都在强攻“即时零售” 拼多多为何要将“千亿扶持”进行到底？

Core Viewpoint - Pinduoduo is intentionally slowing down its growth to focus on long-term investments and high-quality development, despite the ongoing competition in the instant retail sector [2][3][11]. Financial Performance - In Q2 2025, Pinduoduo reported revenue of 104 billion yuan, with a growth rate slowing to 7% [2]. - The company's costs for the same quarter were 45.859 billion yuan, marking a 36% year-on-year increase [2]. - For 2024, Pinduoduo's revenue is projected to reach 393.8 billion yuan, a 59% increase from 247.6 billion yuan in the previous year [4]. Strategic Initiatives - Pinduoduo has launched a "100 billion support" policy, which has evolved into a "1000 billion support" initiative aimed at assisting small and medium-sized businesses [5][11]. - The company is focusing on agricultural products and industrial upgrades, with initiatives like "2025 Multi-Good Specialty" and "New Quality Merchant Support Plan" [6][7]. Market Positioning - Pinduoduo is choosing to concentrate resources on its strengths, such as agricultural product sales and cost-effective supply chain optimization, rather than entering the highly competitive instant retail market [8][11]. - The company aims to build a long-term competitive advantage by retaining quality merchants through subsidies and reduced fees, creating a "stickiness" effect [11]. Future Outlook - Pinduoduo's management emphasizes the importance of creating unique value in its business decisions, indicating a cautious approach to entering new markets [8]. - The "1000 billion support" plan is seen as a way to establish a long-term moat, even if it temporarily reduces growth and profit margins [11][12].