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On August 25th, PDD released its latest financial report showing a 4% year-on-year decline in net profit, marking another decrease following the previous quarter. In August last year, PDD took the lead in the e-commerce industry by launching the "100 Billion Reduction" initiative to reduce commissions and increase efficiency for millions of merchants. As of now, the "100 Billion Reduction" has saved merchants a massive amount of operating costs over the past year, with refunds on promotional service fees alone exceeding 10 billion, which has also affected PDD's profit performance this quarter to some extent
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