CNR News Beijing, March 25 (Reporter Chen Yue) On March 25, Pinduoduo released its financial report for the fourth quarter and the full year of 2025, ending on December 31. Benefiting from the comprehensive investment in the &#34;100 Billion Support&#34; strategy, the platform and supply chain system achieved sustainable development, with Pinduoduo's fourth-quarter revenue reaching 123.9 billion yuan, a year-on-year increase of 12%, and full-year revenue of 431.8 billion yuan, a year-on-year increase of 10%.
In early April last year, Pinduoduo launched the &#34;100 Billion Level&#34; business support strategy for the first time in the e-commerce industry. The company made a full commitment to elevate agricultural support and business benefits to a new level. At the year-end shareholders' meeting, Pinduoduo upgraded its corporate governance structure, implementing a co-chairman system, while further elevating the company's strategic focus to &#34;heavily invest in the Chinese supply chain,&#34; concentrating on high-quality and branded development of the domestic supply chain, and promoting a value leap across the entire supply chain system.
&#34;2025 marks our tenth anniversary of entrepreneurship and is also the year with the largest investment in high-quality development. The platform and industrial ecosystem have achieved steady and positive development, and the domestic supply chain system has become a key force supporting the platform ecosystem, bringing more benefits to a wide range of consumers,&#34; said Zhao Jiazhen, Co-Chairman and Co-CEO of Pinduoduo Group. &#34;2026 is a new starting point for us as we move into the next phase. We will start anew with a spirit of determination and continue to heavily invest in the Chinese supply chain. We believe that in the next three years, we will have the opportunity to recreate Pinduoduo.&#34;
&#34;In the past year, we have taken greater responsibility to give back to the industry and society, focusing the company's strategy on the upgrading and reconstruction of the Chinese supply chain, continuing to create long-term value for users, merchants, industries, and society,&#34; said Chen Lei, Co-Chairman and Co-CEO of Pinduoduo Group. &#34;Since the beginning of this year, competition in the e-commerce industry around new businesses and new technologies has intensified, and the international environment has become more complex, which will inevitably bring us more challenges. We will continue to uphold the philosophy of long-termism and implement the strategy of 'heavily investing in the Chinese supply chain' to promote the overall upgrading of the supply chain system.&#34;
One year after the launch of the &#34;100 Billion Support&#34; initiative, the effectiveness of the industrial ecosystem has accelerated.
In early April last year, Pinduoduo officially launched the &#34;100 Billion Support&#34; major business support plan, intending to invest over 100 billion yuan in funds, traffic, and other resources over the next three years to fully build a commercial ecosystem that benefits users, merchants, and the platform.
With the continued investment in the &#34;100 Billion Support,&#34; special initiatives such as &#34;DuoDuo Good Special Products,&#34; &#34;New Quality Supply,&#34; and &#34;E-commerce Westward&#34; have been successively promoted. The support for the supply chain has gradually deepened from leading merchants and small and medium-sized merchants to various links in the industrial chain, helping merchants in various categories achieve differentiated development, completing the leap from category, quality to brand, significantly improving supply chain efficiency and the comprehensive capabilities of the industry, and creating more profit and innovation space for agricultural production areas and industrial belts.
In the fourth quarter, the &#34;DuoDuo Good Special Products&#34; special team has deeply engaged in agricultural specialty areas such as Anyue lemons, Pu'er coffee, Wuhan sunflower seeds, Meizhou pomelos, Wenshan blueberries, Fuzhou abalone, and Lianyungang seaweed. Through customized support with &#34;one product, one plan,&#34; they addressed issues such as insufficient standardization and low added value of fresh products, promoting standardized planting, premium sales, and deep processing development in agricultural production areas, effectively enhancing the added value of agricultural products and further promoting the long-term development of the agricultural specialty industry
In the industrial belt, the cultivation intensity and upward speed of &#34;new quality supply&#34; are continuously accelerating. The platform's special teams have successively entered manufacturing clusters such as Yiwu accessories, Pinghu down, Hunan spicy strips, Anhui fried goods, Tianjin potato chips, Zhongshan small appliances, and Shanghai chocolate, delving into various links of the supply chain including raw materials and components. Through the dual measures of &#34;reduction + support,&#34; they further release the advantages of the domestic supply chain, assisting the industrial belt in transitioning from homogeneous competition to brand transformation.
While heavily investing in the supply chain, Pinduoduo has also achieved results in &#34;e-commerce westward&#34; and continues to tackle the &#34;last mile&#34; of express delivery to villages in multiple provinces and cities across the country, expanding the benefits of new e-commerce from the western regions to vast rural areas. As of now, Pinduoduo has deployed and constructed an end delivery network across more than 10 provinces and cities nationwide, including county-level transfer warehouses and village-level collection points, and bears the second-stage transfer fees for delivery orders into villages, bringing more remote villages into the &#34;free shipping zone.&#34;
