PinduoduoThe Group achieved impressive results in the third quarter of 2023, with revenue reaching 688.4 billion yuan, a year-on-year increase of 93.%.9%。This success is due to the recovery of the consumer market and the company's insistence on implementing the "high-quality development" strategy. PinduoduoBy launching a series of first-class activities and providing high-quality services, such as "Summer Carnival", "Duoduo Harvest Hall", "Domestic Products Festival", "Duoduo Reading Month", etc., we will continue to reduce the threshold and difficulty for users to achieve consumption upgrades, and help further release the consumption potential. During this period, the platform's global consumption ushered in an all-round growth, with different categories of products achieving varying degrees of growth, and the consumption boom of domestic brands also continued to heat up.
PinduoduoChairman and co-chairman of the groupChief Executive OfficerChen LeiIt said that the demand for consumption upgrading is growing day by day, and consumers have a very high pursuit of quality and quality. PinduoduoWe will continue to provide consumers with high-quality and affordable goods and services, continue to improve the accessibility of multiple affordable and good services, and achieve high-quality development.
In the third quarter,PinduoduoIt has further deepened and implemented the high-quality development strategy, and invested more resources and energy in the construction of high-quality consumption, high-quality supply and high-quality ecology. The company focused on the "No. 1 project" and strengthened the pairingAgricultural productsand the governance and protection of book copyright commodities. In addition,PinduoduoIt is also through the establishment of long-term mechanisms to improve the availability of affordable benefits and improve the quality of supplyInclusivesex, thereby leading the consumption upgrade.
On the consumer demand side,PinduoduoBy holding activities such as harvest festivals, domestic product festivals, reading month, and National Day promotions, consumers can enjoy preferential services every day. These activities have promoted the upgrading trend of global consumption on the platform, especially the growth of categories such as wine gift boxes, high-end home appliances, outdoor sports, makeup and care, etc. At the same time, on the supply side,PinduoduoContinuous optimizationAgricultural productsChain, through the "Agricultural Cloud Action", "Ten Billion Agricultural Research" and other plans, forRuralThe region will provide more employment opportunities and income channels to help rural revitalization.
PinduoduoIt has also accelerated the innovation and development of the multi-border model with Guangdong, Zhejiang and other placesIndustrial beltsCooperation, advance the layout of overseas consumption nodes, and accelerate the export of Chinese goods. The Duoduo cross-border model has been launched for more than a year, reaching more than 40 countries and regions around the world, providing global consumers with a channel to buy directly from factories, providing more flexible and personalized productsChain, as well as a more cost-effective integrated shopping experience.
PinduoduoWe are well aware of the importance of technological innovation for high-quality development, so it has further increased in this quarterTechnologyinvestment, R & D expenses reached 28500 million yuan, a year-on-year increase of 55%。As the largest in the countryAgricultural productsUplink platform,PinduoduoLearn moreTechnologyInnovation rightAgricultureThe positive role of industrial upgrading. In order to support advanced technology to the countryside, the transformation of scientific research achievements and high qualityAgricultural productsUpside,PinduoduoContinued to support the second sessionTechnologySmall courtyard competition, and support for the focusTechnologyAgricultural productsWe have carried out first-class and subsidy inputs to promote the standardization of agricultural productsBrandingand digital development.
Except inAgriculturefield input,PinduoduoIt also actively fulfills its social responsibilities and promotes rural revitalization, disaster relief, and knowledgeInclusiveand so on. in rural revitalization, disaster relief and knowledgeInclusiveand other fieldsPinduoduoHe won the honor of the 12th "China Charity Award".
PinduoduoWe will continue to steadily promote the high-quality development strategy and continuously improve the consumer experience from the perspective of consumersOn the supply side, we will continue to improve the quality and cost performance of our products to promote ChinaAgricultureDigitalization and modernization. Through technological innovation andTechnologyInput,PinduoduoWill continue toAgricultureContribute to industrial upgrading and rural revitalization.