Core Viewpoint - Pinduoduo's Q1 2025 revenue reached 95.7 billion yuan, reflecting a 10% year-on-year growth, although the growth rate has slowed down due to external environmental changes and ongoing investments in high-quality development [2][3]. Group 1: High-Quality Development Strategy - Pinduoduo has intensified its high-quality development strategy this year, launching the "100 Billion Subsidy" and the new "100 Billion Support" strategy to reduce costs for merchants and promote industrial transformation [2][4]. - The company aims to provide more certainty for merchants and support their transition through the "100 Billion Support" strategy, emphasizing the importance of prioritizing user and merchant interests [2][3]. Group 2: Merchant Support Initiatives - The establishment of the "Merchant Rights Protection Committee" aims to optimize services for merchants and enhance platform ecology, with initiatives like regular communication mechanisms and violation warning functions [5][6]. - The "100 Billion Support" strategy includes significant reductions in store security deposits for various categories and increased support for small and medium-sized merchants [6][11]. Group 3: Consumer Benefits and Market Competition - Pinduoduo has introduced various subsidy policies to benefit consumers, including a 100 billion yuan consumer coupon initiative to enhance demand and improve supply-demand matching [6][7]. - The company is exploring an innovative "platform direct subsidy" model to ensure merchant rights while providing competitive pricing for consumers [7]. Group 4: Agricultural Support and Technological Advancements - The "2025 Multi-Product Specialty" initiative focuses on enhancing support for agricultural merchants, implementing customized solutions in various agricultural regions to increase value-added and income [11][12]. - Pinduoduo has established the "Digital Business + New Farmers Training" technology center to promote digital transformation in agriculture, addressing industry pain points and improving operational efficiency [12].

Core Viewpoint - Long-termism is becoming a prominent trend in the business and investment sectors, but few companies can consistently adhere to this principle over time [1] Group 1: Company Strategy - Pinduoduo has launched a "100 billion support" initiative, following its previous "100 billion reduction" campaign, demonstrating a commitment to substantial investment in the e-commerce sector [2][5] - The company’s Q1 revenue reached 957 billion yuan, with a growth rate declining to 10%, yet it continues to prioritize the "100 billion support" strategy despite external pressures [2][9] - Pinduoduo established a "Merchant Rights Protection Committee" to address the needs of merchants, particularly small and medium-sized businesses, and has implemented measures to enhance merchant services [3][5] Group 2: Financial Commitment - In Q1, Pinduoduo's marketing expenses surged to 334 billion yuan, reflecting a nearly 100 billion yuan increase year-over-year, aimed at supporting merchants and consumers [9] - The company has introduced various consumer incentives, including a "100 billion merchant feedback plan" and significant subsidies across all product categories [7][9] Group 3: Long-term Vision - Pinduoduo remains focused on high-quality development within the e-commerce industry, resisting the temptation to chase fleeting market trends [8][10] - Despite facing short-term stock price volatility, the company's long-term strategy prioritizes the interests of users and merchants, which is expected to strengthen its competitive position over time [9][10]