--- title: "Pinduoduo is going to launch its own brand. Who supports it? Who opposes it?" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/39524907.md" description: "Pinduoduo just released its Q4 2025 earnings report. Actually, there was nothing particularly special about the report and the earnings call, or you could say, nothing special is the best thing. I listened to the entire call while busy with other things, and as a result, I have no impression at all of what was said. That's good, this is the familiar Pinduoduo earnings call I know—listening to a speech is like listening to a speech. Working quietly, making money quietly, and then dazzling everyone—what a beautiful script. However, there was still some big news: Pinduoduo announced the formation of "New Pinmu," aiming to build a self-operated brand model, with a focus on the global market..." datetime: "2026-03-25T16:05:18.000Z" locales: - [en](https://longbridge.com/en/topics/39524907.md) - [zh-CN](https://longbridge.com/zh-CN/topics/39524907.md) - [zh-HK](https://longbridge.com/zh-HK/topics/39524907.md) author: "[林氪](https://longbridge.com/en/profiles/7312377.md)" --- # Pinduoduo is going to launch its own brand. Who supports it? Who opposes it? Pinduoduo just released its Q4 2025 financial report. Actually, there's nothing special about the financial report and the earnings call. Of course, you could also say that having nothing special is the best thing. I listened to the entire earnings call while busy with other things at hand. As a result, I have no impression of what was said in the call after listening. That's good. This is the Pinduoduo earnings call I'm familiar with. Listening to your words is like listening to your words. Working quietly, making money quietly, and then dazzling everyone. What a beautiful script. However, there was still heavy news. Pinduoduo announced the formation of "New Pinmu," aiming to build a self-operated brand model, with a focus on the global market. Suddenly and unexpectedly, a thunderclap from a clear sky. Pinduoduo is going to do self-operated brands? Speaking of self-operated brands, I immediately thought of NetEase Yanxuan, JD Jingzao, Taobao Xinxuan, Xiaomi Youpin, Suning Jiwu, and so on. The domestic market is truly a red ocean. Competition is too fierce. Individually, the brands are strong, and consumer awareness is in place. But if it's only the domestic main site, I think Pinduoduo has absolutely no need to wade into this muddy water again; the merchant hurdle alone is difficult to pass. So the phrase "focus on the global market" in the announcement is the key point. The one that should really focus on building self-operated brands is Temu. Then the question arises: why does Temu want to do self-operated brands? In my view, the primary purpose is definitely for the consumer experience of overseas users. Given the current state of Temu's ecosystem, in the "platform-brand-user" chain, the "brand" link is far too weak. There is an extreme scarcity of strong brands on the platform. For example, Apple often can only sell second-hand goods, and brands that are actually somewhat famous overseas are basically firmly monopolized by Amazon. In this awkward situation, although overseas consumers place orders for the low prices, it's difficult for them to build trust in the platform and the products. What's even more troublesome is that this supply-side issue is truly hard to completely optimize in a short time. Overseas populations are too scattered, unlike in China, where a single CCTV ad in the past could make a brand a household name. In such a situation, directly launching self-operated brands, with the platform directly connecting to users, is very logical. It can significantly reduce users' decision-making costs and increase their trust and stickiness to the platform. In addition, industry friends mentioned another crucial angle: Compared to the previously implemented full-trusteeship model, doing self-operated brands would be clearer and easier for local regulators and markets to understand in terms of complex overseas compliance, which is a very reasonable point. I hope Temu can create a brand, just like Member's Mark is to Sam's Club, or Kirkland is to Costco. If this path succeeds, there might even be a chance for "export to domestic sales," bringing surprises to domestic consumers again. In short, the Costco story has a high ceiling and strong certainty. This kind of simplification-focused approach is still Pinduoduo. $PDD(PDD.US) ### Related Stocks - [09988.HK](https://longbridge.com/en/quote/09988.HK.md) - [BABA.US](https://longbridge.com/en/quote/BABA.US.md) - [89988.HK](https://longbridge.com/en/quote/89988.HK.md) - [002024.CN](https://longbridge.com/en/quote/002024.CN.md) - [AAPL.US](https://longbridge.com/en/quote/AAPL.US.md) - [PDD.US](https://longbridge.com/en/quote/PDD.US.md) - [AMZN.US](https://longbridge.com/en/quote/AMZN.US.md) - [COST.US](https://longbridge.com/en/quote/COST.US.md) - [KBAB.US](https://longbridge.com/en/quote/KBAB.US.md) - [BABO.US](https://longbridge.com/en/quote/BABO.US.md) - [BABX.US](https://longbridge.com/en/quote/BABX.US.md) - [AAPB.US](https://longbridge.com/en/quote/AAPB.US.md) - [AAPD.US](https://longbridge.com/en/quote/AAPD.US.md) - [AAPU.US](https://longbridge.com/en/quote/AAPU.US.md) - [AAPX.US](https://longbridge.com/en/quote/AAPX.US.md) - [AAPY.US](https://longbridge.com/en/quote/AAPY.US.md) - [APLY.US](https://longbridge.com/en/quote/APLY.US.md) - [AMZU.US](https://longbridge.com/en/quote/AMZU.US.md) - [HBBD.SG](https://longbridge.com/en/quote/HBBD.SG.md) ## Comments (1) - **长桥挺好的 · 2026-03-26T02:29:41.000Z**: Haha, Pinduoduo merchants are the first to support