[Table_Page] 公告点评|零售业 证券研究报告 [Table_Title] 【广发传媒&海外】拼多多（PDD） 4Q25 点评: 持续投入供应链建设，关注长期可持续增长 [Table_Summary] 核心观点： （除非特别注明，否则报告货币为人民币） 盈利预测：（本表中归母净利润为经调整后净利润口径） | [Table_Finance] | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 393,836 | 431,846 | 489,728 | 544,825 | 585,701 | | 增长率 （ ） % | 59.0% | 9.7% | 13.4% | 11.3% | 7.5% | | 归母净利润（百万元） | 122,344 | 107,301 | 127,986 | 146,052 | 154,217 | | 增长率 （ ） % | 80.2% | -12.3% | 19.3% | 14.1% | 5.6% | | EPS（元/股） | 82.6 | 7 ...

本次宣贯会紧扣《指引》核心内容，聚焦平台经济领域"算法共谋""二选一"等新型垄断风险，结合平台经济发展实际与典型执 法案例，重点围绕垄断协议认定、滥用市场支配地位风险识别、经营者集中申报等核心条款进行深度解读，提示企业警惕利用 数据、算法、技术、资本优势及平台规则实施垄断行为，建立健全内部合规审查机制。 培训上，以示例方式为平台经营者列举了8种风险，平台间算法共谋，组织帮助平台内经营者达成垄断协议，平台不公平高 价，平台低于成本销售，封禁屏蔽，"二选一"行为，"全网最低价"和平台差别待遇。这8个风险示例是对互联网平台具体场景中 垄断风险的明确提示，涉及数据传输，算法适用，服务定价，搜索排序，推荐展示，流量分配，补贴优惠等多种平台经营活 动。 据上海市市场监管局官方，为引导平台企业强化反垄断合规意识，深入整治平台"内卷式"竞争，规范平台经济竞争秩序，近 日，市市场监管局组织全市重点平台企业开展反垄断合规辅导活动，重点宣贯、解读《互联网平台反垄断合规指引》等规定。 拼多多、携程、美团、淘宝闪购、抖音电商、B站、小红书、得物等40余家重点平台企业法务、合规及业务负责人参加会议。 财经频道更多独家策划、专家专栏，免费 ...

证券研究报告 拼多多 (PDD US) 电商业务或进入稳健发展周期 2026 年 3 月 26 日│美国 互联网 拼多多 4Q25 总收入 1,239 亿元，同增 12.0%，符合 Visible Alpha（VA） 一致预期的 1,234 亿元；非 GAAP 归母净利润 263 亿元，对应非 GAAP 净利率 21.2%，同比下降 5.8pp，逊于 VA 一致预期的 24.7%，主因税收 和汇兑损失影响，整体经营利润表现符合一致预期。展望后续，我们认为 公司电商业务或有望进入到更加稳健的发展周期，主要考虑到：1）拼多 多自身平台为主的商业模式较少受到国补品类基数效应影响；2）若竞对 在外卖与即时零售领域的补贴收缩，其对用户注意力的抢夺或边际减缓， 拼多多有望重新强化用户粘性，支撑国内电商业务增速修复；3）推出"新 拼姆"自营模式，有望进一步整合国内供应链并提升效率，增加海外业务 发展确定性。考虑到竞争环境的变化及自身商业模式的演进，上调评级至 "买入"。 国内电商：投入高质量供应链建设，未来财务表现或呈现起伏和波动 4Q25 拼多多在线市场服务收入同增 5.3%至 600 亿元，不及一致预期的同 增 8.1 ...

固 定 收 益 周三随着油价回落，美国国债流动 性好转，收益率走低。5 年期美债 标售结果不佳。亚洲债市情绪转强， 中国 IG 利差收窄 3-10 个基点， TMT 表现领先。一级市场中，日本 生命保险首次发行高级无担保债 券，获 10 倍超额认购。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 环球市场动态 " 十 五 五 " 规 划 中 的 发 展 指 标 股 票 A 股周三集体上涨，"算电协同"概 念持续强势；港股上涨，央媒发文 将结束"外卖大战"推动互联网平 台大幅拉升；欧洲股市上涨，市场 情绪明显回暖；美伊谈判仍充满不 确定性，美股尾盘涨幅收窄，存储 股逆市下跌。 外 汇 / 商 品 美国向伊朗提出停火建议，周三国 际油价下跌。油价下跌纾缓市场对 通胀的忧虑，加息预期降温，金价 上升。美元指数连升 2 天，澳洲 2 月通胀低于市场预期，澳元兑美元 连跌 4 天。 2026 年 3 月 26 日 ▪ 全国两会期间，一项重要议程是对 "十五五" 规划纲要 (草案) 进行审查和讨论，其中设置的 20 项主要指标备 受关注。而 "经济发展" ...

The last time I covered PDD Holdings ( PDD ), I talked about the way the current pessimism about Temu's slowdown led to a significant discount on one of China's best financialI've been researching companies in-depth for over a decade, from commodities like oil, natural gas, gold and copper to tech like Google or Nokia and many emerging market stocks, which I believe could help me provide useful content for readers. After writing my own blog for about 3 years, I decided to switch to a value investing-focused ...

Stock Market Today: Dow Rallies On Trump Peace Plan; Oil Prices Dive | Investor's Business Daily BREAKING: Futures Rise, Oil Prices Fall On Iran Deal Hopes Futures for the Dow Jones Industrial Average and other major stock indexes traded higher ahead of Wednesday's market open after the U.S. sent a peace plan to Iran. Meanwhile, oil prices took a dive on the stock market today. Ahead of the opening bell, Dow Jones futures rose 1.1%, as S&P 500 futures gained 1%. Tech-heavy Nasdaq 100 futures rallied 1.2% in ...

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

Zhao reported that quarterly revenue reached RMB 123.9 billion, up 12% year-over-year, and full-year revenue totaled RMB 431.8 billion, up 10%. He added that net income declined year-over-year for both the quarter and the full year, which he attributed primarily to sustained investments on both the supply and demand sides. Zhao reiterated that the company prioritizes long-term value generation through ecosystem development over short-term results.Co-Chairman and Co-CEO Jiazhen Zhao said 2025 marked the comp ...

PDD (NasdaqGS:PDD) Q4 2025 Earnings call March 25, 2026 07:30 AM ET Company ParticipantsAlicia Yap - Managing DirectorJiazhen Zhao - Co-Chairman and Co-CEOJiong Li - Financial DirectorKenneth Fong - Managing DirectorLei Chen - Co-Chairman and Co-CEONone - Company RepresentativeNone - TranslatorConference Call ParticipantsJoyce Ju - VP and Equity AnalystOperatorLadies and gentlemen, thank you for standing by and welcome to PDD Holdings Inc. fourth quarter and fiscal year 2025 earnings conference call. At thi ...

PDD (NasdaqGS:PDD) Q4 2025 Earnings call March 25, 2026 07:30 AM ET Company ParticipantsAlicia Yap - Managing DirectorJiazhen Zhao - Co-Chairman and Co-CEOJiong Li - Financial DirectorKenneth Fong - Managing DirectorLei Chen - Co-Chairman and Co-CEONone - Company RepresentativeNone - TranslatorConference Call ParticipantsJoyce Ju - VP and Equity AnalystOperatorLadies and gentlemen, thank you for standing by and welcome to PDD Holdings Inc. Fourth Quarter and Fiscal Year 2025 Earnings Conference Call. At thi ...