PDD / 拼多多 2024 年管理层讲话（非电话会议） 口径：公开信、致股东信、采访、公告声明、新闻稿书面引述；排除 earnings call transcript、财报电话会议、业绩会问答。结论：未找到 2024 年独立公开信、致股东 信、专访全文或非财报演讲稿；可核验文字主要是官方业绩新闻稿中的管理层引述。
一、材料清单
说明：原始 PDF 为宽表格，提取后表格结构错乱，此处改为列表呈现。本年公开管理层文字均为官方业绩新闻稿中的引述（非电话会、非独立公开信）。
- 2024-03-20｜Q4/FY2023 Results：陈磊、赵佳臻、刘珺；官方业绩新闻稿 quote — PDD IR
- 2024-05-22｜Q1 2024 Results：陈磊、赵佳臻、刘珺；官方业绩新闻稿 quote — PDD IR
- 2024-08-26｜Q2 2024 Results：陈磊、赵佳臻、刘珺；官方业绩新闻稿 quote — PDD IR
- 2024-11-21｜Q3 2024 Results：陈磊、赵佳臻、刘珺；官方业绩新闻稿 quote — PDD IR
二、主要内容整理
- 2024-03-20：Q4/FY2023 新闻稿 陈磊： “2023 represents a pivotal chapter in our corporate history as we transition towards high-quality development,” said Mr. Lei Chen, Chairman and Co-Chief Executive Officer of PDD Holdings. “In 2024, we remain dedicated to further improving consumer experiences, enhancing technology innovations, and generating positive impacts in our communities.” 赵佳臻： “In the fourth quarter, we saw growing demand driven by encouraging consumer sentiment,” said Mr. Jiazhen Zhao, Executive Director and Co-Chief Executive Officer of PDD Holdings. “We will continue our high-quality development strategy, stay dedicated to offer great value and exceptional service, and keep building thriving communities that can benefit all.” 刘珺： “In 2023, our R&D investment exceeded RMB10 billion for the second consecutive year, underscoring our dedication to technology and agricultural advancements.” 要点：2023 年是转向高质量发展的关键章节；2024 年继续改善消费者体验、技术创新、社 区正面影响；研发投入连续第二年超过 100 亿元，强调技术和农业。
- 2024-05-22：Q1 2024 新闻稿 陈磊： “We are committed to offering a trustworthy shopping environment for our users around the world.” 赵佳臻：
“This year is critical for us to deepen the execution of our high-quality development strategy.” “We will focus our efforts on improving the overall consumer experience, strengthening our supply chain capabilities, and fostering a healthy platform ecosystem.” 刘珺： “Rather than focusing on short-term results, we prioritize long-term value creation and remain committed to further deepening our investments in the future.” 要点：面向全球用户提供可信赖购物环境；2024 年是深化高质量发展战略的关键年；重点是 消费者体验、供应链能力、健康平台生态；强调长期价值，不追求短期结果。 3. 2024-08-26：Q2 2024 新闻稿 陈磊： “While encouraged by the solid progress we made in the past few quarters, we see many challenges ahead.” “We will invest heavily in the platform’s trust and safety, support high-quality merchants, and relentlessly improve the merchant ecosystem. We are prepared to accept short-term sacrifices and potential decline in profitability.” 赵佳臻： “We are committed to nurturing a healthy and sustainable ecosystem where high- quality merchants thrive.” “We will vigorously support high-quality merchants while firmly tackling low-quality ones.” 刘珺：
“Looking ahead, revenue growth will inevitably face pressure due to intensified competition and external challenges.” “Profitability will also likely to be impacted as we continue to invest resolutely.” 要点：管理层明确释放挑战增多、增速和利润承压的信号；高质量发展转向生态治理、平台信 任与安全、高质量商家支持、低质量商家治理；接受短期牺牲和潜在盈利下降。 4. 2024-11-21：Q3 2024 新闻稿 陈磊： “Over the past quarter, our focus remained on driving the high-quality development of the platforms.” “We are committed to investing consistently and patiently in our platform ecosystem to deliver impactful results over the long run.” 赵佳臻： “In the third quarter, we stepped up the investments in our platform ecosystem through merchant support policies and trust and safety updates.” “High-quality merchants are encouraged to further strengthen their product and service offerings, thereby fostering a virtuous cycle.” 刘珺： “Our topline growth further moderated quarter-on-quarter amid intensified competition and ongoing external challenges.” 要点：延续 Q2 的高质量发展和长期投入框架；生态投入包括商家支持政策、信任与安全升 级；收入增速继续放缓，竞争和外部挑战持续。
三、明确排除
PDD Holdings 2024 年 Investor Events 列出的四场均为 earnings conference call： 2024-03-20 Q4/FY2023 Earnings Conference Call 2024-05-22 Q1 2024 Earnings Conference Call 2024-08-26 Q2 2024 Earnings Conference Call 2024-11-21 Q3 2024 Earnings Conference Call 这些属于财报电话会议，排除电话会 transcript 和 Q&A。 中文媒体中关于“未来几年不考虑分红和回购”“牺牲短期利润”等内容多来自财报电话会，未 纳入正文。
四、未找到
未找到 2024 年黄峥可核验公开信、采访、发布会发言或致股东信。 未找到 2024 年陈磊独立专访/公开信/非财报演讲全文。 未找到 2024 年赵佳臻独立专访/公开信/非财报演讲全文。 未找到 2024 年马靖管理层公开发言；其未出现在 2024 年 20-F 的现任董事及高管表 中。 IR 股东信页面未显示 2024 年致股东信，最新为 2021。 Sources PDD News Releases：https://investor.pddholdings.com/news-releases Q4/FY2023 Results：https://investor.pddholdings.com/news-releases/news- release-details/pdd-holdings-announces-fourth-quarter-2023-and-fiscal-year- Q1 2024 Results：https://investor.pddholdings.com/news-releases/news-release- details/pdd-holdings-announces-first-quarter-2024-unaudited-financial Q2 2024 Results：https://investor.pddholdings.com/news-releases/news-release- details/pdd-holdings-announces-second-quarter-2024-unaudited-financial Q3 2024 Results：https://investor.pddholdings.com/news-releases/news-release- details/pdd-holdings-announces-third-quarter-2024-unaudited-financial Investor Events：https://investor.pddholdings.com/investor-events Letter to Shareholders：https://investor.pddholdings.com/letter-to-shareholders