拼多多十年，不变的十年

Core Viewpoint - The article emphasizes the importance of maintaining focus and strategic discipline in a rapidly changing market, using Costco and Pinduoduo as examples of companies that have successfully adhered to their core business models over the years [2][3][13]. Group 1: Company Focus and Strategy - Costco has maintained a singular focus on warehouse membership retail since its inception, contrasting with Walmart's expansive approach, resulting in Costco achieving nearly three times the revenue efficiency per store and a significantly higher return on equity [2]. - Pinduoduo, similar to Costco, has not deviated from its e-commerce core despite the evolving competitive landscape, showcasing a unique position in the Chinese internet sector with consistent double-digit revenue growth [3][12]. - The company’s strategic restraint is highlighted as a strength, allowing it to concentrate resources on its primary business rather than diversifying into numerous new ventures [13][15]. Group 2: Market Dynamics and Consumer Insights - The article describes the Chinese consumer market as a train moving through a tunnel, with different segments at various stages of consumption, indicating that Pinduoduo has effectively targeted the underserved "five-ring outer" market [4][5]. - Pinduoduo capitalized on the significant growth in mobile internet users, which doubled from 2015 to 2025, by focusing on the needs of lower-tier consumers who were previously overlooked by traditional e-commerce platforms [5][6]. - The company simplified the purchasing process for consumers, particularly targeting older users, by minimizing steps to complete transactions, thus enhancing accessibility [6][8]. Group 3: Supply Chain and Efficiency Innovations - Pinduoduo's model contrasts with traditional e-commerce by employing a "demand-driven" approach, aggregating consumer demand to create stable orders for manufacturers, thereby enhancing supply chain efficiency [8][9]. - The company has developed innovative logistics solutions to address the challenges faced by consumers in remote areas, significantly increasing order volumes in previously neglected regions [10][11]. - Pinduoduo's focus on efficiency has led to a restructuring of supply chains, allowing manufacturers to connect directly with consumers, thus reducing costs and inventory risks [9][10]. Group 4: Long-term Vision and Organizational Structure - The company’s long-term focus on internal value and operational stability has been crucial for its sustained growth, maintaining a flat organizational structure that supports quick decision-making [13][14]. - Pinduoduo's management style reflects a sense of urgency and a startup mentality, with core team members remaining actively involved in new initiatives, ensuring continuity and adaptability [14][15]. - The company aims to balance efficiency with fairness and growth with responsibility, indicating a commitment to evolving its business model in response to complex market dynamics [15].