Pinduoduo (PDD.US) released Q1 financial report to accelerate the promotion of the new “100 billion support” strategy to support the industrial ecosystem first, merchants first, then platforms

The Zhitong Finance App learned that on May 27, Pinduoduo (PDD.US) released financial results for the first quarter of 2025, ending March 31. Affected by changes in the external environment and continued investment in high-quality development, Pinduoduo's revenue for the quarter was 95.7 billion yuan, an increase of 10% over the previous year, and the growth rate slowed.

Since this year, Pinduoduo has continued to increase its high-quality development strategy. On the basis of “10 billion dollar relief” and other beneficial measures, Pinduoduo has launched a new “100 billion support” strategy. Real money feeds back both supply and demand, continues to reduce costs and commissions for merchants, accelerate the transformation of the new quality of the industry, and lead the e-commerce industry into a new stage of “comprehensive business benefits”.

“Over the past quarter, changes in the external environment have brought new challenges to businesses. At this critical moment, we are leveraging the social effectiveness and responsibility of platform companies to launch a new strategy of '100 billion support' to benefit merchants, and firmly escort merchants through the cycle.” Zhao Jiazhen, executive director and co-CEO of Pinduoduo Group, said that we require the company to make every effort to fully invest in this new strategy, prioritize the interests of users and merchants, and strive to provide merchants with more certainty and promote the smooth transformation of the industry.

“At the beginning of this year, we anticipated that the business community would be under further pressure. At the same time, we saw the long-term value of high-quality development. The management made up its mind and made a strategic decision on '100 billion support'.” Chen Lei, chairman and co-CEO of Pinduoduo Group, said that this is not an empty slogan; it is also a real investment of real money. The current market is changing at an accelerated pace, and platforms must dare to sacrifice short-term performance to help merchants overcome short-term fluctuations. Only when the merchants are good can consumers enjoy better products and services, and the platform can develop healthily in the long term.

Invest 100 billion dollars to increase high-quality development, and real money feeds back both supply and demand

In the second half of last year, Pinduoduo's high-quality development strategy continued to accelerate. In the e-commerce industry, it pioneered a series of pioneering initiatives such as “10 billion reduction,” “e-commerce moving west,” and “new quality supply,” to help tens of millions of merchants improve quality and efficiency.

In the first quarter of this year, Pinduoduo continued to increase its high-quality development and formally established the “Merchant Rights Protection Committee” (hereinafter referred to as the “Commercial Insurance Association”), led by Zhao Jiazhen personally to coordinate all departments of the platform, comprehensively study the needs of merchants, continuously optimize the service mechanisms of merchants, and improve the ecosystem construction of the platform.

On March 5, the “Chamber of Commerce and Insurance” held its first merchant symposium. Dozens of business representatives from various industries such as fresh food, alcohol, daily necessities, and sporting goods participated in the conference. After in-depth exchanges with participating merchants, the “Commercial Insurance Association” launched four major upgrade measures, including a “normalized exchange mechanism” and “warning function for illegal operations,” to further protect the rights and interests of merchants.

▲ After the launch of the “100 billion support” program, Pinduoduo has launched a number of beneficial business initiatives to feed back the industrial ecosystem. (Photo by Jiao Yansong)

In order to work with merchants to meet the new challenges brought about by the external environment, the “Chamber of Commerce and Insurance” officially launched a new “100 billion support” strategy in early April, and has successively implemented a number of measures to feed back the industrial ecosystem. The “10 billion reduction” drastically reduced store security deposits for various categories such as home appliances and digital products, and the “New Quality Supply” increased support for small and medium-sized businesses. The “2025 More Good Specialties” campaign also penetrated into major agricultural specialty production areas simultaneously to help merchants and farmers increase production and income.

Zhao Jiazhen said that on the one hand, the platform will continue to explore more commission reduction initiatives, continue to reduce costs and burdens for merchants and create more cost space, business space and innovation space; on the other hand, the scope of the platform's support for merchants will expand from the head and waist to small and medium-sized businesses. It is necessary to focus efforts on small and medium-sized businesses, dare to gnaw at the hard bones of high-quality development, maximize the potential of small and medium-sized businesses, and push the industrial belt to achieve a larger scale and higher quality overall upgrade.

