拼多多三季度营收1083亿元

Core Viewpoint - Pinduoduo's Q3 2025 financial results show a revenue growth recovery, with total revenue reaching 108.28 billion RMB, a 9% year-on-year increase, despite previous forecasts of slowing growth [3][4]. Revenue Summary - Total revenue for Q3 2025 was 108.28 billion RMB, up from 99.35 billion RMB in Q3 2024, marking a 9% increase [3][6]. - Revenue from online marketing services and other businesses was 53.35 billion RMB, an 8% increase year-on-year, while transaction service revenue was 54.93 billion RMB, up 10% [6][7]. - The growth rate for online marketing services decreased from 13% to 8%, while transaction service revenue saw a significant rebound from just 0.7% growth in the previous quarter [6][7]. Profitability Summary - Non-GAAP operating profit for Q3 2025 was 27.08 billion RMB, exceeding the forecast of 24.46 billion RMB [3]. - Net profit attributable to shareholders was 29.33 billion RMB, a 17% increase from the previous year [3][4]. - Adjusted earnings per ADS were 21.08 RMB, surpassing the expected 16.86 RMB [3]. Cost and Expense Summary - Total cost of revenue for the quarter was 46.84 billion RMB, an 18% increase year-on-year [6][7]. - Research and development expenses rose to 4.33 billion RMB, a 41% increase, driven by higher employee-related costs and infrastructure expenses [7]. - Sales and marketing expenses remained stable compared to the previous year, indicating a controlled approach to spending despite rising operational costs [7]. Cash Flow Summary - Net cash flow from operating activities was 45.66 billion RMB, significantly up from 27.52 billion RMB in the same quarter of 2024 [4]. Strategic Outlook - The company anticipates continued revenue growth volatility due to competitive dynamics and external uncertainties, as indicated by the CFO [7]. - Pinduoduo is gradually increasing investments in AI and talent recruitment, although it has been relatively low-profile compared to competitors like Alibaba and JD [7].