历史也许不会重复，但一定会押韵——2025年的互联网行业，热闹得仿佛回到了十年前：本地生活领域迎来攻擂者，外卖大战的补贴砸晕了用户，也砸进 了彼此的报表；AI技术的落地继续加速，一众公司抢占全新入口，每天都有新的升级、新的产品、新的"炸裂"；企业扩张仍在进行，不同的是告别了大张 旗鼓的兼并，转而涉足更多此前陌生的领域……面对未知的机遇，几乎每一位玩家都在选择拓展自身边界，寻找更多的可能性。 但总有例外。喧嚣之中，拼多多保持了一贯的安静。在互联网行业令人似曾相识的轮回里，这家公司聚焦电商主业、稳步走过了第一个十年，也为第二个 十年找到了新的起点。基于2025年4月推出的重磅惠商计划"千亿扶持"，拼多多进一步加码高质量电商生态建设，带动产业带转型升级、帮助商家提质增 效、提升用户消费体验，全力构建多方共赢的商业循环。 拼多多集团董事长、联席CEO陈磊与拼多多集团执行董事、联席CEO赵佳臻的发言可以作为一种注脚——与十年前相比，拼多多的规模更大了，因此也必 须肩负起更大的社会责任。未来，企业的发展问题与社会公众利益和长期健康生态紧密相连。因此，"我们将继续坚持消费者导向，专注于电商主业，服 务于广大普通人，加快推进 ...

Market Overview - The three major indices collectively rose, with the Dow Jones showing the largest increase of approximately 1.1% [1] - As of the close, the Dow Jones index rose by 1.08% to 46,245.41 points, the S&P 500 index increased by 0.98% to 6,602.99 points, and the Nasdaq index climbed by 0.88% to 22,273.08 points [3] - Despite the Friday rebound, it was insufficient to offset the significant declines earlier in the week, with the Nasdaq down 2.74%, the S&P 500 down 1.95%, and the Dow down 1.91% for the week [5] Federal Reserve Insights - New York Fed President Williams indicated that monetary policy remains slightly tight, suggesting potential adjustments to the federal funds rate target range to align closer to neutral [5] - His dovish remarks signaled to investors that the Fed may consider a rate cut in the December meeting, with futures indicating over a 70% probability of a 25 basis point cut [7] Company News - Google aims to double its computing power every six months, targeting a 1000-fold increase in capacity over the next 4 to 5 years, emphasizing the importance of AI infrastructure in the competitive landscape [10] - Eli Lilly's market capitalization surpassed $1 trillion, making it the first pharmaceutical company to achieve this milestone, with its stock price rising by 1.57% [11][12] - Amazon CEO Jassy plans to sell nearly 20,000 shares of company stock, valued at approximately $4.2992 million, with the sale expected around November 21, 2025 [13] - Nokia announced a $4 billion investment to expand its R&D and manufacturing capabilities in the U.S., with approximately $3.5 billion allocated for R&D and $500 million for capital expenditures in states like Texas, New Jersey, and Pennsylvania [14]

"站在十周年的新起点上，我们将继续坚持消费者导向，持续 进化组织，以钉钉子的精神，扎扎实实、一个一个地解决用 户、商家、产业的实际问题，持续构建多方共赢的平台生态， 承担更大的社会责任，继续为广大的普通人创造价值。" 拼多 多集团执行董事、联席CEO赵佳臻表示，拼多多将拿出更多的 真金白银投入到生态建设，以更大的力度回馈生态和社会。 作者：李康 封图：图片资料室 11月18日，拼多多发布第三季度财报，营收为1082.8亿元，同比增长9%，这一增速较前几个季 度明显放缓。第三季度经营利润为250亿元，同比仅录得低个位数增长。调整后归属于普通股股东 的净利润314亿元，同比增长14%，环比出现下滑。在线营销服务收入增速较上一季度也有所下 滑。 这些措施给广大中小商家带来了实实在在的实惠。在浙江永康，有年轻商家在平台扶持下升级生产 线并创立品牌，一年扩展了10条生产线。在云南普洱，咖啡产业通过平台的数据和品牌赋能，摆 脱了"廉价原料"的标签，实现了价值跃迁。 有商家反馈，仅"推广服务费退返"一项每年可节省数百万元的推广费用，拼多多单个季度能为商 家共节省上百亿元的成本。在千亿扶持计划下，拼多多平台大家电、二手数码等 ...

