拼多多，深化千亿战略

Core Viewpoint - Pinduoduo's second quarter revenue growth slowed to 7%, with a total revenue of 104 billion yuan, due to increased investments in high-quality development and the launch of the "trillion support" strategy to assist merchants [2][3] Group 1: Financial Performance - Pinduoduo reported a revenue of 104 billion yuan for the second quarter of 2025, reflecting a 7% growth rate [2] - The company is focusing on long-term value over short-term profits, indicating that short-term performance may fluctuate due to ongoing investments [3] Group 2: Strategic Initiatives - The "trillion support" strategy was introduced to enhance merchant support, marking a significant increase in investment aimed at fostering high-quality development [2][3] - The "100 billion reduction" policy, launched a year ago, has saved millions for merchants by reducing service fees, with over 100 billion yuan returned in promotional service fees alone [5] Group 3: Regional Development - Pinduoduo's "e-commerce westward" initiative has eliminated logistics transfer fees in western regions, leading to over 40% growth in order volume in these areas [5] - The initiative has significantly improved the availability of goods in western regions, enhancing both material and spiritual living standards for local consumers [5][7] Group 4: Agricultural Support - The "2025 Special Action for Good Local Products" has helped local agricultural products gain market access, with sales of agricultural products increasing by 47% year-on-year [9] - Pinduoduo's support has enabled local farmers to innovate and create value-added products, such as the development of a popular potato chip brand in Yunnan, benefiting over 11,000 farmers [9] Group 5: Merchant Empowerment - The "trillion support" strategy has expanded support for small and medium-sized merchants, focusing on enhancing their operational efficiency and reducing costs [11] - Pinduoduo is leveraging digital technology to assist merchants in product development, significantly increasing the success rate of new product launches [12] Group 6: Long-term Vision - The company emphasizes a commitment to long-term strategies, focusing on enhancing user experience and optimizing merchant services to create a win-win ecosystem [14] - Pinduoduo aims to guide the industry towards a more inclusive and open direction, creating greater positive value for society [14]