Core Viewpoint - Pinduoduo is focusing on long-term ecological construction rather than short-term profit, choosing to invest heavily in supporting merchants and industrial belts amidst fierce competition in the e-commerce sector [1][3][11]. Financial Performance - In Q2 2025, Pinduoduo reported revenue of 1,040 billion RMB, with a revenue growth rate slowing to 7% and a net profit of 307.5 billion RMB, down 4% year-on-year, marking a continuous decline for two consecutive quarters [1][3][10]. Strategic Initiatives - Pinduoduo launched a "trillion-level" support initiative for merchants, building on previous "hundred billion reduction" measures, to create a healthier platform ecosystem and sustainable growth [1][9]. - The "hundred billion reduction" policy has saved millions of merchants significant operational costs, with promotional service fee refunds exceeding 10 billion RMB [7][9]. Long-term Commitment - The management has acknowledged that sacrificing short-term profits for long-term investments is necessary, with expectations of reduced revenue and profit growth in the coming quarters [5][10][11]. - Pinduoduo's focus on "comprehensive support for merchants" is seen as a unique strategy amidst the industry's shift towards AI and instant retail [12]. Impact on Merchants and Industry - The "trillion support" plan aims to invest over 100 billion RMB in resources over the next three years to enhance the e-commerce ecosystem and support the transformation of merchants [9][12]. - Pinduoduo's initiatives have led to a 47% year-on-year increase in agricultural product sales, with significant growth in seasonal fruits and seafood [17]. Regional Development - The "e-commerce westward" initiative has eliminated logistics transfer fees in western regions, resulting in over 40% growth in order volume, particularly in daily necessities and other consumer goods [19].

Core Viewpoint - Pinduoduo, celebrating its tenth anniversary, has transitioned from a disruptor to a builder in the e-commerce landscape, focusing on long-term value creation rather than short-term gains [2][22]. Group 1: Business Strategy - Pinduoduo has adopted a "counter-cyclical" approach by not engaging in the current fierce competition for traffic, instead launching a "100 billion support plan" and a "trillion-level" support strategy for merchants [4][8]. - The company's Q2 2025 financial report showed a revenue of 1,040 billion yuan, a 7% year-on-year increase, while net profit decreased by 4%, indicating a strategic choice to prioritize long-term growth over immediate profits [4][5]. - Pinduoduo's cash and short-term investments reached 387.1 billion yuan, a 16.4% increase from the end of 2024, reflecting a robust financial position [4][5]. Group 2: Merchant Support - The "100 billion support plan" has significantly reduced operational costs for millions of merchants, with promotional service fee refunds exceeding 10 billion yuan, allowing many merchants to save millions annually [5][8]. - The "trillion-level" support initiative extends beyond small and medium-sized businesses to include new and brand merchants, addressing industry pain points through reduced commissions and enhanced resource allocation [8][10]. - Pinduoduo emphasizes long-term partnerships with merchants, focusing on their stability and growth rather than short-term sales spikes [5][12]. Group 3: Agricultural Focus - Pinduoduo's commitment to agriculture is evident, with a 47% year-on-year increase in agricultural product sales, supported by initiatives like "Duoduo Good Special Products" [10][12]. - The platform has facilitated the transformation of agricultural practices, such as standardizing rice production in Hubei, leading to improved quality and efficiency [14][15]. - Pinduoduo's agricultural technology competitions aim to bridge the gap between research and practical application, enhancing productivity for farmers [12][14]. Group 4: Long-term Vision - Pinduoduo's management prioritizes the health and sustainability of its platform ecosystem, willing to sacrifice short-term profits for long-term development [19][21]. - The company is focused on enhancing supply chain efficiency and reducing logistics costs, which benefits both merchants and consumers [17][19]. - By fostering a resilient ecosystem, Pinduoduo aims to redefine the e-commerce landscape, moving away from price wars to sustainable growth strategies [21][22].

