Pinduoduo's net profit declined month on month in the third quarter: fierce competition and slowing growth are inevitable trends, preparing for a long-term battle. Although the performance still grew rapidly, Pinduoduo's profit declined by 22% month on month in the third quarter. In the conference call after the financial report, Pinduoduo executives admitted that their disadvantage compared to their e-commerce peers will significantly exist for a period of time, and the financial impact may further expand. "We are ready to fight a protracted war," Pinduoduo executives said. Against the backdrop of intensified competition and ongoing external challenges, the company's revenue growth will further slow down.