Group 1 - H&H International Investment's portfolio reached a total market value of approximately $14.679 billion by the end of Q3, reflecting a growth of about 28% from the previous quarter [1] - The top ten holdings in the portfolio account for a high concentration of 99.51%, with Apple Inc. being the largest holding [1] - New investments include ASML, with significant increases in Berkshire Hathaway shares, while there were notable reductions in Alibaba and NVIDIA shares, exceeding 25% [1] Group 2 - The investment philosophy of "buying stocks is buying companies" emphasizes the importance of understanding the business, which is inherently challenging [3] - The investor acknowledges limitations in understanding certain companies, such as General Electric and Google, and advises against investing in businesses that one does not comprehend [3][11] - The principle of "finding the right people and doing the right things" is highlighted as crucial for business success, along with a focus on differentiated products and user orientation [3][5] Group 3 - The investor expresses admiration for the business models of companies like Moutai, Tencent, and Apple, while reflecting on past investment mistakes, such as in General Electric [2][18] - The investor's strategy includes a significant focus on opportunity cost and the importance of holding onto investments that align with long-term value [2][35] - The investor's approach to investing in NVIDIA is driven by the recognition of its strong ecosystem and strategic vision, particularly in the context of the AI revolution [21][26] Group 4 - The investor emphasizes that investment decisions should not be solely based on price-to-earnings ratios but rather on future cash flows [17] - The importance of understanding company culture and business models is reiterated, with a specific mention of Apple's commitment to product quality and user experience [12][14] - The investor's experience with Pinduoduo is characterized as a risk investment, with uncertainty about its long-term sustainability despite trust in its culture and team [32]

Core Viewpoint - Pinduoduo's Q3 2025 financial report shows a 9% revenue growth, reaching 108.3 billion yuan, driven by the "100 Billion Support" initiative aimed at enhancing the ecosystem and benefiting consumers and merchants alike [1][4]. Group 1: Financial Performance - Pinduoduo's revenue for Q3 2025 was 108.3 billion yuan, marking a 9% increase year-on-year [1]. - The company emphasizes its commitment to long-term value creation and social responsibility as it celebrates its ten-year anniversary [2]. Group 2: Strategic Initiatives - The "100 Billion Support" initiative has been pivotal in enhancing agricultural research and development, leading to a 47% year-on-year increase in agricultural product sales [4]. - Pinduoduo has launched various programs such as "Duoduo Good Specialty" and "New Quality Supply" to promote high-quality development within its ecosystem [4][7]. Group 3: Agricultural Focus - The company has invested significantly in agricultural e-commerce, providing 1 billion yuan in subsidies and 2 billion yuan in traffic resources to support local farmers during the harvest season [4]. - Pinduoduo's initiatives have helped local farmers, such as those in Shandong, to successfully market their products through e-commerce, significantly increasing sales [5]. Group 4: Industry Transformation - Pinduoduo's "New Quality Supply" initiative has facilitated the transformation of various industrial clusters, helping them shift from OEM to brand-focused models [9]. - The platform's data-driven approach has enabled local businesses to innovate and develop popular brands, enhancing their market competitiveness [9][11]. Group 5: Future Outlook - Pinduoduo aims to continue its focus on consumer value and high-quality development as it enters its next decade, aspiring to combine elements of "Costco" and "Disney" in its business model [6][11].

人民财讯11月18日电，11月18日，拼多多发布第三季度的财报，单季度营收1083亿元，同比增长9%； 经调整净利润313.82亿元，同比增长14%。经营利润同比仅录得低个位数增长，营收和利润已经连续多 个季度增速放缓。 ...

PDD’s revenue rose a better-than-expected 9% in a sign of a gradual recovery in its Chinese business, while the international Temu arm stabilizes after US policy disruptions https://t.co/VB53K7dnEQ ...

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]