PDD Holdings Inc. (NASDAQ:PDD) is one of the Most Undervalued Stocks to Buy Right Now. On November 18, the company announced its unaudited financial results for Q3 2025, with total revenues coming at RMB108,276.5 million (or US$15,209.5 million), an increase of 9% YoY. This growth stemmed mainly from higher revenues from online marketing services and transaction services. PDD Holdings (PDD) Announces Unaudited Financial Results for Q3 2025 PDD Holdings Inc. (NASDAQ:PDD)’s operating profit in Q3 2025 amou ...

Group 1 - Baidu, Bilibili, and Xpeng Motors saw pre-market declines of over 3% [1] - Alibaba and Li Auto experienced declines of over 2% [1] - Pony.ai, JD.com, and Pinduoduo dropped by more than 1%, while NIO fell nearly 1% [1]

Group 1 - Major Chinese concept stocks in the US market are experiencing a pre-market decline, with Baidu, Bilibili, and Xpeng Motors dropping over 3% [1] - Alibaba and Li Auto have seen declines of over 2%, while Pony.ai, JD.com, and Pinduoduo are down more than 1% [1] - NIO is also facing a nearly 1% drop in pre-market trading [1]

（来源：银杏科技） 阿里的铁王座被撼动，京东行业第二的地位被动摇。表面看，这似乎是电商格局重构，一次在自然不过的优胜劣汰，实则是行业至拐点的预兆——曾被视 作"流量永动机"的电商，不得不告别增长神话与旧秩序，准备迎接新的现实了。 一、GMV消失的三年里，电商格局变了 在各家电商平台都保持增长的年代，GMV数据曾代表着行业地位。 多方迹象表明，抖音电商在规模上（GMV）超越电商老大淘天，只是时间问题。 据相关报道，抖音电商今年前十个月的 GMV（完成支付的成交额）增速超 30%，全年 GMV 将迈过 4 万亿元关口，逼近拼多多水平（同支付口径）。据 报道，抖音电商2025年的GMV目标为4.2万亿。 当下市场普遍预计，2025年，淘天电商的GMV约为8.3万亿，同比增长6%；抖音电商2025年GMV预计将达4.3万亿，增速超过30%，领先所有电商平台。 随着抖音流量霸主地位的日益巩固，越来越多的品牌商选择将抖音作为新品首发和品牌官宣的首要渠道。业内预估，抖音电商的高增速仍将延续。按照目 前的增长速度推测，抖音电商和淘天电商的规模差距，平均每年缩小约9000亿元，抖音电商GMV只需3-4年（最慢2029年）就能超 ...

Group 1 - Major U.S. stock index futures are showing slight gains, with Dow futures up 0.05%, S&P 500 futures up 0.13%, and Nasdaq futures up 0.14% [1] - Chinese concept stocks are experiencing a decline, with Alibaba down 1.92%, Pinduoduo down 1.38%, Baidu down 3.88%, JD.com down 1.3%, and Xpeng Motors down 2.58% [1] - Trump announced that NVIDIA can sell H200 AI chips to approved customers in China, with 25% of the revenue going to the U.S. government, which is expected to create jobs and maintain U.S. leadership in AI [1] Group 2 - U.S. oil giants may take over stakes in an Iraqi oil field from the sanctioned Russian company Lukoil, with ExxonMobil and Chevron as potential buyers [2] - Stellantis and Bolt are collaborating to explore the development and deployment of Level 4 autonomous vehicles in Europe, aiming for testing vehicles by 2026 and mass production by 2029 [2] Group 3 - Novartis has entered a drug target collaboration agreement with Relation Therapeutics, providing an initial payment of $55 million and potential milestone payments up to $1.7 billion [3] - Renault and Ford are partnering to develop affordable small electric vehicles for the European market, with plans to produce two models by 2028 [3] Group 4 - CoreWeave plans to issue $2 billion in convertible senior notes, increasing its already significant debt burden, which stood at $14 billion as of September [4] - Moody's warns that the AI lending boom poses risks to the financial system, with AI companies accumulating debt levels surpassing those seen before the dot-com bubble burst [4] - Medline is planning an IPO to raise up to $5.37 billion, potentially becoming the largest IPO in the U.S. this year, with a valuation of up to $55.3 billion [4]

