拼多多Q1净利腰斩，“千亿扶持”持续加码商家高质量转型

Core Insights - Pinduoduo's net profit has nearly halved following the implementation of the "100 Billion Reduction" policy, with Q1 2025 net profit dropping 47% year-on-year to 14.7 billion yuan [1][2][3] - The company's revenue growth has slowed, with total revenue for Q1 2025 reaching 95.67 billion yuan, a mere 10% increase compared to the previous year [1][3] Revenue Breakdown - Transaction service revenue grew only 5.8% to 47 billion yuan, significantly below market expectations of 56 billion yuan, primarily due to substantial reductions in technical service fees for merchants [1][3] - Online marketing service revenue increased by 14.8% to 48.7 billion yuan, but this growth has also been slowing down [4] Cost and Investment Strategies - Pinduoduo's sales and marketing expenses surged by 43% year-on-year to 33.4 billion yuan, driven by increased promotional and advertising activities [5][6] - The company has committed to investing 100 billion yuan in support of small and medium-sized businesses through various subsidy programs, including the "New Quality Merchant Support Plan" [6][7] Consumer and Merchant Support Initiatives - The "100 Billion Subsidy" initiative has led to significant consumer savings, with reports of merchants benefiting from reduced costs and increased sales due to the platform's promotional efforts [6][8] - Pinduoduo's management has emphasized a long-term strategy focused on supporting merchants, even at the expense of short-term profits, indicating a commitment to sustainable growth [7][8]