PDD(US:PDD) Zhi Tong Cai Jing·2025-11-19 09:25Core Insights - Pinduoduo's third-quarter report highlights its commitment to providing value to ordinary consumers through initiatives like the "billion subsidy" program, despite a slowdown in revenue and profit growth [1][3][4] - The company is focusing on long-term social responsibility and sustainable development, marking a shift in its strategic priorities as it celebrates its tenth anniversary [2][3][5] Financial Performance - Pinduoduo's revenue and profit growth have slowed due to ongoing investments in the "billion subsidy" program, which aims to support agricultural e-commerce [1][4] - In the third quarter, Pinduoduo invested 10 billion in subsidies and 20 billion in traffic resources to assist farmers in selling their products [4] Strategic Direction - Pinduoduo aims to create value for users and is committed to high-quality development in the e-commerce sector, aspiring to combine the qualities of Costco and Disney in its future endeavors [2][5][6] - The company is focusing on enhancing supply chain efficiency and improving consumer experiences, thereby reducing social transaction costs [6][7] Social Responsibility Initiatives - Pinduoduo's "Duoduo Good Products" initiative has actively supported farmers in various regions, promoting quality agricultural products and helping them increase their income [1][3][4] - The company is also involved in agricultural research and development, addressing challenges in the sector through initiatives like the "2025 Global Agricultural Innovators Competition" [4] Industry Collaboration - Pinduoduo is emphasizing collaboration and mutual benefit within the industry, investing resources to enhance the overall ecosystem and drive inclusive growth [5][6] - The company has seen significant growth in the number of merchants from key production areas, with a notable increase in younger merchants and high-quality product offerings [6][7]