Core Viewpoint - Pinduoduo's Q2 2025 financial report shows a revenue of 104 billion yuan, a 7% year-on-year increase, indicating a slowdown in growth compared to the previous year. The company has launched a new "trillion support" strategy to enhance high-quality development and support merchants during challenging times [1] Group 1: Financial Performance - Pinduoduo reported a revenue of 104 billion yuan for Q2 2025, reflecting a 7% year-on-year growth, but a slowdown compared to the previous year's growth rate [1] - The company has initiated a "trillion support" strategy aimed at high-quality development, marking a significant increase in investment to support the merchant ecosystem [1] Group 2: Merchant Support Initiatives - The "trillion support" strategy builds on the previous "billion reduction" initiative, which has saved millions of merchants significant operational costs, with promotional service fee refunds exceeding 10 billion yuan [2] - Pinduoduo's "e-commerce westward" initiative has eliminated logistics transfer fees in western regions, leading to over 40% year-on-year growth in order volume from these areas [2] Group 3: Agricultural Product Development - Pinduoduo's "Good Specialty Products" initiative has accelerated the sales of agricultural products, with overall sales increasing by 47% year-on-year, and seasonal fruit sales rising by 51% [3] - The platform has seen a rapid increase in the number of agricultural product merchants, with a more than 30% growth in merchants born after 2000 [3] Group 4: Long-term Strategy and Innovation - The "trillion support" initiative is also focused on empowering brand merchants, particularly traditional domestic brands, to innovate and adapt to changing consumer demands [4] - Pinduoduo is investing in agricultural research, with the fifth "DuoDuo Agricultural Research Technology Competition" attracting 46 teams globally, showcasing advanced technologies like AI planting and hydroponics [5] - The company emphasizes a long-term approach to enhance user experience, optimize merchant services, and promote industry upgrades, aiming for a win-win ecosystem for users, merchants, and the platform [5]

Core Viewpoint - Pinduoduo's second quarter revenue growth slowed to 7%, with a total revenue of 104 billion yuan, due to increased investments in high-quality development and the launch of the "trillion support" strategy to assist merchants [2][3] Group 1: Financial Performance - Pinduoduo reported a revenue of 104 billion yuan for the second quarter of 2025, reflecting a 7% growth rate [2] - The company is focusing on long-term value over short-term profits, indicating that short-term performance may fluctuate due to ongoing investments [3] Group 2: Strategic Initiatives - The "trillion support" strategy was introduced to enhance merchant support, marking a significant increase in investment aimed at fostering high-quality development [2][3] - The "100 billion reduction" policy, launched a year ago, has saved millions for merchants by reducing service fees, with over 100 billion yuan returned in promotional service fees alone [5] Group 3: Regional Development - Pinduoduo's "e-commerce westward" initiative has eliminated logistics transfer fees in western regions, leading to over 40% growth in order volume in these areas [5] - The initiative has significantly improved the availability of goods in western regions, enhancing both material and spiritual living standards for local consumers [5][7] Group 4: Agricultural Support - The "2025 Special Action for Good Local Products" has helped local agricultural products gain market access, with sales of agricultural products increasing by 47% year-on-year [9] - Pinduoduo's support has enabled local farmers to innovate and create value-added products, such as the development of a popular potato chip brand in Yunnan, benefiting over 11,000 farmers [9] Group 5: Merchant Empowerment - The "trillion support" strategy has expanded support for small and medium-sized merchants, focusing on enhancing their operational efficiency and reducing costs [11] - Pinduoduo is leveraging digital technology to assist merchants in product development, significantly increasing the success rate of new product launches [12] Group 6: Long-term Vision - The company emphasizes a commitment to long-term strategies, focusing on enhancing user experience and optimizing merchant services to create a win-win ecosystem [14] - Pinduoduo aims to guide the industry towards a more inclusive and open direction, creating greater positive value for society [14]

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]

