Thank you, Operator. Hello everyone, and thank you for joining us today.

PDD Holdings earnings release was distributed earlier and is available on our website at investor.pddholdings.com and through the GlobeNewswire services. Before we begin, I'd like to refer you to our safe harbor statement in the earnings press release which applies to this call, as we will make certain forward-looking statements.

Also, this call includes discussions of certain non-GAAP financial measures. Please refer to our earnings release which contains a reconciliation of non-GAAP measures to GAAP measures.

Joining us today on the call are Mr. Chen Lei, our Chairman and Co-Chief Executive Officer, Mr.

Zhao Jiazhen, our Executive Director and Co-Chief Executive Officer. Our VP of Finance, Ms.

Liu Jun, is unfortunately on medical leave. Delivering the prepared remarks on Jun's behalf today will be Ms.

Xinyi Lin from our Investor Relations team, who has spoken on our earlier earnings calls. Lei and Jiazhen will make some general remarks on our performance for the past quarter and our strategic focus.

Xinyi will then walk us through our financial results for the third quarter ended September 30th, 2025. During the Q&A session, Lei and Jiazhen will answer questions in Chinese and we'll help translate.

Please kindly note that the English translation is for reference only and in case of any discrepancy, statements in their original language should prevail. Now it's my pleasure to introduce our Chairman and Co-Chief Executive Officer, Mr.

Chen Lei. Lei, please go ahead.

Hello everyone, and thank you for joining our Q3 2025 earnings conference call. This year marks the 10th anniversary of the company's founding.

Just before this earnings release, we celebrated our 10th birthday. When we started in 2015, we pioneered the team purchase model, which offered the value proposition of more savings and more fun at scale, and created a new e-commerce defined by three characters, namely, benefit all, people first, and more open.

Since then, we have gradually grown from a startup into a key player in the e-commerce industry, and along our journey created greater value for our users, our merchants, as well as the industry and the society. This quarter, we reported RMB108 billion in revenue, with growth remaining under pressure.

As always, we prioritize long-term value over short-term results. Looking back over the past decade, we have upheld our core value of Ben Fen, adhered firmly to our own duties and principles, and maintained focus on our core business of e-commerce.

Throughout our journey, we strive to create value for our users and to address the needs of the widest range of consumers. We have also made every effort in giving back to the industry ecosystem, driving the industry to become more benefit all, more people first, and more open.

Since day one, our mission has been to serve the broadest range of consumers by offering affordable prices and quality services. 10 years ago, we introduced the team purchase model to address the challenges faced by the farmers and growers as well as industrial belt merchants.

This e-commerce model has helped a large base of farmers and everyday workers increase their income while offering urban and rural consumers across through quality fruits and daily necessities at affordable prices. Today, 10 years later, our focus remain on the day-to-day of people from all walks of life.

We continue to provide consumers with quality goods at affordable prices and help merchants, many of which SMEs, expand their market reach. Ultimately, we help producers and consumers live a better life.

As a new e-commerce platform born in the mobile internet era, we moved beyond the traditional online shopping model that placed products at the center. Instead, we put people first.

We built our model around the consumer focus. We try to understand the human touch behind every click, and we honor the consumer trust behind every order.

We strive to bring more savings and more fun to every purchasing experience. With this goal in mind, we continuously driven product innovation, technology iteration, service upgrades, and improvements in product selection and the efficiency of supply chain.

In doing so, we aim to satisfy the diverse and rapidly growing needs of the everyday consumers. Throughout our journey, we have faced fierce and persistent industry competition, and yet we have remained steadfast in our focus on the company's intrinsic value in the long run.

We promote the high-quality growth of the platform ecosystem and we advocate for a more open industry environment. Since last year, we have further elevated our ecosystem development and rolled out substantial merchant support initiatives, such as the 10 Billion Fee Reduction Program and 100 Billion Support Program.

Through these initiatives, we made investments in our merchants and the wider [unclear], creating room for innovation and growth for both established brands and SMEs. We hope to play our part in accelerating supply chain upgrade and in addressing the long-standing challenge faced by our merchants who had quality but lack brand recognition.

As we look ahead, the e-commerce industry is witnessing even more intense competition. We will continue to uphold the principles that had guided us for the past 10 years, staying true to our mission of creating value for our consumers, and focus on investing in a high-quality development of our platform and the wider industry.

Today, the scale of our business is far greater than it was 10 years ago. With greater scale comes greater social responsibility.

Therefore, as we think about our growth in this new era, we must do so in a way that prioritizes the interest of wider public and the long-term outlook of the entire ecosystem. Going forward, more strategic initiatives similar to the 100 Billion Support Program will be rolled out to support both supply side and demand side.

We will also strengthening our efforts in giving back to the industry and the broader society. Three years ago, we launched our global business, which has now grown to serve many markets.

Today, with the rapid evolvement of trade barriers and other global events, we are seeing significant shift in the platform's regulatory environment, including in trade policies, tax rules, data security, and product compliance regulation across different countries and regions. This means we will inevitably face greater challenges and more uncertainties.

As a young global company, we are working hard to learn, to keep up, and to adapt to these changes. However, there remains significant uncertainties exposing the company to risks that are unpredictable and difficult to quantify, which may impact our financial performance both in the short term and over the long term.

