Pinduoduo's Chen Lei: The international trade environment is experiencing intensified changes; fully committed to China's supply chain

Today, PDD Holdings released its 2025 Q4 and full-year earnings report. During the earnings call, Chen Lei, Co-Chairman and Co-CEO of PDD Holdings, said that since the beginning of this year, competition in the e-commerce industry has continued to intensify around new businesses and new technologies. Compared with last year, the international environment has become more complex, and the economic and trade conditions and regulatory policies across different countries and regions are even more fraught with uncertainty. This will inevitably bring us more challenges, and it will also affect our short-term performance to a certain extent. We will always adhere to a long-term mindset, and implement the strategy of “heavily investing in the supply chain,” investing more of the “multi-billion-yuan support” to give back to the industry and society. (Sina Technology)