During the earnings call held after the release of the latest financial results on Tuesday, PDD Holdings Inc Co-Chairman and Co-CEO Zhao Jiazhen provided an update on the company's strategic initiatives. He noted that the second quarter of this year represents a transitional phase where the company's high-quality development strategy is advancing from its initial stage into deeper implementation.

Zhao highlighted that the long-standing "Thousand Billion Support" merchant strategy has begun shifting from an investment period into a phase of tangible returns. The platform and industrial ecosystem are now delivering accelerated benefits, with both supply and demand sides experiencing improvements in quality and efficiency. He also emphasized the steady progress of the company's major initiative to rebuild PDD Holdings Inc within three years.

Addressing the brand first-party business, Zhao described it as a significant extension of the company's long-term supply chain investment direction. He expressed the ambition to establish deep product co-creation relationships with capable and willing manufacturing enterprises. The goal is to leverage the platform's strengths in market insights and global channels to enhance the certainty of brand development and value creation across the industry chain, ultimately delivering these incremental benefits directly to the entire ecosystem.

Regarding the implementation pace, Zhao explained that in the initial phase, the company will selectively focus on core categories where the platform and supply chain hold unique advantages. This involves building long-term partnerships with manufacturers to jointly participate in product definition, research and development, quality standards, and market validation. While acknowledging that this business requires a longer cultivation and integration period than initially anticipated, he reaffirmed that it represents a clear and long-term strategic direction for the platform. The company will maintain patience and ensure every step is executed properly, expressing confidence in the long-term prospects of the brand first-party business.

On operational strategies, Zhao was direct in stating that the platform's fundamental mechanisms of openness and fairness will not change. He emphasized that consistently providing high-quality products and services to consumers relies on a healthy, fair, and diversified supply-side ecosystem. Moving forward, both the platform's brand first-party products and third-party merchant offerings will collectively cater to the diverse needs of consumers across various scenarios and market positions, ultimately fostering a mutually beneficial platform ecosystem.