PinduoduoThe group announced its performance report for the third quarter of 2023, showing that its revenue increased by 94% year-on-year, achieving revenue of 688.4 billion yuan and net profit of 155.4 billion yuan. This achievement is inseparablePinduoduoThe Group's high-quality development strategy is steady and steady.
PinduoduoThe Group organizes its services through a series of first-class events and quality services, such as the "Summer Carnival", ".TotoHarvest Hall", "National Products Festival", ".TotoReading Month", etc., successfully lowered the threshold and difficulty for users to achieve consumption upgrades. While consumers enjoy "more affordable" and "good service", they can also benefit fromPinduoduoThe platform finds more high-quality domestic brands and experiences more high-quality consumption.
In the third quarter,PinduoduoConsumption across the region ushered in an all-round growth, with categories such as agricultural and sideline products, beauty and care, digital home appliances, and sports and outdoor products all achieving varying degrees of growth. In particular, the popularity of domestic brands is rising, and consumers' enthusiasm for domestic products is also increasing. This also proves itPinduoduoThe effectiveness of the high-quality development strategy and the recognition of domestic brands by consumers.
PinduoduoChairman and co-chairman of the groupChief Executive OfficerChen Leisaid that consumption upgrading is not only about quality, but also about quality, which is the ultimate pursuit of consumers for good prices and good things. In order to meet the needs of consumers,PinduoduoSteadily and steadily, we will continue to promote the high-quality development strategy.
In the third quarter,PinduoduoIt has deepened the strategic deployment of high-quality development, especially in the "No. 1 Project". PinduoduoThe protection of the lawful rights and interests of minors has been strengthened, and protection measures have been upgraded from multiple dimensions. At the same time, it has also strengthened the governance and protection of books and other copyrighted commodities, consolidated the basic management of the platform, and promoted the construction of a green, healthy and modern ecology.
In order to lead high-quality consumption,PinduoduoGive full play to the pulling effect of the two engines of "multi-benefit" and "good service", and establish a long-term mechanism to improve the availability of benefits and improve high-quality supplyInclusiveSex. Through the harvest festival, the domestic goods festival,TotoA series of activities such as Reading Month and National Day PromotionPinduoduoWe continue to provide all kinds of discounts and products, so that consumers can enjoy the benefits they can buy every day.
On the supply side,PinduoduoContinuous optimizationAgricultural productsChain, through the "Agricultural Cloud Action", "Ten Billion Agricultural Research" and other plans, forRuralThe region provides more employment opportunities and income channels. PinduoduoIt also actively promotes the development of cross-border business, cooperates with factories in Guangdong, Zhejiang and other places, accelerates the layout of overseas consumption nodes, and promotes China's high-quality products to the world.
PinduoduoWith the support of technological innovation, we continue to increase R&D investment and strive to improve service levels. In the third quarter,PinduoduoThe R&D cost of the platform reached 28500 million yuan, a year-on-year increase of 55%。PinduoduoI know itTechnologyInnovation inAgricultureThe importance of upgrading the industry, so it continued to support in this quarterTechnologyThe small courtyard competition promotes advanced technology to the countryside, the transformation of scientific research achievements and high qualityAgricultural productsUplink.
PinduoduoIt is also committed to fulfilling its social responsibilities and promoting rural revitalization, disaster relief and knowledgeInclusiveand other work. Recently,PinduoduoIt also donated more than 9,200 books to the Jimunai County Primary School in Altay Prefecture, Xinjiang. For the continued development of these efforts,PinduoduoWill continue to re-investAgricultureTechnologyChainTechnologyand overall core R&D, using technology to create long-term positive value.
In summary,PinduoduoThrough the strategic deployment of high-quality development and steady implementation, the performance growth in the third quarter of 2023 has been achieved. PinduoduoWe will continue to stand in the position of consumers and improve the consumer experience;At the same time, it also continues to improve the quality and cost performance of products to promote ChinaAgriculturedigitization and modernization. PassedTechnologyInnovation and technology investment,PinduoduoWill continue toAgricultureContribute to industrial upgrading and rural revitalization.