--- title: "Where to go in the next decade? A look back at PDD's shift towards social responsibility from the third quarter report" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/266511795.md" description: "PDD released its third-quarter report. Although revenue and profit growth have slowed, the company's strategic focus has shifted to social responsibility, emphasizing ecology and responsibility. After ten years, PDD has concentrated on its e-commerce core business, investing in \"hundreds of billions in subsidies\" to support agricultural product e-commerce and help farmers increase their income. Chairman Chen Lei stated that in the future, the company will continue to create value for users and move towards the next decade of \"Costco + Disney.\"" datetime: "2025-11-19T09:17:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/266511795.md) - [en](https://longbridge.com/en/news/266511795.md) - [zh-HK](https://longbridge.com/zh-HK/news/266511795.md) --- > 支持的语言: [English](https://longbridge.com/en/news/266511795.md) | [繁體中文](https://longbridge.com/zh-HK/news/266511795.md) # Where to go in the next decade? A look back at PDD's shift towards social responsibility from the third quarter report After reviewing the third-quarter report of Pinduoduo (PDD.US), one prominent feeling is that Pinduoduo's commitment to "providing the greatest benefits to ordinary people, bringing them more value and good services" is truly not just empty talk. On the evening of November 18, Pinduoduo released its latest quarterly financial report. Despite the ongoing impact of the platform's "hundred billion support" investment, the revenue and profit growth rate of Pinduoduo slowed down again in the third quarter. However, beyond the data, the actively "slowing down" Pinduoduo is clearly sending more value signals to the market. Having been established for ten years, Pinduoduo has achieved a leap in scale during its rapid development. Its rise has attracted attention from all sides; now, as a pillar of the industry, Pinduoduo's development vision and strategic focus have undergone subtle changes. The company has evidently prioritized public interest and long-term healthy ecology, investing more energy into creating value for users, merchants, industries, and even society as a whole. The "hundred billion subsidy" is the most vivid illustration of this. In the third quarter of this year, it was also the second consecutive quarter of Pinduoduo's "hundred billion support" investment. During this quarter, the "hundred billion subsidy" continued to increase its investment in agricultural product e-commerce, with the "Duoduo Good Specialty Products" initiative entering dozens of agricultural production areas, helping farmers increase their yields and incomes. Standing at this special juncture of its tenth anniversary, looking to the future, where exactly is Pinduoduo headed? Combining the company's third-quarter report, we can better glimpse the general outline of the answer to this question. As Pinduoduo Group Chairman and Co-CEO Chen Lei stated, Pinduoduo will continue to focus on its mission of creating value for users, concentrating on its core e-commerce business, steadfastly investing in high-quality development of the platform and industry, and moving towards the next decade of "Costco + Disney." ## **Seeing a More Mature Pinduoduo Through Financial Reports** In today's Chinese business ecosystem, the trend of companies crossing boundaries seems to have become a new fashion, with new concepts and narratives attracting capital's attention and flow. Focusing on the core business has instead become "alternative." However, regardless of how the aesthetic preferences of the business world change, practice makes perfect remains a simple yet timeless principle. If I could only use one word to describe Pinduoduo, which has tightly focused on developing its e-commerce core business over the past decade, "mature" would undoubtedly be the most fitting term for today's Pinduoduo. Zhitong Finance believes that Pinduoduo's maturity is not only reflected in its achievements in the business field but also stems from its profound understanding and in-depth practice of social responsibility and public interest issues. Take the third quarter as an example; a series of new actions by Pinduoduo undoubtedly point in the same direction: prioritizing social responsibility. As mentioned at the beginning, during the reporting period, Pinduoduo's "Duoduo Good Specialty Products" initiative entered dozens of agricultural specialty areas, including Jingzhou in Hubei, Shangqiu in Henan, Laiyang in Shandong, Anyue in Sichuan, and Mizhi in Shaanxi, launching customized plans for local merchants and promoting the development of major production areas from scale to quality. It is well known that agriculture has historically been a field characterized by "high investment, long cycles, and high risks." In today's business evaluation logic system, which favors light asset models, agriculture is a direction that many entrepreneurs and investors tend to avoid. However, even in such an unappealing field, Pinduoduo has plunged in, using real money to do practical work for farmers in various regions In the golden autumn of September, agricultural regions across the country welcomed the harvest season. PDD invested 1 billion yuan