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 ...

当电商行业从流量争夺的上半场迈入高质量发展的下半场，"供给升级"与"消费普惠"的双重命题摆在所 有平台面前。 今年4月初，拼多多宣布推出"千亿扶持"计划，未来三年投入超过1000亿元资金和流量资源，全面助力 商家高质量发展。这犹如一剂强心针，为行业转型注入动能。 如今半年过去，这一重磅计划在供需双侧的投入已初显成效，不仅让千万商家与亿万消费者受益，更以 全新的生态构建思路，悄然重塑着电商行业的竞争逻辑。 一、供需双侧精准发力，构建高质量生态基础 电商生态的良性运转，离不开供给端的品质提升与需求端的潜力释放，拼多多"千亿扶持"计划的核心逻 辑，正是通过双侧精准投入实现生态共振。 在供给端，平台摒弃了传统补贴的粗放模式，转向对优质供给的系统性培育，形成了农产品上行与产业 带升级两大核心发力点。 拼多多"千亿扶持"的深层价值，在于通过供给侧结构性改革引领行业从"价格战""流量战"的低维竞争， 转向"价值战""生态战"的高质量发展新阶段，其转型引领路径体现在三个维度的突破。 针对农产品这一核心供给领域，"多多好特产"专项行动深入全国数百个农牧产区，为商家提供从品类规 划到市场推广的全链路支持。 其中，云南咖啡的转型颇 ...

"千亿扶持"是拼多多于4月初推出的重磅惠商计划，在行业高质量转型的背景下，拼多多率先重金投入 高质量电商生态建设，以千亿级别的资金和资源投入，构建用户、商家及平台多方共赢的商业生态，引 领行业高质量发展。 半年来，平台依托"千亿扶持"，全面扩大对中小商家、新质商家以及品牌商家的扶持力度，持续为千万 商家降本增效。此外，平台依托"多多好特产""新质供给""电商西进"等专项，加码扶持优质供给、向西 部等偏远地区倾斜资源，不只助力商家持续开拓国内大市场，更激发了消费潜力，越来越多偏远地区消 费者买得起、收得到平台带来的好产品、好服务，共享高质量发展成果。 近日，人民日报刊发报道，点赞拼多多"千亿扶持"推动更多地区享受便利的网购服务，让更多消费者融 入消费普惠圈，共享电商发展红利。 拼多多数据显示，"千亿扶持"落地的半年来，平台高质量发展成果初显，优质商品SKU同比增长51%， 商家经营活力持续释放，商家数量加速增长，"95后""00后"商家数量同比增长42%，同时，包括内蒙古 根河市、甘肃省白银市靖远县等偏远地区相继纳入"包邮区"，供需双侧活力的加速释放，也带动平台稳 健发展，高质量生态格局初步成型。 惠商助农成效 ...

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 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]