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In a letter to investors, Pinduoduo founder Colin Huang suggests that companies with new business models, a group that Huang portrayed Pinduoduo as leading, are expected to outrun their older rivals in a world that’s witnessing a “reestablishment.”
拼多多创始人黄峥在给投资者的信中说，以拼多多为主的采用新的经营模式的公司预计在“重建”的行业环境中会比资历更老的对手更有优势。
The already intense rivalry between Pinduoduo and arch-rivals like Alibaba and JD is reaching a fever pitch as the Covid-19 is moving more Chinese shoppers online.
新冠病毒把更多的中国店家逼到了线上，因此拼多多和阿里巴巴、京东等劲敌之间原本就很激烈的竞争已经达到了白热化。
Instead of playing catch-up, the four-year-old company now claims to be China’s second-largest e-commerce platform with 585.2 million active buyers, next only to Alibaba.
这家成立四年的公司并没有穷追猛打，而是声称是中国第二大电商平台，仅次于阿里巴巴，拥有5.852亿活跃买家。
Both Alibaba and JD have rolled out their counterpart apps that adopt similar models of Pinduoduo. More rivals like Alibaba-backed Suning are reportedly joining the battle.
阿里巴巴和京东都效仿拼多多的模式推出了各自的应用程序。更多的竞争对手也加入了进来，包括阿里巴巴支持的苏宁。
Included in Pinduoduo’s 2019 annual report was a letter from its founder and CEO Colin Huang which sought to reassure shareholders about the company’s long-term growth prospects.
拼多多2019年的年报中有一封创始人兼首席执行官黄峥写的信，其目的是要让股东对公司长期的发展前景放心。
Different from the previous public letters that mainly address the company’s operations and strategies, Huang explained this time his thoughts on the Covid-19 pandemic as well as the history of time, mentioning the theories of big thinkers from Newton to Einstein.
此前的公开信主要针对的是公司业务和战略，而此次不同，黄峥解释了他对新冠疫情和时间简史的看法，还提到了牛顿和爱因斯坦等大人物的理论。
By predicting a new world setup, he believes new models will prosper the most. He predicts old models will be phased off, without mentioning the company’s rivals by name.
通过预测新的世界格局，他认为新模式将最为成功。他预测旧模式将被取代，但没有指出对手公司的名字。
The company has recorded RMB1.01 trillion ($144.6 billion) of gross merchandise volume from 585.2 million active buyers in 2019. That’s RMB1,720 ($247.1) of annual spending per active buyer, up 53% year on year from RMB 1,127 in 2018, the company’s 2019 report shows.
该公司2019年记录的商品总价值高达1.01万亿元（1446亿美元），拥有5.852亿活跃买家。该公司2019年的报告显示，每位活跃买家的年平均消费额为1,720元（247.1美元），比2018年的1,127元高出了53%。
Results may vary: Public reception of Huang’s letter has been mixed. While some appreciate Huang’s philosophic thinking, others complain the letter is missing the point and offers no valuable detail for investors.
结果可能有所不同：公众对黄峥的信的看法不一。虽然有些人欣赏他的哲学思维，但其他人却说这封信重点不突出，没有给投资者提供有价值的细节。 | 
