11月18日，拼多多发布截至9月30日的2025年第三季度财报。 发家于农业，反哺于农业。在农业端，"千亿扶持"目前已取得显著成效。据拼多多发布的《2025农产品上行半年报》显示，今年上半年平台农产品销量同比 增长47%，农货商家数量也保持高速增长。三季度期间，"多多好特产"专项行动持续深入湖北荆州、河南商丘、山东莱阳、四川安岳、陕西米脂等数十个重 点产区，为各地农户和商家量身定制扶持方案，并在9月丰收季投入10亿元补贴资金和20亿元流量资源，30万农货商家参与上线"多多丰收馆"，帮助当地农 户将农产品及时运往城市市场、实现丰产增收。 财报显示，拼多多本季度营收1083亿元，同比增长9%，增速落至个位数区间。经营利润（非GAAP）约为270.8亿元，同比增长仅1%，调整后归属于普通股 股东的净利润314亿元，同比增长14%，环比则出现下滑。 业绩发布后，拼多多股价在美股盘前一度涨近4%，但随后转跌。 增速承压，现金拖底 本季收入主要来自两大核心业务，其中在线营销服务及其他收入533.5亿元，同比增长8%，交易服务收入549.3亿元，同比增长10%。 本季度经营利润（非GAAP）约为270.8亿元，同比增长仅1 ...

"站在十周年的新起点上，我们将继续坚持消费者导向，持续 进化组织，以钉钉子的精神，扎扎实实、一个一个地解决用 户、商家、产业的实际问题，持续构建多方共赢的平台生态， 承担更大的社会责任，继续为广大的普通人创造价值。" 拼多 多集团执行董事、联席CEO赵佳臻表示，拼多多将拿出更多的 真金白银投入到生态建设，以更大的力度回馈生态和社会。 作者：李康 封图：图片资料室 11月18日，拼多多发布第三季度财报，营收为1082.8亿元，同比增长9%，这一增速较前几个季 度明显放缓。第三季度经营利润为250亿元，同比仅录得低个位数增长。调整后归属于普通股股东 的净利润314亿元，同比增长14%，环比出现下滑。在线营销服务收入增速较上一季度也有所下 滑。 这些措施给广大中小商家带来了实实在在的实惠。在浙江永康，有年轻商家在平台扶持下升级生产 线并创立品牌，一年扩展了10条生产线。在云南普洱，咖啡产业通过平台的数据和品牌赋能，摆 脱了"廉价原料"的标签，实现了价值跃迁。 有商家反馈，仅"推广服务费退返"一项每年可节省数百万元的推广费用，拼多多单个季度能为商 家共节省上百亿元的成本。在千亿扶持计划下，拼多多平台大家电、二手数码等 ...

第三季度是拼多多千亿扶持连续投入的第二个季度。这是一项为期三年、总投入超千亿元的系统性工程，其核心目标是加码高质量电商生态建设，助推平台 商家新质转型升级，全力构建用户、商家及平台多方共赢的商业生态。 11月18日，拼多多发布第三季度财报，营收为1082.8亿元，同比增长9%，这一增速较前几个季度明显放缓。第三季度经营利润为250亿元，同比仅录得低个 位数增长。调整后归属于普通股股东的净利润314亿元，同比增长14%，环比出现下滑。在线营销服务收入增速较上一季度也有所下滑。 去年以来，拼多多营收增速已显著放缓。此前，拼多多2024年第一季度、2024年第二季度、2024年第三季度、2024年第四季度、2025年第一季度、2025年第 二季度的营收同比增速分别为131%、86%、44%、24%、10%、7%。 拼多多营收与利润增速的放缓，并非业务疲软，而是拼多多主动战略投入的结果。今年4月，拼多多把百亿减免计划升级为千亿扶持计划，用真金白银反哺 供需两侧，为商家降本减佣，加快推动产业新质转型，引领电商行业进入全面惠商的新阶段。该项投入对于拼多多的直接影响，便是业绩增速放缓。 拼多多集团执行董事、联席CEO赵佳臻 ...

