Home » Pinduoduo CEO Chen Lei interprets the financial report: cultivate and promote young talents to focus on research and development_Agriculture_Agricultural Products_Technology

Pinduoduo CEO Chen Lei interprets the financial report: cultivate and promote young talents to focus on research and development_Agriculture_Agricultural Products_Technology

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Original title: Pinduoduo CEO Chen Lei Interpretation of Financial Report: Cultivating and Promoting Young Talents and Re-R&D

Pinduoduo announced its third quarter 2021 financial report yesterday. Pinduoduo’s revenue in the third quarter was 21.058 billion yuan, an increase of 51% year-on-year, and the number of active buyers reached 867.3 million. According to the US GAAP, operating profit was 2.139.3 billion yuan, and the net profit attributable to common shareholders was 1.64 billion yuan.

Chen Lei, chairman and CEO of Pinduoduo, interpreted the financial report yesterday. Chen Lei said that Pinduoduo was six years old last month. It has been a year since he took over as CEO, and it has been half a year since he took over as chairman.

“During this time, Pinduoduo has been busy with the handover, and the handover is gradually advancing as planned. There are two main themes behind this handover: one is to cultivate and promote young talents; second, to focus on marketing in the past five years , Turning more to research and development.”

Chen Lei said that since the beginning of last year, many young members of the Pinduoduo team are coming to the front and taking on more responsibilities. These young members demonstrated their core values ​​of serving users. When the new crown epidemic hit everyone’s life suddenly, Pinduoduo’s young members acted immediately to purchase the necessary materials and deliver them to users in need.

“In July of this year, Henan suffered heavy rainfall. They acted quickly to purchase supplies that were in short supply in the disaster-stricken area, communicate with logistics and coordinate the distribution of materials, so that the affected people will not lack the necessities of life. These emergencies have boosted their growth, and They have deepened their awareness of serving the society and users. Pinduoduo is pleased to see that more members have the potential to grow into the future leaders of Pinduoduo. They have made practical business decisions and implemented them properly, which far exceeds Pinduoduo’s expectations.”

Although they are still very young, many people have been working in the company for many years and have grown up with the company. They are composing the future of this company. Young talents can bring creativity and vitality, and continue to innovate. In the next 6 to 12 months, as Pinduoduo continued to create opportunities for them to come to the front, more of them took over important functions.

Secondly, shift the focus more to research and development. Pinduoduo is already serving 867.3 million users. Pinduoduo’s management is an engineer. In order to maximize its advantages in this area, Pinduoduo is increasing its investment in research and development. Compared with the heavy marketing of the past 5 years, the shift to heavy research and development is a major strategic change.

Chen Lei pointed out that since its establishment, agriculture has always been the core of Pinduoduo. At that time, Pinduoduo saw an opportunity to create value by helping agriculture enter the digital economy. “As engineers, my team and I are committed to finding technical solutions that apply to the entire agricultural product supply chain. It took 6 years and Pinduoduo only touched a small part.”

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Plans to increase investment in agricultural technology solutions

In the agricultural sector, Pinduoduo still has a lot to do, especially in terms of technology. Therefore, Pinduoduo plans to increase investment in agricultural technology solutions to address the major needs in the agricultural sector.

This includes 1) using technology to drive agricultural products upward, allowing the digital economy to serve more rural communities; and 2) further improving the efficiency of the agricultural product supply chain, so as to meet user needs while reducing consumption.

Chen Lei said that in the past six years, Pinduoduo has provided consumers across the country with more types of agricultural products at more affordable prices and helped farmers increase their income. When Pinduoduo was founded 6 years ago, Pinduoduo was the first to sell agricultural products online.

Today, Pinduoduo directly connects 16 million rural households with 867.3 million consumers across the country. During the National Day Golden Week in October, agricultural orders on the Pinduoduo platform surged 279% year-on-year. Pinduoduo hopes that Pinduoduo can become the preferred platform for high-quality agricultural products for farmers and consumers. Pinduoduo will help more farmers through Pinduoduo’s platform, help them improve their living standards and benefit their communities.

To this end, Pinduoduo will continue to work hard to promote the digitalization of the agricultural industry. Pinduoduo will offer more courses in Pinduoduo classrooms to improve farmers’ e-commerce and store operation skills. These can help them adjust selling prices and sales, and sell directly to consumers. In order to accelerate the digitalization of agriculture, Pinduoduo promised to adhere to the “zero commission” policy for all agricultural products.

At the same time, Pinduoduo will continue to promote consumers’ understanding of agricultural products, geographical indication agricultural products and agricultural product brands through live broadcasts and videos. The deepening of consumers’ awareness of agricultural products and the improvement of farmers’ skills can create more value for rural communities across the country.