拼多多 PDD.O 公司研究 | 季报点评 外部负向影响减弱，基本面边际向好 ——拼多多 25Q3 季报点评 核心观点 盈利预测与投资建议 ⚫ 我们预计公司 2025-2027 年实现收入 4349/5045/5536 亿元（原 2025-2027 年预测为 4477/4980/5401亿元），预计实现Non-GAAP归母净利润1168/1436/1688亿元（原 2025-2027 年预测为 1220/1469/1612 亿元）。采用 SOTP 估值计算公司合理估值为 2544 亿 USD（18031 亿 CNY），给予拼多多目标价 179.21 美元/ADS，维持"买 入"评级。 风险提示：行业竞争加剧、海外业务政策风险、宏观经济不景气。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 247,639 | 393,836 | 434,885 | 504,513 | 553,555 | | 同比增长 (%) | 90% | 59% | 10% | ...

Investment Rating - The report maintains a "Buy" rating for Pinduoduo (PDD) [2][12] Core Insights - Pinduoduo reported FY3Q25 revenue of RMB 108.3 billion, a 9% year-over-year increase, exceeding consensus estimates of RMB 107.6 billion. Non-GAAP net profit increased by 14% year-over-year to RMB 31.4 billion, surpassing market expectations [5][6][12] - The "RMB 100 billion Merchant Support" program is driving transformation and high-quality development within the ecosystem, with significant growth in the number of young merchants and high-quality product SKUs [7][10][12] - The company is focusing on cost control, with total operating expenses accounting for 33.6% of revenue, down 2.0 percentage points year-over-year. R&D expenditure increased significantly, indicating a commitment to technological advancement [8][10][12] - Temu, a subsidiary, is experiencing strong growth in active users and market popularity, with cumulative global downloads exceeding 1.2 billion and a record high of 530 million monthly active users in August 2025 [11][12] Financial Data and Profit Forecast - Revenue projections for Pinduoduo are as follows: - 2023: RMB 247.639 billion - 2024: RMB 393.836 billion - 2025E: RMB 431.367 billion - 2026E: RMB 494.010 billion - 2027E: RMB 561.012 billion - Non-GAAP net profit forecasts have been adjusted to: - 2025E: RMB 109.029 billion (up from RMB 102.4 billion) - 2026E: RMB 128.155 billion (down from RMB 138.6 billion) - 2027E: RMB 155.770 billion (down from RMB 168.9 billion) [4][12]

Core Viewpoint - Pinduoduo's new ten-year journey emphasizes a shift from rapid growth to social responsibility and long-term value creation, focusing on empowering industries and supporting farmers through substantial investments like the "billion-level" subsidy program [4][22][24]. Financial Performance - In Q3 2025, Pinduoduo reported revenue of 108.3 billion yuan, a 9% increase from 99.35 billion yuan in the same period last year, indicating a slowdown in growth compared to previous years [3]. - Online marketing services and other revenues reached 53.3 billion yuan, up 8% from 49.4 billion yuan year-on-year, while transaction service revenue was 54.9 billion yuan, a 10% increase from 50 billion yuan [3]. Strategic Initiatives - The "billion-level" subsidy initiative aims to alleviate burdens on small and medium-sized businesses and enhance the supply chain for agricultural products, marking a significant commitment to social responsibility [4][10]. - Pinduoduo's focus on "doing the right thing" reflects its commitment to creating value for users and supporting the agricultural sector, which is seen as a core area for growth and innovation [10][20]. Industry Transformation - The company is transitioning from a model focused on scale expansion to one centered on industry empowerment and social value creation, indicating a deeper understanding of its role in the market [5][23]. - Pinduoduo's initiatives in agricultural modernization, such as the "Multi-Channel Livestreaming" and "Digital Empowerment" programs, are reshaping traditional agricultural practices and enhancing market access for farmers [19][20]. Long-term Vision - As Pinduoduo enters its next decade, the focus will shift from merely increasing transaction volumes to fostering sustainable growth and social impact, with a commitment to long-term value creation [22][24]. - The company's leadership emphasizes that true growth involves not just financial metrics but also a clear alignment with societal needs and responsibilities [24].