On the consumer side, “100 billion support” has also implemented a number of subsidy policies to benefit consumers. The platform's 10 billion subsidy channel has added a “10 billion merchant reward plan”, and has successively invested 10 billion yuan in consumer vouchers. Through special activities such as “10 billion vouchers” and “10 billion double up”, all categories of products are oversubsidized to meet consumers' functional and personalized consumer needs, and at the same time improve the efficiency of matching supply and demand to help new quality merchants and new quality brands expand their new volume.

In addition, Pinduoduo has further explored the innovative model of “direct platform compensation”. On the basis of fully protecting the rights and interests of merchants, various categories target “national subsidies” price standards to comprehensively benefit consumers, stimulate consumer demand and vitality, and help platform merchants establish sufficient market competitiveness.

“New quality supply” increases small and medium-sized businesses and accelerates industrial transformation and upgrading

In September of last year, Pinduoduo launched the “New Quality Merchant Support Program” to go deep into hundreds of industrial belts, cultivate a number of new quality merchants with product and technological innovation capabilities, and drive the transformation and upgrading of the industrial belt through the “head geese effect” of new quality merchants. After the launch of “100 billion support”, the “New Quality Merchant Support Program” rapidly spread from leading merchants to small and medium-sized businesses in the industrial belt. The platform's traffic engine, black label stores, etc. were also skewed in all directions towards small and medium-sized businesses.

Since March, Pinduoduo's “New Quality Supply” special team has gone deep into the frontline of industries such as rice paper in Jingxian County, Yongkang kitchenware, Wenzhou women's shoes, Shenzhen digital, Xin'an running shoes, Jinjiang sports, etc., to provide comprehensive support for small and medium-sized businesses in various regions with products, technology, operation, marketing, warehousing, logistics, etc., which has greatly stimulated local industrial vitality and created new momentum for the new quality transformation of the industrial belt.

In Yongkang, Zhejiang, the scale of the local hardware and kitchenware industry is unprecedented, but for a long time, it has been dominated by foreign trade OEM and domestic sales. There is serious competition in product homogenization, and there is a single model for industrial development. With the support of Pinduoduo, a post-95 startup upgraded the production line, greatly improved the efficiency of the supply chain, and achieved branded development through the platform's black label stores. It also expanded 10 production lines in just one year. It also drove many local merchants to shift from the traditional OEM model to the brand model, creating a second curve for the industrial transformation of Yongkang, the “hardware capital of China”.

▲ The “2025 More Good Specialties” project went deep into dozens of agricultural production areas to help farmers everywhere increase production and income. (Photo by Chan Chun-ho)

As a platform that started with agricultural products, Pinduoduo's “100 billion plan” has also further strengthened support for agricultural merchants. At the beginning of April, the “2025 Many Good Specialties” campaign was officially launched. It has successively visited agricultural specialty regions such as Lianyungang in Jiangsu, Ningde in Fujian, Wanning in Shanxi, Maoming in Guangdong, Chengdu in Sichuan, Dalian in Liaoning, Huanxian in Gansu, and Fuzhou in Jiangxi, and launched customized plans for local specialties, and conducted “one-on-one” explanations with local small and medium-sized businesses to explore new upward models of agricultural products to help the industry increase added value and increase production and income in the agricultural and animal husbandry industry.

In the papaya production area of Mengzi, Yunnan, local merchants, with the support of the platform, developed a digital system for agricultural product operation, which realized automated operation of agricultural product picking, shelving, pricing, logistics, after-sales and traceability, solved the pain points of vague agricultural product pricing and high loss rates, realized the transformation of agricultural product operations from “manual experience” to “data-driven”, and completed the upgrading of the traditional agricultural supply chain.

In the field of agricultural research and technology, Pinduoduo's “100 billion support” program has also reaped new results. In late April, the “Digital Commerce Farming Science and Technology Academy”, supported by Pinduoduo, was officially unveiled in Gusheng Village, Dali, Yunnan. This is also the first science and technology hospital in the country to focus on “digital business+training new farmers”. Up to now, the Science and Technology Institute has implemented a smart nutrient management and control platform project, supported 7 high-quality agricultural research projects, helped more than 20 science and technology institutes “touch the Internet” with high-quality agricultural products, and became the activity base and base camp for the “National Science and Technology Academy Cooperation Network”.

“Currently, the market is rapidly changing. Our backfeeding and support for merchants is a responsibility we must assume at this stage. Only by prioritizing the protection of the interests of users and merchants can we create a better platform ecosystem.” Chen Lei said that we will continue to further promote high-quality development in the spirit of nail nails, help businesses get through the cycle, and firmly follow a long-term development path facing the future.