（文章来源：每日经济新闻） 每经AI快讯，11月18日，拼多多第三季度营收1,082.8亿元，预估1,075.9亿元；三季度调整后每ADS收 益21.08元，预估16.86元。 ...

责任编辑：何俊熹 新浪科技讯 11月18日晚间消息，拼多多发布了第三季度的财报，第三季度营收1083亿元，去年同期 993.54亿元，同比增长9%，预估1075.9亿元；调整后净利润313.8亿元，同比增长14%，环比下滑。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。 ...

责任编辑：刘明亮 11月18日晚间消息，拼多多（Nasdaq：PDD）今日发布了截至9月30日的2025年第三季度财报：总营收 为1082.765亿元，同比增长9%。归属于拼多多普通股股东的净利润为293.282亿元，同比增长17%；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313.817亿元，同比增长14%。 专题：聚焦2025年第三季度美股财报 ...

智通财经APP获悉，11月18日，拼多多(PDD.US)发布了第三季度的财报，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，也为 商家及产业的健康发展创造了长期价值。 ...

Core Insights - PDD Holdings experienced a 9% increase in quarterly revenue, indicating that its strategies to reduce prices and provide significant discounts are effectively driving demand in its home market [1] Company Summary - The revenue growth of 9% suggests a positive response from consumers to the company's value-focused e-commerce approach [1] Industry Summary - The results reflect broader trends in the e-commerce sector, where price sensitivity and discounting are becoming critical factors for attracting consumers [1]

拼多多盘前拉升，现涨3.6%。 来源：滚动播报 ...

拼多多第三季度营收1,082.8亿元人民币，预估1,075.9亿元人民币。 来源：滚动播报 ...

拼多多第三季度调整后每ADS收益 21.08元人民币，预估16.86元人民币。 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。 ...

Core Insights - PDD Holdings reported a 9% increase in total revenues for Q3 2025, reaching RMB 108,276.5 million (US$ 15,209.5 million) compared to RMB 99,354.4 million in Q3 2024, driven by growth in online marketing and transaction services [5][8] - The company experienced an 18% rise in total costs of revenues, amounting to RMB 46,840.2 million (US$ 6,579.6 million), primarily due to increased fulfillment fees and server costs [6][9] - Net income attributable to ordinary shareholders increased by 17% to RMB 29,328.2 million (US$ 4,119.7 million) from RMB 24,980.7 million in the same quarter of the previous year [11][27] Financial Performance - Total revenues for Q3 2025 were RMB 108,276.5 million (US$ 15,209.5 million), a 9% increase from RMB 99,354.4 million in Q3 2024 [5][26] - Operating profit for the quarter was RMB 25,025.9 million (US$ 3,515.4 million), slightly up from RMB 24,292.5 million in Q3 2024 [10][26] - Non-GAAP operating profit was RMB 27,079.4 million (US$ 3,803.8 million), compared to RMB 26,770.5 million in the same quarter of 2024 [10][31] Revenue Breakdown - Revenues from online marketing services and others reached RMB 53,347.6 million (US$ 7,493.7 million), an 8% increase from RMB 49,351.0 million in Q3 2024 [8][29] - Revenues from transaction services were RMB 54,928.9 million (US$ 7,715.8 million), marking a 10% increase compared to RMB 50,003.4 million in the same quarter of 2024 [8][29] Cost and Expenses - Total costs of revenues increased to RMB 46,840.2 million (US$ 6,579.6 million), up 18% from RMB 39,709.2 million in Q3 2024 [6][9] - Total operating expenses were RMB 36,410.4 million (US$ 5,114.5 million), compared to RMB 35,352.7 million in the same quarter of 2024 [9][26] - Research and development expenses surged by 41% to RMB 4,332.2 million (US$ 608.5 million) from RMB 3,063.4 million in Q3 2024, primarily due to increased staff-related costs [17][29] Cash Flow and Assets - Net cash generated from operating activities was RMB 45,660.5 million (US$ 6,413.9 million), significantly higher than RMB 27,522.3 million in Q3 2024 [13][30] - 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 [13][30]

作者 | 深鹏 数据支持 | 勾股大数 据（www.gogudata.com） 近期，全球科技股出现调整 。 恒生互联网科技业指数自10月3日以来下跌16.14%。 然而， 在市场回调背景下，资金并未撤离，反而呈现明显流入迹象。 近两个交易日，恒生互联网 ETF （ 513330 ）净流入资金 16.61 亿元，在所有跟踪港股市场的 ETF 中位居首位。 | 近5日净流入 | | | | 单位(元 | | --- | --- | --- | --- | --- | | | | | 103905 | | | | | | | 62226 | | 336 | 447 | 447 | | | | 11-11 | 11-12 | 11-13 | 11-14 | 11-17 | | 天数 | | 净流天 | 净流额 | 净流率 | | 5 | | 5 | 167361 | 4.90% | | 10 | | 10 | 176769 | 5.13% | | 了解更多图文干货,请下载 "格隆汇App" | | | | | 随着技术继续深化，这些企业的业务模式和效率也在不断变化。 而且， 从企业自身条件来说，这些互联网龙头手里有 ...