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 ...

线下文旅出圈、线上电商宣发，成为了地方美食打爆的一套公式。 随着冬季寒意渐浓，火锅再度成为餐桌上的主角。曾几何时，川渝麻辣与潮汕牛肉占据着绝大多数消费 者的选择；而如今，一口源自贵州、发酵千年之久的酸汤，正以迅猛之势闯入大众视野。 贵州酸汤早就不是那个只有本地人知道的隐藏菜单了，它已经悄悄变成了一门年产值25亿元的大生意。 截止2024年一季度，全国名字里带"酸汤"的餐饮店已经超过8700家，近一年门店增长率超40%。 一个地方风味，要杀进已经被麻辣、菌菇、番茄锅底占满的火锅市场，究竟是凭什么？这口来自贵州山 区1400多年以前的酸，又是为什么在这两年才突然火爆、走向了全国？ 01 酸汤的地域"结界" 从时间点上看，2023年夏天的贵州村超是酸汤出圈的关键节点。当时的盛况，被网友戏称"中国有1亿人 去了贵州，还有10亿人在去的路上。"不过文旅带来的流量只是表面，早在游客涌入贵州之前，餐饮企 业们为了让地方风味走出去，已经做了几十年的深耕。 杨政州分析道："身边的赛事村超、村BA，包括现在的村T等这些大的文旅IP兴起，引来很多的省外游 客，到贵州必吃酸汤。" 贵州酸汤走出大山并非易事。玉梦集团总经理杨政州具体解 ...

Investment Rating - The report maintains a "strongly recommended" rating for Alibaba, Pinduoduo, JD.com, and Vipshop, indicating a positive outlook for these companies in the e-commerce sector [17][20][21]. Core Insights - The overall e-commerce sales during the 2025 Double Eleven shopping festival reached 1,695 billion yuan, marking a year-on-year growth of 14.2% [5][24]. - JD.com achieved record sales during the 11.11 event, with a 40% increase in the number of orders and nearly 60% growth in order volume [2][26]. - The report highlights the strong performance of the local life services sector, particularly Meituan, which maintains long-term competitive advantages despite competitive pressures [17]. Summary by Sections E-commerce Sector - The report emphasizes the low valuations of leading e-commerce companies, recommending Alibaba, Pinduoduo, JD.com, and Vipshop as key investment opportunities [17][20]. - Alibaba's e-commerce monetization rate is steadily improving, with significant growth potential in its cloud and AI businesses [17]. - Pinduoduo is expected to see sustainable growth driven by its support plan for merchants and improving global market prospects [20]. Local Life Services - Meituan's long-term investment value remains intact despite short-term competitive disruptions, with a focus on high-value users and operational efficiency [17]. Travel and Tourism - The travel sector is projected to maintain high growth, with recommendations for companies in the OTA and scenic spots, as well as transportation and hotel sectors driven by business travel demand [17]. - The report notes that the restaurant and tourism index rose by 4.81%, outperforming major indices [5][6]. Retail Sector - The report suggests focusing on quality retail trends, with companies like Yonghui adapting to consumer trust and product quality [17]. - The retail sector is experiencing significant growth, with notable increases in various product categories during the Double Eleven sales [5][24].

当电商行业从流量争夺的上半场迈入高质量发展的下半场，"供给升级"与"消费普惠"的双重命题摆在所 有平台面前。 今年4月初，拼多多宣布推出"千亿扶持"计划，未来三年投入超过1000亿元资金和流量资源，全面助力 商家高质量发展。这犹如一剂强心针，为行业转型注入动能。 如今半年过去，这一重磅计划在供需双侧的投入已初显成效，不仅让千万商家与亿万消费者受益，更以 全新的生态构建思路，悄然重塑着电商行业的竞争逻辑。 一、供需双侧精准发力，构建高质量生态基础 电商生态的良性运转，离不开供给端的品质提升与需求端的潜力释放，拼多多"千亿扶持"计划的核心逻 辑，正是通过双侧精准投入实现生态共振。 在供给端，平台摒弃了传统补贴的粗放模式，转向对优质供给的系统性培育，形成了农产品上行与产业 带升级两大核心发力点。 拼多多"千亿扶持"的深层价值，在于通过供给侧结构性改革引领行业从"价格战""流量战"的低维竞争， 转向"价值战""生态战"的高质量发展新阶段，其转型引领路径体现在三个维度的突破。 针对农产品这一核心供给领域，"多多好特产"专项行动深入全国数百个农牧产区，为商家提供从品类规 划到市场推广的全链路支持。 其中，云南咖啡的转型颇 ...

01 华泰张继强：新开局下的叙事与主线【把握2026投资机会】 15:00-16:00 核心看点： AI投资热潮会否迎来关键验证？全球"财政扩张+货币配合"将如何搅动市场？国内新旧 动能转换能否进入"右侧开花结果"？明年我们能否等来企业盈利的实质性改善？ 嘉宾： 张继强丨华泰证券研究所所长，总量研究负责人，固收首席分析师 扫码预约 02 中金陈健恒：中美新老经济分化加剧，债牛趋势更为确定 16:00-17:00 核心看点 ： 聚焦三大核心驱动力：出口放量，核电资本开支加速与技术升级，以及AI数据中心用电 结构变革。 嘉宾： 廖启华丨瑞银大中华区能源转型及新能源行业研究主管 严亦舒丨瑞银证券中国公共事业及新能源行业分析师 利林海丨瑞银证券中国公共事业及新能源行业分析师 徐宾丨瑞银证券中国研究部总监 核心看点： 中美新老经济分化加剧，股牛和债牛并不对立。全球财政政策持续宽松后，面临制约的 情况下，货币政策有望接力放松，且全球货币政策空间依然较为充足。中国今年在贸易顺差和财政 赤字创新高的情况下，经济和股市有支撑，明年这两个因素的同比拉动减弱，债券利率将重新加快 回落速度。在全球贸易和地缘和各国政策摩擦性增加的情况 ...