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Wang Xiao, partner at Qicheng Capital: In the era of consumer market stock, "competing on price" and "competing on value" are both important | Direct hit on the new consumption power conference.

1. Online retail has differentiated from shelf e-commerce to a type represented by pdd holdings, focusing on individual products and price mechanisms, as well as content e-commerce represented by Douyin. Both forms of e-commerce achieve precise matching of supply and demand through efficient algorithms and mechanisms. 2. In a market environment of stagnant or even declining volume, companies need to shift from opportunity-driven to capability-driven, from growth-first to efficiency-first, and from scale-oriented to value-oriented.

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Lowe's Companies | 10-Q: Q3 2025 Earnings Report

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