According to Zhitong Finance APP, on May 27, Pinduoduo (PDD.US) released its Q1 2025 financial report for the period ending March 31. Affected by changes in the external environment and ongoing investments in high-quality development, Pinduoduo's revenue for this quarter was 95.7 billion yuan, a year-on-year increase of 10%, with growth rate slowing down.
Since the beginning of this year, Pinduoduo has continued to intensify its high-quality development strategy. Based on measures such as &#34;100 billion yuan reduction,&#34; it has launched a new &#34;100 billion yuan support&#34; strategy, providing real financial support to both supply and demand sides, continuing to reduce costs and commissions for merchants, accelerating the transformation of the industry, and leading the e-commerce sector into a new stage of &#34;comprehensive benefits for merchants.&#34;
&#34;In the past quarter, changes in the external environment have brought new challenges to merchants. At this critical moment, we leveraged the social effectiveness and responsibility of platform enterprises and launched the '100 billion yuan support' strategy to firmly support merchants through the cycle,&#34; said Zhao Jiazhen, Executive Director and Co-CEO of Pinduoduo. &#34;We require the entire company to work together, fully invest in this new strategy, prioritize the interests of users and merchants, and strive to provide more certainty for merchants, facilitating a smooth transformation of the industry.&#34;
&#34;At the beginning of this year, we anticipated that the merchant community would face further pressure, while also recognizing the long-term value of high-quality development. The management made a firm decision to implement the '100 billion yuan support' strategy,&#34; said Chen Lei, Chairman and Co-CEO of Pinduoduo. &#34;This is not just an empty slogan, but a real financial investment. The current market is changing rapidly, and the platform must be willing to sacrifice short-term performance to help merchants navigate short-term fluctuations. Only when merchants thrive can consumers enjoy better products and services, and the platform can achieve long-term healthy development.&#34;
Investing 100 billion to enhance high-quality development, providing real financial support to both supply and demand sides
In the second half of last year, Pinduoduo's high-quality development strategy accelerated, being the first in the e-commerce industry to launch a series of pioneering measures such as &#34;100 billion yuan reduction,&#34; &#34;e-commerce westward expansion,&#34; and &#34;new quality supply,&#34; helping millions of merchants improve quality and efficiency.
In Q1 this year, Pinduoduo continued to intensify its high-quality development efforts and officially established the &#34;Merchant Rights Protection Committee&#34; (hereinafter referred to as &#34;Merchant Protection Committee&#34;), led personally by Zhao Jiazhen, coordinating various departments of the platform to comprehensively study merchant needs, continuously optimize service mechanisms for merchants, and improve the platform's ecological construction.
On March 5, the &#34;Merchant Protection Committee&#34; held its first merchant symposium, attended by dozens of merchant representatives from various industries, including fresh produce, beverages, daily necessities, and sports goods. After in-depth discussions with participating merchants, the &#34;Merchant Protection Committee&#34; introduced four major upgrade measures, including a &#34;regular communication mechanism&#34; and &#34;violation warning function,&#34; further safeguarding merchant rights.
<img src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250527/1748342474720157.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="image.png" original-src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250527/1748342474720157.png"/>
▲ After the launch of the &#34;100 billion support&#34; plan, Pinduoduo has introduced multiple measures to benefit merchants and support the industrial ecosystem. (Photo by Jiao Yansong)
In order to jointly respond to the new challenges brought by the external environment, the &#34;Commercial Insurance Conference&#34; officially launched the &#34;100 Billion Support&#34; new strategy to benefit businesses in early April, and successively implemented multiple measures to support the industrial ecosystem. The &#34;10 Billion Reduction&#34; significantly lowered the store security deposits for various categories such as home appliances and digital products, while &#34;New Quality Supply&#34; increased support for small and medium-sized businesses. The &#34;2025 Multi-More Good Specialty Products&#34; special action also deeply penetrated major agricultural specialty areas, helping merchants and farmers increase production and income.
Zhao Jiazhen stated that on one hand, the platform will continue to explore more commission reduction measures, continuously reducing costs and burdens for merchants, creating more cost space, operational space, and innovation space. On the other hand, the platform's support for merchants will expand from leading and mid-tier merchants to small and medium-sized businesses, focusing efforts on small and medium-sized merchants, daring to tackle the hard challenges in high-quality development, maximizing the potential of small and medium-sized merchants, and promoting larger scale and higher quality overall upgrades of industrial belts.
On the consumer side, the &#34;100 Billion Support&#34; has also implemented multiple subsidy policies to benefit consumers. The platform's 10 Billion Subsidy Channel has added the &#34;100 Billion Merchant Feedback Plan,&#34; investing 10 billion yuan in consumer vouchers through special activities such as &#34;10 Billion Consumer Vouchers&#34; and &#34;10 Billion Double Subsidy,&#34; providing excessive subsidies for all categories of goods to meet consumers' functional and personalized consumption needs, while improving the efficiency of supply and demand matching, helping new quality merchants and new quality brands expand new growth.
In addition, PDD has further explored the innovative model of &#34;Platform Direct Subsidy,&#34; fully ensuring merchants' rights and interests while aligning multiple categories with the &#34;National Subsidy&#34; price standards, comprehensively benefiting consumers, stimulating consumption demand and vitality, and helping platform merchants establish sufficient market competitiveness.
&#34;New Quality Supply&#34; intensifies support for small and medium-sized merchants, accelerating industrial transformation and upgrading
In September last year, PDD launched the &#34;New Quality Merchant Support Plan,&#34; deeply engaging with over a hundred industrial belts, cultivating a batch of new quality merchants with product and technological innovation capabilities, and driving the transformation and upgrading of industrial belts through the &#34;leading goose effect&#34; of new quality merchants. After the launch of the &#34;100 Billion Support,&#34; the &#34;New Quality Merchant Support Plan&#34; rapidly spread from leading merchants to small and medium-sized merchants in industrial belts, with the platform's traffic engine and black label stores also fully tilted towards small and medium-sized merchants.
Since March, PDD's &#34;New Quality Supply&#34; special team has successively delved into the front lines of industries such as Jingxian Xuan Paper, Yongkang Kitchenware, Wenzhou Women's Shoes, Shenzhen Digital Products, Xin'an Running Shoes, and Jinjiang Sports, providing comprehensive support for small and medium-sized merchants in terms of products, technology, operations, marketing, warehousing, and logistics, greatly stimulating the industrial vitality in various regions and creating new momentum for the new quality transformation of industrial belts.
In Yongkang, Zhejiang, the local hardware and kitchenware industry has reached an unprecedented scale, but has long been dominated by foreign trade OEM and domestic sales private labeling, leading to severe homogenization of products and a single industrial development model. With the support of PDD, a post-95 entrepreneur upgraded and transformed the production line, significantly improving the efficiency of the supply chain, and achieved brand development through the platform's black label store. In just one year, they expanded to 10 production lines, also driving many local merchants to shift from traditional OEM models to brand models, creating a second curve for the industrial transformation of Yongkang, known as the &#34;Hardware Capital of China.&#34;
<img src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250527/1748342527993722.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="image.png" original-src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250527/1748342527993722.png"/>
▲ The &#34;2025 PDD Good Specialty Products&#34; initiative delves into dozens of agricultural production areas, helping local farmers increase production and income. (Photo by Chen Zhenhao)
As a platform rooted in agricultural products, PDD's &#34;100 Billion Plan&#34; further intensifies support for agricultural merchants. In early April, the &#34;2025 PDD Good Specialty Products&#34; initiative was officially launched, visiting agricultural specialty areas such as Lianyungang in Jiangsu, Ningde in Fujian, Wanning in Hainan, Yuncheng in Shanxi, Maoming in Guangdong, Chengdu in Sichuan, Dalian in Liaoning, Huan County in Gansu, and Fuzhou in Jiangxi. Customized plans were introduced for local specialties, providing &#34;one-on-one&#34; explanations to local small and medium-sized merchants, exploring new models for the upward movement of agricultural products, enhancing the added value of the industry, and promoting increased production and income in the agricultural and pastoral sectors.
In the papaya production area of Mengzi, Yunnan, local merchants, with the platform's support, developed a digital system for agricultural product operations, achieving automated operations in the stages of product picking, shelving, pricing, logistics, after-sales, and traceability. This addressed industry pain points such as unclear pricing and high loss rates, transforming agricultural product operations from &#34;manual experience&#34; to &#34;data-driven&#34; processes, completing an upgrade of the traditional agricultural supply chain.
In the field of agricultural research and technology, PDD's &#34;100 Billion Support&#34; plan has also yielded new results. In late April, the &#34;Digital Business Revitalizing Agriculture Technology Courtyard,&#34; supported by PDD, was officially inaugurated in Gusheng Village, Dali, Yunnan. This is the first technology courtyard in the country focusing on &#34;digital business + new farmer training.&#34; To date, this technology courtyard has implemented one nutrient smart control platform project, supported seven high-quality agricultural research topics, and assisted over 20 technology courtyards in bringing quality agricultural products online, becoming an activity base and headquarters for the &#34;National Technology Courtyard Cooperation Network.&#34;
&#34;The current market is changing rapidly, and our responsibility to give back and support merchants is essential at this stage. Only by prioritizing the interests of users and merchants can we create a better platform ecosystem,&#34; said Chen Lei. He stated that they will continue to advance high-quality development with a spirit of perseverance, helping a wide range of merchants navigate through cycles and firmly pursue a long-term development path oriented towards the future

