拼多多-2021年拼多多致股东信（英文）-2021.3-2页.pdf

Pinduoduo: 2021 Shareholder Letter
March 17, 2021
SHANGHAI, China, March 17, 2021 (GLOBE NEWSWIRE) -- This year’s ly.
Pinduoduo has transformed from a pure asset-light third-party model to becoming more asset-heavy, with new investments in warehouses,
agriculture-focused logistics, and upstream sources of agriculture products. New businesses have sprouted and grown rapidly internally. Not only have
these new developments stimulated Pinduoduo, they have also birthed and groomed a new generation of leaders and managers. It is time to let them
shape the Pinduoduo they aspire to build.
So, what will Pinduoduo become in the future? I cannot say for sure, but I am happy to share my thoughts.
First, Pinduoduo will always be a company that puts the interests of its consumers and societal value first. The philosophy of “Benefit All”, “People
First”, and “More Open” that we have practiced will be more distinctly acknowledged by the industry and the public. Pinduoduo, being a platform that
serves the masses, will make every possible improvement – significant or invisible – prudently bit by bit and strive to create value for consumers and
society. And because of this, it will increasingly be embraced by the public. The various obstacles it faces will slowly be broken and overcome, even if
the journey may require some time and may be bumpy. Nonetheless, “Benefit All”