拼多多第三季度营收1082.8亿元，同比增长9%

Core Viewpoint - Pinduoduo's Q3 earnings exceeded Wall Street expectations for earnings per share, but revenue fell short, leading to a pre-market stock price drop of over 4% [1] Financial Performance Summary - Total revenue for Q3 was RMB 108.3 billion (approximately USD 15.2 billion), a 9% increase from RMB 99.3 billion in the same period last year, but below Wall Street's average expectation of RMB 108.7 billion [2] - Revenue from online marketing services and others was RMB 53.4 billion (approximately USD 7.5 billion), an 8% increase from RMB 49.3 billion year-on-year; revenue from transaction services was RMB 54.9 billion (approximately USD 7.7 billion), a 10% increase from RMB 50.0 billion year-on-year [2] - Total cost of revenue was RMB 46.8 billion (approximately USD 6.6 billion), an 18% increase from RMB 39.7 billion year-on-year, primarily due to increased fulfillment costs, bandwidth and server costs, and payment processing fees [3] - Total operating expenses were RMB 36.4 billion (approximately USD 5.1 billion), compared to RMB 35.4 billion in the same period last year; sales and marketing expenses were RMB 30.3 billion (approximately USD 4.3 billion), slightly down from RMB 30.5 billion; general and administrative expenses were RMB 1.8 billion (approximately USD 0.25 billion), down from RMB 1.8 billion; R&D expenses were RMB 43.3 billion (approximately USD 6.1 billion), a 41% increase from RMB 30.6 billion [3] - Operating profit was RMB 25.0 billion (approximately USD 3.5 billion), compared to RMB 24.3 billion year-on-year; non-GAAP operating profit was RMB 27.1 billion (approximately USD 3.8 billion), compared to RMB 26.8 billion year-on-year [3] Net Income and Earnings Per Share - Net income attributable to ordinary shareholders was RMB 29.3 billion (approximately USD 4.1 billion), a 17% increase from RMB 24.9 billion year-on-year; non-GAAP net income attributable to ordinary shareholders was RMB 31.4 billion (approximately USD 4.4 billion), a 14% increase from RMB 27.5 billion year-on-year [4] - Basic and diluted earnings per American Depositary Share (ADS) were RMB 20.96 (approximately USD 2.94) and RMB 19.70 (approximately USD 2.77), respectively, compared to RMB 18.02 and RMB 16.91 year-on-year; non-GAAP diluted earnings per ADS were RMB 21.08 (approximately USD 2.96), compared to RMB 18.59 year-on-year, exceeding Wall Street's average expectation of RMB 16.57 [4] Cash Flow and Financial Position - Net cash provided by operating activities was RMB 45.7 billion (approximately USD 6.4 billion), compared to RMB 27.5 billion year-on-year [5] - As of September 30, 2025, Pinduoduo held cash, cash equivalents, and short-term investments totaling RMB 423.8 billion (approximately USD 59.5 billion), up from RMB 331.6 billion as of December 31, 2024 [5] Management Commentary - The Chairman and Co-CEO expressed commitment to social responsibility and long-term development in the e-commerce ecosystem as the company celebrates its tenth anniversary [6] - The Executive Director and Co-CEO emphasized a focus on long-termism and continued investment in merchant support programs to drive sustainable development [6] - The CFO noted that revenue growth is moderating, reflecting ongoing competitive dynamics and external uncertainties, with potential for quarterly fluctuations in financial performance [6]