Core Insights - Pinduoduo reported Q3 2025 revenue of 108.3 billion yuan, a 9% year-on-year increase, and adjusted net profit of 31.38 billion yuan, up 14% year-on-year [2] - The company continues to invest heavily in its "100 billion support" initiative, which may impact future performance [2] - The international environment is becoming increasingly complex, presenting challenges and uncertainties for the company [2] Financial Performance - Q3 revenue reached 108.3 billion yuan, reflecting a 9% increase compared to the same period last year [2] - Adjusted net profit for the quarter was 31.38 billion yuan, marking a 14% year-on-year growth [2] Strategic Initiatives - The "100 billion support" initiative is aimed at enhancing ecosystem development and providing financial relief to merchants [2][4] - Pinduoduo's agricultural initiatives have led to a 47% increase in agricultural product sales in the first half of the year [4] - The company has allocated 10 billion yuan in subsidies and 20 billion yuan in traffic resources to support agricultural products during the harvest season [4] Industry Impact - Pinduoduo's support for agricultural e-commerce is driving significant growth in the number of agricultural merchants, particularly among younger generations [4][5] - The company is actively promoting the transformation of traditional industries through its "new quality supply" initiative, which has led to the emergence of new brands and products [7][8] - The platform's efforts have resulted in a 31% increase in the number of "95 post-90s" merchants and a 44% increase in "00 post-00s" merchants [8]

11月18日，拼多多发布了截至9月30日的2025年第三季度财报。财报显示，公司单季度营收1083亿元，同比增长9%；经调整净利润313.82亿元，同比增 长14%。 不过，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。 在财报电话会上，拼多多集团董事长、联席CEO陈磊表示，当下的国际环境日趋复杂，各个国家及地区的贸易政策、税务、数据、商品合规等平台监管政策也在发 生比较大的变化，这不可避免地给集团带来了更大的挑战和更多的不确定性。 "作为一家年轻的全球化的公司，我们正在努力的学习、跟上和适应这些变化。但是，这个过程中的不确定性是显著存在的，它可能会让公司面临不可预知和明确计 算的风险，也会影响短期乃至长期的财务表现。"陈磊表示。 拼多多集团执行董事、联席CEO赵佳臻表示，目前，电商行业围绕新业态的竞争持续加剧，集团将继续投入真金白银反哺平台生态，类似"百亿减免""千亿扶持"的 重磅惠商举措将长期持续，这都将影响营收和利润的可持续表现，单季度的利润不能作为未来的业绩指引。 作为起家于农产品的 ...