In the midst of fierce industry competition, a complex global environment, and our continuous ecosystem investments, our quarterly profitability will fluctuate and is inherently unpredictable. Therefore, simple linear projection might not be a good way to projecting future performance.

As we have emphasized in the past, short-term stock price fluctuation has never been our focus. Rather, our focus remains on building long-lasting intrinsic value by doing the right thing and creating value for the consumers.

It is with our firm commitment to high-quality development we embarked on the next decade toward our vision of Costco plus Disney. With that, we will turn the call over to Zhao Jiazhen for further remarks.

大家好，我是赵佳臻。感谢大家参加第三季度业绩的发布会。

Good day, everyone. This is Zhao Jiazhen.

Thank you again for joining our Q3 2025 earnings release. 今年三季度是拼多多创业十周年。如陈磊所说，十年来我们始终坚持为用户创造价值，为社会创造了更多的增量贡献。在十周年的节点上，我们将继续加大对供需两侧的回馈力度，推动产业提质升级，为广大普通人创造更多的实惠和乐趣。

The third quarter this year marks the company's 10th anniversary. As Lei mentioned, over the past 10 years, we have remained committed to creating value for our users and growing alongside our merchants.

We have strived to drive the industry to become more open and have delivered incremental value to the society. At this 10-year juncture, we will continue to step up our efforts to give back to the supply side and the demand side, as part of our efforts to drive industry upgrades and deliver more savings and more fun to the general public.

在本季度，我们的营收增速继续承压，经营利润录得低个位数增长。在当下，电商行业围绕新业态的竞争持续加剧，我们将继续投入真金白银反哺平台生态。类似百亿减免、千亿扶持的重要惠商举措将长期持续。这都将影响营收和利润的可持续表现，本季度的利润不能作为接下来的业绩指引，不排除未来几个季度的业绩表现将出现反复波动。 In this quarter, our revenue growth continued to be under pressure and operating profit grew in low single digits.

Currently, we see intensified competition within the e-commerce sector that is centered around new business models. We will continue to invest back into our platform ecosystem and our investments into the merchant support initiatives similar to the 10 Billion Fee Reduction Program and the 100 Billion Support Program will continue in the long run.

These investments will affect the sustained performance of revenue and net profit. Accordingly, our financial results of this quarter should not be considered as guidance for future performance.

We cannot rule out the possibility that the financial performance in the next few quarters will continue to fluctuate. 在过去十年，我们从一家初创公司成长为公众平台，受益于中国经济的快速发展，也始终没有忘记承担平台企业的社会责任，一直积极回馈农业和产业。今年以来，我们在电商行业首次推出千亿级别的惠商助农行动，并通过多多好特产、新质供给、电商西进等举措，持续推动平台生态的高质量发展。

Over the past decade, we grew from a startup into a public platform. We benefited from China's rapid economic development and at the same time, we have not lost sight of the social responsibilities that are inherent to a platform company and proactively gave back to the agriculture and other industries.

This year, we rolled out the first 100 Billion Support Program in the e-commerce industry to support merchants and farmers. Through initiatives such as Duo Duo Premium Produce, New Quality Supply, and logistics support to remote regions, we continue to drive the high-quality development of the platform ecosystem.

作为起家于农产品的新电商，用户和商家在拼多多交易的第一单就是农产品。一路走来，我们在农业的各个领域，包括供应链、仓储物流、新农人、农业科研等都进行了长期的投入，大幅提升了农产品上行的规模和效率，及标准化，为广大农户增产增收，也借此成为中国最大的农产品上行平台。 As a new e-commerce platform with roots in agriculture, the first product bought and sold on Pinduoduo was agriculture produce.

Along the way, we have made long-term investments across different parts of agricultural industry, from supply chain and warehousing logistics to supporting new generations of farmers and agriculture research and development. These efforts have significantly increased the scale and efficiency of agriculture product distribution, greatly promoted product standardization, and helped farmers increase output and income.

In this process, we have become the largest platform for agriculture products in China.

今年以来，我们依托千亿扶持战略，推出了多多好特产专项行动，继续加码对农业领域的投入。根据平台发布的2025农产品上行半年报，我们对农业的投入收效显著。今年上半年，农产品交易单同比增长47%，农货商家数量同样保持高速增长，尤其是00后农货商家的数量同比增长超30%，农产品上行的空间依然后劲十足。

In the third quarter, our Duo Duo Premium Produce team visited dozens of agriculture specialty regions, including Hubei Jingzhou, Henan Shangqiu, Shandong Laiyang, Yunnan Pu'er. This year, on the back of 100 Billion Support Program, we launched the Duo Duo Premium Produce initiative to step up our investments into agriculture.

Based on the 2025 Agriculture Product Half-Year Report that we just issued, our investments in agriculture have yielded significant results. In the first half of this year, agriculture sales grew by 47% year-over-year, and we saw a similarly rapid increase in the number of agriculture merchants, with a particularly notable increase of over 30% year-over-year in a generation of merchants born in the 2000s.

This demonstrates that the online distribution of agriculture products continues to hold immense promise.

