Pinduoduo's Chen Lei: Intensifying changes in the international trade environment, fully committed to China's supply chain.

Today, Pinduoduo announced its financial report for the fourth quarter and full year of 2025. During the financial report call, Pinduoduo's Co-Chairman and Co-CEO, Chen Lei, stated that since the beginning of the year, competition in the e-commerce industry has intensified around new businesses and technologies. The international environment has become more complex compared to last year, with economic and trade environments and regulatory policies in various countries and regions becoming more uncertain. This is bound to bring us more challenges, and will to some extent affect our short-term performance. We will always adhere to the concept of long-termism, implement the strategy of "heavy investment in the supply chain," and invest more in the "support of hundreds of billions" to give back to the industry and society.