牺牲短期利益，拼多多重投商家扶持，护航商家穿越周期

Core Insights - Pinduoduo reported Q1 2025 revenue of 95.7 billion yuan, a 10% year-on-year increase, indicating a slowdown in growth [1] - The company has significantly increased its marketing expenses to 33.4 billion yuan, up 43% from 23.4 billion yuan in the same period last year, which now accounts for 34.9% of total revenue compared to 26% a year ago [1] - Pinduoduo launched a "100 billion subsidy" policy aimed at investing over 100 billion yuan in the next three years to enhance its e-commerce ecosystem and support merchant transformation [1][3] Financial Performance - The overall revenue growth, including marketing and transaction service income, has slowed down, attributed to ongoing merchant support initiatives [1] - The estimated GMV growth for Q1 is 16%, translating to approximately 1.07 trillion yuan, indicating the effectiveness of the subsidy and support measures [9] Merchant Support Initiatives - Pinduoduo established a "Merchant Rights Protection Committee" to address merchant needs and improve service mechanisms [3] - The "100 billion subsidy" strategy includes various measures to support the agricultural sector and enhance the value of local products [3][4] - The company is focusing on empowering small and medium-sized merchants through tailored solutions and data-driven support [6][7] Consumer Engagement Strategies - Pinduoduo has introduced a series of consumer subsidy policies, including a 10 billion yuan merchant subsidy plan and various promotional activities to enhance consumer satisfaction [10] - The company aims to improve the shopping experience through initiatives like price reduction compensation services during major sales events [10] Technological and Agricultural Development - Pinduoduo's "100 billion subsidy" plan has led to the establishment of the "Digital Business + New Farmers Training" technology center, focusing on agricultural innovation [11][12] - The company is actively supporting agricultural research projects and facilitating the online presence of quality agricultural products [12]