Core Insights - Pinduoduo reported a 9% revenue growth in Q3 2025, reaching 108.3 billion yuan, influenced by its "100 billion support" initiative and other ecosystem investments [1] - The company aims to enhance its ecosystem and social contributions, emphasizing long-term value and consumer orientation as it celebrates its tenth anniversary [1][3] Group 1: Financial Performance - Pinduoduo's Q3 revenue reached 108.3 billion yuan, marking a 9% increase year-over-year [1] - The company plans to invest more in ecosystem development and introduce additional initiatives similar to "100 billion support" to benefit the ecosystem and society [1] Group 2: Agricultural Initiatives - Pinduoduo launched a "100 billion level" initiative to support agricultural e-commerce, resulting in a 47% year-over-year increase in agricultural product sales in the first half of the year [2] - The number of agricultural merchants on the platform has also seen significant growth, particularly among post-2000 generation merchants, which increased by over 30% [2] - In Q3, Pinduoduo invested 1 billion yuan in subsidies and 2 billion yuan in traffic resources to support local agricultural products, facilitating their market entry [2] Group 3: Long-term Vision - The company reaffirms its mission to provide value to ordinary consumers and aims to focus on high-quality development in the next decade, aspiring to combine elements of Costco and Disney [3]

Group 1 - Pinduoduo is expanding its delivery services in Hong Kong by offering free home delivery, moving beyond the previous model of free pickup points, which is expected to enhance user convenience and experience [1][4] - The free home delivery initiative is particularly attractive to users, as delivery costs could reach several dozen Hong Kong dollars without subsidies [1] - Pinduoduo's second-quarter financial results showed a revenue growth slowdown to 7%, with a total revenue of 104 billion yuan, and a net profit decline of 4% year-on-year, attributed to increased investments [4] Group 2 - In response to new challenges, Pinduoduo launched a "trillion support" strategy, building on previous initiatives to support merchants, which marks a significant increase in investment for high-quality development [4] - The company's "Western e-commerce expansion" initiative has eliminated logistics transfer fees in western regions, contributing to a 40% year-on-year increase in order volume in those areas [4]