"千亿扶持"效用显现，95后产业带商家增长超3成 11月18日，拼多多发布了截至9月30日的2025年第三季度财报，这份成绩单恰逢拼多多成立十周年，展 现了这家电商巨头在规模与责任之间的重新抉择。 财报显示，拼多多三季度营收1083亿元，同比增长9%，增速首次降至个位数区间；归属于普通股股东 的净利润为293.3亿元，同比增长17%。 这一表现与市场预期存在差距，但拼多多的管理层并未试图掩饰，他们在财报会议中明确将增速放缓归 因于"千亿扶持"计划的持续投入。拼多多集团执行董事、联席CEO赵佳臻直言，愿意牺牲自己的利润来 为平台生态创造更广阔的发展空间。 "千亿扶持"是拼多多今年4月推出的重磅战略，承诺在未来三年投入超过1000亿元资金和流量资源扶持 商家。成效隐藏在财报背后，平台农产品销量同比增长47%，95后产业带商家数量增长31%。 在新的竞争环境下，拼多多相比其他平台显得比较低调：不参与外卖大战，也没有频繁提及对AI的关 注。但在"千亿扶持"等长效生态投入的支撑下，拼多多正在构筑另一种竞争力。 为何在增速放缓时加大投入？ 根据财报，拼多多的Q3季度总收入同比增长9.0%，达到1083亿元，主要由在线营销 ...

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 ...

"站在十周年的新起点上，我们将继续坚持消费者导向，持续 进化组织，以钉钉子的精神，扎扎实实、一个一个地解决用 户、商家、产业的实际问题，持续构建多方共赢的平台生态， 承担更大的社会责任，继续为广大的普通人创造价值。" 拼多 多集团执行董事、联席CEO赵佳臻表示，拼多多将拿出更多的 真金白银投入到生态建设，以更大的力度回馈生态和社会。 作者：李康 封图：图片资料室 11月18日，拼多多发布第三季度财报，营收为1082.8亿元，同比增长9%，这一增速较前几个季 度明显放缓。第三季度经营利润为250亿元，同比仅录得低个位数增长。调整后归属于普通股股东 的净利润314亿元，同比增长14%，环比出现下滑。在线营销服务收入增速较上一季度也有所下 滑。 这些措施给广大中小商家带来了实实在在的实惠。在浙江永康，有年轻商家在平台扶持下升级生产 线并创立品牌，一年扩展了10条生产线。在云南普洱，咖啡产业通过平台的数据和品牌赋能，摆 脱了"廉价原料"的标签，实现了价值跃迁。 有商家反馈，仅"推广服务费退返"一项每年可节省数百万元的推广费用，拼多多单个季度能为商 家共节省上百亿元的成本。在千亿扶持计划下，拼多多平台大家电、二手数码等 ...

Core Viewpoint - Pinduoduo's vision of "Costco + Disney" has evolved from a narrative to a practical strategy, aiming to balance efficiency with emotional connection, and cost-effectiveness with enjoyment [2][4]. Financial Performance - In Q3 2025, Pinduoduo reported revenue of 108.7 billion yuan, a year-on-year increase of 9%, and a net profit attributable to shareholders of 29.3 billion yuan, up 17% year-on-year [4]. - Despite the positive financial results, revenue costs surged by 18% year-on-year, and R&D expenses increased significantly by 41%, indicating a strong commitment to long-term investment [5]. Strategic Insights - Pinduoduo's strategy draws inspiration from Costco's focus on "scale and efficiency" and Disney's ability to create emotional connections, suggesting a unique blend of operational and emotional strategies [6][8]. - The company has localized Costco's model by targeting China's agricultural sector and industrial clusters, leading to a 47% year-on-year increase in agricultural product sales [10]. Agricultural and Industrial Empowerment - Pinduoduo's "Billion Support" initiative has significantly impacted agricultural e-commerce, with a focus on enhancing quality and standardization in production [11]. - The platform's intervention has transformed local industries, such as the backpack industry in Shaodong, from low-margin OEM production to high-value self-branded products [13]. User Engagement and Experience - Pinduoduo has redefined shopping as a social experience, integrating features like group buying and interactive tasks to enhance user engagement and retention [15]. - The company's approach has led to improved user consumption frequency and repurchase rates, contributing to a more stable profit structure [15]. Long-term Vision and Challenges - Pinduoduo's dual revolution focuses on creating a sustainable growth path through digital transformation in the real economy, even as it faces challenges in balancing affordability and quality [21]. - The company aims to unify commercial success with social responsibility, evidenced by significant growth in young agricultural merchants and increased orders from underrepresented regions [23]. Future Directions - Pinduoduo plans to continue its "Costco + Disney" strategy, emphasizing long-term value creation for users, which may lead to slower but more sustainable growth [25].

