来源：格隆汇APP 格隆汇8月25日｜拼多多(PDD.US)盘前拉升大涨超11%，报141.61美元。拼多多刚刚公布业绩显示， 2025年第二季度营收1039.8亿元，同比增长7%，预期1039.3亿元；调整后每ADS收益22.07元，超出市 场预期的15.50元；调整后净利润327.1亿元，超出市场预期的223.9亿元。 ...

据了解，今年以来，拼多多将"百亿减免"等惠商举措升级"千亿扶持"新战略，首次在电商行业开启"千 亿级别"的惠商行动，这一系列超预期的投入拖累了短期的业绩表现。（闫妍） 新浪科技讯 8月25日晚间消息，拼多多发布二季度财报，财报显示，二季度营收1039.8亿元，同比增长 7%；净利润307.5亿元，同比下降4%，连续两个季度呈现下降趋势。 来源：新浪科技 ...

来源：滚动播报 拼多多控股第二季度营收超预期，盘前股价飙升11.3%。 ...

每经AI快讯，拼多多控股第二季度营收1039.8亿元人民币；调整后每ADS收益 22.07元人民币，超出市 场预期的15.50元；调整后净利润327.1亿元人民币，超出市场预期的223.9亿元人民币。 ...

8月25日，拼多多(PDD.US)发布Q2财报，受"千亿扶持"加码产业投入的影响，本季度营收增速同比放缓 至7%，连续多个季度放缓。二季度，拼多多首次在电商行业启动"千亿级别"的惠商行动，真金白银反 哺商家及产业，一方面持续为千万商家减佣降本；另一方面加大对中小商家、新质商家及品牌商家的扶 持力度，推动各地农产区、产业带实现多层次的高质量发展。 ...

拼多多2025年Q2营收1039.8亿元，上年同期970.59亿元。 来源：滚动播报 ...

专题：聚焦2025年第二季度美股财报 责任编辑：刘明亮 8月25日晚间消息，拼多多（Nasdaq：PDD）今日发布了截至6月30日的2025年第二季度财报：总营收为 1039.848亿元，同比增长7%。归属于拼多多普通股股东的净利润为307.535亿元，同比下滑4%；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327.084亿元，同比下滑5%。 ...

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 拼多多第二季度调整后每ADS收益22.07元人民币，预估15.50元人民币。 ...

Core Insights - PDD Holdings reported a revenue increase of 7% year-over-year for Q2 2025, reaching RMB 103,984.8 million (US$ 14,515.7 million) compared to RMB 97,059.5 million in Q2 2024 [5][7] - The company experienced a significant rise in costs, with total costs of revenues increasing by 36% to RMB 45,858.9 million (US$ 6,401.7 million) due to higher fulfillment fees and other operational expenses [6][7] - Operating profit decreased by 21% to RMB 25,792.9 million (US$ 3,600.6 million), while net income attributable to ordinary shareholders fell by 4% to RMB 30,753.5 million (US$ 4,293.0 million) [7][10] Financial Performance - Total revenues for Q2 2025 were RMB 103,984.8 million (US$ 14,515.7 million), a 7% increase from RMB 97,059.5 million in Q2 2024 [5][7] - Revenues from online marketing services rose by 13% to RMB 55,703.2 million (US$ 7,775.9 million), while transaction services revenues were RMB 48,281.6 million (US$ 6,739.9 million) [8][29] - Total costs of revenues increased by 36% to RMB 45,858.9 million (US$ 6,401.7 million) from RMB 33,698.1 million in Q2 2024 [6][7] Profitability Metrics - Operating profit for the quarter was RMB 25,792.9 million (US$ 3,600.6 million), down 21% from RMB 32,564.5 million in Q2 2024 [7][9] - Non-GAAP operating profit also decreased by 21% to RMB 27,747.8 million (US$ 3,873.4 million) [9] - Net income attributable to ordinary shareholders was RMB 30,753.5 million (US$ 4,293.0 million), a decrease of 4% from RMB 32,009.4 million in the same quarter of 2024 [10][28] Cash Flow and Assets - Net cash generated from operating activities was RMB 21,641.7 million (US$ 3,021.1 million), significantly lower than RMB 43,792.6 million in Q2 2024 [12][32] - As of June 30, 2025, cash, cash equivalents, and short-term investments totaled RMB 387.1 billion (US$ 54.0 billion), up from RMB 331.6 billion at the end of 2024 [12][23] Management Commentary - The management emphasized ongoing investments in merchant support initiatives, aiming for long-term ecosystem health over short-term profitability [3][4] - The company acknowledged that sustained investments may continue to impact short-term profitability while focusing on driving efficiencies for merchants [3][4]

Group 1 - The investment rating for Kuaishou is "Buy" with a target price of HKD 100.00, representing a 34% upside potential [6][10]. - Kuaishou's revenue and profit exceeded expectations, with Q2 2025 revenue reaching CNY 35.046 billion, a year-on-year increase of 13.1%, driven by user engagement and AI-enabled business [6][10]. - The company declared its first special dividend of HKD 0.46 per share, totaling approximately HKD 2 billion, reflecting its commitment to shareholder returns [6][10]. Group 2 - The investment rating for Times Electric is "Buy" with a target price of HKD 51.30, indicating a 3% upside potential [14][15]. - Times Electric reported a revenue of CNY 12.21 billion for H1 2025, a year-on-year increase of 17.9%, with net profit growing by 12.9% [14][15]. - The company is optimistic about its rail transit business, which is expected to benefit from increased demand for maintenance services [14][15]. Group 3 - The investment rating for Leap Motor is "Buy" with a target price of HKD 97.40, suggesting an 11% upside potential [20][23]. - Leap Motor achieved a revenue of CNY 24.25 billion in H1 2025, marking a year-on-year growth of 174%, with a net profit of CNY 0.3 billion [17][20]. - The company is expanding its sales network and plans to enhance its service system to strengthen its competitive edge [17][20].