Key Points PDD Holdings is the owner of Pinduoduo and Temu. The company's revenue growth is slowing, while at the same time profit margins are compressing. Shares of the stock look cheap after this drawdown, but it doesn't come without risks. 10 stocks we like better than PDD Holdings › Shares of PDD Holdings (NASDAQ: PDD) fell 13.6% this week, according to data from S&P Global Market Intelligence. A Chinese technology giant that owns the e-commerce website Temu and its homegrown Pinduoduo online ...

"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 ...

Investment Rating - The report maintains a "Buy" rating for Pinduoduo with a target price of $179.21 per ADS, reflecting a reasonable valuation of $254.4 billion USD (¥18,031 billion CNY) [3][5][14]. Core Insights - The report indicates that external negative impacts are diminishing, leading to a marginal improvement in the company's fundamentals. The advertising revenue for Q3 2025 was reported at ¥53.35 billion, showing a year-on-year growth of 8.1%, although it was below expectations [2][11]. - The company is expected to achieve revenues of ¥434.9 billion, ¥504.5 billion, and ¥553.6 billion for 2025, 2026, and 2027 respectively, with Non-GAAP net profits projected at ¥116.8 billion, ¥143.6 billion, and ¥168.8 billion for the same years [3][12]. Financial Summary - **Revenue Forecast**: The company is projected to generate revenues of ¥434,885 million in 2025, with a year-on-year growth of 10.4% [4][12]. - **Profitability Metrics**: The Non-GAAP net profit for 2025 is expected to be ¥116,835 million, with a profit margin of 26.9% [12][19]. - **Valuation Metrics**: The report employs a Sum-of-the-Parts (SOTP) valuation method, estimating the main platform's value using a P/E ratio of 9, leading to a valuation of ¥1,163.6 billion for the main site alone [13][14]. - **Market Performance**: The stock price as of November 19, 2025, was $118.02, with a 52-week high of $139.41 and a low of $87.11 [5][11].

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].

Core Viewpoint - Pinduoduo's vision of "Costco + Disney" has evolved from a narrative to a practical strategy, aiming to balance efficiency with emotional connection, and cost-effectiveness with enjoyment [2][4]. Financial Performance - In Q3 2025, Pinduoduo reported revenue of 108.7 billion yuan, a year-on-year increase of 9%, and a net profit attributable to shareholders of 29.3 billion yuan, up 17% year-on-year [4]. - Despite the positive financial results, revenue costs surged by 18% year-on-year, and R&D expenses increased significantly by 41%, indicating a strong commitment to long-term investment [5]. Strategic Insights - Pinduoduo's strategy draws inspiration from Costco's focus on "scale and efficiency" and Disney's ability to create emotional connections, suggesting a unique blend of operational and emotional strategies [6][8]. - The company has localized Costco's model by targeting China's agricultural sector and industrial clusters, leading to a 47% year-on-year increase in agricultural product sales [10]. Agricultural and Industrial Empowerment - Pinduoduo's "Billion Support" initiative has significantly impacted agricultural e-commerce, with a focus on enhancing quality and standardization in production [11]. - The platform's intervention has transformed local industries, such as the backpack industry in Shaodong, from low-margin OEM production to high-value self-branded products [13]. User Engagement and Experience - Pinduoduo has redefined shopping as a social experience, integrating features like group buying and interactive tasks to enhance user engagement and retention [15]. - The company's approach has led to improved user consumption frequency and repurchase rates, contributing to a more stable profit structure [15]. Long-term Vision and Challenges - Pinduoduo's dual revolution focuses on creating a sustainable growth path through digital transformation in the real economy, even as it faces challenges in balancing affordability and quality [21]. - The company aims to unify commercial success with social responsibility, evidenced by significant growth in young agricultural merchants and increased orders from underrepresented regions [23]. Future Directions - Pinduoduo plans to continue its "Costco + Disney" strategy, emphasizing long-term value creation for users, which may lead to slower but more sustainable growth [25].

