「百亿减免」后首份成绩单，拼多多坚定重塑电商生态

Core Viewpoint - Pinduoduo's financial report for Q4 and the full year of 2024 shows strong revenue growth despite a slowdown in growth rates, indicating a strategic focus on long-term ecosystem development over short-term profits [1][3][14] Financial Performance - Pinduoduo achieved a revenue of RMB 393.84 billion in 2024, a year-on-year increase of 59%, with a net profit of RMB 122.34 billion, up 80% [1][2] - In Q4 2024, the revenue was RMB 110.61 billion, reflecting a 24% year-on-year growth, although below analysts' expectations of RMB 116.03 billion [1][2] Strategic Initiatives - The company launched a "100 billion reduction" plan to waive transaction fees for quality merchants, which is part of its broader strategy to enhance the e-commerce ecosystem [3][4] - Pinduoduo is committed to long-term investments in platform ecology, including logistics support for remote areas and various merchant support policies [3][14] Merchant Support and Ecosystem Development - Pinduoduo has established a Merchant Rights Protection Committee to gather feedback and improve merchant services, indicating a focus on enhancing merchant rights and platform governance [4][6] - The platform has implemented measures to optimize the return process, aiming to balance the interests of merchants and consumers [6][7] Industry Impact - Pinduoduo's initiatives are designed to support small towns and local industries, helping them find new growth paths through e-commerce [8][10] - The company has seen significant engagement from local businesses, such as the wedding dress industry in Dingji, which has benefited from Pinduoduo's support and policies [10][13] Long-term Vision - Pinduoduo's management emphasizes a commitment to high-quality development and sustainable growth, focusing on creating a win-win ecosystem for users, merchants, and the platform [14][16] - The company aims to address the challenges of low-price competition in the industry by investing in merchant support and innovation, which is expected to lead to healthier long-term growth [16]