拼多多(PDD.US)“千亿扶持”继续反哺产业，经营利润低个位数增长

Core Insights - Pinduoduo (PDD.US) reported Q3 revenue of 108.3 billion yuan, with a quarter-on-quarter decline in net profit and low single-digit year-on-year growth in operating profit [1] Financial Performance - Revenue for the third quarter reached 108.3 billion yuan [1] - Net profit experienced a quarter-on-quarter decline [1] - Year-on-year operating profit growth was recorded at low single digits [1] Strategic Initiatives - Pinduoduo has initiated a "trillion-level" support strategy in the e-commerce sector this year [1] - The "trillion support" initiative has been in effect for two quarters, impacting performance in the past two quarters [1] - This strategy aims to create long-term value for merchants and the industry [1]