近年来，中国电商产业迅猛发展，2015年，新电商平台拼多多异军突起，成为一个重要转折点。从城市 电商到农村电商，从国内销售到大规模出海，拼多多这几年为什么一直表现突出？10月28日，在中国经 营报社、中经传媒智库联合举办的"新十年新引擎——新电商高质量发展"专家研讨会上，中国社会科学 院数量经济与技术经济研究所副所长蔡跃洲表示，中国电商的超大规模市场优势和提供极致质价比解决 方案的模式可拓展至全球，拼多多推出的多多跨境通过规模效应降低中国制造的出海成本，本质是将国 内验证的模式进行适应性改造。 在蔡跃洲看来，这些年，中国电商规模不断扩大，电商模式一直在迭代，产品质量和服务也在持续提 升。而这背后有四重助力：2010年后我们牢牢把握了新一轮科技革命和产业变革的趋势，有为政府推动 基础设施的全面覆盖，我国超大规模的市场优势，过去多年来中国经济快速发展和人均收入水平的大幅 提升。 把握科技产业变革趋势提升基础设施水准 超大规模市场优势助力持续快速发展 中国互联网络信息中心公布的数据显示，2024年年底我国网民数量是11.08亿人。 蔡跃洲认为，"第三重助力就是我们的超大规模市场优势"，包括拼多多在内的电商平台基本覆 ...

Core Viewpoint - Pinduoduo's Q2 2025 financial results show a slowdown in revenue growth to 7%, with total revenue of 103.985 billion yuan and adjusted net profit of 32.708 billion yuan, a year-on-year decline of 5% [1] Revenue Summary - Revenue from online marketing services and other businesses reached 55.703 billion yuan, a year-on-year increase of 13% [1] - Transaction service fee revenue was 48.281 billion yuan, showing a slight growth of 0.7% year-on-year [1] - The company's revenue growth is slowing due to initiatives like the "100 billion support" strategy and "10 billion exemptions" affecting advertising and commission income [1] Cost and Expenditure Summary - Operating costs for the quarter were 45.859 billion yuan, up 36% year-on-year, primarily driven by increases in fulfillment costs, bandwidth, server costs, and payment processing fees [2] - Operating expenses totaled 32.333 billion yuan, a 5% year-on-year increase, mainly due to rising sales and marketing expenses [2] - The total operating expenses in the previous quarter were 38.6 billion yuan, reflecting a significant increase of 37%, which outpaced the 10% revenue growth [2] Strategic Focus - The company plans to increase investments to support small and medium-sized businesses, indicating a willingness to sacrifice some profit for long-term growth [2] - Pinduoduo remains cautious in its investment in instant retail, focusing instead on its grocery business, which requires substantial long-term investment despite competition [2] - The "Duoduo Grocery" business has a pickup point coverage of over 70% of administrative villages nationwide [2] Global Trade Impact - The company acknowledges that changes in global trade structures may cause short-term fluctuations in its cross-border business, but overall consumer trends remain stable, with increasing trust from overseas consumers [3]