拼多多，开盘大跌

Core Viewpoint - Pinduoduo reported a decline in profit and a slowdown in revenue growth, attributing this to increased investments in high-quality development strategies and support for merchants [2][3]. Financial Performance - In Q1 2025, Pinduoduo achieved revenue of 957 billion yuan, a year-on-year increase of 10%, continuing a trend of slowing revenue growth [2]. - Operating profit was 161 billion yuan, down 38% year-on-year [2]. - Net profit attributable to shareholders was 147 billion yuan, a decrease of 47% year-on-year [2]. - Adjusted net profit was 169 billion yuan, reflecting a 45% decline year-on-year [2]. Strategic Initiatives - Pinduoduo upgraded its "Billion Subsidy" initiative to a "Trillion Support" program, indicating a commitment to long-term value over short-term profits [2]. - The company established the "Merchant Rights Protection Committee" to enhance merchant services and ecosystem [5]. - Pinduoduo launched various subsidy policies, including a 100 billion yuan consumer coupon initiative to support consumers [5]. Merchant Support - The company has implemented measures to reduce costs for merchants, including the "Billion Subsidy" program, which has exceeded market expectations [3][4]. - Pinduoduo's "New Quality Merchant Support Plan" aims to cultivate innovative merchants and drive industry transformation [5][6]. - The company has actively engaged with merchants across various sectors to provide comprehensive support in areas such as product, technology, and logistics [6].