在三季度，我们的多多好特产专项行动先后走进了湖北荆州、河南商丘、山东莱阳、云南普洱、四川安岳等地数十个农特产区，为各地商家推出定制方案，推动各大产区从规模化向品质化发展。9月各地农产区迎来丰收季，我们投入10亿补贴资金、20亿流量资源包，联合平台30万农货商家上线多多丰收馆，助力各地农货及时出村进城，促进各地农户丰产增收。

In the third quarter, our Duo Duo Premium Produce team visited dozens of agriculture specialty regions, including Hubei Jingzhou, Henan Shangqiu, Shandong Laiyang, and Yunnan Pu'er, and Sichuan Anyue, to develop tailored solutions for the merchants and help them make the transition from a model that prioritizes scale to one that prioritizes quality. During the harvest season starting in September, we allocated 1 billion subsidy and 2 billion traffic support, and in collaboration with the 300,000 agriculture merchants on our platform, rolled out the Duo Duo Harvest Season program to facilitate the timely distribution of produce from rural areas to urban markets, helping farmers increase income.

在拼多多的起步阶段，我们通过拼的模式创新的解决了产业带的存量问题，并带动各地产业迅速完成了规模化。很多产业带的电商商家从一两百家增长至数千家，商品也存在同质化竞争。截至目前，产业带已经进入了转型的关键节点。 In the early days of our company, our team purchase model brought about a solution to the legacy challenges within the industrial belts and enabled the industries to quickly scale across regions.

The number of e-commerce merchants in many of these regions grew from just a hundred or two to several thousands. However, this growth has also led to commoditized competition, and today these industrial belts have reached a critical juncture that calls for transformation.

过去这个季度，我们的千亿扶持战略持续加码新质供给，专项团队先后深入了平湖羽绒、惠州零食、佛山童装、邵东箱包、曹县汉服等数十个产业带，借助平台的数字化能力，通过减免加扶持的举措，继续为商家提质增效，促进行业原材料等供应链各个环节，实现累进式的创新，积极破解同质化竞争的产业难题。 This quarter, we continue to invest in the New Quality Supply initiative through our 100 Billion Support Program.

Our teams visited dozens of industrial belts such as down jackets in Pinghu, snacks in Huizhou, children's wear in Foshan, bags and luggages in Shaodong, and Hanfu in Caoxian. Leveraging our digital capabilities and fee reduction and merchant support programs, we continue to enhance quality and efficiency for our merchants.

We aim to address the challenges of commoditized competition faced by many industries by incremental innovation across each part of the supply chain, from raw materials to finished products.

9月底，我们发布了新质供给一周年发展报告。从报告来看，平台产业带商家数量快速增长，95后商家的数量同比增长31%，00后商家的数量同比增长44%，优质产品SKU数量同比增长超五成，产业带的品牌店铺也是实现大幅增长，各大产业带正在步步迈向高质量发展。

At the end of September, we released the One-Year Development Report on New Quality Supply. The report shows rapid growth in the number of industrial belt merchants.

The number of merchants between the age of 25 and 30 grew by 31% year-over-year, and those born in the 2000s grew by 44%. The number of high-quality SKUs increased by over 50% year-over-year, and we've also seen a significant rise in the branded stores from these industrial belts.

These figures demonstrate that the key industrial belts are steadily moving towards high-quality development. 受益于我们在供给侧的持续投入，我们给最广大的普通消费者带来了更多实惠和乐趣。城市的白领下单了云南的鲜花，县城的年轻人买到了新款的潮玩，山村村民吃上了优质的海鲜，西部的牧民穿上了防晒衣。以西部地区为例，在免除物流中转费之后，宠物用品、户外防晒、潮玩周边、生鲜绿植等商品订单量显著增长，极大的盘活了东西部地区的经济活力。

Our

supply-side investments have allowed us to bring more savings and more fun to a broad base of ordinary consumers. We see urban white-collar workers ordering fresh flowers from Yunnan, while young people in small towns buy trendy designer toys.

We see mountain villagers enjoying high-quality seafood, while herdsmen in western regions wear UV-protective jackets. Taking the western regions as an example, the exemption of transshipment fees has led to a significant surge in order volume for pet supplies, outdoor and sun protection gears, designer toys, and fresh produce and plants, among other product categories.

This greatly stimulated the economic activities between the regions. 站在十周年的新起点上，我们将继续坚持消费者导向，持续进化组织，以钉钉子的精神扎扎实实一个一个的解决用户、商家、产业的实际问题，持续构建多方共赢的平台生态，承担更大的社会责任，继续为广大的普通人创造价值。

Starting afresh from this 10-year mark, we will continue to put consumers first and drive organizational evolution. One by one, we will tackle the practical problems faced by our users, merchants, and the industries through persistent focused efforts.

Continue to build a thriving platform that benefits all, taking on greater social responsibility, and creating value for the public. 接下来，由欣怡为大家介绍我们这个季度的财务表现。

Now I'll hand it over to Xinyi to provide you with an update on our Q3 financial performance.

Thank you, Jiazhen. Hello everyone.

This is Xinyi from the Investor Relations team. Jun is on medical leave and I will deliver the prepared remarks on behalf of her.

Let me walk you through our financial performance for the third quarter ended September 30th, 2025. In terms of income statements, in the third quarter, our total revenues increased 9% year-over-year to RMB108.3 billion.

This was driven by an increase in revenues from online marketing services and transaction services. Revenues from online marketing services and others were RMB53.3 billion this quarter, up 8% from the same quarter of 2024.

