记者丨董静怡 编辑丨巫燕玲 11月18日，拼多多发布了截至9月30日的2025年第三季度财报，这份成绩单恰逢拼多多成立十 周年，展现了这家电商巨头在规模与责任之间的重新抉择。 财报显示，拼多多三季度营收1083亿元，同比增长9%，增速首次降至个位数区间；归属于普 通股股东的净利润为293.3亿元，同比增长17%。 这一表现与市场预期存在差距，但拼多多的管理层并未试图掩饰，他们在财报会议中明确将增 速放缓归因于"千亿扶持"计划的持续投入。拼多多集团执行董事、联席CEO赵佳臻直言，愿意 牺牲自己的利润来为平台生态创造更广阔的发展空间。 根据财报，拼多多的Q3季度总收入同比增长9.0%，达到1083亿元，主要由在线营销服务和交 易服务收入增长推动。 这一增速放在当前电商行业整体放缓的背景下并不算差，但与拼多多自身过去动辄两位数的高 增长相比，有所放缓。 本季度，拼多多在线营销服务及其他业务收入为533亿元，较2024年同期仅增长8.1%。拼多多 表示，随着竞争加剧以及对商家生态系统的投入，在线营销服务的增长进一步放缓。 来自交易服务收入为549亿元，较去年同期增长10%。这超过了市场预期，此前，受关税冲击 影响，拼 ...

证 券 研 究 报 告 拼多多（PDD）2025 年三季报点评 推荐（维持） 拐点显现，持续投入长期质量建设 目标价：139.04 美元 事项： ❖ 公司发布 2025 年三季报： 2025Q3 实现收入 1,082.8 亿元，同比+9%；经营利 润 250.3 亿元，同比+3%；Non-GAAP 经营利润 270.8 亿元，同比+1%；Non- GAAP 归属于普通股东净利润 313.8 亿元，同比+14%。 评论： [主要财务指标 Indicator_FinchinaSimpleHK] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 393,836 | 430,666 | 495,501 | 557,627 | | 同比增速(%) | 59.0% | 9.4% | 15.1% | 12.5% | | 归属于普通股东净利润(百万元) | 112,435 | 106,031 | 129,743 | 155,149 | | 同比增速(%) | 87.3% | -5.7% | 22.4% | 19 ...

Core Viewpoint - Pinduoduo's third-quarter financial results reflect a strategic shift towards long-term ecological development, prioritizing investment over short-term profit, as evidenced by the "100 billion support" initiative aimed at enhancing merchant growth and platform sustainability [1][4][8] Financial Performance - Pinduoduo reported Q3 revenue of 108.3 billion yuan, a 9% year-on-year increase, marking the first time growth has fallen to single digits [1][2] - Net profit attributable to ordinary shareholders was 29.33 billion yuan, up 17% year-on-year, although this performance fell short of market expectations [1][2] - The company's operating profit for the quarter was 27.1 billion yuan, down from 28 billion yuan in the same period last year, with an operating margin of 25%, down from 27% [3] Investment Strategy - The "100 billion support" plan, launched in April, involves investing over 100 billion yuan in resources to support merchants over three years, which has led to a 47% increase in agricultural product sales and a 31% rise in the number of post-95 merchants [1][6] - Pinduoduo's R&D expenses increased by 41% to 4.33 billion yuan, reflecting a commitment to enhancing technological infrastructure and employee-related costs [2] Market Positioning - Pinduoduo is adopting a low-profile approach in a competitive landscape, choosing not to engage in the food delivery wars or heavily promote AI initiatives, instead focusing on long-term ecological investments [1][4] - The company aims to balance growth with support for the industry, particularly in agriculture, by leveraging its platform to enhance supply chain quality and efficiency [5][6] Industry Impact - The "100 billion support" initiative has positively influenced the agricultural sector, with significant investments in local specialties and initiatives to improve product quality and market access [5][6] - The number of post-00 merchants increased by 44%, indicating a growing trend of younger entrepreneurs entering the market, which is expected to drive further innovation and quality improvements [7] Future Outlook - Pinduoduo's leadership emphasizes a commitment to long-term value creation and social responsibility, indicating a strategic pivot from mere scale to sustainable ecological development [4][8] - The company plans to continue investing in its platform and industry, focusing on high-quality development and user value creation as it moves into its next decade [8]

