Core Viewpoint - Pinduoduo has shifted its strategy to support new quality merchants as a key focus, launching a "100 billion support" initiative to enhance the e-commerce ecosystem and promote merchant transformation and upgrading [1][3][5]. Group 1: Support Initiatives - The "100 billion support" initiative follows previous measures like the "10 billion reduction" and aims to expand support from top merchants to mid-tier merchants, introducing new programs such as "2025 Duoduo Good Products" and significant reductions in store deposit requirements for certain categories [3][9]. - Pinduoduo's previous "10 billion reduction" plan has already benefited over a million merchants, significantly lowering costs and enabling product upgrades, which has led to increased sales for many merchants [9][10]. Group 2: High-Quality Development Strategy - Since 2023, Pinduoduo has adopted a "high-quality development strategy" focusing on high-quality consumption, supply, and ecosystem, marking a shift from rapid growth to sustainable development [7][13]. - The "100 billion support" plan is seen as a continuation of this strategy, emphasizing the importance of merchant and consumer interests over platform profits, and aiming to create a win-win situation for all parties involved [7][15]. Group 3: Market Impact and Future Outlook - The initiative is expected to help Pinduoduo tap into new growth opportunities by enhancing the capabilities of merchants and addressing the evolving consumer demands, thus positioning the platform for long-term success [13][15]. - Analysts view Pinduoduo's focus on supporting new quality merchants as a positive move for the platform's long-term health, despite potential short-term profit impacts [15].