第三季度是拼多多千亿扶持连续投入的第二个季度。这是一项为期三年、总投入超千亿元的系统性工程，其核心目标是加码高质量电商生态建设，助推平台 商家新质转型升级，全力构建用户、商家及平台多方共赢的商业生态。 11月18日，拼多多发布第三季度财报，营收为1082.8亿元，同比增长9%，这一增速较前几个季度明显放缓。第三季度经营利润为250亿元，同比仅录得低个 位数增长。调整后归属于普通股股东的净利润314亿元，同比增长14%，环比出现下滑。在线营销服务收入增速较上一季度也有所下滑。 去年以来，拼多多营收增速已显著放缓。此前，拼多多2024年第一季度、2024年第二季度、2024年第三季度、2024年第四季度、2025年第一季度、2025年第 二季度的营收同比增速分别为131%、86%、44%、24%、10%、7%。 拼多多营收与利润增速的放缓，并非业务疲软，而是拼多多主动战略投入的结果。今年4月，拼多多把百亿减免计划升级为千亿扶持计划，用真金白银反哺 供需两侧，为商家降本减佣，加快推动产业新质转型，引领电商行业进入全面惠商的新阶段。该项投入对于拼多多的直接影响，便是业绩增速放缓。 拼多多集团执行董事、联席CEO赵佳臻 ...

Core Viewpoint - Pinduoduo's Q3 2025 financial report shows a 9% revenue growth, reaching 108.3 billion yuan, driven by the "100 Billion Support" initiative aimed at enhancing the ecosystem and benefiting consumers and merchants [1][3]. Group 1: Financial Performance - Pinduoduo reported a revenue of 108.3 billion yuan for Q3 2025, marking a 9% increase year-on-year [1]. - The company emphasizes its commitment to long-term value creation and social responsibility, reflecting on its growth over the past decade [2]. Group 2: Agricultural Support Initiatives - The "100 Billion Support" initiative has significantly boosted agricultural e-commerce, with agricultural product sales increasing by 47% year-on-year in the first half of the year [3]. - Pinduoduo invested 10 billion yuan in subsidies and 20 billion yuan in traffic resources to support local agricultural products during the harvest season [3]. Group 3: Industry Transformation - Pinduoduo's "New Quality Supply" initiative has helped transform various industrial clusters, promoting quality upgrades and brand development among local merchants [6][9]. - The company has facilitated a shift from OEM to brand development in regions like Shaodong, where local businesses have leveraged data analytics for product innovation [7][9]. Group 4: Future Outlook - Pinduoduo aims to continue its focus on consumer value and high-quality development in the next decade, aspiring to combine elements of "Costco" and "Disney" in its business model [10].