Financial Performance - Total revenues for Q3 2025 were RMB 108,276.5 million (US$ 15,209.5 million), an increase of 9% from RMB 99,354.4 million in Q3 2024[5] - Operating profit for the quarter was RMB 25,025.9 million (US$ 3,515.4 million), compared to RMB 24,292.5 million in the same quarter of 2024[9] - Net income attributable to ordinary shareholders was RMB 29,328.2 million (US$ 4,119.7 million), a 17% increase from RMB 24,980.7 million in Q3 2024[10] - Revenues for Q3 2025 reached RMB 108.28 billion, a 9.2% increase from RMB 99.35 billion in Q3 2024[26] - Net income for Q3 2025 was RMB 29.33 billion, up 17.5% from RMB 24.98 billion in Q3 2024[28] - Operating profit for the nine months ended September 30, 2025, was RMB 66.90 billion, a decrease of 19.3% compared to RMB 82.83 billion for the same period in 2024[26] Revenue Breakdown - Revenues from online marketing services were RMB 53,347.6 million (US$ 7,493.7 million), an increase of 8% from RMB 49,351.0 million in Q3 2024[8] - Revenues from transaction services were RMB 54,928.9 million (US$ 7,715.8 million), a 10% increase compared to RMB 50,003.4 million in Q3 2024[8] Expenses and Costs - Total costs of revenues were RMB 46,840.2 million (US$ 6,579.6 million), an increase of 18% from RMB 39,709.2 million in Q3 2024[7] - Research and development expenses increased by 41% to RMB 4,332.2 million (US$ 608.5 million) from RMB 3,063.4 million in Q3 2024[7] - Research and development expenses for Q3 2025 were RMB 4.33 billion, a 41.5% increase from RMB 3.06 billion in Q3 2024[26] Cash Flow and Liquidity - Net cash generated from operating activities was RMB 45,660.5 million (US$ 6,413.9 million), compared to RMB 27,522.3 million in Q3 2024[12] - Cash, cash equivalents, and short-term investments totaled RMB 423.8 billion (US$ 59.5 billion) as of September 30, 2025, up from RMB 331.6 billion as of December 31, 2024[12] - Cash, cash equivalents, and restricted cash at the end of Q3 2025 were RMB 163.39 billion, compared to RMB 125.69 billion at the end of Q3 2024, reflecting a significant increase[34] Earnings Per Share - Basic earnings per ADS were RMB 20.96 (US$ 2.94), compared to RMB 18.02 in Q3 2024[11] - Earnings per ordinary share (diluted) for Q3 2025 were RMB 4.93, compared to RMB 4.23 in Q3 2024, representing a 16.5% increase[28] Liabilities - Total current liabilities increased to RMB 219.22 billion as of September 30, 2025, from RMB 188.42 billion as of December 31, 2024[24] - Total liabilities as of September 30, 2025, were RMB 222.32 billion, up from RMB 191.72 billion as of December 31, 2024[24] Non-GAAP Measures - For the three months ended September 30, 2025, the non-GAAP operating profit was RMB 27,079,444, representing an increase from RMB 26,770,463 in the same period of 2024[35] - Non-GAAP diluted earnings per ordinary share for the three months ended September 30, 2025, was RMB 5.27, compared to RMB 4.65 in the same period of 2024, reflecting an increase of about 13%[35] - The non-GAAP net income attributable to ordinary shareholders for the three months ended September 30, 2025, was RMB 31,381,704, up from RMB 27,458,701 in 2024, marking an increase of approximately 14%[35] - The diluted earnings per ordinary share for the nine months ended September 30, 2025, was RMB 12.60, down from RMB 14.37 in 2024, indicating a decrease of about 12%[35] - Non-GAAP diluted earnings per ADS for the nine months ended September 30, 2025, was US$ 7.68, compared to US$ 62.56 in the same period of 2024, reflecting a decrease of about 12%[35] Other Financial Metrics - The company reported a foreign exchange loss of RMB 265.20 million in Q3 2025, a decrease from a loss of RMB 547.34 million in Q3 2024[26] - Share-based compensation expenses for the three months ended September 30, 2025, were RMB 2,053,520, down from RMB 2,478,005 in 2024, indicating a decrease of approximately 17%[35] - The loss from fair value change of certain investments for the nine months ended September 30, 2025, was zero, compared to RMB 25,456 in 2024, indicating a significant improvement[35]

谈及电商同行在新业态、新模式上投入给拼多多带来的挑战，赵佳臻表示，拼多多会持续供应链优化和 平台生态建设，这个过程是持续而艰难的。在相当的一段时间内，拼多多相较部分同行可能会处于阶段 性的劣势，同时也可能带来一定的财务压力。但拼多多仍会选择牺牲部分短期利润，创造更多长期发展 空间。 行业竞争不可避免，不过分关注竞争对手动向 拼多多集团执行董事、联席CEO赵佳臻表示，过去几个季度，行业开启了新一轮的投入周期，在这个 行业格局下拼多多认为竞争是不可避免的。面对行业的快速变化，拼多多主要思考为消费者、商家等赋 能，不会过分去关注短期的行业动向和竞争对手动向。未来一段时间，拼多多类似"千亿扶持"的战略 项目会进一步增多。 坚持生态投入，较部分同行可能有阶段性劣势 11月18日晚间，拼多多发布第三季度的财报，并举行财报电话会。 拼多多集团董事长、联席CEO陈磊表示，对于全球化业务，拼多多一直在推进合规工作，也在积极和 外部的相关方合作。但各个国家和地区的监管政策仍在发生较大变化，作为一家年轻的全球化公司，需 要承认这个过程显著地存在着不确定性，可能让公司面临不可预知、难以明确计算的风险，从而影响短 期乃至长期的财务表现 ...