in subsidy funds and 2 billion yuan in traffic resource packages, collaborating with 300,000 agricultural merchants on the platform to launch the "Duoduo Harvest Pavilion," helping local agricultural products move from villages to cities in a timely manner. It is worth noting that PDD's efforts in the agricultural sector go far beyond this. For the upstream research and development side, PDD is also deeply involved. To solve the "bottleneck" problem and ensure that agriculture no longer relies solely on weather, PDD extends its reach to the R&D side, focusing on improving the yield and quality of agricultural products through initiatives like the Agricultural Research Technology Competition. At the end of August, the "2025 Global Agricultural Innovators Competition," co-hosted by the Food and Agriculture Organization (FAO), Zhejiang University, and PDD, was held as scheduled. It is reported that this year's competition selected 9 finalist teams from 519 applications across 97 countries, showcasing digital agricultural solutions in various cutting-edge areas such as smart grain storage, disease warning, desert agriculture, and carbon reduction. ## **PDD's Business Philosophy for Promoting Collaborative Industrial Development** As its scale has reached new heights, PDD is now at a point where it needs to consider the industrial ecosystem from a higher perspective. The importance of cooperation and win-win situations has evidently been further strengthened at this stage compared to the past. Based on this, PDD is investing more resources and energy into nurturing the industrial ecosystem, guiding the industry towards a more inclusive and open direction of continuous iteration. It is noteworthy that PDD's senior management recently reiterated the "Costco + Disney" concept. Chen Lei stated that PDD will firmly invest in the high-quality development of the platform and industry, moving towards the next decade of "Costco + Disney." In my opinion, Costco represents value for money, which perhaps reflects PDD's vision for empowering the upstream and midstream industrial chains; while Disney represents an experience filled with surprises and joy. The combination of these two means that PDD, as a key link between industrial belts and consumers, will continue to strive to enhance supply-side efficiency and optimize demand-side experiences, creating consumption value that transcends mere shopping while continuously reducing social transaction costs, thereby building a long-term and sustainable core competitive advantage for the platform. Around these goals, on one hand, PDD's "New Quality Supply" special team has successively delved into dozens of industrial belts in the third quarter, including Huizhou snacks, Foshan children's clothing, Shaodong bags, Pinghu down jackets, and Caoxian Hanfu. Leveraging the platform's digital capabilities, they continue to improve quality and efficiency for merchants through "reduction + support" measures, promoting "progressive innovation" across various links of the supply chain for goods and raw materials, and solving the industrial problem of homogeneous competition. PDD's long-term efforts around industrial belts have also borne fruitful results this autumn. According to the "New Quality Supply One-Year Development Report" released by PDD at the end of September, the number of merchants in the platform's industrial belts has rapidly increased, with the number of post-95 merchants growing by 31% year-on-year, and post-00 merchants growing by 44%. The number of quality product SKUs has increased by over 50% year-on-year, and the number of brand stores in industrial belts has also seen significant growth, with major industrial belts gradually moving towards high-quality development On the other hand, PDD's efforts to unleash consumer-side potential have never ceased. For example, in the western regions, consumer-oriented initiatives have led to a more than 50% increase in order volume for products such as pet supplies, outdoor sun protection, and trendy toys after waiving logistics transfer fees, demonstrating immediate results. Simplifying complexity, with a blunt sword, through PDD's third-quarter report, it is not difficult to truly understand PDD's business philosophy. The key words are nothing more than "ecology" and "responsibility." From the perspective of society as a whole, after experiencing rapid growth, PDD is now actively "slowing down" and giving back to society with greater responsibility, which is surely welcomed by all parties. With this "new start," PDD is expected to walk a steadier and farther path in the next decade ### 相关股票 - [PDD (PDD.US)](https://longbridge.com/zh-CN/quote/PDD.US.md) ## 相关资讯与研究 - [PDD Holdings Non-GAAP EPADS of $2.53 misses by $0.52, revenue of $17.72B misses by $390M](https://longbridge.com/zh-CN/news/280458024.md) - [Earnings Snapshot: PDD Holdings revenue rises 12% on marketing, transaction growth, but misses estimates](https://longbridge.com/zh-CN/news/280460136.md) - [Costco: Is the Opportunity Over?](https://longbridge.com/zh-CN/news/281689776.md) - [Costco Wholesale Corporation $COST Shares Sold by Howard Capital Management Group LLC](https://longbridge.com/zh-CN/news/281632320.md) - [How Much Would $1,000 Invested in Costco 10 Years Ago Be Worth Today?](https://longbridge.com/zh-CN/news/281311268.md)