"站在十周年的新起点上，我们将继续坚持消费者导向，持续 进化组织，以钉钉子的精神，扎扎实实、一个一个地解决用 户、商家、产业的实际问题，持续构建多方共赢的平台生态， 承担更大的社会责任，继续为广大的普通人创造价值。" 拼多 多集团执行董事、联席CEO赵佳臻表示，拼多多将拿出更多的 真金白银投入到生态建设，以更大的力度回馈生态和社会。 作者：李康 封图：图片资料室 11月18日，拼多多发布第三季度财报，营收为1082.8亿元，同比增长9%，这一增速较前几个季 度明显放缓。第三季度经营利润为250亿元，同比仅录得低个位数增长。调整后归属于普通股股东 的净利润314亿元，同比增长14%，环比出现下滑。在线营销服务收入增速较上一季度也有所下 滑。 这些措施给广大中小商家带来了实实在在的实惠。在浙江永康，有年轻商家在平台扶持下升级生产 线并创立品牌，一年扩展了10条生产线。在云南普洱，咖啡产业通过平台的数据和品牌赋能，摆 脱了"廉价原料"的标签，实现了价值跃迁。 有商家反馈，仅"推广服务费退返"一项每年可节省数百万元的推广费用，拼多多单个季度能为商 家共节省上百亿元的成本。在千亿扶持计划下，拼多多平台大家电、二手数码等 ...

第三季度是拼多多千亿扶持连续投入的第二个季度。这是一项为期三年、总投入超千亿元的系统性工程，其核心目标是加码高质量电商生态建设，助推平台 商家新质转型升级，全力构建用户、商家及平台多方共赢的商业生态。 11月18日，拼多多发布第三季度财报，营收为1082.8亿元，同比增长9%，这一增速较前几个季度明显放缓。第三季度经营利润为250亿元，同比仅录得低个 位数增长。调整后归属于普通股股东的净利润314亿元，同比增长14%，环比出现下滑。在线营销服务收入增速较上一季度也有所下滑。 去年以来，拼多多营收增速已显著放缓。此前，拼多多2024年第一季度、2024年第二季度、2024年第三季度、2024年第四季度、2025年第一季度、2025年第 二季度的营收同比增速分别为131%、86%、44%、24%、10%、7%。 拼多多营收与利润增速的放缓，并非业务疲软，而是拼多多主动战略投入的结果。今年4月，拼多多把百亿减免计划升级为千亿扶持计划，用真金白银反哺 供需两侧，为商家降本减佣，加快推动产业新质转型，引领电商行业进入全面惠商的新阶段。该项投入对于拼多多的直接影响，便是业绩增速放缓。 拼多多集团执行董事、联席CEO赵佳臻 ...