Core Insights - Pinduoduo reported Q3 2025 revenue of 108.3 billion yuan, a 9% year-on-year increase, and adjusted net profit of 31.38 billion yuan, up 14% year-on-year [2] - The company continues to invest heavily in its "100 billion support" initiative, which may impact future performance [2] - The international environment is becoming increasingly complex, presenting challenges and uncertainties for the company [2] Financial Performance - Q3 revenue reached 108.3 billion yuan, reflecting a 9% increase compared to the same period last year [2] - Adjusted net profit for the quarter was 31.38 billion yuan, marking a 14% year-on-year growth [2] Strategic Initiatives - The "100 billion support" initiative is aimed at enhancing ecosystem development and providing financial relief to merchants [2][4] - Pinduoduo's agricultural initiatives have led to a 47% increase in agricultural product sales in the first half of the year [4] - The company has allocated 10 billion yuan in subsidies and 20 billion yuan in traffic resources to support agricultural products during the harvest season [4] Industry Impact - Pinduoduo's support for agricultural e-commerce is driving significant growth in the number of agricultural merchants, particularly among younger generations [4][5] - The company is actively promoting the transformation of traditional industries through its "new quality supply" initiative, which has led to the emergence of new brands and products [7][8] - The platform's efforts have resulted in a 31% increase in the number of "95 post-90s" merchants and a 44% increase in "00 post-00s" merchants [8]

Core Viewpoint - Pinduoduo reported a revenue of 108.3 billion yuan for Q3 2025, marking a 9% year-on-year increase, and an adjusted net profit of 31.382 billion yuan, up 14% year-on-year [1] Group 1: Financial Performance - The company continues to invest heavily in its ecosystem through the "100 billion support" initiative, which includes reducing service fees for merchants and providing traffic and resource support [2] - The CEO highlighted the increasing complexity of the international environment, with significant changes in trade policies and regulations, which pose challenges and uncertainties for the company's financial performance [2] Group 2: Agricultural Initiatives - Pinduoduo launched a "100 billion-level" initiative to support agricultural e-commerce, resulting in a 47% year-on-year increase in agricultural product sales in the first half of the year [4] - The company invested 1 billion yuan in subsidies and 2 billion yuan in traffic resources to support local agricultural products during the harvest season [4] Group 3: Industry Transformation - The "100 billion support" initiative is aimed at helping industrial merchants transition to higher quality production, with a focus on reducing homogenization in competition [7] - The number of merchants in industrial belts has rapidly increased, with a 31% year-on-year growth in "post-95" merchants and a 44% increase in "post-00" merchants [9]

Core Viewpoint - Pinduoduo's Q3 2025 financial results show a significant slowdown in revenue growth, with a 9% year-on-year increase, while net profit continues to grow at a double-digit rate, indicating a mixed performance amid competitive pressures and ongoing investments in ecosystem support [2][4][6]. Revenue Performance - Pinduoduo reported total revenue of 1082.8 billion RMB for Q3 2025, up from 993.5 billion RMB in the same period last year, reflecting a 9% growth [4]. - Revenue growth is primarily driven by two core businesses: online marketing services and transaction services, with respective increases of 8% and 10% [4]. - The company’s CFO noted that the slowdown in revenue growth reflects ongoing changes in the competitive landscape and external uncertainties [4]. Profitability - The net profit attributable to ordinary shareholders was 293.3 billion RMB, a 17% increase year-on-year, while the non-GAAP net profit was 313.8 billion RMB, up 14% [4][5]. - Diluted earnings per ADS were 19.70 RMB, surpassing last year's 16.91 RMB [5]. - Strong cash flow was reported, with net cash generated from operating activities reaching 456.6 billion RMB, compared to 275.2 billion RMB in the previous year [5]. Strategic Focus - Pinduoduo's management emphasized a commitment to long-term value creation, social responsibility, and proactive competition response [5]. - The company plans to continue investing in merchant support programs to drive industry upgrades and sustainable platform development [5]. Ecosystem Investment - The "100 billion support" initiative has been in place for two consecutive quarters, impacting the company's performance as it increases investments in ecosystem development [6]. - Pinduoduo has launched various initiatives to enhance agricultural product sales, with a reported 47% year-on-year increase in agricultural product sales in the first half of the year [7]. - The company has allocated significant resources to support agricultural regions, including 10 billion RMB in subsidies and 20 billion RMB in traffic resources to promote local products [7]. Future Outlook - Pinduoduo's chairman expressed a commitment to creating value for users and focusing on high-quality development in the next decade, aiming to evolve towards a model akin to "Costco + Disney" [8].

