不做外卖不谈 AI，拼多多暗渡陈仓

Core Viewpoint - Pinduoduo has quietly continued to grow in its tenth year, focusing on defensive strategies amid increasing competition and market challenges, while adapting its subsidy strategies to maintain market share and user engagement [2][3][4]. Group 1: Company Growth and Market Position - Pinduoduo's GMV (Gross Merchandise Volume) has continued to grow by 15% to 20%, outperforming Alibaba and JD.com, although slightly below Douyin's e-commerce growth [3][6]. - The company aims for its domestic e-commerce GMV to reach 6 trillion yuan, including various services like Duoduo Grocery and Kuaiduo [3]. - Pinduoduo's Duoduo Grocery has seen significant growth, with GMV nearing 300 billion yuan, surpassing the combined GMV of Duoduo Grocery and Meituan's grocery service from the previous year [8][9]. Group 2: Competitive Strategies - Pinduoduo has adjusted its subsidy strategies in response to national subsidies, focusing on fast-moving consumer goods rather than competing directly on high-value items [5][6]. - The company has implemented "smart coupons" to target users who frequently browse but do not purchase, offering discounts to encourage conversions [5]. - Pinduoduo has expanded its presence in less competitive regional markets, such as Xinjiang and Tibet, to capture more users and increase GMV [5][10]. Group 3: Operational Efficiency - Pinduoduo has maintained a lower operational cost structure compared to competitors, allowing it to offer competitive pricing without extensive subsidies [4][10]. - The company has a three-tiered workforce structure, which helps in controlling costs while maintaining service efficiency [10]. - Pinduoduo's focus on reducing human resource costs has enabled it to achieve profitability in its grocery business, with expectations of continued growth at 20% to 30% annually [10][11]. Group 4: International Expansion - Pinduoduo's international platform, Temu, has achieved significant revenue growth, with expectations to reach 90 billion dollars in sales, expanding into nearly 100 countries [13][15]. - Temu is shifting towards compliance and local operations, with a focus on optimizing logistics and merchant expansion in key markets [13][15]. - The management structure has evolved to better oversee both domestic and international operations, reflecting a strategic shift in focus [14][15]. Group 5: Financial Position - Pinduoduo holds a substantial cash reserve of 423.8 billion yuan, positioning it as one of the internet companies with the highest cash holdings in China [17].