随着我国消费市场的快速发展，如何更好地统筹供给侧结构性改革和扩大内需，通过高质量供给创造有 效需求，支持以多种方式和渠道扩大内需，正在成为我国经济工作的重要方面。 贝恩指出，即使未来这些补贴可能减少，但这些大型的平台已经控制了消费者与商家的行为，并取代传 统的分销商成为购物者的"守门人"。 贝恩公司近日发布的一篇题为《外卖大战与零售变革》的文章，"中国的外卖大战已经成为行业管理者 了解全球零售未来的窗口"。贝恩数据显示，美团、京东和阿里巴巴已在O2O领域投入超过1000亿元人 民币。贝恩指出，即使未来这些补贴可能减少，但这些大型的平台已经控制了消费者与商家的行为，并 取代传统的分销商成为购物者的"守门人"。 持续扩大内需正在成为我国经济发展的重要工作之一。针对中国消费市场的发展趋势，12月9日，全球 咨询公司贝恩公司与Worldpanel消费者指数联合发布的一份《2025年中国购物者报告》显示，中国快速 消费品市场在经历了2024年的平缓表现之后，于2025年显现企稳态势。报告指出，中国快消品市场正在 步入新一轮结构调整期，O2O闪送等平台成为主要增长动力来源。 中国快速消费品市场的渠道正在发生迅速变化。随着 ...

Core Insights - The rise of "new Chinese health preservation" among young consumers is driving demand for health products, with a focus on convenience and emotional value [1][6] - The brand "Fudonghai" has successfully adapted to this trend by offering a variety of health products and leveraging e-commerce platforms like Pinduoduo to reach younger audiences [3][5] Group 1: Market Trends - Young consumers are increasingly engaging in "group health preservation," purchasing health gift boxes for friends and family during traditional holidays and promotions [1][6] - There is a shift from traditional "treatment-focused" health practices to a "lifestyle-oriented" approach, where products are valued for their taste, fun, and convenience [6][7] Group 2: Company Strategy - Fudonghai has capitalized on the growing health awareness post-2022, experiencing explosive sales growth with products like instant bird's nest porridge and health snacks [4][5] - The company has focused on product innovation and rapid iteration based on online consumer data, allowing it to become a leading brand in the online health product category [3][5] Group 3: Consumer Behavior - Young consumers prioritize quality and are sensitive to price, often opting for products with appealing ingredients rather than established brands [6][7] - The trend of sharing health practices on social media has turned health products into a form of social currency among younger demographics [6][7] Group 4: Competitive Landscape - The health product market is becoming increasingly competitive, with new brands quickly entering the space and targeting specific consumer segments [4][5] - Fudonghai is adapting to this competition by enhancing its supply chain capabilities and focusing on Pinduoduo as a key platform for growth [5][6]

Core Insights - The report indicates that during the 2025 Double Eleven shopping festival, total e-commerce sales reached 1.7 trillion yuan, marking a year-on-year growth of 14.2% [9][11] - The focus of consumer rights protection has shifted from "price wars" to "rule transparency" and "service experience" [9][11] - The top complaint issues include refund problems (19.73%), followed by arbitrary refunds (11.65%) and product quality issues (8.27%) [13][14] Overall Data - The top ten complaint issues during the Double Eleven period are as follows: - Refund issues: 19.73% - Arbitrary refunds: 11.65% - Product quality: 8.27% - Overly protective of consumers: 6.84% - After-sales service: 6.12% - Online fraud: 5.66% - Unfair clauses: 3.78% - Withholding deposits: 3.58% - Arbitrary fines: 3.32% - Online counterfeiting: 2.60% [13][14] Complaint Distribution - The top regions for complaints are: - Guangdong Province: 20.57% - Zhejiang Province: 9.18% - Shandong Province: 6.90% - Henan Province: 5.92% - Jiangsu Province: 5.53% [16] - The gender distribution of complaints shows that male users account for 71.88% while female users account for 28.13% [18] Complaint Amount Distribution - The distribution of complaint amounts is primarily concentrated in the following ranges: - 0-50,000 yuan: 32.16% - 100-500 yuan: 14.32% - 0-100 yuan: 13.74% - 1,000-5,000 yuan: 8.33% [20] Rating Data and Typical Cases - The rating results for platforms during the Double Eleven period are as follows: - Recommended for order: Zhuanzhuan, Tuhu Car Maintenance, Wanshifu - Caution advised: Meituan, Douyin E-commerce - Not recommended: Xiaohongshu, BOSS Zhipin - Not rated: Taobao, Tmall, etc. [22][23] - Typical complaint cases cover both digital retail and life service e-commerce sectors, highlighting issues such as refund delays and poor customer service [12][30]

