3 6 Ke·2026-01-05 00:49Core Viewpoint - Pinduoduo's "Duoduo Grocery" has emerged as the sole winner in the community group buying sector following the complete shutdown of Meituan's "Meituan Youxuan" [1][26]. Group 1: Market Dynamics - The community group buying battle has lasted five years, culminating in Meituan's withdrawal, which was unexpected by many who thought it would survive until at least 2025 [1][3]. - Meituan's exit means that the resources and user base it built over the years are now handed over to Pinduoduo, allowing Duoduo Grocery to rapidly acquire users and expand its operations [3][11]. - Duoduo Grocery has seen a surge in demand, leading to stock shortages and adjustments in order fulfillment times [3][11]. Group 2: Competitive Landscape - Pinduoduo is not only gaining users but is also actively recruiting former Meituan leaders and suppliers to strengthen its market position [9][13]. - The community group buying market has seen significant financial losses, with Meituan's new business segment losing over 77 billion RMB from 2020 to 2023, primarily due to its group buying operations [15][26]. - As of late November 2023, Duoduo Grocery's projected GMV for 2025 is nearing 300 billion RMB, surpassing the combined GMV of Duoduo Grocery and Meituan Youxuan for 2024 [15][26]. Group 3: Historical Context - The community group buying model was initially pioneered by companies like "Xingsheng Youxuan" and "Shihuituan," which had significant early success [18][21]. - The intense competition led to unsustainable financial practices, with major players like Didi's "Chengxin Youxuan" and others ultimately exiting the market due to regulatory pressures and financial losses [23][24][28]. - Pinduoduo's operational model, which leverages existing supply chains and a decentralized logistics approach, has proven more efficient compared to Meituan's heavy investment in self-operated warehouses and logistics [26][31].