拼多多股价创60日新低，春节活动与监管新规并行

Group 1 - Pinduoduo's stock price closed at $101.03 on February 13, 2026, with a daily increase of 0.81%, but a cumulative decline of 3.99% over the past five days, indicating significant volatility [1] - The stock hit a near 60-day low of $100.22 on February 12, 2026, with a single-day drop of 4.16%, primarily due to slowing core business growth and intensified industry competition [1] - For Q3 2025, Pinduoduo reported a total revenue growth of 9% year-on-year, while online marketing service revenue growth decreased to 8%, reflecting weakened growth momentum in the domestic main site [1] Group 2 - Starting February 12, 2026, Pinduoduo launched the "Spring Festival Never Closes" campaign, increasing subsidies for essential goods like fresh food and daily necessities, while ensuring supply chain stability during the festival [2] - The platform is also enhancing food safety governance, including stricter merchant qualification reviews and live broadcast controls, in response to the "Live E-commerce Supervision Management Measures" implemented on February 1, 2026 [2] Group 3 - Some institutions hold a cautious outlook on Pinduoduo's short-term prospects, with Macquarie lowering the target price to $126 due to weak core business growth and profitability pressures from Temu [3] - Citigroup's report highlights that while Temu maintains high growth targets, it faces financial uncertainties due to regulatory scrutiny from the EU and China [3] -景林资产 increased its holdings in Pinduoduo by 611,300 shares in Q4 2025, indicating long-term confidence in the e-commerce sector [3]