PDD(US:PDD) Ge Long Hui·2025-11-18 07:15Core Insights - The article discusses the transition of the e-commerce industry from a focus on traffic competition to high-quality development, emphasizing the dual themes of "supply upgrade" and "consumer inclusivity" [1] - Pinduoduo's "100 Billion Support" plan, launched in April, aims to invest over 100 billion yuan in resources to assist merchants in achieving high-quality growth, which has begun to show positive results within six months [1][6] Group 1: Supply and Demand Dynamics - The "100 Billion Support" plan focuses on enhancing both supply quality and demand potential, creating a resonant ecosystem through targeted investments [2] - On the supply side, Pinduoduo has shifted from traditional subsidy models to systematic cultivation of quality supply, with key initiatives in agricultural products and industrial upgrades [2] - The "Duoduo Good Specialty" initiative has provided comprehensive support to merchants, resulting in a 47% year-on-year increase in agricultural product sales and a 54% growth in quality agricultural SKUs [2][3] Group 2: Manufacturing Sector Transformation - In the manufacturing sector, the "New Quality Supply" initiative addresses transformation challenges, enabling local businesses to shift from wholesale to direct online sales, leading to significant operational improvements [3] - The report indicates that under the "New Quality Supply" initiative, the number of quality SKUs in industrial belts has increased by over 50%, highlighting the potential for brand development in traditional industries [3] Group 3: Consumer Inclusivity and Logistics Optimization - The demand-side investments focus on "consumer inclusivity," breaking down regional barriers through logistics optimization and subsidy upgrades [3] - Initiatives such as reducing logistics fees for remote areas and establishing new transfer warehouses have significantly improved delivery times and expanded coverage to previously underserved regions [3] Group 4: Strategic Shifts in Competition - Pinduoduo's support plan aims to shift the industry from low-level competition based on price and traffic to a high-quality development phase characterized by value and ecosystem competition [4] - The company is redefining the "cost-value" relationship, achieving sustainable high-quality price ratios through various strategies, including logistics optimization and data empowerment [4] - The platform is transitioning from a traditional intermediary role to an "ecosystem builder," providing comprehensive support to merchants and consumers while promoting digital transformation in agriculture and manufacturing [5] Group 5: Conclusion and Future Outlook - The "100 Billion Support" plan has demonstrated significant results in revitalizing supply and demand, enhancing product quality, and expanding consumer inclusivity [6] - This initiative serves as a viable case for high-quality transformation in the e-commerce industry, emphasizing supply upgrades, digital empowerment, and shared benefits as key components for sustainable growth [6] - The ongoing expansion of the "free shipping zone," acceleration of brand development in industrial belts, and the rise of young merchants will further refine the value co-creation ecosystem established by Pinduoduo [6]