Online marketing services growth moderated further as competition intensified and as we invest in the merchant ecosystem. Revenues from transaction services were RMB54.9 billion, up 10% from the same quarter last year.

Moving on to costs and expenses. Our total costs of revenues increased 18% from RMB39.7 billion in Q3 2024 to RMB46.8 billion this quarter, mainly due to increase in fulfillment fees, bandwidth and server costs, and payment processing fees.

On a GAAP basis, total operating expenses this quarter increased 3% to RMB36.4 billion from RMB35.4 billion in the same quarter of 2024. On a non-GAAP basis, total operating expenses increased to RMB34.4 billion this quarter from RMB32.9 billion in Q3 2024.

Our total non-GAAP operating expenses as a percentage of total revenues this quarter was 32%, roughly in line with the same quarter last year. Looking into specific expense items, our non-GAAP sales and marketing expenses this quarter were RMB29.8 billion, flat compared to the same quarter last year.

On a non-GAAP basis, our sales and marketing expenses as a percentage of our revenues this quarter was 28%, compared to 30% in the same quarter last year. Our non-GAAP general and administrative expenses were RMB896 million versus RMB647 million in the same quarter of 2024.

Our research and development expenses were RMB3.7 billion this quarter on a non-GAAP basis and RMB4.3 billion on a GAAP basis, up 41% year-over-year. Our investment in R&D reached a new high this quarter, reflecting our focus on improving the core technology capabilities of our platform.

We are committed to investing in R&D over the long run to capture opportunities in supply chain innovation and consumer experience. On a GAAP basis, operating profit for the quarter was RMB25 billion versus RMB24.3 billion in the same quarter last year.

Non-GAAP operating profit was RMB27.1 billion versus RMB26.8 billion in the same quarter last year. Non-GAAP operating profit margin was 25% this quarter, down from 27% for the same quarter last year.

As we invest in the platform ecosystem, our profitability may continue to fluctuate. Net income attributable to ordinary shareholders was RMB29.3 billion for the quarter, compared to RMB25 billion in the same quarter last year.

Basic earnings per ADS was RMB20.96 and diluted earnings per ADS was RMB19.70 versus basic earnings per ADS of RMB18.02 and diluted earnings per ADS of RMB16.91 in the same quarter of 2024. Non-GAAP net income attributable to ordinary shareholders was RMB31.4 billion versus RMB27.5 billion in the same quarter last year.

Non-GAAP diluted earnings per ADS was RMB21.08 versus RMB18.59 in the same quarter of 2024. Now, as Lei and Jiazhen mentioned, we are facing an increasingly competitive industry landscape which calls for more investments in the platform ecosystem.

Therefore, as we roll out greater merchant support initiatives and ecosystem investments, financial results may continue to fluctuate from quarter to quarter. That completes our income statements.

Now let me move on to cash flow. Our net cash generated from operating activities was RMB45.7 billion, compared with RMB27.5 billion in the same quarter last year.

As of September 30, 2025, we had RMB423.8 billion in cash, cash equivalents, and short-term investments. Thank you.

This concludes our prepared remarks.

Thank you, Xinyi. Next we will move on to the Q&A session.

In today's Q&A session, Lei and Jiazhen will take questions from analysts on the line. We could take a maximum of two questions from each analyst.

Lei and Jiazhen will answer questions in Chinese and will help translate for convenient purposes. Operator, we are open for questions.

Lei、Jiazhen、Xinyi、Carrie晚上好，感谢接受我的提问。我的第一个问题是三季度我们看到线上零售的大盘在逐渐回暖，行业同比增速呢达到了过去几个季度的最好水平。想请公司跟我们分享一下在过去一段时间里面对行业趋势的观察和解读。同时我们也有注意到这个季度公司的广告收入增速呢有所放缓，整体的变现率也有一些波动。想请管理层谈一谈这个主要的原因是什么，您觉得在这样的情况在未来几个季度是不是会持续？其次呢我们今年也观察到一些平台企业围绕着新模式做了大量的业务创新还有资源的投入，在很短的时间里呢就改变了行业的竞争格局。在此想请教一下管理层是怎么思考电商这个行业在未来一段时间的竞争格局的？非常感谢。 I will translate myself.

My first question is, in the third quarter, we see a recovery in overall online retail sector as the industry's year-over-year growth reached its best level in the past few quarters. Could management share the company's perspective on the recent industry trend?

In the meantime, we noticed a slowdown in DouDuo's online marketing service revenue this quarter, which we estimate also indicated some pressure on the take rate. Could management elaborate on the main factors driving the growth?

Do you anticipate this trend will continue in the next couple quarters? Secondly, in the past few quarters, we've seen several platform companies roll out major business innovations and ramp up investment in the new models, which has really shifted the competitive dynamics.

How does management view the competitive outlook in China's e-commerce sector from here and why? Thank you very much.

你好，我是赵佳臻，我来回答一下这个问题啊。

Hi, this is Zhao Jiazhen. Let me take this question.

在过去的几个季度呢，行业开启了新的一轮的这个投入周期，电商行业一直在快速的变化。在一个这个竞争者数量众多，而且各方实力都很强的这个行业的格局下面呢，我们认为竞争是不可避免的。面对竞争和行业的这个快速变化，我们主要思考是平台可以为消费者、商家还有其他的平台参与方能够创造什么样的独特价值，而不会去过分的关注短期的行业动向和竞争对手的一举一动。 In the past few quarters, the industry has entered a new investment cycle.