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 Insights - Pinduoduo reported Q3 2025 total revenue of 108.2765 billion yuan, a year-on-year increase of 9% [1] - Net profit attributable to ordinary shareholders was 29.3282 billion yuan, up 17% year-on-year; non-GAAP net profit was 31.3817 billion yuan, a 14% increase [1] Financial Performance - Total revenue for Q3 2025 reached 108.2765 billion yuan, reflecting a 9% growth compared to the previous year [1] - Net profit attributable to ordinary shareholders was 29.3282 billion yuan, marking a 17% increase year-on-year [1] - Non-GAAP net profit was reported at 31.3817 billion yuan, which is a 14% increase from the same period last year [1] Industry Trends - The online retail market is showing signs of recovery, with the industry year-on-year growth rate reaching its highest level in recent quarters [2] - The competition in the e-commerce sector is intensifying, with many players investing heavily in new business models [3][10] Strategic Initiatives - The company has launched the "100 Billion Support" initiative to enhance platform ecology and support merchants, aiming for high-quality development [3][4] - A merchant rights protection committee has been established to improve communication with merchants and enhance the after-sales service system [3] - The company is committed to long-term investments that may impact short-term revenue and profit sustainability [5][10] Globalization and Compliance - The company has been developing its global business for over three years, focusing on integrating into local markets and complying with regulations [6][7] - Significant resources are being allocated to ensure product compliance and enhance consumer safety on the platform [7] Future Outlook - The management anticipates fluctuations in financial performance in the coming quarters due to ongoing investments and competitive pressures [4][10] - The company aims to maintain a long-term perspective, prioritizing sustainable growth over short-term profits [10][11]

Core Insights - Pinduoduo reported Q3 2025 revenue of 108.3 billion yuan, a 9% year-on-year increase, and adjusted net profit of 31.38 billion yuan, up 14% year-on-year [2] - The company continues to invest heavily in its "100 billion support" initiative, which may impact future performance [2] - The international environment is becoming increasingly complex, presenting challenges and uncertainties for the company [2] Financial Performance - Q3 revenue reached 108.3 billion yuan, reflecting a 9% increase compared to the same period last year [2] - Adjusted net profit for the quarter was 31.38 billion yuan, marking a 14% year-on-year growth [2] Strategic Initiatives - The "100 billion support" initiative is aimed at enhancing ecosystem development and providing financial relief to merchants [2][4] - Pinduoduo's agricultural initiatives have led to a 47% increase in agricultural product sales in the first half of the year [4] - The company has allocated 10 billion yuan in subsidies and 20 billion yuan in traffic resources to support agricultural products during the harvest season [4] Industry Impact - Pinduoduo's support for agricultural e-commerce is driving significant growth in the number of agricultural merchants, particularly among younger generations [4][5] - The company is actively promoting the transformation of traditional industries through its "new quality supply" initiative, which has led to the emergence of new brands and products [7][8] - The platform's efforts have resulted in a 31% increase in the number of "95 post-90s" merchants and a 44% increase in "00 post-00s" merchants [8]

Core Viewpoint - Pinduoduo reported a revenue of 108.3 billion yuan for Q3 2025, marking a 9% year-on-year increase, and an adjusted net profit of 31.382 billion yuan, up 14% year-on-year [1] Group 1: Financial Performance - The company continues to invest heavily in its ecosystem through the "100 billion support" initiative, which includes reducing service fees for merchants and providing traffic and resource support [2] - The CEO highlighted the increasing complexity of the international environment, with significant changes in trade policies and regulations, which pose challenges and uncertainties for the company's financial performance [2] Group 2: Agricultural Initiatives - Pinduoduo launched a "100 billion-level" initiative to support agricultural e-commerce, resulting in a 47% year-on-year increase in agricultural product sales in the first half of the year [4] - The company invested 1 billion yuan in subsidies and 2 billion yuan in traffic resources to support local agricultural products during the harvest season [4] Group 3: Industry Transformation - The "100 billion support" initiative is aimed at helping industrial merchants transition to higher quality production, with a focus on reducing homogenization in competition [7] - The number of merchants in industrial belts has rapidly increased, with a 31% year-on-year growth in "post-95" merchants and a 44% increase in "post-00" merchants [9]