Taking Fufeng County in Baoji, Shaanxi as an example, by 2025, the local area will rely on a mature county-level logistics distribution center to establish a Pinduoduo transfer warehouse in the village, integrating rural express parcels from 11 mainstream express companies. Following the model of &#34;county transfer, centralized sorting, and unified distribution,&#34; express deliveries will reach 71 village post stations in the county. Currently, individual post stations in remote villages in Fufeng handle an average of over 100 parcels per day.
In terms of platform governance, Pinduoduo continuously improves the consumption and operating environment of the platform, further enhancing the service experience for users and merchants. During the Spring Festival, the platform launched multiple food safety governance measures, mainly including compliance review of business qualifications, food advertising governance, food live broadcast control, protection of minors, intellectual property protection, and food database construction, comprehensively safeguarding consumers' &#34;vegetable baskets&#34; and &#34;New Year's Eve dinners.&#34;
In the fourth quarter, Pinduoduo's long-term investment in agricultural research has also yielded new results. In October last year, Pinduoduo, as a representative of Asian enterprises, was invited for the second consecutive year to attend the &#34;World Food Forum&#34; hosted by the Food and Agriculture Organization of the United Nations, sharing the platform's experiences and achievements in innovating and developing digital agriculture, and helping two outstanding agricultural research teams take the stage at the World Food Forum, injecting new vitality into agricultural research development in China and globally.
Firmly investing in the Chinese supply chain, recreating a Pinduoduo in three years
In December last year, Pinduoduo Group announced an upgrade to its corporate governance structure at its annual shareholder meeting, implementing a co-chairman system. With the approval of the board of directors, Zhao Jiazhen was appointed co-chairman, serving alongside Chen Lei as co-chairman and co-CEO of the group.
Since Zhao Jiazhen took on the role of co-CEO, Pinduoduo's supply chain has developed into a key force supporting the platform's ecosystem, allowing more consumers to enjoy the benefits brought by new e-commerce. Zhao Jiazhen's appointment as co-chairman is conducive to accelerating the overall strategy of the group to &#34;heavily invest in the Chinese supply chain.&#34;
&#34;After repeated discussions, the company has anchored the Chinese supply chain as the core of business development in the next phase,&#34; Zhao Jiazhen stated. The company will continue to practice high-quality development, All in the high quality and branding of the Chinese supply chain, achieving the reconstruction of the platform and industry, and driving the ecological system to realize a leap in value
According to reports, Pinduoduo's cross-border e-commerce business has maintained steady development overseas, and it now has a considerable market scale in most countries around the world, achieving in three years what took Pinduoduo ten years in the domestic e-commerce market. This is mainly due to the systematic advantages formed by decades of accumulation in the Chinese supply chain, representing a key leap brought about by the dividends of the Chinese supply chain industry.
In the past year, global geopolitical changes have intensified, and trade and regulatory policies in various countries and regions are filled with uncertainty, which has brought more challenges to the development of cross-border e-commerce. In this context, cross-border e-commerce needs to rely more on the overall collaborative capabilities of the supply chain system.
To this end, Pinduoduo will continue to root itself in and heavily invest in the Chinese supply chain, focusing more energy, financial resources, and physical resources on upgrading and reconstructing the Chinese supply chain, promoting industrial merchants to grow into innovative entities with user perception capabilities, product design capabilities, and brand creation capabilities, achieving an overall upgrade of the supply chain operation model.
“At the previous shareholders' meeting, we announced our full commitment to upgrading the Chinese supply chain, aiming to recreate a Pinduoduo in three years. In the past few months, the major three-year strategy we solemnly announced at the shareholders' meeting is being transformed into specific actionable steps, leading to profound changes in our business and organization,” said Zhao Jiazhen. “We will embark again with an all-in attitude, invest more in 'hundreds of billions of support' measures, continue to root ourselves in and heavily invest in the Chinese supply chain, and continuously leverage our long-accumulated advantages in the supply chain to promote high-quality, branded development of the supply chain, driving the supply chain system to complete a value leap.”

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PDD released its 2025 financial report on March 25, with fourth-quarter revenue of 123.9 billion yuan, a year-on-year increase of 12%, and annual revenue of 431.8 billion yuan, a year-on-year increase of 10%. The company will upgrade its focus to "heavily invest in the Chinese supply chain" and plans to invest over 100 billion yuan in the next three years to support supply chain upgrades. PDD Co-CEO Chen Lei stated that 2025 marks the company's tenth anniversary, and it is committed to creating long-term value for users and merchants while addressing competition and challenges in the e-commerce industry

- Pinduoduo reported its Q4 and full-year 2025 earnings, with Q4 revenue totaling 123.9 billion RMB, marking a 12% increase year-over-year.  
- The company has committed substantial resources to its "Billion Support" strategy, enhancing supply chain efficiency and promoting high-quality development, particularly in domestic markets.  
- Pinduoduo aims to transform Chinese supply chains further, preparing to capitalize on opportunities as it rebuilds its platform over the next three years amidst shifting global trade dynamics.

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PDD released its full-year financial report for 2025, Chen Lei: Fully committed to upgrading the supply chain, recreating a new PDD