Core Insights - The article discusses the latest performance reports of major e-commerce players, including Pinduoduo, JD.com, and Alibaba, highlighting a strategic shift in the industry from "land grabbing" to "fine cultivation" [1] Group 1: Company Performance - Pinduoduo, JD.com, and Alibaba have shown varying results, with some experiencing slowed growth and others facing profit declines [1] - The article emphasizes the competitive landscape where companies are willing to invest heavily to capture market share, indicating a shift in focus towards long-term survival over short-term profits [1] Group 2: Industry Trends - The e-commerce industry is undergoing a significant strategic transformation, moving away from aggressive expansion tactics to more sustainable and refined operational strategies [1] - The article suggests that this shift may lead to the emergence of new trillion-dollar markets as companies adapt to changing consumer behaviors and market conditions [1]