Pinduoduo will release its first quarter 2025 financial report on May 27, 2025. According to general estimates by institutions, Pinduoduo will achieve operating revenue of 103.368 billion yuan in the first quarter of 2025, a year-on-year increase of 19.07%, and expected earnings per share of 17.107 yuan, a year-on-year decrease of 9.77%.

Pinduoduo will release its first quarter 2025 financial report on May 27, 2025. According to general estimates by institutions, Pinduoduo will achieve operating revenue of 103.368 billion yuan in the first quarter of 2025, a year-on-year increase of 19.07%, and expected earnings per share of 17.107 yuan, a year-on-year decrease of 9.77%.

Pinduoduo financial report, understand it at a glance!

PDD released its financial report for the first quarter of 2025 on May 27, with revenue of 95.7 billion yuan, a year-on-year increase of 10%. The company launched a new strategy called "Hundred Billion Support," aimed at helping merchants cope with changes in the external environment and promoting industrial transformation. PDD's executive director Zhao Jiazhen stated that this strategy will prioritize the interests of users and merchants, assisting merchants in overcoming short-term challenges. Chairman Chen Lei emphasized that the platform is willing to sacrifice short-term performance to achieve long-term healthy development

- Pinduoduo (PDD.US) reported a Q1 2025 revenue of 95.7 billion yuan, a 10% year-on-year increase, amid external challenges and a focus on high-quality development.  
- The company launched a "100 billion support" strategy to assist merchants, aiming to reduce costs and enhance service mechanisms, while also introducing various subsidy policies to benefit consumers.  
- Pinduoduo's initiatives include the establishment of a Merchant Rights Protection Committee and targeted support for small and medium-sized businesses, fostering industry transformation and enhancing competitiveness.

Zhitong

Lianyungang Port

PDD released its Q1 financial report, accelerating the promotion of the "100 Billion Support" new strategy, prioritizing support for merchants before the platform to foster the industrial ecosystem