2025 年底的拼多多很忙，各种应对动作也相当迅速。 在当日召开的年度股东大会上，拼多多宣布实行联席董事长制度，公司供应链核心操盘手赵佳臻获任联席董事长，与陈磊共同担任集团联席董事长兼联 席CEO（首席执行官），共同掌舵这家市值超1500亿美元的电商巨头。 选择"早退"的黄峥，无疑在推动一场组织结构+业务侧重的AB test：要保增长还是保利润。 低价心智与"反内卷"的二律背反 近期的一些列文件的出台，标志着电商平台价格成为监管的重要环节，用低价换市场的空间已经几乎被锁死。 而文件出台和人事变动几乎同时出现，确实十分巧合，拼多多想必是做好了准备。即使 GR 部门出了这样那样的情况，至少相关文件也会在公告之前拿到 手。 先聊聊《互联网平台价格行为规则》（以下简称《规定》，关于具体内容大家可以自行去看文件原文，有人认为文件对拼多多几乎没有影响，或者说实 际执行层面没有影响，这个观点很难苟同。 一份文件下来，一定是对着行业生态进行斧正，而不是朝某一家公司去的，这点毋庸置疑。而电商行业中如果对谁影响最大，会让人直觉联想到拼多 多，而实际也是拼多多。 《规定》中涉及低价的表述有很多，可以明确的一点是，监管层面要的是反内 ...

Core Viewpoint - JD.com reported its best quarterly performance since 2022, with a revenue increase of 15.8% year-on-year to 301.1 billion yuan, driven by strong growth in its core categories of 3C and daily necessities [1][4]. Financial Performance - JD.com's revenue and profit both saw significant year-on-year growth, marking the highest growth rates in the past three years. The core retail business revenue grew by 16.31% to 263.845 billion yuan, supported by effective cost control [4][5]. - The operating profit for the quarter increased by 31.4% to 11.7 billion yuan, with the operating profit margin rising from 3% to 3.5% [1][4]. Strategic Initiatives - Liu Qiangdong's return to the front lines has led to a focus on the food delivery and instant retail sectors, with no short-term revenue or profit targets set for these new initiatives [2][10]. - JD.com is facing intense competition in the e-commerce market, particularly from Alibaba, Pinduoduo, and Douyin, which are aggressively targeting JD's core categories [2][10]. Cost Management - Despite an increase in overall expenses, JD.com managed to keep the growth of most cost items below the revenue growth rate, with operating costs rising by 15% to 253.2 billion yuan [8]. - The company is focusing on improving efficiency through AI and performance assessment reforms [8]. Market Challenges - JD.com is under pressure from market share erosion by competitors like Pinduoduo and Douyin, which are targeting key categories such as 3C and beauty products [10][11]. - The company aims to attract new core users and increase the purchase frequency of existing users through new business initiatives [10][11]. Future Outlook - The success of new business ventures, such as food delivery, is crucial for JD.com to expand its market share and enhance user retention [11]. - Liu Qiangdong's personal involvement in the food delivery sector is seen as a strategy to leverage his influence for rapid business integration and market penetration [11].