主动降速的勇气：拼多多选择“生态优先”

Core Viewpoint - Pinduoduo is focusing on long-term value and ecosystem resilience, sacrificing short-term profits for the benefit of merchants and sustainable growth [2][4][6] Financial Performance - In Q1 2025, Pinduoduo reported revenue of 95.67 billion yuan, a year-on-year increase of 10%, but the growth rate has slowed down [1] - Adjusted net profit attributable to ordinary shareholders was 16.92 billion yuan, a decrease of 45% year-on-year [1][4] - Marketing expenses increased by 43% year-on-year to 33.403 billion yuan, leading to a 38% decline in operating profit [4] Strategic Initiatives - Pinduoduo launched the "100 billion support" strategy to assist merchants, which includes reducing commission fees and providing subsidies [4][5] - The establishment of the "Merchant Rights Protection Committee" aims to enhance service mechanisms for merchants and improve the platform's ecosystem [5] - The "New Quality Merchant Support Plan" has been expanded to support small and medium-sized merchants, promoting differentiated competition [8] Market Positioning - Pinduoduo is shifting its focus from scale expansion to quality development, emphasizing the importance of high-quality supply [6][7] - The platform is actively engaging with small and medium-sized merchants to maximize their potential and drive overall industry upgrades [8][10] Consumer Engagement - Pinduoduo continues to implement consumer-friendly policies, including the "100 billion merchant feedback plan" and various subsidy initiatives [9][10] - The platform is also enhancing its support for agricultural products, aiming to boost the income of farmers and improve the quality of agricultural supply chains [10][11]