作者 | 闰然 统筹 | 张鹏霞 视觉 | 顾芗 当拼多多在2018年抛出"Costco+Disney"愿景时，市场多将其视为讨好资本的叙事技巧。 但多年后的今天，这份构想已在产业实践与财报数据中，落地生根。仔细分析我们发现，拼多多试图在 效率与情感、性价比与乐趣之间，找到一种结构性优势，找到那个让对手难以企及的平衡点。 一场基因重组 2025年11月下旬，拼多多交出了三季度成绩单：营收1087亿元，同比增长9%；归属股东净利润293亿 元，同比增长17%。 然而，光鲜的数字背后，是营收成本同比激增18%、研发开支大幅提升41%的坚决投入。 更值得玩味的是，管理层在电话会议中直言"本季度财务指标无法作为未来几个季度的指引"——这种罕 见的坦诚，揭示了企业背后的长期愿景。 要理解背后的长期愿景，必须回到愿景的原点——那两家被反复提及的国际企业。 Costco（开市客）的本质，是一场关于"规模与效率"的极致实验，它用7%的极限毛利率和3000个精选 SKU，重构了零售商与消费者的信任契约。在Costco的哲学里，商业的终极战场并不在货架，而在供应 链的每一个细节当中。 在Costco的哲学里，商业的终极战场并不在 ...

业绩电话会上，拼多多集团董事长、联席CEO陈磊表示，"与十年前相比，我们的规模更大了，因此也必须肩负起更大的社会责任，社会公众利益和平台的 生态建设将是未来发展首要考虑的问题。我们将继续专注为用户创造价值的长期使命，投入更多类似「千亿扶持」等惠及供需两侧的战略项目，以更大的担 当反哺产业、回馈社会。" 若单纯以增速来看，拼多多最新的财报表现似乎难称亮眼。 11月18日，拼多多发布了截至9月30日的2025年第三季度财报。数据显示，拼多多该季度营收1083亿元，较去年同期993.5亿元增长9%。乍看之下，增速相 比上个季度有所回升，但与过往的成长性已不可同日而语。 将营收拆开来看，其中在线营销服务及其他收入为533亿元，较2024年同期的494亿元增长8%；交易服务收入为549亿元，较2024年同期的500亿元增长 10%。 受 "千亿扶持" 等重投影响，拼多多广告收入增速明显放缓到个位数，创下公司有史以来的最低纪录；而整体变现率的下滑，直接拖累了本季度的业绩表 现。 2025年对拼多多而言具有特殊意义——适逢创业十周年。从2015年以"拼单"模式切入电商赛道，到如今成为行业重要参与者，拼多多在十年间完成了从初 ...

