拼多多2025年Q3财报：运营利润首次同比增长，Temu亏损收窄

Core Viewpoint - Pinduoduo (PDD) has achieved its first year-on-year growth in operating profit in Q3 2025, indicating a turning point in profitability [1] Group 1: Financial Performance - The operating profit for Pinduoduo in Q3 2025 has shown a year-on-year increase, marking a significant milestone for the company [1] - Management indicated that revenue and profit growth may face short-term pressure and quarterly fluctuations due to a 10 billion yuan merchant support plan aimed at continuous investment in the platform ecosystem [1] Group 2: Business Operations - The losses from the Temu business are continuing to narrow, which lays a foundation for profitability growth in 2026-2027 [1]