每经AI快讯，11月18日，拼多多ADRS抹去前期涨幅，盘前跌0.4%。 （文章来源：每日经济新闻） ...

Core Insights - Pinduoduo reported a 9% revenue growth in Q3 2025, reaching 108.3 billion yuan, influenced by its "100 billion support" initiative and other ecosystem investments [1] - The company aims to enhance its ecosystem and social contributions, emphasizing long-term value and consumer orientation as it celebrates its tenth anniversary [1][3] Group 1: Financial Performance - Pinduoduo's Q3 revenue reached 108.3 billion yuan, marking a 9% increase year-over-year [1] - The company plans to invest more in ecosystem development and introduce additional initiatives similar to "100 billion support" to benefit the ecosystem and society [1] Group 2: Agricultural Initiatives - Pinduoduo launched a "100 billion level" initiative to support agricultural e-commerce, resulting in a 47% year-over-year increase in agricultural product sales in the first half of the year [2] - The number of agricultural merchants on the platform has also seen significant growth, particularly among post-2000 generation merchants, which increased by over 30% [2] - In Q3, Pinduoduo invested 1 billion yuan in subsidies and 2 billion yuan in traffic resources to support local agricultural products, facilitating their market entry [2] Group 3: Long-term Vision - The company reaffirms its mission to provide value to ordinary consumers and aims to focus on high-quality development in the next decade, aspiring to combine elements of Costco and Disney [3]

格隆汇11月18日｜拼多多第三季度营收1,082.8亿元，同比增长9%，预估1,075.9亿元；调整后净利润 313.8亿元，同比增长14%，预估251.2亿元；调整后每ADS收益21.08元，预估16.86元。 来源：格隆汇APP ...

拼多多财报显示，公司第三季度营收1082.8亿元，同比增长9%；调整后净利润313.8亿元，同比增长 14%。 ...

11月18日，拼多多公布，2025年第三季度营收为人民币1082.765亿元，同比增长9%；归属于普通股东 的净利润为人民币293.282亿元，同比增长17%。 ...

Core Insights - Pinduoduo reported a 9% revenue growth in Q3 2025, reaching 108.3 billion yuan, influenced by its "100 Billion Support" strategy aimed at enhancing its ecosystem [1][4] - The company emphasizes its commitment to consumer value and high-quality development in the e-commerce sector as it celebrates its 10th anniversary [1][2] Group 1: Financial Performance - Pinduoduo's Q3 revenue reached 108.3 billion yuan, marking a 9% increase year-over-year [1] - The company has seen significant growth in agricultural product sales, with a 47% increase in volume in the first half of the year [4] Group 2: Strategic Initiatives - The "100 Billion Support" initiative has been pivotal in enhancing agricultural e-commerce, with substantial investments in various agricultural regions [4][6] - Pinduoduo has launched several programs like "Duoduo Good Special Products" to support local farmers and improve product quality [4][6] Group 3: Industry Positioning - Pinduoduo aims to transition from a startup to a key player in the e-commerce industry, focusing on long-term value and social responsibility [2][8] - The company is leveraging its digital capabilities to assist traditional industries in transforming and innovating, particularly in regions known for specific products [9][11] Group 4: Future Outlook - Pinduoduo plans to continue investing in its ecosystem and introduce more initiatives similar to "100 Billion Support" to enhance its competitive edge [1][2] - The company envisions a future aligned with the "Costco + Disney" model, focusing on delivering value to consumers while fostering high-quality development [8][11]

Core Viewpoint - The Hang Seng Internet Technology Index has experienced a decline of 16.14% since October 3, yet there is a notable inflow of funds into the market, particularly into the Hang Seng Internet ETF, which saw a net inflow of 1.661 billion yuan, leading all ETFs tracking the Hong Kong stock market [1][2]. Group 1: AI Trends and Company Developments - Alibaba has officially announced its "Qianwen" project, aiming to enter the AI-to-C market, which will provide a personal AI assistant capable of interacting with users and performing tasks across various life scenarios [6][7]. - Major internet companies, including Tencent, Baidu, JD.com, and Meituan, are actively embracing AI, integrating it into their business operations to enhance efficiency and create new growth points [7][8]. - The penetration of AI into various business segments, such as e-commerce recommendation systems and advertising precision targeting, is transforming operational models and efficiency [8][9]. Group 2: Financial Performance and AI Impact - Tencent reported a quarterly revenue of 192.87 billion yuan, a year-on-year increase of 15%, with operating profit rising by 18% to 72.57 billion yuan, highlighting AI's role in driving growth [10][12]. - AI applications have significantly improved advertising targeting and game content production efficiency, contributing to Tencent's operational success [11][12]. Group 3: Institutional Investment Trends - Major investment firms have increased their holdings in Chinese concept stocks, particularly Alibaba and Pinduoduo, indicating a strong belief in their AI capabilities and potential for revenue growth [14][21]. - The trend of institutional investment reflects a focus on the commercialization of AI, with firms like Hillhouse Capital and Greenwoods significantly increasing their stakes in key companies [14][16][21]. Group 4: Market Dynamics and Valuation - The Hang Seng Internet ETF is currently trading at a price-to-earnings ratio (PE) of 21.1, indicating a historical low valuation compared to its historical performance and relative to major international tech indices [21][24]. - The inflow of southbound funds into Hong Kong's internet sector has exceeded 1.3 trillion HKD this year, demonstrating strong demand for these stocks despite the overall market correction [24][25]. Group 5: Future Outlook - The ongoing focus on AI technology among leading internet companies positions them well for future growth, as they leverage their user base, data resources, and cash flow to capitalize on AI advancements [10][29]. - The current market correction is viewed as a potential opportunity for investors to re-enter positions in high-quality tech companies that are well-aligned with AI trends [25][27].

（文章来源：每日经济新闻） 每经AI快讯，11月18日，拼多多第三季度营收1,082.8亿元，预估1,075.9亿元；三季度调整后每ADS收 益21.08元，预估16.86元。 ...

责任编辑：何俊熹 新浪科技讯 11月18日晚间消息，拼多多发布了第三季度的财报，第三季度营收1083亿元，去年同期 993.54亿元，同比增长9%，预估1075.9亿元；调整后净利润313.8亿元，同比增长14%，环比下滑。本季 度，拼多多"千亿扶持"继续加大对生态建设的投入，持续为商家减免服务费，提供流量和资源扶持。随 着"千亿扶持"的重磅投入，或将持续影响拼多多未来几个季度的业绩表现。 ...

责任编辑：刘明亮 11月18日晚间消息，拼多多（Nasdaq：PDD）今日发布了截至9月30日的2025年第三季度财报：总营收 为1082.765亿元，同比增长9%。归属于拼多多普通股股东的净利润为293.282亿元，同比增长17%；不 按美国通用会计准则，归属于拼多多普通股股东的净利润为313.817亿元，同比增长14%。 专题：聚焦2025年第三季度美股财报 ...