拼多多股价创近60日新低，核心业务增速放缓与竞争压力成主因

Core Insights - Pinduoduo's stock price fell to $100.22, marking a 4.16% decline and reaching a new low in nearly 60 days, dropping below the previous low of $101.52 on February 6, 2026 [1] Financial Performance - For Q3 2025, Pinduoduo reported total revenue of 108.3 billion yuan, a 9% year-over-year increase, significantly slowing from 44.33% in the same period last year. Online marketing service revenue grew by only 8%, indicating weakened growth momentum in the domestic main site [2] - The company's "billion support plan" and other ecosystem investments have led to a mere 1% year-over-year increase in operating profit (Non-GAAP) for Q3 2025. Management indicated that performance may continue to fluctuate in the coming quarters, prompting institutions like Macquarie to lower profit forecasts and adjust the target price from $153 to $126 [4] Industry Context - Competitors like JD and Alibaba are enhancing user engagement through high-frequency services such as food delivery, while Pinduoduo is absent from this competitive arena, resulting in a disadvantage in user engagement. Data shows that the daily active users (DAU) to monthly active users (MAU) ratio of Taobao App has surpassed that of Pinduoduo, with some brands experiencing an approximately 8% decline in orders on Pinduoduo due to traffic shifts [3] Future Outlook - Temu is projected to maintain high growth with a GMV target growth of 50% in 2026, but Citigroup reports that regulatory scrutiny may pose potential impacts on financial outlook. Additionally, Temu's marketing expenditures are leading to unit order loss pressures, raising concerns about its profitability turning point [5] Recent Stock Performance - On February 12, 2026, the internet retail sector, including Pinduoduo, fell by 2.04%, with the Nasdaq index declining by 2.03%, exacerbating capital outflow pressures. Pinduoduo's trading volume reached $1.07 billion, with a volume ratio of 1.65, indicating significant selling pressure [6]