PDD(US:PDD) Tianfeng Securities·2025-09-08 08:01Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [4] Core Insights - The company reported a 7% year-on-year increase in revenue for Q2 2025, reaching 1,039.8 billion yuan, with marketing services revenue growing by 13% to 557 billion yuan and transaction services revenue increasing by 0.7% to 483 billion yuan. The revenue growth rate is slowing due to intensified competition and external uncertainties [1][2] - The adjusted net profit for Q2 2025 was 327 billion yuan, a 5% year-on-year decline, with a net profit margin of 31.5%. The profit exceeded expectations mainly due to a decrease in marketing expenses and a recovery in interest and investment income [1][2] - The company is focusing on strengthening its supply chain and supporting new quality merchants, which is expected to benefit long-term platform health and competitiveness [2] Revenue and Profit Forecast - The revenue forecasts for 2025, 2026, and 2027 have been adjusted to 4,498 billion yuan, 5,239 billion yuan, and 5,976 billion yuan respectively, up from previous estimates of 4,402 billion yuan, 5,056 billion yuan, and 5,774 billion yuan [3] - The projected Non-GAAP net profits for 2025, 2026, and 2027 are now estimated at 1,178 billion yuan, 1,477 billion yuan, and 1,772 billion yuan, compared to earlier forecasts of 1,048 billion yuan, 1,327 billion yuan, and 1,555 billion yuan [3] Global Expansion and Business Development - The company's global expansion through TEMU is progressing steadily, with expectations of increased market penetration and a focus on compliance to ensure long-term healthy development of overseas operations [3]