In order to improve the efficiency of the agricultural supply chain, Pinduoduo is still designing technology-driven services.

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One of them is to match local supply with local demand. This service can also reduce unnecessary transshipment and provide consumers with fresher goods. In order to further reduce transportation time and reduce food consumption, Pinduoduo is developing special technical solutions, such as path planning, algorithm design and cold chain optimization. These solutions help lay the foundation for an environmentally sustainable infrastructure that is more suitable for agricultural production.

Pinduoduo’s efforts in the application of agricultural science and technology are not limited to matching supply and demand, but also expanding upstream in agriculture to find technological solutions that can increase yield, nutrition and environmental sustainability. By strengthening the application of agricultural technology, Pinduoduo hopes to help agriculture attract technology-savvy young people.

In this regard, a good example is Pinduoduo’s “Duoduo Agricultural Research and Technology Competition”. This competition verified that precision agriculture technology can effectively increase agricultural production. Several teams that participated in the Pinduoduo competition last year have begun to commercialize their strawberry planting technology. They are establishing their own start-ups and helping farmers increase production and income.

Under the technical guidance of the Food and Agriculture Organization of the United Nations and Wageningen University, Pinduoduo co-hosted this year’s competition with China Agricultural University and Zhejiang University. In this competition, Pinduoduo not only evaluates output, but also evaluates nutritional value, environmental sustainability and commercial viability. Participants are adopting a multidisciplinary approach, using nutrition, precision agriculture and other related technologies to grow tomatoes.

Each finalist team consists of members with different subject backgrounds, which cover agronomy and computer science.

At present, they are remotely planting tomatoes in Pinduoduo’s smart greenhouse base in Yunnan. Pinduoduo is very pleased to see that 80% of the final team members are “post-90s” who have brought vitality and innovative ideas to traditional agriculture.

At the same time, Pinduoduo cooperates with world-class agricultural institutions to provide tailor-made courses and trainings for these young agricultural technical talents, with topics including greenhouse gardening, crop management and modeling.

For young people who want to devote themselves to technology and contribute to society in the future, agriculture is an area with great potential. As a platform focusing on agriculture, Pinduoduo hopes to use Pinduoduo’s platform and technology to create more opportunities for young talents to devote themselves to agriculture, and to use technology with them to improve all links of the agricultural product supply chain.

Improving agriculture by investing in technology is an important but challenging thing. This requires Pinduoduo’s long-term investment, and Pinduoduo will do it patiently and in a planned way. Pinduoduo hopes that through the efforts of Pinduoduo, we can build a smarter and more sustainable future for agriculture.

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In the last quarter, Pinduoduo announced the launch of the “10 billion agricultural research project”, which aims to address the major needs of agriculture and rural areas. This special project does not aim at commercial value or profit, but is dedicated to promoting the advancement of agricultural science and technology, and inclusive of science and technology, and aims at the further motivation and sense of gain among agricultural science and technology workers and laborers. Profits in the second quarter of this year and possible profits in the following quarters will be invested in this special project.

Profits in the third quarter will also be invested in this special project. After being approved by the board of directors, Pinduoduo held an extraordinary general meeting of shareholders at the end of September, and this special project was approved by shareholders.

Promise to take on more social responsibilities

Chen Lei said that as a member of society, Pinduoduo is closely connected with all parties. “The growth of Pinduoduo cannot be separated from the support of all parties in the society, and we want to give back to these supports as much as possible. Therefore, Pinduoduo promises to take on more social responsibilities.”

In July of this year, Henan suffered heavy rainfall. Pinduoduo launched an aid operation. The first donation was 100 million yuan to help Henan flood relief, and the “feedback portal for emergency relief supplies” was launched urgently to provide support for the distribution of relief supplies. Zhengzhou Duoduomai expedited inventory of emergency supplies such as food and medicine at all local grid sites, and coordinated with suppliers inside and outside Henan Province to purchase supplies, and provided them to the victims through nearly 20,000 stores in Zhengzhou.

In October this year, extreme heavy rainfall occurred in most parts of Shanxi, which caused disasters. Pinduoduo rushed to help Shanxi disaster relief and donated 50 million yuan to Shanxi Charity Federation to carry out emergency disaster relief and post-disaster reconstruction work.

Chen Lei said that in the future, Pinduoduo will make more contributions to society. Pinduoduo will continue to actively use Pinduoduo’s platform and resources to better serve Pinduoduo’s users, farmers, merchants and society.

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Lei Di was founded by Lei Jianping, a senior media person. If reprinted, please indicate the source.Return to Sohu to see more

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