Core Insights - Pinduoduo reported a 9% revenue growth in Q3 2025, reaching 108.3 billion yuan, influenced by its "100 Billion Support" strategy aimed at enhancing its ecosystem [1][4] - The company emphasizes its commitment to consumer value and high-quality development in the e-commerce sector as it celebrates its 10th anniversary [1][2] Group 1: Financial Performance - Pinduoduo's Q3 revenue reached 108.3 billion yuan, marking a 9% increase year-over-year [1] - The company has seen significant growth in agricultural product sales, with a 47% increase in volume in the first half of the year [4] Group 2: Strategic Initiatives - The "100 Billion Support" initiative has been pivotal in enhancing agricultural e-commerce, with substantial investments in various agricultural regions [4][6] - Pinduoduo has launched several programs like "Duoduo Good Special Products" to support local farmers and improve product quality [4][6] Group 3: Industry Positioning - Pinduoduo aims to transition from a startup to a key player in the e-commerce industry, focusing on long-term value and social responsibility [2][8] - The company is leveraging its digital capabilities to assist traditional industries in transforming and innovating, particularly in regions known for specific products [9][11] Group 4: Future Outlook - Pinduoduo plans to continue investing in its ecosystem and introduce more initiatives similar to "100 Billion Support" to enhance its competitive edge [1][2] - The company envisions a future aligned with the "Costco + Disney" model, focusing on delivering value to consumers while fostering high-quality development [8][11]

Core Insights - Pinduoduo's Q2 2025 revenue growth slowed to 7%, with total revenue reaching 1,039.848 billion yuan, while net profit decreased by 4% to 307.5 billion yuan, marking a consecutive decline over two quarters [2] - The company has launched a "trillion yuan support" strategy to enhance merchant benefits, which has impacted short-term performance but aims to create long-term growth opportunities within the industry ecosystem [2][3] - Pinduoduo's focus on high-quality development and consumer orientation is expected to drive long-term value, despite short-term fluctuations in performance [3] Revenue and Profit Performance - Total revenue for Q2 2025 was 1,039.848 billion yuan, reflecting a year-on-year increase of 7% [2] - Net profit for the same period was 307.5 billion yuan, showing a year-on-year decline of 4% [2] Strategic Initiatives - The "trillion yuan support" initiative includes various measures to reduce costs for merchants, such as waiving logistics fees in western regions, which has led to over 40% growth in order volume from these areas [3] - Pinduoduo's "Duoduo Good Specialty Products" initiative has resulted in a 47% increase in agricultural product sales, with specific categories like seasonal fruits and seafood seeing growth rates of 51% and 48%, respectively [3] Industry Positioning - The company is actively exploring new business models and upgrading industry supply chains through initiatives like the "New Quality Supply" program, which focuses on understanding merchant needs and leveraging digital technologies [4] - Pinduoduo aims to create a multi-win ecosystem for users, merchants, and the platform, promoting a more inclusive and open industry environment [5]