The e-commerce sector is evolving rapidly and within an industry landscape that has a large number of strong players, competition is unavoidable. Faced with this competitive and fast-changing environment, our primary focus should be that what unique value our platform can create for the consumers, merchants, and other participants.

We do not pay too much attention to the short-term industry trends or every move made by the competition. 在我们看来呢，接下来平台的发展要结合自身的优势，去谋求高质量的发展。通过实在的这个能力的提升，服务好商家和消费者，创造更多的价值。当然我们也很高兴的看到啊这个整体的线上零售的回暖。

As we see it, from here onwards, we must leverage our inherent strength to pursue high-quality growth and enhance our core capabilities in order to better serve our merchants and consumers and along the way creating more value. Of course, we are also encouraged to see the overall recovery in online retail.

那今年的初时呢，我们进一步的意识到高质量发展的长远价值。因此呢在这个阶段，我们管理层下决心将平台生态建设升级到新的阶段，推出了千亿扶持的惠商计划，平台主动拿出真金白银反哺商家和产业，为平台商家、优质商家的创新和发展创造充分的空间。 At the beginning of this year, we further recognized the long-term value of high-quality growth and our management team made a commitment to elevate our platform ecosystem investments to a new stage and launched the 100 Billion Support Program to support our merchants.

This involves the platform proactively dedicating substantial resources to invest in merchants and the broader industry. In doing so, we target to provide ample room for innovation and growth for both established brands and SMEs.

与此同时呢，平台也成立了商家权益保护委员会，建立了与商家沟通的长效机制，对商家售后服务体系进行了专项升级，并且对这个异常订单售后等问题呢实行了多项的改进和治理的举措，优化商家的经营环境，全力构建多方共赢的平台生态。 In the meantime, we also formed the Merchant Protection Committee to create a long-term communication mechanism with our merchants.

We have also undertaken targeted upgrades to the merchant after-sales service system and implemented multiple improvements to address issues like abnormal order disputes. These efforts are all focused on optimizing the business environment for our merchants and nurturing a platform ecosystem where all participants can thrive together.

站在当期的节点往前看，我们管理层一致认为继续加码平台生态投入，从更大的社会、公众利益和长期健康生态的角度呢来考虑企业发展的问题，是我们平台应该做的事情。我们将专注于平台长期的内生价值，以及平台的长期健康发展。因此呢，未来一段时间内类似千亿扶持等惠及供需两侧的商业项目将会进一步的增多，平台反哺产业、回馈社会的力度呢也会加大。 Looking ahead at this juncture, management unanimously agree that it is our responsibility to further increase investment in our platform ecosystem and to think about the company's development from a broader perspective of public interest and the long-term health of the entire ecosystem.

We will remain focused on the platform's intrinsic value and healthy development in the long run. Therefore, in the period ahead, we plan to roll out more strategic initiatives that benefit both merchants and consumers, programs such as the 100 Billion Support Program, and further enhance our efforts to invest in the industry and give back to the society.

那回到这个业绩的增速呢，几个季度前我们说过啊，这个随着平台规模的增长和竞争的加剧，高增长是不可持续的，增速呢一定会放缓。随着千亿扶持和一系列支持商家及产业的投入继续落地，我们的财务表现接下来一段时间内也会有起伏。但是我们将始终立足长远，为消费者、商家创造我们独特的价值，从而实现平台长期的内生价值的增长。 Back to the topic of growth rates, we mentioned several quarters ago that as the platform increased in scale and also as competition intensifies, our growth rate is set to slow down.

As we continue to invest in programs to support merchants and the industry, our financial performance may experience ups and downs in the coming period. However, we will always maintain a long-term perspective, focusing on creating a unique value for consumers and merchants, and building our intrinsic value.

还有第二个关于竞争的问题，那我来回答一下啊。 In terms of your second question about competition.

也相信你也可以看到，我们所在市场的竞争呢是在持续的加剧的。在过去的几个月里面呢，我们看到了很多的同行投入了大量的资本和资源，在大力的发展新的模式。电商行业围绕新业态的竞争呢在持续的加剧。 As you have observed, the competition in our industry has intensified.

Over the past few months, we've seen many industry peers deploying significant capital and resources to aggressively develop new business models, leading to increasingly fierce competition around emerging business models in the e-commerce sector. 而在这个环境下呢，我们继续投入真金白银反哺平台生态。就像当前正在开展的类似于百亿减免、千亿扶持的重磅惠商举措呢将会长期的持续，未来也会呢推出更多的类似的举措。平台是愿意牺牲自己的利润来为平台生态创造更广阔的发展空间，这个呢就是我们的长期的投资。

In this environment, we will continue to invest substantial capital to strengthen our platform ecosystem. Major merchant support initiatives such as the 10 Billion Fee Reduction Program and 100 Billion Support Program will be sustained over the long run, and with more similar programs to be launched.

The platform is willing to let go some of the profits to create room for the development of the entire ecosystem. We view this as our long-term investments.

例如像先前介绍的，今年以来我们依托千亿扶持战略，推出了多多好特产的专项行动，帮助优质的农货商家大幅提升了农产品上行的规模和效率。像类似这样的例子呢还有很多。 For instance, as mentioned earlier, this year we launched the Duo Duo Premium Produce campaign under our 100 Billion Support Program, which has significantly helped quality agriculture merchants increase their scale and improve the efficiency of product distributions.