Core Viewpoint - Pinduoduo's second quarter revenue growth slowed to 7%, reaching 104 billion yuan, due to increased investment in high-quality development and the launch of the "trillion support" strategy to assist merchants [2] Group 1: Financial Performance - In Q2 2025, Pinduoduo's revenue growth decelerated to 7%, with a total revenue of 104 billion yuan [2] - The company has implemented a "trillion support" strategy, marking a significant increase in investment aimed at supporting merchants and enhancing the platform's ecosystem [2] Group 2: Merchant Support Initiatives - The "100 billion reduction" policy, launched a year ago, has saved millions for merchants, with promotional service fee refunds exceeding 10 billion yuan [4] - Pinduoduo's "Western E-commerce" initiative has eliminated logistics transfer fees in western regions, leading to over 40% growth in order volume in these areas [4] - The "2025 Multi-Quality Specialty Products" initiative has been actively supporting local agricultural products, enhancing their market presence and driving local economic growth [5][7] Group 3: Agricultural Development - Pinduoduo's support for agricultural products has resulted in a 47% increase in sales, with seasonal fruit sales up by 51% and seafood sales up by 48% [7] - The platform has facilitated the transformation of local agricultural products, such as the development of "internet celebrity" potato chips from local potatoes, benefiting over 11,000 farmers [7][10] Group 4: Long-term Strategy - Pinduoduo emphasizes a long-term approach, prioritizing sustainable development over short-term profits, and aims to create a multi-win ecosystem for users, merchants, and the platform [14] - The company is committed to enhancing user experience and optimizing merchant services through substantial investments in technology and support initiatives [14]

Core Viewpoint - Pinduoduo's Q2 2025 financial report shows a revenue growth slowdown to 7%, with quarterly revenue reaching 104 billion yuan, influenced by increased investments in high-quality development and the launch of a new "trillion support" strategy to assist merchants [1] Group 1: Financial Performance - Pinduoduo's revenue for Q2 2025 was 104 billion yuan, reflecting a 7% growth rate [1] - The company has increased its investment in high-quality development, which has contributed to the revenue growth slowdown [1] Group 2: Merchant Support Initiatives - The "100 billion reduction" policy, launched a year ago, has saved millions of merchants significant operational costs, with promotional service fee refunds exceeding 10 billion yuan [2] - The new "trillion support" strategy aims to further assist merchants, marking a significant increase in support measures [1][2] - Pinduoduo's "e-commerce westward" initiative has eliminated logistics transfer fees in western regions, leading to over 40% growth in order volume from these areas [2] Group 3: Agricultural and Product Development - Pinduoduo's "2025 Good Specialty Products" initiative has helped local farmers, such as those in Yunnan, transform their products into branded items, significantly increasing their income [5] - The platform has reported a 47% increase in agricultural product sales and a 51% increase in seasonal fruit sales, indicating strong growth in agricultural e-commerce [5] - The company is focusing on enhancing its agricultural research capabilities, with initiatives like the "Dodo Agricultural Research Technology Competition" to promote innovative agricultural technologies [10] Group 4: Long-term Strategy and Market Position - Pinduoduo's leadership emphasizes a long-term approach, prioritizing sustainable development over short-term profits, and aims to create a multi-win ecosystem for users, merchants, and the platform [6][10] - The company is actively exploring new business models and upgrading merchant systems to enhance product innovation and market competitiveness [7][9]

