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].