新浪科技讯11月21日晚间消息，在烟火市集暨抖音生活服务首届创作者大会上，抖音生活服务发布六项 商家扶持措施，希望切实提升广大商家尤其是中小商家的经营体验，助力以烟火小店为代表的线下经济 更好发展。 据悉，抖音生活服务将在全国范围内对多个品类下调入驻保证金，逐步实现小店0元入驻。同时，平台 提供价值超千万元的经营补贴，用于专项扶持小店经营。考虑到小店的数字化能力相对薄弱，平台上线 了共管模式、"安心护航"保障系统、商家体验中心等一系列产品，为小店提供一站式体验诊断和解决方 案，帮助其更有效获取流量，降低运营成本。平台还推出了"安心服务"标准，鼓励小店为消费者提供优 质服务，开通的小店将获得专属标识、专属流量和权益激励，实现更稳健的成长。 抖音生活服务业务副总裁涂晴表示，通过这些扶持措施，商家将获得更低成本、更高效率、更坚实的保 障和更优质的资源帮扶，将为消费者提供更多的优质服务。平台的经营环境也将因此更加健康和更具活 力，从而助力线上线下生意良性互促增长。 责任编辑：刘万里 SF014 目前，抖音平台已对超250个类目开放了共管模式。数据显示，开通共管之后，新店的冷启动速度提升 了40%，沉睡100天的门店次 ...

Core Insights - Douyin Life Services has introduced six support measures aimed at enhancing the operational experience of merchants, particularly small and medium-sized businesses, to foster the development of the offline economy represented by "smoky small shops" [1] Group 1: Support Measures - The platform will reduce the entry deposit for merchants, gradually achieving a zero-deposit entry for small shops, covering 511 categories, which is nearly 70% of total categories [3] - A co-management model has been launched, allowing large and small merchants to manage the same store, resulting in a 40% increase in new store startup speed and a 24% growth in performance for mid to low-tier stores [3][4] - A "Safe Navigation" protection system has been established, offering up to 22 risk protections and 8 exclusive service supports tailored to individual merchant needs [4] Group 2: Merchant Experience Enhancement - The Merchant Experience Center has served 456,000 merchants since its establishment, helping to increase their GMV by 150 million [6] - The center provides diagnostic reports and solutions to improve service capabilities and consumer trust [5] Group 3: Quality Service Standards - The "Safe Service" standard has been developed in collaboration with the China Standardization Research Institute, focusing on user experience and providing multiple service guarantees [7] - Merchants adhering to this standard receive exclusive identification, traffic support, and various benefits, leading to significant improvements in key performance indicators [7] Group 4: Financial Support for Small Shops - Douyin Life Services will invest over 10 million in operational subsidies to support the long-term operation of small shops, enhancing their visibility and business growth [8] - The platform has seen a 66% increase in new small shop registrations in 2025, with over 4.58 million active small shops and a 34% year-on-year increase in transaction volume [8]

Core Insights - Douyin E-commerce has implemented nine merchant support policies, resulting in a total cost savings of 22 billion yuan for merchants in the first three quarters of the year [2] - The platform has extended the commission-free period for various categories until November 30, 2025, with a significant increase in the number of merchants benefiting from these policies [2] - Douyin E-commerce has enhanced its advertising cost reduction measures, with a more than 40% month-on-month increase in promotional fee refunds in September [3] Group 1 - In the first three quarters, Douyin E-commerce has saved merchants over 22 billion yuan through various support measures, including commission waivers and reduced shipping costs [2] - In September alone, the cost reduction amount exceeded 2.5 billion yuan, indicating a strong monthly performance [2] - The total commission waivers for the product card service have surpassed 10 billion yuan, with a 13% month-on-month increase in September [2] Group 2 - The commission-free period for categories such as men's clothing and daily necessities has been extended, with the number of merchants benefiting from these waivers continuing to grow [2] - In September, the number of merchants under the fresh produce commission waiver increased by 17% [2] - Douyin E-commerce has introduced a new algorithm to optimize advertising costs, leading to a reduction in refund rates by 5%-15% and an increase in settled GMV by 5%-10% [3] Group 3 - The platform has launched 13 governance announcements to combat issues such as AI content abuse and fraud, enhancing trust and safety measures [3] - Douyin E-commerce has taken action against 41 merchants and removed 23,000 related products since the launch of its special governance initiative [3]