Core Viewpoint - Unauthorized sales on Pinduoduo lead to brand price system chaos and decreased trust in genuine products, necessitating a comprehensive rights protection strategy that includes platform compliance reporting, administrative intervention, and professional assistance to safeguard brand interests and market order [1]. Group 1: Pinduoduo Intellectual Property Platform - Complaining through Pinduoduo's official intellectual property protection platform is a direct method to combat unauthorized sales, which can result in penalties such as link deletion and product removal [3]. - The complaint process involves three steps: account registration, qualification submission, and evidence-based complaint [3]. - Registration requires uploading valid proof of the complainant's identity, such as ID for individuals or business licenses for companies, ensuring the authenticity of the complaint [4]. Group 2: Administrative Intervention - Brands can enhance their rights protection by leveraging administrative power through three main methods: 1. Submitting reports to the industrial and commercial department, detailing the unauthorized seller's violations and requesting investigations or penalties [7]. 2. Seeking mediation support from consumer associations to facilitate communication and resolution between brands and unauthorized sellers [8]. 3. Applying for arbitration if there was a prior partnership with the unauthorized seller and an arbitration agreement exists, requiring clear requests and supporting evidence [9]. Group 3: Third-Party Assistance - Small and medium-sized enterprises lacking professional rights protection teams can engage third-party organizations to address unauthorized sales issues, which typically have established pricing control teams and service systems [10]. - These organizations can conduct brand diagnostics and data analysis to identify sellers needing control, creating black and white lists, and developing targeted solutions to efficiently manage unauthorized activities [10]. - Utilizing third-party resources allows brands to save on manpower and time, focusing on product development and market operations while ensuring the selected institution aligns with their needs [10].

连云港的海边，拥有全球独一无二的紫菜生长环境，这里出产的紫菜无比鲜美，却曾几乎年年被日本收购，长期面临"墙内开花墙外香"的窘境；而今，在 拥有紫菜地理标志的连云港赣榆区，一款名为"赶海娃"的海苔产品，正通过电商渠道，大批量发往全国各地；销路的拓展催生了大量的"妈妈岗"，她们在 照顾家庭之余，利用碎片化的时间，将一份份新鲜的海苔分装打包出货，在家门口"上岗"了。 大自然的馈赠、新渠道的活力，被一个叫樊军虎的男人，用一根名为"电商"的链条，紧紧地串联在了一起，在饱含不确定性的海洋经济浪潮中，锚定了一 片确定的海。 ▲连云港的海 边，拥有全球独一无二的紫菜生长环境。 赵姗华|摄 1 归乡：放弃升职加薪，从头开始 2002年，刚毕业的樊军虎跟随务工大潮来到苏州，进入一家全球顶尖的电子企业工作。在那里，他从流水线上的螺丝钉，迅速成长为专业团队的"调度 者"。他管理着60多人的团队，负责整个厂区700多人的物料调度。 ▲摄图网，基于VRF协议 ▲摄图网，基于VRF协议 六年后，当事业步入快车道，公司盛情邀请他去厦门负责企业管理工作时，他却选择离职返乡。离开不是败走，而是一次深刻的觉醒。当城市灯火将他与 家乡的父母隔开，他 ...