Core Insights - Pinduoduo reported a revenue of 22.1671 billion RMB for Q1 2021, representing a year-on-year growth of 239% [1] - The net loss attributable to ordinary shareholders under non-GAAP was 1.8903 billion RMB, a significant reduction from the net loss of 3.1696 billion RMB in the same period last year [1][2] - The growth in revenue was primarily driven by a strong increase in online marketing services revenue, which reached 14.1115 billion RMB, up 157% year-on-year [1] User Growth - The average monthly active users (MAUs) of the Pinduoduo app reached 724.6 million in Q1 2021, a 49% increase from 487.4 million in the same quarter last year [1] - The number of annual active buyers reached 823.8 million, with a net increase of 19.57 million year-on-year, maintaining a lead over other domestic e-commerce platforms [2] Brand and Merchant Expansion - Pinduoduo's merchant base exceeded 8.6 million, continuing to grow rapidly [2] - The "Billion Subsidy" program saw a tenfold increase in brand official flagship stores compared to last year, particularly in categories like electronics and beauty [2] Marketing and Investment - The company increased its sales and marketing expenses to 12.9974 billion RMB, a 78% increase from 7.2966 billion RMB in the previous year [2] - As of March 31, 2021, Pinduoduo had cash and cash equivalents and short-term investments totaling 83.4 billion RMB [2] Strategic Vision - The CEO of Pinduoduo emphasized the company's commitment to its mission of inclusivity and its role in transforming innovation into practical solutions for everyday problems [3]

Group 1 - AliExpress achieved a remarkable 50-fold increase in new buyers on Snapchat during the first day of the Double Eleven event, while reducing costs by 13% [2][3] - The core strategy of AliExpress focuses on acquiring high-quality users and efficient conversion, moving from "traffic harvesting" to "value cultivation" [3][4] - The marketing approach emphasizes setting both short-term revenue and long-term growth goals, with a focus on App Purchase as the primary target [4][5] Group 2 - AliExpress implemented a stable and high-quality data feedback mechanism through integration with Snapchat's Conversions API, enhancing user behavior signal accuracy [5][6] - The choice of advertising products, such as SKOverlay ads, allows for seamless user experience and lower costs, contributing to better conversion rates [7][9] - Content strategy is tailored to local cultures and emphasizes engaging and relevant content, enhancing user trust and relatability [10][21] Group 3 - The advertising strategy involves maintaining stability during regular periods, leveraging bursts during promotions, and ensuring a tail effect post-promotion [11][12] - Snapchat's user demographics align well with AliExpress's target audience, particularly among younger consumers with higher purchasing power [18][20] - The partnership with Snapchat is characterized by comprehensive support, including technical infrastructure and creative brainstorming, which enhances AliExpress's market presence [24][25] Group 4 - AliExpress's core markets include Europe and the Americas, where Snapchat has a strong penetration rate, making it a suitable platform for reaching high-spending mobile-native users [23] - The selection of advertising platforms is based on cost-effectiveness, audience quality, regional fit, and the platform's ability to provide full-chain support [16][22][24] - Future collaboration will focus on consolidating existing market shares and exploring new opportunities in emerging markets like the Asia-Pacific region [25]