第三季度是拼多多千亿扶持连续投入的第二个季度。这是一项为期三年、总投入超千亿元的系统性工程，其核心目标是加码高质量电商生态建设，助推平台 商家新质转型升级，全力构建用户、商家及平台多方共赢的商业生态。 11月18日，拼多多发布第三季度财报，营收为1082.8亿元，同比增长9%，这一增速较前几个季度明显放缓。第三季度经营利润为250亿元，同比仅录得低个 位数增长。调整后归属于普通股股东的净利润314亿元，同比增长14%，环比出现下滑。在线营销服务收入增速较上一季度也有所下滑。 去年以来，拼多多营收增速已显著放缓。此前，拼多多2024年第一季度、2024年第二季度、2024年第三季度、2024年第四季度、2025年第一季度、2025年第 二季度的营收同比增速分别为131%、86%、44%、24%、10%、7%。 拼多多营收与利润增速的放缓，并非业务疲软，而是拼多多主动战略投入的结果。今年4月，拼多多把百亿减免计划升级为千亿扶持计划，用真金白银反哺 供需两侧，为商家降本减佣，加快推动产业新质转型，引领电商行业进入全面惠商的新阶段。该项投入对于拼多多的直接影响，便是业绩增速放缓。 拼多多集团执行董事、联席CEO赵佳臻 ...

Group 1 - The report highlights that Xingfa Group's Q3 net profit attributable to shareholders increased by 16.17% year-on-year, driven by rising prices of glyphosate and other products, with a total revenue of 91.61 billion yuan in Q3 2025, reflecting a 5.96% year-on-year growth [3][4][9] - The report indicates that the average price of glyphosate reached 26,530 yuan per ton in Q3 2025, up 5% year-on-year, while the average price of phosphate rock remained high at 1,020 yuan per ton [4][6] - The acquisition of a 50% stake in Qiaogou Mining is expected to enhance the company's phosphate resource advantages, increasing its phosphate resource reserves from 3.95 billion tons to 5.80 billion tons [7][8] Group 2 - The report notes that Leap Motor's Q3 revenue surged by 97.3% year-on-year to 194.5 billion yuan, with a gross margin of 14.5%, marking a significant improvement [11][12] - The company is expanding its product lineup with the introduction of the D19 flagship model and the upcoming A10 model, which is expected to enhance its market position [13] - Leap Motor's export volume reached 17,000 units in Q3 2025, leading among new car manufacturers, and the company plans to accelerate its global localization strategy [14] Group 3 - Geely Automobile reported a Q3 revenue of 891.9 billion yuan, a 27% year-on-year increase, with a net profit of 38.2 billion yuan, reflecting a 59% year-on-year growth [16][17] - The company has adjusted its annual sales target to 3 million units, with significant contributions from its Galaxy series of vehicles [18] - Geely's export volume reached 112,000 units in Q3 2025, indicating strong overseas demand and competitive positioning [19] Group 4 - The report on Lianqi Technology emphasizes its leadership in memory interconnect chips, with a revenue of 6.33 billion yuan in the first three quarters of 2025, a 57.83% year-on-year increase [21][22] - The global AI server shipment is projected to grow significantly, with Lianqi expected to capture a 36.8% market share in the memory interconnect chip market by 2024 [22][23] - The company has launched new products based on CXL technology, which are anticipated to drive future growth [23] Group 5 - The report indicates that Xinyang's Q3 revenue reached 387 million yuan, with a significant increase in beauty treatment service revenue, which grew by 304.6% year-on-year [25][26] - The company plans to expand its offline medical beauty stores to 50 by the end of the year, enhancing its market presence [25] - Despite a net loss in Q3, the company expects profitability improvements in Q4 due to seasonal demand recovery [26] Group 6 - Trip.com Group reported a Q3 net operating revenue of 18.3 billion yuan, a 16% year-on-year increase, with a net profit of 19.9 billion yuan, reflecting a 194% year-on-year growth [29][30] - The company is benefiting from resilient domestic travel demand and strong growth in international business, particularly in cross-border travel [30][31] - The report anticipates continued growth in the global OTA business, with significant contributions from the Asia-Pacific region [31][32] Group 7 - Pinduoduo's Q3 revenue reached 108.3 billion yuan, a 9% year-on-year increase, with a Non-GAAP net profit of 31.4 billion yuan, up 14% year-on-year [39][40] - The report highlights a slowdown in advertising revenue growth, while transaction commission revenue continues to show steady performance [41] - The company is focusing on long-term value creation through increased investments in merchant support and platform development [42]