PDD(US:PDD) 3 6 Ke·2025-11-21 07:10Core Viewpoint - Pinduoduo's latest financial report shows a revenue of 108.3 billion yuan for Q3 2025, marking a 9% increase from 99.35 billion yuan in the same period last year, indicating a slowdown in growth compared to previous years [1][2] Financial Performance - Q3 2025 revenue reached 108.3 billion yuan, up from 99.35 billion yuan year-on-year, reflecting a 9% growth [1] - Online marketing services and other revenues amounted to 53.3 billion yuan, an 8% increase from 49.4 billion yuan in Q3 2024 [1] - Transaction service revenue was 54.9 billion yuan, a 10% increase from 50 billion yuan in the same period last year [1] - Advertising revenue growth has slowed to single digits, the lowest in the company's history, impacting overall performance [1] Strategic Initiatives - Pinduoduo launched a "100 billion yuan" support initiative aimed at benefiting both supply and demand sides, reflecting its commitment to social responsibility as it celebrates its 10th anniversary [2][12] - The initiative has entered its second quarter, providing financial support to small and medium-sized businesses and facilitating agricultural product sales [2][14] - The company emphasizes a balance between short-term performance and long-term ecological development, focusing on transforming from "scale expansion" to "industry empowerment" [2][10] Industry Impact - The "New Quality Supply" initiative is helping various industrial sectors transition from "homogeneous competition" to "self-branding and high-value creation" [7] - Pinduoduo's support has led to significant transformations in local industries, such as the backpack industry in Shaodong and the down jacket industry in Pinghu, enhancing their market positions [7][9] - The platform's digital capabilities are being leveraged to improve product quality and market responsiveness, with a notable increase in the number of young merchants and quality products [9][10] Agricultural Focus - Pinduoduo continues to invest in agriculture, launching initiatives like "Duoduo Good Products" to enhance agricultural practices and market access [12][14] - The company has reported a 47% year-on-year increase in agricultural product sales, driven by younger merchants and digital tools [14][15] - The focus on agricultural modernization through technology and data-driven insights aims to improve farmers' income and market stability [15][20] Future Outlook - As Pinduoduo enters its next decade, the focus will shift from mere growth to social responsibility and value creation [17][20] - The company aims to continue its commitment to "doing the right things" while enhancing its operational efficiency [10][18] - The strategic emphasis on social responsibility is expected to guide Pinduoduo's future initiatives and market positioning [20][21]