Pinduoduo Holdings：拼多多（PDD）：1Q25 Earnings Missed, Business Adjustments Still Take Time-20250529
华泰金融·2025-05-29 04:58
Equity Research Report Pinduoduo Holdings (PDD US) 1Q25 Earnings Missed, Business Adjustments Still Take Time | Huatai Research | Quarterly Results Review | Rating (Downgrade): | HOLD | | --- | --- | --- | --- | | 29 May 2025 │ US | Internet | Target price (USD): | 102.30 | Pinduoduo's (PDD) 1Q25 revenue rose 10.2% yoy to RMB95.7bn, missing the Visible Alpha (VA) consensus of RMB103.9bn; non-GAAP attributable net profit (NP) was RMB16.9bn, with non-GAAP NPM down 17.6pp yoy to 17.7%, below the VA consensus o ...