拼多多调整治理结构并推进新业务，全球化与财务表现受关注

Corporate Governance and Structure - Pinduoduo announced the implementation of a co-chairman system at its annual shareholder meeting in December 2025, appointing Zhao Jiazhen as co-chairman alongside Chen Lei, aimed at enhancing decision-making efficiency and potentially impacting future strategic directions [1] Business Development - In January 2026, Pinduoduo began internal testing of its "Billion Supermarket" initiative, utilizing a low-price subsidy strategy to expand its range of daily necessities, continuing its "Billion Subsidy" approach as part of its "Trillion Support" plan [2] - The company emphasized a strategy of exchanging profits for ecosystem development, with Q3 2025 financial results showing that transaction service revenue surpassed online marketing revenue for the first time, indicating a shift towards a more robust business model [2] Project Progress - Temu, identified as Pinduoduo's second growth curve, experienced a 24% year-on-year increase in GMV in Q3 2025, with business in the U.S. market gradually recovering [3] - Management highlighted Temu's rapid expansion during the shareholder meeting, while cautioning about the potential impacts of global regulatory environments and competitive dynamics on future growth [3] Financial Performance - Pinduoduo reported Q3 2025 revenue of 108.3 billion yuan, a 9% year-on-year increase, and a net profit growth of 17%, although the growth rate has slowed compared to previous years [4] - Some brokerages, such as CITIC Securities and Guohai Securities, maintained a "buy" rating in November 2025, citing the company's globalization and valuation recovery potential, while noting short-term monetization pressure [4] - As of February 11, 2026, Pinduoduo's stock price was reported at $104.57, with a trading volume of $714 million on that day [4]