PDD(US:PDD) Huan Qiu Wang·2025-12-19 10:31Core Points - Pinduoduo announced an upgrade to its corporate governance structure by implementing a co-chairman system, appointing Zhao Jiazhen and Chen Lei as co-chairmen and co-CEOs [1] - The company aims to focus on high-quality development and supply chain upgrades as part of its overall strategy for the next decade [1][3] - Pinduoduo's initiatives over the past year, including various support strategies, have led to significant growth in agricultural product sales, with a 47% year-on-year increase in the first half of the year [2] Governance Structure - The co-chairman system is part of Pinduoduo's efforts to adapt its governance to meet the evolving needs of its business [1] - Zhao Jiazhen's appointment is seen as a step towards the company's next phase of transformation, emphasizing a focus on the Chinese supply chain [1][3] - The company acknowledges the challenges faced in governance and talent development amid rapid business expansion [3] Strategic Focus - Pinduoduo is shifting its strategy to concentrate on high-quality development and the Chinese supply chain, moving away from diversification [3][5] - The company has launched initiatives like "2025 Duoduo Good Products" to enhance the quality of agricultural products and support local industries [2] - The focus on supply chain upgrades is expected to lead to a significant transformation of the platform and its ecosystem [3][5] Market Position and Growth - Temu, a subsidiary of Pinduoduo, has rapidly expanded its market presence, achieving significant growth in just three years [3][4] - The company is committed to sustainable development and compliance with regulatory requirements as it navigates a changing international landscape [4] - Pinduoduo's approach to leveraging China's supply chain advantages is seen as a key factor in its growth and future opportunities [5]