作为起家于农产品的新电商，拼多多在农业科研领域也进行了长期投入，先后主办了"多多农研大 赛""全球农创客大赛""科技小院大赛"等多项农研赛事，积极探索数字新兴技术与传统农业的深度融 合。 推动产业实现价值跃迁 成立之初，拼多多通过"拼"的模式创造性地解决了产业带的存量问题，并带动各地产业迅速完成了规模 化。截至目前，很多产业带已经进入了转型的关键节点，拼多多"千亿扶持"在三季度也持续加大对产业 商家的扶持力度，推动产业带完成新质转型。 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，本季度实现营收1083亿元，净利润环比 下滑，经营利润同比仅录得低个位数增长。今年以来，拼多多首次在电商行业启动"千亿级别"的惠商战 略。截至目前，"千亿扶持"已经持续投入两个季度，一定程度上影响了过去两个季度的业绩表现，但为 商家及产业的健康发展创造了长期价值。 今年三季度适逢拼多多创业十周年。拼多多集团执行董事、联席CEO赵佳臻表示，目前，电商行业的竞 争进一步加剧，拼多多将拿出更多的真金白银投入到生态建设中，未来将推出更多类似"千亿扶持"的惠 商举措，以更大的力度回馈生态和社会。 拼多多集团董事长、联席CE ...

Core Viewpoint - The company's revenue growth continues to slow down, reflecting the ongoing evolution of the competitive landscape and external uncertainties [1]. Financial Performance - For Q3 2025, the company reported revenues of 108.3 billion RMB, a year-on-year increase of 9% [1][4]. - Non-GAAP operating profit was 270.8 billion RMB, exceeding the estimate of 244.6 billion RMB [1]. - Net profit attributable to shareholders was 293.3 billion RMB, representing a 17% year-on-year growth [1]. - Adjusted earnings per ADS were 21.08 RMB, surpassing the forecast of 16.86 RMB [1]. Cash Flow and Profitability - The net cash flow from operating activities for the quarter was 456.6 billion RMB, compared to 275.2 billion RMB in the same period of 2024 [2]. - Operating profit for the quarter was 250.3 billion RMB, showing a modest year-on-year increase of 3% from 242.9 billion RMB [2]. Revenue Breakdown - Revenue from online marketing services and other businesses was 53.35 billion RMB, up 8% year-on-year [4]. - Transaction service revenue reached 54.93 billion RMB, marking a 10% year-on-year increase [4]. - The growth rate for online marketing services revenue declined from 13% to 8%, while transaction service revenue saw a significant rebound from just 0.7% growth in the previous quarter [4]. Cost Structure - Total cost of revenue for the quarter was 46.84 billion RMB, an 18% increase year-on-year [5]. - Research and development expenses rose to 4.33 billion RMB, a 41% increase, driven by higher employee-related costs and increased bandwidth and server costs [5]. - The company indicated that rising costs were primarily due to fulfillment expenses, bandwidth and server costs, and payment processing fees [5]. Strategic Outlook - The company is cautiously optimistic about regaining revenue growth despite previous forecasts of slowing income and profit [2]. - The CFO highlighted ongoing uncertainties and the potential financial impact of merchant support programs, suggesting that future financial performance may continue to exhibit volatility [5].

