Pinduoduo Earnings Call: Continues to Ramp Up Supply Chain, Own Brand Progress Slower Than Expected, but "Recreating Pinduoduo in Three Years" Target Unchanged

Management clarified on the earnings call that the strategic focus has shifted to deep supply chain transformation, with the "Billion Ecosystem" initiative extending into agricultural production areas, industrial clusters, and logistics infrastructure. Although the own-brand business is progressing slower than expected, it remains the core strategy for "recreating PDD in three years," focusing on long-term co-development with manufacturers in the platform's advantageous categories. For global operations, in response to the EU's new tariff policies, the company is shifting toward local merchants and warehousing fulfillment to enhance resilience. The company emphasized adherence to long-termism, not pursuing short-term scale.