高盛:拼多多-Temu 美国全托管模式暂停幅度超预期,目标价不变(因我们仍仅对 Temu 非美国业务估值),推荐买入
6 May 2025 | 9:32AM HKT PDD Holdings (PDD) Temu US full-entrusted model suspension more drastic-than-expected; TP unchanged as we continue to value Temu non-US only; Buy Following the implementation of triple-digit % US de-minimis tariffs for low-value packages shipped from China/HK from May 2nd, Temu has halted its entire full-entrusted direct air shipment product offerings on its US site (while maintaining such for other markets). Temu subsequently confirmed that all sales in the US will only be handled b ...