In response to external challenges and policy changes, Pinduoduo is taking proactive steps while strictly complying with regulations:

1. Leveraging long-term investments in supply chain and new business models to build operational capabilities.
2. Staying focused on core business while investing in supply chain services and platform ecosystem under high-quality development strategy.
3. Increasing platform support and resources for merchants, especially small and medium-sized businesses, to help them navigate uncertainties.
4. Launched 100 billion yuan support program to assist merchants with sales stabilization and cost reduction.
5. Continuing to explore new business models and categories to build a more resilient platform ecosystem.
6. For global business, strengthening localization efforts and helping more local merchants grow on the platform.

Management views these as necessary long-term investments to create a healthier merchant ecosystem, even if it impacts near-term profitability.
Disclaimer: This earnings call summary is generated by AI and is for informational purposes only. Due to technical limitations, inaccuracies may exist. It does not constitute investment advice or commitments.