Zheng Quan Shi Bao·2025-11-18 18:13Group 1: Pinduoduo Performance - Pinduoduo reported Q3 revenue of 108.3 billion yuan, a year-on-year increase of 9%, and adjusted net profit of 31.382 billion yuan, up 14% year-on-year [2] - Operating profit growth for Pinduoduo was in the low single digits year-on-year, indicating a slowdown in revenue and profit growth over multiple quarters [2] - The company initiated a "trillion-level" support strategy in the e-commerce sector this year, which has impacted performance but aims to create long-term value for merchants and the industry [2] Group 2: Pinduoduo Merchant Growth - As of September, Pinduoduo's report indicated a rapid increase in the number of merchants in industrial belts, with a 31% year-on-year growth in merchants born after 1995 and a 44% increase for those born after 2000 [2] - The number of quality product SKUs increased by over 50%, and brand stores in industrial belts saw significant growth, indicating a shift towards high-quality development [2] Group 3: Baidu Performance - Baidu's Q3 total revenue was 31.2 billion yuan, a year-on-year decrease of 7%, with a net loss of 11.232 billion yuan compared to a net profit of 7.632 billion yuan in the same period last year [2] - For the first time, Baidu disclosed AI business revenue, showing a year-on-year growth of over 50%, with AI cloud revenue increasing by 33% [3][4] Group 4: Baidu AI Business Growth - AI application revenue reached 2.6 billion yuan, while AI native marketing service revenue surged by 262% to 2.8 billion yuan [3] - Baidu's AI cloud maintained robust growth, with subscription revenue for high-performance computing infrastructure increasing by 128% year-on-year [4] - Baidu's AI public cloud service has been recognized as the market leader in China for six consecutive years, reflecting its strong position in the AI sector [4]