There are numerous initiatives like this. 这些长期投资呢将不可避免的影响营收和利润的可持续表现。接下来我们面对外部环境的变化和愈发激烈的行业竞争，我们的长期的投资势必会增加。那因此呢，我们不觉得本季度的利润呢能作为接下来的业绩指引，不排除未来几个季度的业绩表现将出现反复的波动。谢谢。

These long-term investments will naturally impact our revenue and profits performance. Moving forward, amidst the changing external conditions and intensifying competition, our long-term investments are set to increase.

Therefore, we do not think this quarter's profitability should serve as guidance for future performance, and there's still the possibility of continuous fluctuation in the results over the coming quarters. Thank you.

非常感谢。 Thank you, Joyce.

Operator, we're ready for the next analyst on the line.

Hello, Carrie, Lei, Jiazhen, 晚上好，谢谢接受我的提问。我有两个问题，第一个问题是关于全球。就全球化的业务中，我们看到公司和一些同行在不少国家其实是受到不少的监管，还有这个舆论的审查，有的甚至是比较激烈的。然后管理层如何看待这样的情况？然后那么我们接下来有什么样的一些应对？第二个问题是公司在过去几个季度都提到了商家生态的这个投资，请问当前的效果怎么样，以及我们应该怎么去衡量它对财务的这个影响？未来公司的计划是怎么样？我自己翻译一下。 Thanks management for taking my questions.

Two questions. The first one is in the global business operation, we have observed that the company and also other peers are facing regulatory and also public scrutiny in many countries, some of which are quite intense.

How does management view this situation and what are our plans response? Then second question is the company has mentioned investment in the merchant ecosystem over the past few quarters.

Could you share the current status of this initiative? How should we assess the financial impact of this initiative and what are the company's future plans?

Thank you. 你好

Alicia，我是陈磊。那我来先回答一下你的第一个问题。我们公司的全球化业务呢已经经历了三年多的发展。目前呢已经在很多的市场的服务当地的消费者，也收到了来自于世界各地的消费者的正向反馈。我们面对这样的支持和信任呢，我们是深受鼓舞的。但同时呢，我们也感到肩上的责任非常的重。

Hi Alicia, this is Lei. Let me answer your first question.

After more than three years of development, the company's global business now serves local consumers in many markets and has received positive feedback from users worldwide. We're greatly encouraged by such support and trust, but at the same time, we sense profound responsibility.

那我们的全球化业务呢从一开始我们的目标呢就是希望能够在全球的各个市场那么实现长期的健康的展。我们希望呢能够为各国的消费者创造实实在在的价值。因此呢，我们也一直在思考如何能够融入各个市场的文化习俗和法规合规的体法律合规的体系。我们希望自己呢能够成为当地市场有机的一部分。 From the very beginning, the goal of our global business has been to achieve long-term sustainable development in each market and deliver tangible value to consumers.

Therefore, we continuously reflect on how to integrate with the local cultural practices and legal compliance systems in each of the markets so that we become an organic part of the local economies. 那么平台的业务发展呢以及各个市场的监管趋势，那这些呢都给我们提出了更高的要求。我们也是始终认为呢给消费者提供一个安全的、放心的消费环境呢，这其实也是一个电商平台的基本盘。因此呢，管理团队把平台治理和商品合规纳入了公司这个高质量发展战略的重要一环，我们针对这一块呢做了大量的工作和投入。

The growth of our business alongside regulatory trends across different markets now set a higher standard for us. We have always believed that providing consumers with a safe and trustworthy shopping environment is a fundamental duty of an e-commerce platform.

Accordingly, management has made trust and safety and also product compliance a key component of the company's high-quality development strategy and has made substantial investments in this area. 那么从技术的层面呢，我们在不断地优化商家入驻和商品上架的规范和流程。整个公司都投入了大量的资源，我们合人工筛查的手段，那么对商品上架、销售、售后都做主动的巡查和管理，从而完善安全风险的发现和响应能力。那与此同时呢，我们也在非常积极的和外部的相关方合作，我们在听取他们的意见，以高标准来要求自己。

On a technical front, we are continuously refining the policies and processes for merchant onboarding and product listing. The company has dedicated significant resources combining automated and manual screening to proactively monitor product listing, sales, and after-sales services.

By doing so, we hope to enhance our ability to detect and respond to safety risks. At the same time, we actively collaborate with external stakeholders and incorporate their feedback to hold ourselves to higher standards.

那么在团队建设方面呢，我们持续的投入专业合规团队的建设，那么实时的跟进我们所在市场的合规趋势，并且呢及时的在业务侧做调整。

In terms of our teams, we continue to invest in building a professional compliance team that keeps up with regulatory trends in our operating markets and promptly implements adjustments in our business operations. 那么尽管如此，那我们也看到各个国家和地区，那么他们在这个贸易政策、税务、数据和商品合规等监管政策方面呢都在发生着比较大的变化。那么这不可避免地给我们带来了更大的挑战，增加了更多的不确定性。

Despite these efforts, regulatory environment in areas such as trade policies, tax, data security, and product compliance are undergoing significant changes across various countries and regions. These present us with greater challenges and heightened uncertainty.