Core Viewpoint - Pinduoduo's Q2 2025 financial report shows a revenue of approximately 104 billion yuan, with a year-on-year growth rate slowing to 7%, and a net profit of 30.75 billion yuan, marking a 4% decline compared to the previous year, continuing a downward trend for two consecutive quarters [2][5]. Financial Performance - In Q1 2025, Pinduoduo achieved a revenue of 95.672 billion yuan, reflecting a year-on-year growth of 10%. However, in Q2, the revenue growth further slowed to 7% [5]. - The Q2 revenue of approximately 104 billion yuan was primarily driven by growth in online marketing services and transaction service revenues, with online marketing services generating about 55.7 billion yuan, a 13% increase from approximately 49.1 billion yuan in the same period of 2024. Transaction service revenue was around 48.3 billion yuan, slightly up from approximately 47.9 billion yuan in 2024 [7]. Strategic Focus - Pinduoduo emphasizes long-term ecological investments over short-term profits, as stated by the co-CEO Zhao Jiazhen, indicating a willingness to sacrifice immediate profits for sustainable growth [2][3]. - The company has initiated a "trillion support" strategy, committing over 100 billion yuan in resources over the next three years to enhance the quality of its e-commerce ecosystem, which has impacted short-term performance [6][11]. Market and Industry Dynamics - Pinduoduo's agricultural product sales have seen significant growth, with overall sales increasing by 47% year-on-year, and seasonal fruit and seafood sales rising by 51% and 48%, respectively [11]. - The company is also focusing on global expansion, increasing subsidies for overseas merchants, and exploring new business models to adapt to the competitive landscape [11].

Core Insights - Pinduoduo's Q2 2025 revenue growth slowed to 7%, with a total revenue of 104 billion yuan, influenced by increased investments in high-quality development [1] - The company launched a new "trillion support" strategy to assist merchants, marking a significant increase in support measures [1] - Pinduoduo emphasizes long-term value over short-term profits, focusing on ecosystem construction and industry transformation [1] Revenue and Financial Performance - Pinduoduo reported a revenue of 104 billion yuan for Q2 2025, reflecting a 7% growth rate [1] - The "trillion support" initiative aims to enhance the platform's ecosystem and support merchants during challenging times [1] Merchant Support Initiatives - The "100 billion reduction" policy has saved millions of merchants significant operational costs, with promotional service fee refunds exceeding 10 billion yuan [2] - The "trillion support" strategy has expanded support for small and medium-sized merchants, enhancing their operational efficiency [3][6] Regional Economic Impact - Pinduoduo's "e-commerce westward" initiative has boosted order volumes in western regions by over 40%, with daily necessities seeing a doubling in order volume [2] - The platform has facilitated the delivery of essential goods to remote areas, improving local living standards [3] Agricultural Development and Product Innovation - Pinduoduo's support has led to a 47% increase in agricultural product sales, with seasonal fruit sales up by 51% and seafood sales up by 48% [5] - The platform has enabled local farmers to innovate, such as transforming local potatoes into popular snack products, benefiting over 11,000 households [5][8] Long-term Strategy and Technological Investment - Pinduoduo is committed to long-term strategies, focusing on enhancing user experience and optimizing merchant services through substantial investments [9] - The company is actively involved in agricultural research, hosting competitions to promote innovative agricultural technologies [9]

Core Insights - Pinduoduo's Q2 2025 revenue reached 104 billion yuan, a 7% year-on-year increase, but the growth rate has significantly declined due to increased industry investments and the launch of the "100 billion support" strategy [1][2] - The "100 billion support" initiative has led to substantial cost savings for millions of merchants, with promotional service fee refunds exceeding 10 billion yuan, allowing some merchants to save millions annually [1] - The platform's agricultural product sales grew by 47% year-on-year, with seasonal fruit sales up by 51% and seafood sales up by 48%, driven by initiatives like "Duoduo Good Specialty Products" [1] Financial Performance - Pinduoduo's Q2 revenue was 104 billion yuan, reflecting a 7% increase compared to the previous year [1] - The decline in revenue growth is attributed to the company's strategic investments and support initiatives [1] Strategic Initiatives - The "100 billion support" strategy aims to assist merchants and enhance the industry ecosystem, with a focus on long-term value over short-term gains [2] - The "e-commerce westward" initiative has eliminated logistics transfer fees in western regions, resulting in over 40% year-on-year growth in orders from these areas [1] - The "new quality supply" team is working with traditional industry clusters to help merchants identify high-potential products, leading to profit increases of 4 to 5 times in specific categories [1]