Core Viewpoint - The article discusses the global risk-off sentiment affecting various markets, including declines in U.S. stocks, Japanese stocks, cryptocurrencies, and even gold. It highlights the investment strategies of former President Trump, who purchased significant amounts of corporate and municipal bonds during this period [1]. Market Overview - The article notes that the A-share market experienced a collective decline on November 18, with the Shanghai Composite Index down 0.81%, the Shenzhen Component down 0.92%, and the ChiNext Index down 1.16%. The total trading volume across the three markets was 1,946.17 billion yuan, an increase of 15.701 billion yuan from the previous day [16]. - Over 4,100 stocks in the market fell, with 63 stocks hitting the daily limit up, while 23 stocks were locked, and 17 stocks had consecutive limit-ups, with the maximum being six consecutive limit-ups [16]. Sector Analysis - The lithium battery sector faced a downturn due to profit-taking and rumors regarding price increases being debunked. Additionally, there were reports of a price war in the energy storage sector, with prices dropping by 30% [12]. - The AI application sector saw some stocks rise against the trend, with companies like Rongji Software and Inspur Software performing well [16]. - The semiconductor sector remained active, driven by concerns over supply chain security due to changing Sino-Japanese relations and the upcoming IPOs of domestic companies [16]. Financial Support Initiatives - The People's Bank of China and 12 other departments issued a plan to boost consumption in Beijing, particularly focusing on financial support for automobile loans, including incentives for new energy vehicle purchases [23]. Investment Trends - The article highlights that the main funds saw a net outflow of 87.67 billion yuan, with the largest outflows occurring in the electric equipment sector. Conversely, sectors like media, computing, and communication saw net inflows [26]. - Notable stocks with significant net inflows included Liou Shares and Huasheng Tiancai, while companies like Tianshi Materials and Yangguang Electric Power experienced the largest net outflows [26]. Valuation and Market Sentiment - The article indicates that sectors such as media, computing, and electronics are leading in performance, while coal, electric equipment, and steel are lagging. The trading heat in sectors like defense, basic chemicals, and agriculture has increased, with some sectors like agriculture and non-bank financials currently at historical low PE percentiles [33].

Core Insights - Pinduoduo reported Q3 2025 total revenue of 108.2765 billion yuan (approximately 15.2095 billion USD), a 9% increase from 99.3544 billion yuan in Q3 2024, driven primarily by online marketing services and transaction service revenue [1] - The company's operating profit reached 25.0259 billion yuan (approximately 3.5154 billion USD), compared to 24.2925 billion yuan in the same period last year, while non-GAAP operating profit was 27.0794 billion yuan (approximately 3.8038 billion USD) [1] - Net profit attributable to ordinary shareholders was 29.3282 billion yuan (approximately 4.1197 billion USD), a 17% increase from 24.9807 billion yuan in Q3 2024, with non-GAAP net profit at 31.3817 billion yuan (approximately 4.4082 billion USD), up 14% [1] Revenue Breakdown - Online marketing services and other income amounted to 53.3476 billion yuan (approximately 7.4937 billion USD), an 8% increase from 49.3510 billion yuan in Q3 2024 [2] - Transaction service revenue was 54.9289 billion yuan (approximately 7.7158 billion USD), reflecting a 10% growth from 50.0034 billion yuan in the same quarter last year [2] Cost and Expenses - Total revenue cost was 46.8402 billion yuan (approximately 6.5796 billion USD), an 18% increase from 39.7092 billion yuan in Q3 2024, primarily due to rising fulfillment costs, bandwidth and server costs, and payment processing fees [2] - Total operating expenses were 36.4104 billion yuan (approximately 5.1145 billion USD), compared to 35.3527 billion yuan in the same period last year [2]

拼多多Q3营收为1082.8亿元，同比增长9%，为公司近年来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%。财务副总裁刘俊警告，"随着加大商家支持和生态投资，财务结果可能继续逐季波动"。 拼多多第三季度营收为1082.8亿元（约合152.09亿美元），同比增长9%。这一增速较前几个季度明显放缓，为公司近年来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%。 财务副总裁刘俊警告，"营收增长持续放缓，反映竞争格局演变和外部不确定性"，并表示"随着加大商家支持和生态投资，财务结果可能继续逐季波 动"。 18日，拼多多公布Q3财报： 营收1082.8亿元人民币，预估1075.9亿元，同比增长9%。 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%。 调整后营业利润270.8亿元，预估244.6亿元。 调整后每ADS收益 21.08元，预估16.86元。 | | December | | | | --- | - ...

