This quarter's results were in line with expectations, with revenue growing 11%, but non-GAAP net profit declined, reflecting the company's proactive increase in supply chain investment.

Total revenue 106.2 billion, up 11% YoY; transaction service revenue 56.3 billion, up 20% YoY; non-GAAP operating margin 20%, up 1 percentage point YoY.

First-party brand business officially launched, with an initial injection of 15 billion, and a planned total investment of 100 billion. Free delivery has covered over 70% of villages, with daily transfer orders nearly 10,000. Food safety has introduced over 20 measures, and compliance capabilities continue to strengthen.

Management confirmed full-speed advancement of the first-party brand, aiming to "build another Pinduoduo" in the next 3 years, continuing to increase supply chain investment, and did not provide specific financial guidance.

The management's tone clearly shifted to proactively taking risks, emphasizing long-term value creation, but remained candid about short-term profit pressure. The negative signal is profit being under pressure.