 3: Competitive Landscape - Pinduoduo's strategy contrasts with JD.com's approach; while JD.com focuses on building a robust supply chain with significant assets, Pinduoduo operates on a lighter asset model, leveraging data and platform efficiency [8][9] - Both companies recognize the importance of supply chain quality, but Pinduoduo's lighter asset model makes it more sensitive to geopolitical and trade policy fluctuations, potentially weakening its risk resilience compared to JD.com [9] - Pinduoduo is adapting by investing in local talent acquisition and enhancing its local warehousing capabilities to better navigate the global market uncertainties [9]

Core Insights - Pinduoduo announced a governance structure upgrade, implementing a co-chairman system with co-founders Zhao Jiazhen and Chen Lei, which is seen as recognition of Zhao's contributions since becoming co-CEO in April 2023 [3] - The company revealed Temu's growth metrics, indicating that Temu has nearly matched Pinduoduo's domestic platform scale in just three years, showcasing the efficiency of China's supply chain [4] - Pinduoduo plans to reinvest in China's supply chain over the next three years, aiming for high-quality development and brand building, marking a significant step in its global expansion strategy [5] Governance and Leadership Changes - The introduction of a co-chairman system is intended to facilitate the next phase of Pinduoduo's evolution, focusing on supply chain upgrades and high-quality development [3] - Zhao Jiazhen's appointment as co-chairman is viewed as a strategic move to enhance the company's governance and operational focus [3] Temu's Growth and Market Position - Temu has achieved remarkable growth, with its GMV expected to reach $54 billion in 2024 and potentially $100 billion by 2025, demonstrating a rapid scaling that took traditional e-commerce giants decades [7] - The platform has expanded to over 90 countries, with a significant increase in global app downloads and active users, indicating its strong market presence [6][7] Supply Chain Strategy - Pinduoduo's strategy emphasizes a shift from low-cost manufacturing to high-quality production, leveraging China's robust supply chain capabilities [14][23] - The company aims to transform its operational model to focus on value-driven growth, moving from merely facilitating transactions to deeply embedding itself within the supply chain [23][24] Future Outlook - Pinduoduo's leadership expressed confidence in the potential to "recreate" the success of Pinduoduo through Temu, driven by the unique advantages of China's supply chain [21][24] - The company is positioned to capitalize on the growing global e-commerce market, with projections indicating significant growth opportunities in the coming years [23][24]