Core Viewpoint - Pinduoduo reported strong financial results for Q3, with a focus on international expansion despite facing challenges in revenue growth and external policy risks [1][4][5]. Financial Performance - Q3 total revenue reached 108.2765 billion yuan (approximately 11.52095 billion USD), a year-on-year increase of 9% [2]. - Net profit attributable to ordinary shareholders for Q3 was 29.3282 billion yuan (approximately 4.1197 billion USD), reflecting a year-on-year growth of 17% [2]. - The company holds over 400 billion yuan in cash reserves [3]. Competitive Landscape - Pinduoduo's GMV for Temu in Q3 reached 24 billion USD, with a year-on-year growth of 75% for the first three quarters [3]. - The company continues to focus on its core business and internationalization, contrasting with its domestic competitors who spend 30-50 billion yuan quarterly on subsidies for delivery and flash sales [3]. Challenges - Revenue growth has slowed down [4]. - Management has no plans for stock buybacks, which may exert pressure on the stock price [5]. - Temu faces significant external policy risks [5]. Market Context - The overall performance of major Chinese tech companies in Q3 has been strong, with Xiaomi reporting a 22.3% year-on-year revenue increase and Baidu's AI-related revenues showing substantial growth [6].

拼多多Q3营收增速放缓，公司表示，将牺牲短期利润投入平台生态，意在强化"长期价值"。本季度利润不能作为未来业绩指引，未来几个季度业绩可能 出现反复波动。 拼多多Q3营收增速放缓至近年最低水平，管理层释放明确信号，将压缩利润投入平台生态，预示公司短期盈利能力可能承压，但意在强化"长期价值"。 根据最新财报，拼多多Q3营收1082.8亿元，同比增长9%，这是公司营收增速首次降至个位数区间。归属股东净利润293.3亿元，同比增长17%，Non- GAAP净利润313.8亿元，同比增长14%。 在财报电话会上，拼多多集团执行董事、联席CEO赵佳臻表示，市场竞争加剧，叠加"千亿扶持计划"下对生态的持续投入，导致收入继续承压，经营利 润率同比、环比双双下降。公司全球化业务还面临复杂国际环境带来的不可预见风险。 管理层警告， 本季度利润不能作为未来业绩指引，未来几个季度业绩可能出现反复波动。 平台愿意牺牲自己的利润，为平台生态创造更广阔的发展空 间，将持续加大对商家的支持。 "我们选择以长远视角看待竞争，主动加大投入，即便这意味着短期内要牺牲部分利润，也要为生态的健康成长和未来发展创造更多可能。而这样的取舍，也是为 了在竞 ...

The owner of the bargain-shopping app warned of volatility ahead as it navigates a challenging business environment. ...

拼多多Q3电话会：随着"千亿扶持"和一系列支持商家及产业的投入继续落地，我们的财务表现在接下 来一段时间内也会有起伏。平台愿意牺牲自己的利润，为平台生态创造更广阔的发展空间，这是我们的 长期投资。我们不认为本季度的利润能作为接下来的业绩指引，不排除未来几个季度的业绩表现将出现 反复波动。 风险提示及免责条款 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。 ...

PDD (NasdaqGS:PDD) Q3 2025 Earnings Call November 18, 2025 07:30 AM ET Company ParticipantsChen Lei - Chairman and Co-CEOCheng Peng - Head of Investor RelationsJiazhen Zhao - Executive Director and Co-CEOXinyi Lin - Investor RelationsConference Call ParticipantsAlicia Yap - AnalystKenneth Fong - AnalystJoyce Chu - AnalystOperatorLadies and gentlemen, thank you for standing by and welcome to the PDD Holdings Third Quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. ...

PDD (NasdaqGS:PDD) Q3 2025 Earnings Call November 18, 2025 07:30 AM ET Company ParticipantsChen Lei - Chairman and Co-CEOCheng Peng - Head of Investor RelationsJiazhen Zhao - Executive Director and Co-CEOXinyi Lin - Investor RelationsConference Call ParticipantsAlicia Yap - AnalystKenneth Fong - AnalystJoyce Chu - AnalystOperatorLadies and gentlemen, thank you for standing by and welcome to the PDD Holdings Third Quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. ...