6月16日，抖音电商对外披露，为了帮助商家在今年"618"大促期间持续增收，抖音电商通过扩大免佣范 围、优化商家体验分等多种措施，加大商家扶持力度，今年5月份为商家节省成本超过30亿元，减负金 额环比增长近20%。今年前5个月已经累计为商家节省成本超过110亿元。 据介绍，5月是"618"大促的启动期，抖音电商通过商品卡免佣、日百厨具等多类目免佣、降运费险、推 广费返还等举措为商家提供支持。今年1月至5月，商品卡免佣已累计补贴商家近57亿元，其中5月单月 减免金额达14亿元，商家报名率和GMV覆盖率占比进一步提升。5月单商家最高减免金额达到299万 元，服饰美奢、生活日百、耐消等类目商家受益明显。 在降运费险方面，今年前5个月，抖音电商已为商家节省运费险成本超过23亿元。在此基础上，5月其还 发布了《抖音电商运费险优惠措施》，推动新一轮运费险降价。从6月6日起，符合条件的商家或达人的 运费险成本将在日常价基础上降低5%至15%，该举措预计未来一年将为商家节省经营成本超10亿元。 "618"大促进行中，头部电商在扶持商家方面的动作也备受行业关注。 值得一提的是，近期，抖音电商还官宣全面开放新商家"0元入驻"。 ...

Core Viewpoint - Pinduoduo's Q1 2025 financial report shows total revenue of 95.672 billion yuan, a 10% increase, but net profit dropped 47% to 14.7 billion yuan, both figures falling short of market expectations [1] Group 1: Financial Performance - Pinduoduo's Q1 total revenue reached 95.672 billion yuan, growing only 10% year-on-year [1] - Net profit attributable to ordinary shareholders was 14.7 billion yuan, a significant decline of 47% compared to the previous year [1] - Transaction service revenue grew by just 5.8% to 47 billion yuan, below the expected 56 billion yuan, indicating aggressive merchant support and commission reductions [2] Group 2: Merchant Support Initiatives - Pinduoduo has implemented various initiatives such as "100 billion reduction" and "new quality merchant support plan" to alleviate costs for small and medium-sized merchants [1][2] - The platform has reduced technical service fees, allowing merchants to save significant amounts; for example, a merchant in Shaanxi reported saving over 10,000 yuan monthly due to fee reductions [2][3] - The introduction of promotional software service fee refunds has also benefited merchants, with some reporting annual savings of up to 100,000 yuan [3] Group 3: Marketing and Subsidies - Sales and marketing expenses surged by 43% to 33.4 billion yuan, driven by increased promotional and advertising spending [4] - Pinduoduo's first-quarter GMV growth reached 16%, totaling 1.07 trillion yuan, indicating effective consumer stimulation through subsidies [4] - The "100 billion subsidy" plan for new quality merchants has led to significant price reductions for consumers, with some products seeing subsidies of nearly 30% [5] Group 4: Future Plans - Pinduoduo plans to continue exploring further commission reduction measures and expand support to small and medium-sized merchants [6] - The company has launched a "1 trillion support" plan to invest in merchant transformation over the next three years, including various consumer subsidy initiatives [5]

Core Insights - Pinduoduo reported Q1 2025 revenue of 95.7 billion yuan, a 10% year-on-year increase, indicating a slowdown in growth [1] - The company has significantly increased its marketing expenses to 33.4 billion yuan, up 43% from 23.4 billion yuan in the same period last year, which now accounts for 34.9% of total revenue compared to 26% a year ago [1] - Pinduoduo launched a "100 billion subsidy" policy aimed at investing over 100 billion yuan in the next three years to enhance its e-commerce ecosystem and support merchant transformation [1][3] Financial Performance - The overall revenue growth, including marketing and transaction service income, has slowed down, attributed to ongoing merchant support initiatives [1] - The estimated GMV growth for Q1 is 16%, translating to approximately 1.07 trillion yuan, indicating the effectiveness of the subsidy and support measures [9] Merchant Support Initiatives - Pinduoduo established a "Merchant Rights Protection Committee" to address merchant needs and improve service mechanisms [3] - The "100 billion subsidy" strategy includes various measures to support the agricultural sector and enhance the value of local products [3][4] - The company is focusing on empowering small and medium-sized merchants through tailored solutions and data-driven support [6][7] Consumer Engagement Strategies - Pinduoduo has introduced a series of consumer subsidy policies, including a 10 billion yuan merchant subsidy plan and various promotional activities to enhance consumer satisfaction [10] - The company aims to improve the shopping experience through initiatives like price reduction compensation services during major sales events [10] Technological and Agricultural Development - Pinduoduo's "100 billion subsidy" plan has led to the establishment of the "Digital Business + New Farmers Training" technology center, focusing on agricultural innovation [11][12] - The company is actively supporting agricultural research projects and facilitating the online presence of quality agricultural products [12]

