Core Viewpoint - Pinduoduo's Q3 2025 financial results show a significant slowdown in revenue growth, with a 9% year-on-year increase, while net profit continues to grow at a double-digit rate, indicating a mixed performance amid competitive pressures and ongoing investments in ecosystem support [2][4][6]. Revenue Performance - Pinduoduo reported total revenue of 1082.8 billion RMB for Q3 2025, up from 993.5 billion RMB in the same period last year, reflecting a 9% growth [4]. - Revenue growth is primarily driven by two core businesses: online marketing services and transaction services, with respective increases of 8% and 10% [4]. - The company’s CFO noted that the slowdown in revenue growth reflects ongoing changes in the competitive landscape and external uncertainties [4]. Profitability - The net profit attributable to ordinary shareholders was 293.3 billion RMB, a 17% increase year-on-year, while the non-GAAP net profit was 313.8 billion RMB, up 14% [4][5]. - Diluted earnings per ADS were 19.70 RMB, surpassing last year's 16.91 RMB [5]. - Strong cash flow was reported, with net cash generated from operating activities reaching 456.6 billion RMB, compared to 275.2 billion RMB in the previous year [5]. Strategic Focus - Pinduoduo's management emphasized a commitment to long-term value creation, social responsibility, and proactive competition response [5]. - The company plans to continue investing in merchant support programs to drive industry upgrades and sustainable platform development [5]. Ecosystem Investment - The "100 billion support" initiative has been in place for two consecutive quarters, impacting the company's performance as it increases investments in ecosystem development [6]. - Pinduoduo has launched various initiatives to enhance agricultural product sales, with a reported 47% year-on-year increase in agricultural product sales in the first half of the year [7]. - The company has allocated significant resources to support agricultural regions, including 10 billion RMB in subsidies and 20 billion RMB in traffic resources to promote local products [7]. Future Outlook - Pinduoduo's chairman expressed a commitment to creating value for users and focusing on high-quality development in the next decade, aiming to evolve towards a model akin to "Costco + Disney" [8].

PDD Holdings Inc. Sponsored ADR (PDD) came out with quarterly earnings of $2.96 per share, beating the Zacks Consensus Estimate of $2.21 per share. This compares to earnings of $2.65 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +33.94%. A quarter ago, it was expected that this company would post earnings of $1.91 per share when it actually produced earnings of $3.08, delivering a surprise of +61.26%.Over the last four quart ...

Core Viewpoint - Pinduoduo's Q3 2025 financial results show a revenue growth recovery, with total revenue reaching 108.28 billion RMB, a 9% year-on-year increase, despite previous forecasts of slowing growth [3][4]. Revenue Summary - Total revenue for Q3 2025 was 108.28 billion RMB, up from 99.35 billion RMB in Q3 2024, marking a 9% increase [3][6]. - Revenue from online marketing services and other businesses was 53.35 billion RMB, an 8% increase year-on-year, while transaction service revenue was 54.93 billion RMB, up 10% [6][7]. - The growth rate for online marketing services decreased from 13% to 8%, while transaction service revenue saw a significant rebound from just 0.7% growth in the previous quarter [6][7]. Profitability Summary - Non-GAAP operating profit for Q3 2025 was 27.08 billion RMB, exceeding the forecast of 24.46 billion RMB [3]. - Net profit attributable to shareholders was 29.33 billion RMB, a 17% increase from the previous year [3][4]. - Adjusted earnings per ADS were 21.08 RMB, surpassing the expected 16.86 RMB [3]. Cost and Expense Summary - Total cost of revenue for the quarter was 46.84 billion RMB, an 18% increase year-on-year [6][7]. - Research and development expenses rose to 4.33 billion RMB, a 41% increase, driven by higher employee-related costs and infrastructure expenses [7]. - Sales and marketing expenses remained stable compared to the previous year, indicating a controlled approach to spending despite rising operational costs [7]. Cash Flow Summary - Net cash flow from operating activities was 45.66 billion RMB, significantly up from 27.52 billion RMB in the same quarter of 2024 [4]. Strategic Outlook - The company anticipates continued revenue growth volatility due to competitive dynamics and external uncertainties, as indicated by the CFO [7]. - Pinduoduo is gradually increasing investments in AI and talent recruitment, although it has been relatively low-profile compared to competitors like Alibaba and JD [7].

陈磊还表示，今年是拼多多创业的第十个年头，站在十周年的节点往前看，我们将继续专注于追求内生 价值和长期愿景，永不放弃做正确的事，继续为广大用户创造价值，在坚定的高质量发展中，迈 向"Costco+Disney"的下一个十年。 责任编辑：何俊熹 新浪科技讯 11月18日晚间消息，拼多多发布最新财报。在业绩电话会上，拼多多集团董事长、联席 CEO陈磊表示，与十年前相比，我们的规模更大了，因此也必须肩负起更大的社会责任，社会公众利益 和平台的生态建设将是未来发展首要考虑的问题。我们将继续专注为用户创造价值的长期使命，投入更 多类似"千亿扶持"等惠及供需两侧的战略项目，以更大的当担反哺产业、回馈社会。 ...

新浪科技讯 11月18日晚间消息，拼多多发布最新财报。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，这不可避免的给我们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。 责任编辑：何俊熹 ...

11月18日消息，拼多多（纳斯达克证券代码：PDD）发布了该公司截至2025年9月30日的第三季度未经审计财报。财报显示，拼多多第三 季度每股收益超出华尔街预期，但营收不及预期，致股价在盘前交易中一度下跌逾4%。 第三季度主要财务数据： ·总营收为人民币1082.8亿元（约合152.095亿美元），较去年同期的人民币993.5亿元增长9%，不及华尔街平均预期的人民币1087.3亿 元。其中，来自在线营销服务和其他的营收为人民币533.5亿元（约合74.9亿美元），较去年同期的人民币493.5亿元增长8%；来自交易 服务的营收为人民币549.3亿元（约合77.2亿美元），较去年同期的人民币500.0亿元增长10%。 | | | For the three months ended September 30, | | | For the nine months ended September 30, | | | --- | --- | --- | --- | --- | --- | --- | | | 2024 | 2025 | | 2024 | 2025 | | | | RMB | RMB | પાર્ટક | ...

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]