Core Viewpoint - The article emphasizes the importance of understanding consumer trends and the need for "new quality supply" in the context of evolving consumption patterns, highlighting the role of platforms like Pinduoduo in supporting small and medium-sized businesses to adapt and thrive in a competitive environment [3][5][16]. Group 1: Consumer Trends - The success of "Nezha 2" and the surge in demand for trendy toys reflect a strong market for high-quality supply, indicating that demand is not lacking [3]. - The diversity of consumption patterns is evident, as consumers exhibit varied spending behaviors, such as purchasing affordable instant noodles while also splurging on concert tickets [3]. - The shift towards personalized demand suggests that traditional supply models are becoming obsolete, necessitating a transition to "new quality supply" [3]. Group 2: Support for Small and Medium-sized Businesses - Pinduoduo's "100 billion support plan" aims to alleviate the financial burdens on merchants by covering promotional fees and transaction commissions [6]. - The "new quality merchant support plan" provides targeted subsidies for potential brands, while the "100 billion support plan" addresses pain points across production, marketing, and logistics [6]. - Pinduoduo's initiatives encourage merchants to shift from a "traffic mindset" to a "user mindset," focusing on innovation and product differentiation to better meet consumer needs [6]. Group 3: Platform Innovations - Pinduoduo empowers small merchants by innovating rules and mechanisms, allowing them to establish self-sustaining business models [7]. - The platform's reform of the store rating system enables merchants to gain natural traffic based on product quality and logistics efficiency, leveling the playing field against larger brands [7]. - Pinduoduo also provides technical and infrastructure support, exemplified by its "100 billion agricultural research" initiative aimed at enhancing agricultural productivity [8]. Group 4: Case Studies - In Guangdong, the shoe industry faced challenges due to e-commerce competition and consumer downgrading, but Pinduoduo's support helped local manufacturers innovate and meet the demand for "comfortable economy" products, leading to increased sales [12]. - In Zhejiang, a team transitioned from OEM production to creating their own brand, "Yizhi Fu," with Pinduoduo's guidance, resulting in significant sales growth and brand recognition [14]. Group 5: Supply-side Reform - Pinduoduo's supply-side reform focuses on data openness, traffic distribution, and substantial financial support to foster the emergence of quality merchants [16]. - The platform's ability to match supply with personalized consumer demands is crucial for achieving efficient supply-demand resonance, aligning with current and future consumption trends [17]. - By prioritizing user value and transaction efficiency over short-term profits, Pinduoduo enhances the differentiation and value of products offered by small merchants, leading to overall improvements in supply quality [17].

Core Viewpoint - Pinduoduo's Q1 2025 financial report reveals a significant decline in profit and a slowdown in revenue growth, leading to a sharp drop in its stock price, indicating a strategic shift towards long-term investments over short-term profits [1][21][25] Revenue and Profit Summary - Pinduoduo reported Q1 2025 revenue of 95.7 billion RMB, a 10% year-on-year increase, but net profit fell to 14.7 billion RMB, down 47% year-on-year [1][10] - Adjusted net profit was 16.9 billion RMB, reflecting a 45% decline compared to the previous year [1][10] - Advertising revenue grew by 14.8%, exceeding market expectations, while commission revenue dropped significantly, contributing to the overall revenue slowdown [3][6][7] Strategic Decisions and Investments - The company has increased marketing expenses to 33.4 billion RMB, a rise of nearly 100 billion RMB from the previous year, indicating a commitment to support merchants and enhance user experience [8][11] - Pinduoduo's management emphasized the importance of sacrificing short-term profits to foster a healthier ecosystem for merchants, which is seen as essential for long-term growth [5][20][21] - The "thousand billion support" strategy aims to provide substantial assistance to merchants, reflecting a shift in focus from immediate financial returns to sustainable development [5][12][22] Market Position and Future Outlook - Pinduoduo is positioning itself as a platform that prioritizes merchant support and ecosystem development, which may lead to a more resilient business model in the face of market fluctuations [6][21][24] - The company's proactive approach to reducing revenue growth in favor of long-term investments is viewed as a strategic pivot that could redefine its competitive edge in the e-commerce sector [21][24][25] - The ongoing transformation within Pinduoduo is expected to contribute to the overall upgrade of China's industrial supply chains, benefiting both merchants and consumers [22][24]