那么作为一家年轻的全球化公司，我们是在努力的学习，努力的跟上以及适应这些变化。但是我觉得需要承认的是这个过程中是显著的存在着不确定性。那么这可能让公司面临着不可预知及很难明确计算的风险，从而影响到短期乃至长期的财务表现。

As a young and global organization, we are striving to learn and to adapt to these changes.

However, I have to admit that this process introduces significant uncertainties which bring unpredictable and difficult-to-quantify risks, and could impact the company's financial performance in both the short and long term. 面对这样的不确定性呢，对我们来说呢还是我们会专注的练好内功，提高自身平台的合规能力，那么培育更健康、更加可持续的平台生态。谢谢。

In facing such uncertainties, to us, we remain very focused on strengthening our internal capabilities and enhancing platform compliance, and fostering a healthier and more sustainable platform ecosystem. Thank you.

你好，我是赵佳臻，我来回答一下你的第二个问题。在过去十年呢，我们经历了一段不平凡的成长的历程，从一家初创公司发展成为拥有社会影响力的公众平台。那在这一路呢，我们得益于互联网经济的蓬勃发展，也始终坚守着平台型企业应该有的社会责任。那十年来呢，我们也在不断的探索如何通过数字化的力量服务更广泛的群体，积极的回馈社会，尤其是在农业振兴和产业升级方面的持续的投入。 Hi, this is Zhao Jiazhen.

Let me answer your second question. Over the past 10 years, we have undergone an extraordinary growth journey, evolving from a startup to a public platform with certain social influence.

Throughout this journey, we have benefited from the rapid development of the digital economy and while at the same time took on social responsibilities that are expected of a platform company like ours. Over these 10 years, we have explored different ways to leverage digital capabilities to serve the broader communities and give back to the society, and particularly around rural revitalization and industry upgrades.

在这个过程中呢，我们先推出了百亿农研等这个战略级的项目，为农业现代化注入了新的动力。那今年呢我们进一步的迈出了关键的一步，在电商行业率先启动了千亿扶持的惠商助农的行动。那我们通过多多好特产、新质供给、电商西进等这些重要的举措，我们正在不断的优化平台生态，推动更多的优质商家、优质商品更高效的能够连接更广阔的消费市场，助力这个行业的高质量发展。 As part of this journey, we launched strategic initiatives such as the 10 Billion Agriculture Research Program to inject new energy into agriculture modernization.

This year, we took another critical step to launch the first 100 Billion Support Program in the e-commerce sector. Through the key measures such as Duo Duo Premium Produce, New Quality Supply, and logistics support for remote regions, we are continuously improving the platform ecosystem and brought more high-quality merchants and products to the broader consumer markets, driving the high-quality development of different industries.

对应你提到的这个商家的生态投资，我们一直在强调的是作为电商平台，平台和各生态的参与方需要同力的协作，一起来为这个消费者创造价值。而商家呢这是我们服务好消费者的重要的伙伴，那因此这个健康可持续的商业生态是平台高质量发展的重要基础。 Regarding your question around merchant support investments, we have always emphasized that as an e-commerce platform, we must collaborate closely with all the ecosystem participants to create value for consumers.

Merchants are vital partners in our efforts to serve the consumers well. Therefore, a healthy and sustainable merchant ecosystem is a fundamental pillar of the platform's high-quality development.

那我们希望呢这些政策能够推动优质商家实现高质量发展。比如说我们推出的费用减免政策，降低了商家的经营成本。这呢将帮助商家更有动力和能力进一步的完善他们的产品和服务。那目前在我们的平台上，我们看到这些生态建设的投资已经产生了一些正向的反馈。 We hope these initiatives will promote high-quality growth for quality merchants.

For instance, the fee reduction policies we introduced have lowered merchants' costs, enabling them to be more willing and able to reinvest in their products and services. Currently, we are already seeing some positive feedback from these ecosystem investments on our platform.

那今年是我们成立十周年。站在十周年的新起点上，我们将继续扎扎实实一个一个的解决用户、商家、产业的实际问题，持续构建多方共赢的平台生态，承担更大的社会责任。谢谢。 This year marks our 10-year anniversary and standing at this new starting point, we will continue to diligently address the practical challenges faced by our users, merchants, and industries one by one.

We hope to take a greater social responsibility and by building a platform ecosystem that benefits all. Thank you.

Okay. Operator, I think we have time for one more analyst.

Your next question comes from Kenneth Fong with UBS. 喂，晚上好。谢谢管理层接受我的提问。我第一个问题就是从利润率方面来看，看到公司这个季度的经营利润率同比下降的幅度跟前几个季度有一些收窄，但是管理层刚刚也提到会继续加大投入。我想请教一下就是接下来我们应该怎么思考我们这个投入的节奏，还有盈利的水平？另外呢就是管理层也可以分享一下，就是刚刚过去的大促里面，我们有没有观察到一些比较新的消费趋势？因为我们看到很多竞对也有新的模式，包括闪购啊，还有在双十一里面也取得不错的成果。那管理层可以分享一下对这些新的模式以后的格局吗？我自己翻译一下。

The company operating margin decline this quarter has narrowed compared to the previous quarter. Meanwhile, management just mentioned plans for increased investment.

