重仓中国供应链，拼多多掀起新一轮电商革命的底气何在？

Core Viewpoint - Temu has rapidly achieved in three years what Pinduoduo accomplished in ten years, positioning itself as a new engine for global e-commerce growth, with plans to create a dual growth model alongside Pinduoduo in the next three years [1][5]. Group 1: Temu's Growth and Market Position - Temu's global downloads surpassed 1.2 billion, with monthly active users reaching 530 million, making it the top e-commerce app in terms of downloads and user growth [3][4]. - The platform has effectively integrated resources from millions of small and medium-sized factories in China, enabling a rapid response to market demands and achieving significant efficiency in inventory turnover [12][14]. - Temu's business model leverages extreme cost performance, full-service management, algorithmic recommendations, and social sharing to replicate the successful domestic e-commerce ecosystem in international markets [2][5]. Group 2: Supply Chain and Strategic Focus - Pinduoduo's strategy emphasizes deep integration with the Chinese supply chain, aiming to leverage its unique industrial efficiency to create a new global commercial system [11][14]. - The company is transitioning from a focus on traffic to enhancing supply chain capabilities, which is seen as essential for future growth and competitiveness in the e-commerce sector [16][20]. - Pinduoduo's initiatives, such as "hundred billion subsidies" and "new quality supply," aim to promote the transformation of traditional manufacturing into a more innovative and quality-focused model [20]. Group 3: Impact on Chinese Manufacturing - Temu represents a new driving force for Chinese exports, shifting from merely exporting goods to exporting business models, thus marking a significant upgrade in foreign trade [5][14]. - The platform's success has accelerated the development of local industries, such as the eyelash manufacturing sector in Shandong, demonstrating the potential for rapid growth through e-commerce [19]. - By utilizing digital integration capabilities, Pinduoduo is enhancing traditional manufacturing to meet new quality supply standards, thereby fostering innovation and responsiveness to consumer demands [19][20].