Core Viewpoint - Pinduoduo's latest financial report shows a revenue of 108.3 billion yuan for Q3 2025, marking a 9% increase from 99.35 billion yuan in the same period last year, indicating a slowdown in growth compared to previous years [1][2] Financial Performance - Q3 2025 revenue reached 108.3 billion yuan, up from 99.35 billion yuan year-on-year, reflecting a 9% growth [1] - Online marketing services and other revenues amounted to 53.3 billion yuan, an 8% increase from 49.4 billion yuan in Q3 2024 [1] - Transaction service revenue was 54.9 billion yuan, a 10% increase from 50 billion yuan in the same period last year [1] - Advertising revenue growth has slowed to single digits, the lowest in the company's history, impacting overall performance [1] Strategic Initiatives - Pinduoduo launched a "100 billion yuan" support initiative aimed at benefiting both supply and demand sides, reflecting its commitment to social responsibility as it celebrates its 10th anniversary [2][12] - The initiative has entered its second quarter, providing financial support to small and medium-sized businesses and facilitating agricultural product sales [2][14] - The company emphasizes a balance between short-term performance and long-term ecological development, focusing on transforming from "scale expansion" to "industry empowerment" [2][10] Industry Impact - The "New Quality Supply" initiative is helping various industrial sectors transition from "homogeneous competition" to "self-branding and high-value creation" [7] - Pinduoduo's support has led to significant transformations in local industries, such as the backpack industry in Shaodong and the down jacket industry in Pinghu, enhancing their market positions [7][9] - The platform's digital capabilities are being leveraged to improve product quality and market responsiveness, with a notable increase in the number of young merchants and quality products [9][10] Agricultural Focus - Pinduoduo continues to invest in agriculture, launching initiatives like "Duoduo Good Products" to enhance agricultural practices and market access [12][14] - The company has reported a 47% year-on-year increase in agricultural product sales, driven by younger merchants and digital tools [14][15] - The focus on agricultural modernization through technology and data-driven insights aims to improve farmers' income and market stability [15][20] Future Outlook - As Pinduoduo enters its next decade, the focus will shift from mere growth to social responsibility and value creation [17][20] - The company aims to continue its commitment to "doing the right things" while enhancing its operational efficiency [10][18] - The strategic emphasis on social responsibility is expected to guide Pinduoduo's future initiatives and market positioning [20][21]

Core Viewpoint - Pinduoduo's third-quarter financial results show a significant slowdown in revenue growth, attributed to the company's strategic investments in the "trillion support plan" aimed at enhancing the e-commerce ecosystem and supporting merchants [1][2][5]. Financial Performance - Pinduoduo reported third-quarter revenue of 108.28 billion yuan, a year-on-year increase of 9%, marking a noticeable deceleration compared to previous quarters [1]. - The operating profit for the third quarter was 25 billion yuan, with low single-digit growth year-on-year [1]. - Adjusted net profit attributable to ordinary shareholders was 31.4 billion yuan, reflecting a 14% year-on-year increase but a decline compared to the previous quarter [1]. Strategic Initiatives - The "trillion support plan" was launched in April 2025, with a total investment exceeding 100 billion yuan over three years, focusing on building a high-quality e-commerce ecosystem and supporting merchant transformation [3][4]. - Key measures of the support plan include initiatives to assist local agricultural products and reduce operational costs for merchants, such as lowering store deposit requirements by over 50% to 90% for certain categories [4][10]. Market Impact - The plan has led to a 47% year-on-year increase in agricultural product sales and a 51% increase in seasonal fruit sales [10]. - The number of merchants in industrial zones has rapidly increased, with a 31% year-on-year growth in merchants born after 1995 and a 44% increase for those born after 2000 [10]. Future Outlook - Pinduoduo's management acknowledges the ongoing pressure on revenue due to the support plan but emphasizes the importance of long-term investments in the platform's ecosystem for broader societal benefits [5][12]. - The company plans to continue expanding initiatives similar to the "trillion support plan" to enhance user experience and promote industry upgrades [11][13].

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]

Group 1: Federal Reserve and Interest Rate Expectations - The expectation for a rate cut by the Federal Reserve in December has further decreased, with significant internal divisions among officials regarding the decision [1][4] - The CME "FedWatch" tool indicates a 29.8% probability of a 25 basis point rate cut in December, while the probability of maintaining the current rate is 70.2% [5] Group 2: Employment Data and Economic Indicators - The U.S. non-farm payroll report for September showed an increase of 119,000 jobs, significantly exceeding the expected 51,000, while the unemployment rate rose to 4.4%, the highest since October 2021 [3] - The Labor Department has decided to cancel the release of the October non-farm data and postpone the November report to December 16, limiting the Fed's access to recent employment data before the December meeting [3] Group 3: Market Reactions and Stock Performance - Major U.S. stock indices experienced declines, with the Nasdaq dropping 2.15% and the Nasdaq China Golden Dragon Index falling 3.26%, reflecting a broader downturn in Chinese concept stocks [1][2] - Large tech stocks also faced significant losses, with Nvidia down over 3%, AMD down over 7.8%, and Oracle down over 6%, indicating a negative sentiment in the tech sector [2]