PDD(US:PDD) Zheng Quan Shi Bao Wang·2025-11-18 12:22Core Insights - Pinduoduo reported Q3 2025 revenue of 108.3 billion yuan, with a sequential decline in net profit and low single-digit year-on-year growth in operating profit [1] - The company has initiated a "trillion-level" support strategy in the e-commerce sector, which has impacted recent performance but aims to create long-term value for merchants and the industry [1] - Pinduoduo plans to increase investments in ecosystem development and introduce more initiatives similar to the "trillion support" program to benefit the ecosystem and society [1] Group 1: Agricultural Support Initiatives - Pinduoduo launched a "trillion-level" agricultural support initiative this year, resulting in a 47% year-on-year increase in agricultural product sales in the first half of the year [2] - The number of agricultural merchants on the platform has also seen rapid growth, particularly among "post-00" merchants, which increased by over 30% year-on-year [2] - In Q3, Pinduoduo continued to invest in agricultural e-commerce, providing 1 billion yuan in subsidies and 2 billion yuan in traffic resources to support local agricultural products [2] Group 2: Industrial Transformation Support - Pinduoduo's "trillion support" initiative has been instrumental in helping industrial zones transition to new quality standards, addressing the challenges of homogenized competition [3] - The platform's "new quality supply" team has engaged with various industrial zones to enhance product quality and efficiency through digital capabilities [3] - A report released by Pinduoduo indicated a significant increase in the number of merchants from the "post-95" and "post-00" generations, with a 31% and 44% year-on-year growth respectively [3]