Core Insights - Pinduoduo's third-quarter report highlights its commitment to providing value to ordinary consumers through initiatives like the "billion subsidy" program, despite a slowdown in revenue and profit growth [1][3][4] - The company is focusing on long-term social responsibility and sustainable development, marking a shift in its strategic priorities as it celebrates its tenth anniversary [2][3][5] Financial Performance - Pinduoduo's revenue and profit growth have slowed due to ongoing investments in the "billion subsidy" program, which aims to support agricultural e-commerce [1][4] - In the third quarter, Pinduoduo invested 10 billion in subsidies and 20 billion in traffic resources to assist farmers in selling their products [4] Strategic Direction - Pinduoduo aims to create value for users and is committed to high-quality development in the e-commerce sector, aspiring to combine the qualities of Costco and Disney in its future endeavors [2][5][6] - The company is focusing on enhancing supply chain efficiency and improving consumer experiences, thereby reducing social transaction costs [6][7] Social Responsibility Initiatives - Pinduoduo's "Duoduo Good Products" initiative has actively supported farmers in various regions, promoting quality agricultural products and helping them increase their income [1][3][4] - The company is also involved in agricultural research and development, addressing challenges in the sector through initiatives like the "2025 Global Agricultural Innovators Competition" [4] Industry Collaboration - Pinduoduo is emphasizing collaboration and mutual benefit within the industry, investing resources to enhance the overall ecosystem and drive inclusive growth [5][6] - The company has seen significant growth in the number of merchants from key production areas, with a notable increase in younger merchants and high-quality product offerings [6][7]

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].