证券研究报告 | 公司点评报告 2025 年 11 月 19 日 拼多多（PDD.O）25Q3 财报点评 加大生态投入短期或将影响业绩，长期看好高质量增长 拼多多发布 2025Q3 业绩，Q3 公司营业收入 1083 亿元，YOY+9%，广告收入 533.5 亿元，YOY+8%，略低于预期；Non-GAAP 归母净利润 314 亿元， YOY+14.3%，利润超预期。公司表示未来将继续大力投入，通过类似于百亿减 免、千亿扶持等惠商举措反哺平台生态，短期利润或将有所波动，长期看好国 内业务持续高质量发展及海外市场成长和盈利空间，维持"强烈推荐"。 风险提示：宏观经济风险；行业竞争加剧；海外政策风险。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 主营收入(百万元) | 247639 | 393836 | 430405 | 500749 | 557912 | | 同比增长 | 90% | 59% | 9% | 16% | 11% | | 净 利 润 百 NON-GAAP ...

谈及电商同行在新业态、新模式上投入给拼多多带来的挑战，赵佳臻表示，拼多多会持续供应链优化和 平台生态建设，这个过程是持续而艰难的。在相当的一段时间内，拼多多相较部分同行可能会处于阶段 性的劣势，同时也可能带来一定的财务压力。但拼多多仍会选择牺牲部分短期利润，创造更多长期发展 空间。 行业竞争不可避免，不过分关注竞争对手动向 拼多多集团执行董事、联席CEO赵佳臻表示，过去几个季度，行业开启了新一轮的投入周期，在这个 行业格局下拼多多认为竞争是不可避免的。面对行业的快速变化，拼多多主要思考为消费者、商家等赋 能，不会过分去关注短期的行业动向和竞争对手动向。未来一段时间，拼多多类似"千亿扶持"的战略 项目会进一步增多。 坚持生态投入，较部分同行可能有阶段性劣势 11月18日晚间，拼多多发布第三季度的财报，并举行财报电话会。 拼多多集团董事长、联席CEO陈磊表示，对于全球化业务，拼多多一直在推进合规工作，也在积极和 外部的相关方合作。但各个国家和地区的监管政策仍在发生较大变化，作为一家年轻的全球化公司，需 要承认这个过程显著地存在着不确定性，可能让公司面临不可预知、难以明确计算的风险，从而影响短 期乃至长期的财务表现 ...

新浪科技讯 11月18日晚间消息，拼多多发布最新财报。在财报电话会上，拼多多集团董事长、联席 CEO陈磊表示，当下的国际环境日趋复杂，各个国家及地区的贸易政策、税务、数据、商品合规等平台 监管政策也在发生比较大的变化，这不可避免的给我们带来了更大的挑战和更多的不确定性。 "作为一家年轻的全球化的公司，我们正在努力的学习、跟上和适应这些变化。但是，这个过程中的不 确定性是显著存在的，它可能让公司面临不可预知和明确计算的风险，也会影响短期乃至长期的财务表 现。"陈磊表示。 责任编辑：何俊熹 ...

Group 1: Financial Performance - The company achieved a sales revenue of 2.549 billion CNY, a year-on-year increase of 17.50% [5] - Revenue from industrial robots and intelligent manufacturing systems was 2.092 billion CNY, up 26.54% year-on-year [5] - The net profit attributable to the parent company was 6.6823 million CNY, a 109.10% increase year-on-year [6] - The operating cash flow was -1.1948 billion CNY, an improvement of 65.08% year-on-year [6] Group 2: Market Position and Growth - The company became the first domestic brand to surpass foreign brands in industrial robot shipments, achieving a market share of 10.5% [6] - Domestic business revenue reached 1.8 billion CNY, growing by 25.31% year-on-year, while overseas revenue was 749 million CNY, up 2.18% [5] - The company is actively expanding into global markets, particularly in Europe, America, and Southeast Asia [10] Group 3: Research and Development - Total R&D expenditure was approximately 235 million CNY, accounting for 9.21% of sales revenue [7] - The company focuses on high-end applications and technological innovation to enhance its competitive edge [7] Group 4: Industry Outlook - The company anticipates continued growth in downstream industries such as automotive, electronics, and lithium batteries in the second half of the year [8][9] - The automotive sector is a strategic focus, with ongoing efforts to penetrate the market and enhance product offerings [12] Group 5: Cost Management and Efficiency - The company has implemented comprehensive budget management to improve cost control, resulting in a decrease in expense ratios compared to the previous year [11] - Efforts to optimize cash flow and manage receivables have led to significant improvements in operational efficiency [6] Group 6: After-Sales Service and Market Strategy - The company plans to develop a comprehensive after-sales service system to enhance customer satisfaction and create new revenue streams [14] - The after-sales market is expected to grow due to an increasing installed base of nearly 100,000 industrial robots [14]

Core Insights - The 2025 China International Fair for Trade in Services (CIFTIS) opened in Beijing, with Pop Mart participating as the exclusive trendy cultural brand partner, showcasing various popular IP products and interactive experiences [1][2] - Pop Mart aims to highlight the diversity and extensibility of trendy IP through its participation in CIFTIS, receiving widespread recognition from attendees [2] Company Strategy - Pop Mart's core strategy revolves around IP-centric group development, actively exploring creative expressions and new business formats such as building blocks, plush toys, desserts, and jewelry [2] - The company is committed to IP innovation and aims to provide diverse emotional experiences and cultural value to global consumers as it expands its international business [2] Performance Metrics - In the first half of 2025, Pop Mart achieved over 100% growth across all four major regions, with the Americas experiencing a growth rate exceeding tenfold [2] - As of June 30, 2025, Pop Mart has opened a total of 571 stores across 18 countries worldwide [2]

Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Insights - The company has benefited from the rise of domestic mid-tier brands and is strategically enhancing its global business operations [1][4]. - In H1 2025, the company achieved a revenue of 371 million yuan, representing a year-on-year growth of 39.3%, and a net profit attributable to shareholders of 17 million yuan, up 14.9% year-on-year [4][6]. - The company is focusing on high-quality product development and has established stable partnerships with various brands, which is expected to drive revenue growth [7]. Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 1.009 billion yuan, with a year-on-year growth rate of 45.2% [6]. - The net profit attributable to shareholders is forecasted to be 69 million yuan in 2025, with a significant growth rate of 52.6% [6]. - The company’s gross margin is projected to be 26.4% in 2025, with a gradual increase expected in subsequent years [6]. Business Segmentation - The skincare segment remains the core business, accounting for 89.5% of total revenue in H1 2025, with significant growth driven by new customer orders [7]. - The company has developed over 50 high-quality products and is actively expanding its market presence both domestically and internationally [7]. Market Positioning - The company is strategically positioned to leverage the growing demand for domestic brands and is enhancing its supply chain capabilities to support market expansion [7]. - The report highlights the company's focus on high-quality exhibitions to promote its global business, targeting key markets in Europe and North America [7].

Core Viewpoint - Pinduoduo reported a total revenue of 103.9848 billion yuan for Q2 2025, reflecting a year-on-year growth of 7%, while net profit attributable to ordinary shareholders decreased by 4% to 30.7535 billion yuan [1] Financial Performance - Total revenue for Q2 2025 was 103.9848 billion yuan, a 7% increase year-on-year [1] - Net profit attributable to ordinary shareholders was 30.7535 billion yuan, down 4% year-on-year [1] - Non-GAAP net profit attributable to ordinary shareholders was 32.7084 billion yuan, a decline of 5% year-on-year [1] Competitive Landscape - The e-commerce industry is experiencing intensified competition, leading to a slowdown in revenue growth for Pinduoduo compared to other platforms [2] - The company acknowledges that the current quarter's profit levels may not be sustainable, indicating potential future volatility [3] Strategic Response - Pinduoduo plans to increase investments to support small and medium-sized businesses, viewing this as a long-term investment in ecosystem development [3] - The company is focusing on specific merchants and cases to enhance support, including initiatives like the "Billion Support Plan" to subsidize and boost online sales for new quality products [3][4] Globalization Efforts - Pinduoduo is adapting to changes in global trade structures and consumer demands, with a focus on enhancing supply chain capabilities and localizing operations [5] - The company aims to improve service quality and logistics collaboration to better meet consumer expectations globally [5]

Core Viewpoint - Pinduoduo's Q2 2025 financial results show a slowdown in revenue growth to 7%, with total revenue of 103.985 billion yuan and adjusted net profit of 32.708 billion yuan, a year-on-year decline of 5% [1] Revenue Summary - Revenue from online marketing services and other businesses reached 55.703 billion yuan, a year-on-year increase of 13% [1] - Transaction service fee revenue was 48.281 billion yuan, showing a slight growth of 0.7% year-on-year [1] - The company's revenue growth is slowing due to initiatives like the "100 billion support" strategy and "10 billion exemptions" affecting advertising and commission income [1] Cost and Expenditure Summary - Operating costs for the quarter were 45.859 billion yuan, up 36% year-on-year, primarily driven by increases in fulfillment costs, bandwidth, server costs, and payment processing fees [2] - Operating expenses totaled 32.333 billion yuan, a 5% year-on-year increase, mainly due to rising sales and marketing expenses [2] - The total operating expenses in the previous quarter were 38.6 billion yuan, reflecting a significant increase of 37%, which outpaced the 10% revenue growth [2] Strategic Focus - The company plans to increase investments to support small and medium-sized businesses, indicating a willingness to sacrifice some profit for long-term growth [2] - Pinduoduo remains cautious in its investment in instant retail, focusing instead on its grocery business, which requires substantial long-term investment despite competition [2] - The "Duoduo Grocery" business has a pickup point coverage of over 70% of administrative villages nationwide [2] Global Trade Impact - The company acknowledges that changes in global trade structures may cause short-term fluctuations in its cross-border business, but overall consumer trends remain stable, with increasing trust from overseas consumers [3]

Core Viewpoint - Pinduoduo reported its Q2 financial results, highlighting the ongoing changes in the external environment and intensified competition in the e-commerce sector, while committing to increasing investments in its industrial ecosystem to foster long-term development [1] Group 1: Financial Performance - Pinduoduo released its Q2 financial report on August 25, indicating a focus on adapting to a changing market landscape [1] Group 2: Strategic Initiatives - The company plans to enhance its investments in the industrial ecosystem to create opportunities for sustainable growth [1] - Pinduoduo is increasing subsidies for overseas merchants and exploring new business models to expand into international markets [1] Group 3: Supply Chain Resilience - The company emphasized the strong resilience and advantages of its industrial supply chain, reinforcing its commitment to further investments [1]

Core Viewpoint - Pinduoduo emphasizes its commitment to long-termism and plans to increase investments in its industrial ecosystem despite the competitive pressures in the e-commerce sector [1] Group 1: Financial Performance - Pinduoduo released its Q2 financial report, indicating ongoing changes in the external environment and intensified competition within the e-commerce industry [1] Group 2: Strategic Initiatives - The company is increasing subsidies for overseas merchants to support them during challenging times and is exploring new business models to expand into new international markets [1] - Pinduoduo recognizes the resilience and advantages of its industrial supply chain, which reinforces its decision to increase investments [1]