PDD(US:PDD) Guan Cha Zhe Wang·2025-05-27 11:30Core Viewpoint - Pinduoduo reported a revenue of 95.7 billion yuan for Q1 2025, reflecting a 10% year-on-year growth, but the growth rate has been slowing for several consecutive quarters [1] Group 1: Business Strategy - The company has increased its investment in high-quality development strategies, upgrading its "100 billion subsidy" initiatives to a "1 trillion support" program to enhance the e-commerce ecosystem [1] - Pinduoduo's management emphasizes the importance of supporting merchants during challenging market conditions, prioritizing their interests to ensure long-term platform health [1][2] Group 2: Merchant Support - The platform is exploring more commission reduction measures to lower costs for merchants, expanding support from top and mid-tier merchants to include small and medium-sized businesses [2] - The company aims to maximize the potential of small and medium-sized merchants, focusing on high-quality development and driving overall industry upgrades [2] Group 3: Consumer Initiatives - The "1 trillion support" initiative has led to various subsidy policies benefiting consumers, including a new "100 billion merchant feedback plan" and 100 billion yuan in consumer vouchers [2] - Pinduoduo is also exploring an innovative "platform direct subsidy" model to enhance consumer purchasing power while ensuring merchant rights, thereby stimulating demand and market competitiveness [2]