牺牲短期利润，拼多多为什么敢？

Core Viewpoint - Pinduoduo's recent financial performance reflects a strategic shift towards supporting merchants through significant subsidies, which has impacted short-term profitability but is expected to yield long-term benefits for the platform and its ecosystem [2][10][31]. Financial Performance - In Q1 2025, Pinduoduo reported revenues of RMB 956.72 billion, a 10% year-on-year increase, but the growth rate has slowed compared to previous quarters [2][4]. - Operating profit decreased to RMB 160.86 billion, down 38% year-on-year, falling short of market expectations, leading to a nearly 14% drop in stock price on the earnings release day [2][4]. - Sales and marketing expenses surged by approximately RMB 100 billion year-on-year, indicating a substantial investment in merchant support [1][9]. Merchant Support Initiatives - The "100 Billion Reduction" initiative, launched in August of the previous year, aimed to reduce fees and provide subsidies to merchants, which has directly impacted Pinduoduo's profit margins [5][9]. - The recent "1000 Billion Support" plan is set to invest over RMB 100 billion in the next three years to further assist small and medium-sized merchants, expanding the scope of support [14][15]. - These initiatives are designed to help over 10 million merchants reduce costs and enhance their market reach, ultimately fostering a healthier merchant ecosystem [10][15]. Long-term Strategy - Pinduoduo's management emphasizes a long-term vision, prioritizing sustainable growth over short-term financial results, with a focus on creating high-quality products and services for consumers [10][31]. - The company believes that the current investments in merchant support will lead to a more robust and competitive platform in the future, despite the immediate financial pressures [10][31][32]. Market Impact and Future Outlook - The ongoing support measures are expected to influence revenue growth and expenditures, with management viewing these costs as long-term investments [10][11]. - As the market evolves, Pinduoduo anticipates that the benefits of its merchant support initiatives will become more apparent, potentially stabilizing and improving financial performance in subsequent quarters [32].