历史也许不会重复，但一定会押韵——2025年的互联网行业，热闹得仿佛回到了十年前：本地生活领域迎来攻擂者，外卖大战的补贴砸晕了用户，也砸进 了彼此的报表；AI技术的落地继续加速，一众公司抢占全新入口，每天都有新的升级、新的产品、新的"炸裂"；企业扩张仍在进行，不同的是告别了大张 旗鼓的兼并，转而涉足更多此前陌生的领域……面对未知的机遇，几乎每一位玩家都在选择拓展自身边界，寻找更多的可能性。 但总有例外。喧嚣之中，拼多多保持了一贯的安静。在互联网行业令人似曾相识的轮回里，这家公司聚焦电商主业、稳步走过了第一个十年，也为第二个 十年找到了新的起点。基于2025年4月推出的重磅惠商计划"千亿扶持"，拼多多进一步加码高质量电商生态建设，带动产业带转型升级、帮助商家提质增 效、提升用户消费体验，全力构建多方共赢的商业循环。 拼多多集团董事长、联席CEO陈磊与拼多多集团执行董事、联席CEO赵佳臻的发言可以作为一种注脚——与十年前相比，拼多多的规模更大了，因此也必 须肩负起更大的社会责任。未来，企业的发展问题与社会公众利益和长期健康生态紧密相连。因此，"我们将继续坚持消费者导向，专注于电商主业，服 务于广大普通人，加快推进 ...

Core Viewpoint - Pinduoduo's Q2 2025 financial report shows a decline in both revenue and profit, indicating a continued downward trend in performance amid intensified competition in the e-commerce sector [1][3][19] Financial Performance - In Q2 2025, Pinduoduo achieved revenue of 104 billion RMB, a year-on-year decrease of 7%, while Non-GAAP net profit was 32.7 billion RMB, down 5% year-on-year [1][3] - The company's online marketing service revenue was 55.7 billion RMB, up 13% year-on-year, but the growth rate has slowed compared to the previous quarter [5][9] - Transaction service revenue reached 48.3 billion RMB, with a modest growth of 0.7%, significantly slowing due to changes in revenue recognition from a fully managed to a semi-managed business model [5][7] Profitability Analysis - Pinduoduo's Non-GAAP operating profit for Q2 2025 was 27.7 billion RMB, a decline of 21% year-on-year, but the operating profit margin improved by 8 percentage points to 27% [3][9] - The company’s marketing expenses grew less than 5% year-on-year, significantly down from 33.4 billion RMB in the previous quarter, indicating a strategic reduction in spending [9][11] - Interest income rebounded to 10.4 billion RMB, helping to offset lower profits from core operations [9][11] Strategic Focus - Pinduoduo is prioritizing long-term investments in its ecosystem over short-term profit maximization, with initiatives like the "100 billion subsidy" and "1 trillion support" plans aimed at enhancing merchant support [11][15] - The company is focusing on supply-side reforms to address the challenges of homogenized offerings and to better match consumer demand [12][13] - Pinduoduo's approach contrasts with competitors who are expanding into new markets like food delivery, allowing it to concentrate on strengthening its core e-commerce business [19][21] Future Outlook - The company anticipates that the narrowing of national subsidies will provide growth opportunities for its core online marketing services [7][19] - Pinduoduo's long-term strategy involves balancing short-term profitability with sustainable growth, which will be critical for its future performance in the capital markets [21]

Core Viewpoint - Pinduoduo is focusing on long-term ecological construction and merchant support rather than competing in the immediate retail sector, showcasing a unique approach in the Chinese e-commerce industry [1][2][10] Financial Performance - In Q2 2025, Pinduoduo reported revenue of 1,040 billion yuan, with a year-on-year growth rate slowing to 7%, and net profit of 307.5 billion yuan, marking a decline for two consecutive quarters [2][3] - The company has introduced the "100 billion support" initiative to enhance merchant support and reduce costs, indicating a commitment to long-term development despite short-term performance fluctuations [2][3] Strategic Initiatives - Pinduoduo has implemented various initiatives since last year, including "100 billion reduction," "e-commerce westward," and "new quality supply," aimed at helping millions of merchants improve efficiency [3][4] - The "100 billion reduction" initiative has saved merchants significant operational costs, with some merchants saving millions in promotional fees [3][4] Market Impact - The "New Quality Supply" initiative has led to a 47% year-on-year increase in agricultural product sales on the platform, with specific categories like seasonal fruits and seafood seeing growth rates of 51% and 48%, respectively [4] - Pinduoduo's support has revitalized traditional industries, as seen in the case of brands like Dahuangfeng and Gongniu, which have successfully leveraged the platform to reach broader markets and achieve significant sales growth [7][9] Long-term Vision - Pinduoduo's leadership emphasizes a focus on high-quality development and creating space for long-term industry growth, rather than chasing short-term trends [6][10] - The company aims to enhance market competitiveness for merchants through digital technology and innovative business models, contributing to the transformation and upgrading of traditional industries [6][10]