近日，《人民日报》报道，点赞拼多多"千亿扶持"推动更多地区享受便利的网购服务，让更多消费者融 入消费普惠圈，共享电商发展红利。 "千亿扶持"是拼多多于4月初推出的重磅惠商计划，在行业高质量转型的背景下，拼多多率先重金投入 高质量电商生态建设，以千亿级别的资金和资源投入，构建用户、商家及平台多方共赢的商业生态，引 领行业高质量发展。 在浙江平湖，不少羽绒服工厂正借助拼多多的赋能全面向线上销售转型。 半年来，平台依托"千亿扶持"，全面加大对中小商家、新质商家以及品牌商家的扶持力度，持续为千万 商家降本增效。此外，平台依托"多多好特产""新质供给""电商西进"等专项，加码扶持优质供给、向西 部等偏远地区倾斜资源，不只助力商家持续开拓国内大市场，更激发了消费潜力，越来越多偏远地区消 费者收得到平台的好产品和好服务，共享高质量发展成果。 拼多多数据显示，"千亿扶持"落地的半年来，平台高质量发展成果初显，优质商品SKU同比增长51%， 商家经营活力持续释放，商家数量加速增长，"95后""00后"商家数量同比增长42%，同时，包括内蒙古 自治区根河市、甘肃省白银市靖远县等地区相继纳入"包邮区"，供需双侧活力的加速释放，也带 ...

（原标题：段永平最新11只美股持仓曝光！60句读懂段永平最新发声） 21世纪经济报道记者杨娜娜 上海报道 近日，段永平的美股持仓主体H&H International Investment披露了最新13F持仓文件。 据Whalewisdom平台统计，截至今年三季度末，该投资组合整体持仓总市值约为146.79亿美元，较上季度增长约28%。前十大持仓集中度高达 99.51%，其中苹果公司稳居第一大持仓。 三季度，段永平新进光刻机巨头阿斯麦，大幅增持伯克希尔；对阿里巴巴和英伟达则明显减仓，减仓超过25%，此外小幅减持苹果、拼多多、谷 歌。 就在11月11日，雪球《方略》节目公开了与段永平的最新采访对话（访谈时间：2025年10月16日）。节目中，"退休"20多年的段永平，回答了雪 球创始人方三文关于投资哲学、重仓案例、企业经营、技术发展、教育理念以及个人成长等话题的一系列提问。之后该节目迅速在投资圈内引 发"刷屏"，成为市场解读其投资思路难得的窗口。 在长达数小时的对话中，段永平展现出其一贯的坦诚、犀利与直接。 他首次系统性地复盘了自己为数不多的几只重仓股，如茅台、腾讯与苹果，并毫不掩饰对它们商业模式的赞赏。与此同 ...

今年以来，拼多多在电商行业首次推出 " 千亿级别 " 的惠商助农行动，并通过 " 多多好特产 "" 新质供给 "" 电商西进 " 等举措，持续推动平台生态的高质量发展。据拼多多发布的《 2025 农产品上行半年报》显示，平台对农业的投入收效显著，今年上半年，农产品销量同比 增长 47% ；农货商家数量同样保持高速增长，尤其是 00 后农货商家的数量同比增长超 30% ，农产品上行的空间后劲十足。 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。受 " 千亿扶持 " 等 生态投入的影响，拼多多本季度营收增速 9% ，单季营收 1083 亿元。 今年三季度适逢拼多多创业十周年，十年来，拼多多始终坚持为用户创造价值，与广大商家 共同成长，努力引导行业更加开放，逐渐从一个初创企业成长为电商行业的中坚力量。过去 这个季度，拼多多通过 " 千亿扶持 " 战略继续加大对供需两侧的回馈力度，加速推动产业提 质升级，也为广大普通人创造了更多的实惠和乐趣。 " 站在十周年的新起点上，我们将继续坚持消费者导向，专注于电商主业，服务于广大普通 人，加快推进产业生态的高质量发展。 " 拼多多集团执行董 ...

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 ...