How should we view the company's upcoming investment pace as well as the profitability level? My second question is could management share what the new consumption trend that we observed during the recent annual shopping festival promotion?

Additionally, we have seen other industry participants achieving good results with new business models such as quick commerce during Double 11. How does management view the competitive landscape under these emerging models?

Thank you. 你好，我是赵佳臻，我来回答你的问题啊。

Hi, this is Zhao Jiazhen. Let me answer your question.

那今年的三季度呢竞争在加剧，叠加了平台在这个千亿扶持计划下的对平台生态的持续投入，我们的收入呢继续承压，经营利润率呢也同比环比双双下降。 In the third quarter, heightened competition together with our ongoing investments in the 100 Billion Support Program put pressure on our revenue growth and also led to a decline in operating margins, both year-on-year and quarter-on-quarter.

那当前行业的竞争格局呢仍在快速的变化，在这个环境下呢，我们更要坚持立足长远的战略定力。接下来我们将围绕平台生态继续加大投入，比如说通过商家费用的减免、优质商家营销扶持等措施，为产业链的发展升级创造更大的空间。这些投入呢在财务上会对收入和利润在一段时间内带来了挑战。 At the moment, the industry landscape continues to change rapidly.

In this environment, it is crucial for us to maintain our long-term strategic focus. Looking ahead, we will continue to increase investments in our platform ecosystem.

This includes measures such as merchant fee reduction and marketing support for high-quality merchants, and all targeted at creating more room for the healthy development of the supply chain. These investments will pose challenges to our revenue and profit.

与此同时呢，正如我们刚刚的发言中提到的，当前公司的全球化业务正在面临复杂的国际环境，各个国家及地区的宏观政策和这个行业的监管环境已经并且预计持续发生比较大的变化。那这也将呢给公司的业务带来无法预料的风险和挑战，也会影响公司的短期乃至长期的财务表现。 At the same time, as mentioned in our prepared remarks, our global business is currently facing a complex global environment.

The policies and industry regulatory landscapes across different countries and regions have undergone and are expected to continue undergoing significant changes. This will bring unforeseeable risks and challenges to our company, which may also impact the company's financial performance in both the short and long term.

那还是像过去多个季度沟通的，在短期表现和长期健康高质量发展之间，我们将坚定的选择后者。我们的财务表现不排除未来几个季度会有反复波动，所以也不应该做线性外推。 As we communicated over the past few quarters, we will firmly prioritize high-quality development in the long term over short-term financial results.

Accordingly, our financial performance may fluctuate over the coming quarters and linear projection may not be appropriate for financial forecasts. 那关于你的第二个问题。

As to your second question. 在过去的几个月中呢，我们看到整体的消费形势保持积极的态势，市场的信心也在逐步的恢复。在大促的活动期间，整个电商行业的消费活力也被进一步的激发，整体呈现出这个稳中向好的趋势。

Over the past few months, we have observed an overall positive consumption momentum with gradually recovering market confidence. During the Q3 promotional period, consumption needs in the e-commerce sector was further stimulated, showing a steadily improving trend.

与此同时呢，我们也清晰地看到，当下的电商竞争依然异常的激烈，新的业态、新的模式层出不穷，市场格局也在持续的演变。各个主要参与者都在围绕着新业务的方向加大投入，竞争不断在升级。我们的业务呢也正在面临着全方位的挑战。 At the same time, we clearly recognize that the e-commerce competition remains very, very intense.

New business models continue to emerge, and the market landscape is constantly evolving. Major players are increasing investments in new business directions, leading to escalating competition and creating challenges for our businesses on all fronts.

那面对这样的环境，我们将进一步的提升自我要求，强化业务的核心能力，持续在供应链优化和平台生态建设方面深耕细作，寻找新的增长契机。我们会以这个长期主义的视角加大高质量的投入，并且将这些能力呢不断地转化为对消费者更加具备性价比的商品和服务。 In such an environment, we will further raise our standards, strengthen our core capabilities, and continue to deepen our efforts in supply chain improvements and platform ecosystem development to identify new growth opportunities.

From a long-term perspective, we will increase high-quality investments to translate these capabilities into products and services that offer consumers greater quality for money. 这个这个过程呢并不是会一蹴而就，而是一个持续而艰巨的过程。在相当的一段时间内，我们相较于部分同行可能会处于阶段性的劣势，同时也有可能带来一定的财务压力，比如说这个收入的增速放缓。

This process will not be immediate, but will demand continuous efforts. For a considerable period of time, we may be at a competitive disadvantage to our competitors, and this will potentially be accompanied by financial pressures such as slower revenue growth.

那我们的态度呢始终是积极和坚定的。我们选择以长远的视角看待竞争，主动加大投入，即便意味着在短期内牺牲部分利润，也要为生态的健康成长和未来的发展空间创造更多的可能。那这样的取舍呢，也是为了在竞争中构建更加稳固、可持续的长期价值。谢谢。 Our attitude remains positive but firm.

We choose to view competition through a long-term lens and plan on proactively increasing investments to create more possibilities for the healthy and sustainable development of the ecosystem, even if this means foregoing some short-term profits. These trade-offs are made with the intention to build a more robust and sustainable long-term value amid the industry competition.

Thank you. Okay.

Thank you, Jiazhen. It's about time.

Thank you all for joining us today. We look forward to speaking with you again next quarter.

Thank you and have a great day.