Core Viewpoint - The company reported a revenue growth of 10.2% year-on-year in Q1 2025, but GAAP net profit decreased by 47.3% [3]. Financial Performance - In Q1 2025, the company achieved an operating revenue of 95.672 billion, a year-on-year increase of 10.2%. GAAP net profit was 14.742 billion, down 47.3%, while Non-GAAP net profit was 16.916 billion, down 44.7% [3]. - The comprehensive gross margin for Q1 2025 was 57.2%, a decrease of 5.1 percentage points year-on-year, primarily due to the ongoing expansion of overseas business and investments to maintain platform competitiveness and support merchants [4]. Expense Analysis - In Q1 2025, the sales, management, and R&D expense ratios were 34.9%, 1.7%, and 3.7%, respectively, with year-on-year changes of +7.9, -0.4, and +0.4 percentage points. The significant increase in sales expense ratio was attributed to higher promotional expenditures, while the management expense ratio benefited from overall efficiency improvements [4]. Revenue Breakdown - Online marketing service revenue in Q1 2025 was 48.722 billion, reflecting a year-on-year growth of 15%. Commission revenue was 46.950 billion, with a year-on-year increase of 6% [5]. - The company has implemented measures to support merchants and optimize the platform ecosystem, including the establishment of a "Merchant Rights Protection Committee" and the launch of a "Billion Support" strategy to reduce deposits for various product categories [5].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's revenue for Q1 2025 reached 95.672 billion yuan, a year-on-year increase of 10.2%, while GAAP net profit decreased by 47.3% to 14.742 billion yuan [1] - The decline in profit is attributed to increased costs from platform investments and uncertainties in overseas tariffs, leading to a downward revision of profit forecasts for 2025, 2026, and 2027 by 34%, 37%, and 41% respectively [4] Summary by Sections Financial Performance - In Q1 2025, the company's gross margin was 57.2%, down 5.1 percentage points year-on-year, primarily due to ongoing overseas expansion and investments to maintain platform competitiveness [2] - Sales expense ratio increased by 7.9 percentage points to 34.9% due to higher promotional expenditures [2] Revenue Streams - Online marketing service revenue grew by 15% year-on-year to 48.722 billion yuan, while commission revenue increased by 6% to 46.950 billion yuan [3] - The company has implemented measures to support merchants and optimize the platform ecosystem, including the establishment of a "Merchant Rights Protection Committee" and a "Billion Support" strategy [3] Profit Forecasts and Valuation - The report provides a detailed profit forecast, with expected revenues of 437.712 billion yuan in 2025, reflecting an 11% growth rate [5] - GAAP net profit is projected to be 91.006 billion yuan in 2025, indicating a decline of 19% compared to the previous year [5]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's revenue for Q1 2025 increased by 10.2% year-on-year, while GAAP net profit decreased by 47.3% [1] - The decline in profit is attributed to increased costs from platform investments and uncertainties in overseas tariffs [4] - The company is focusing on enhancing platform competitiveness and supporting merchants through various initiatives [3] Revenue and Profitability - Q1 2025 revenue reached 956.72 billion yuan, with a GAAP net profit of 147.42 billion yuan [1] - The company's gross margin for Q1 2025 was 57.2%, down 5.1 percentage points year-on-year, primarily due to overseas expansion and increased promotional spending [2] - Online marketing service revenue grew by 15% year-on-year, while commission revenue increased by 6% [3] Cost Structure - Sales expense ratio increased by 7.9 percentage points to 34.9% in Q1 2025, driven by higher promotional expenditures [2] - Management expense ratio decreased slightly to 1.7%, reflecting improved overall efficiency [2] Future Earnings Forecast - The earnings forecast for GAAP net profit has been revised down by 34%/37%/41% for 2025/2026/2027 to 910.06/1002.16/1082.33 billion yuan [4] - Revenue projections for 2025 are estimated at 437.71 billion yuan, with a growth rate of 11% [5] Valuation Metrics - The report provides a P/E ratio of 11 for 2025 and a P/B ratio of 2.4 [5][13] - The expected EPS for 2025 is 16.03 yuan [5]

Core Insights - Douyin E-commerce has launched nine merchant support policies since early 2025, focusing on enhancing merchant operational experience, with logistics being a key area of upgrade [1][2] - The platform has implemented measures to address pain points such as shipping to remote areas and delayed deliveries, including increasing merchant autonomy and introducing shipping negotiation tools [1][2] Group 1: Logistics Enhancements - Douyin E-commerce officially opened "logistics services for remote areas" to merchants in June last year to meet the logistics needs of consumers in Xinjiang, resulting in a 60% increase in daily order volume in the region [1] - The platform has upgraded its shipping policies for remote areas, allowing merchants to flexibly sell to regions like Xinjiang based on their operational conditions, including options for direct shipping or transit logistics [1] - When merchants choose the transit logistics model and offer free shipping, the platform provides subsidies to help reduce logistics costs by 40% [1] Group 2: Merchant Communication and Support - To address the issue of delayed shipments and improve consumer experience, the platform has optimized its overall strategy, offering a one-stop solution that includes proactive exemptions for natural disasters and logistics issues, as well as negotiation tools for merchants to communicate with consumers [2] - The Douyin E-commerce operations team has made merchant satisfaction and service experience key performance indicators, conducting multiple merchant exchange meetings to understand operational challenges and needs [2] - The platform aims to continue focusing on merchant needs by reducing operational costs and optimizing the merchant experience, thereby expanding growth opportunities for small and medium-sized merchants [2]