Core Viewpoint - Pinduoduo is focusing on long-term development by increasing investments in its platform ecosystem and supporting merchants, despite a slowdown in revenue growth and a decline in net profit for Q2 2025 [1][3]. Group 1: Financial Performance - For Q2 2025, Pinduoduo reported revenue of 1,040 billion yuan, with a growth rate of 7%, and an adjusted net profit of 327.08 billion yuan, down 5% year-on-year [1][3]. - Revenue from online marketing services and other businesses reached 557.03 billion yuan, growing 13%, while transaction service revenue was 482.81 billion yuan, with a modest growth of 0.7% [3]. Group 2: Strategic Initiatives - Pinduoduo launched a "1 trillion support plan" to assist merchants, marking a significant increase in investment aimed at high-quality development [1][3]. - The company has implemented various initiatives such as "100 billion reduction" and "new quality supply" to enhance the efficiency and quality of services for millions of merchants [2][3]. Group 3: Market Positioning - In response to intensified competition in the e-commerce sector, Pinduoduo is adopting a proactive approach to transform competition into opportunities for ecosystem development [2][3]. - The company is prioritizing support for small and medium-sized businesses, viewing this as a responsibility and a long-term investment in the ecosystem [2][3]. Group 4: Impact on Merchants - Pinduoduo's support has led to significant improvements for local farmers, such as the transformation of potatoes from Yunnan into popular snack products, benefiting over 11,000 farmers [4]. - The "Multi-Quality Specialty Products" initiative has resulted in a 47% increase in agricultural product sales, with seasonal fruit sales up by 51% and seafood sales up by 48% [5]. Group 5: Brand Empowerment - The company is also empowering traditional domestic brands, with notable success during promotional events like the 618 shopping festival, where specific products saw significant sales growth [7]. - Pinduoduo's data-driven approach has enabled brands to tailor their offerings to meet the preferences of younger consumers, enhancing overall market engagement [7].

Investment Rating - The report maintains a "Buy" rating for Pinduoduo (PDD) [1][11][23] Core Insights - Pinduoduo's revenue for Q2 2025 reached RMB 104 billion, a 7% year-over-year increase, exceeding market expectations [5][6] - The company has launched a "100 billion support" initiative to assist merchants, which is expected to enhance long-term growth and ecosystem optimization [6][9] - Short-term profits have exceeded expectations due to effective cost control and a stable monetization rate, despite a decline in gross profit and margin [7][9] Financial Data and Profit Forecast - Revenue projections for Pinduoduo are as follows: - 2023: RMB 247,639 million - 2024: RMB 393,836 million - 2025E: RMB 404,873 million - 2026E: RMB 439,021 million - 2027E: RMB 501,347 million - Non-GAAP net profit forecasts: - 2025E: RMB 102,430 million - 2026E: RMB 138,571 million - 2027E: RMB 168,911 million - The company’s return on equity (ROE) is projected to be 27.3% in 2025, decreasing to 24.4% by 2027 [2][14] Market Data - As of August 26, 2025, Pinduoduo's closing price was USD 123.91, with a market capitalization of USD 17.59 billion [3][4] - The stock has a 52-week high of USD 155.67 and a low of USD 87.11 [3] Strategic Initiatives - The "100 billion support" strategy aims to enhance merchant support and drive high-quality development, with significant investments in agricultural products leading to a 47% increase in sales [6][9] - Pinduoduo is focusing on optimizing its cost structure, with total operating expenses at 31.1% of revenue, indicating improved cost control [7][9] Long-term Outlook - The report suggests that despite short-term performance pressures, Pinduoduo's long-term growth strategy remains intact, with expectations for improved monetization rates and market share [11][9] - The company is diversifying its overseas business to mitigate tariff risks and enhance its competitive position [11][10]

Core Viewpoint - Pinduoduo remains committed to "long-termism" despite slowing revenue growth and profit contraction, emphasizing long-term value creation over short-term financial performance [1][3][8] Revenue and Profit Summary - In Q2 2025, Pinduoduo reported total revenue of 104 billion RMB, a year-on-year increase of 7%, indicating a further slowdown in growth [2][4] - Operating profit under Non-GAAP was 27.7 billion RMB, down 21% year-on-year, while net profit attributable to ordinary shareholders was 32.7 billion RMB, a decline of approximately 5% [1][2] - Revenue from online marketing services and other income was 55.7 billion RMB, up 10%, while transaction service revenue was 48.3 billion RMB, only a 1% increase compared to the same period in 2024 [2] Cost and Expense Analysis - Total revenue costs rose significantly from 33.7 billion RMB to 45.9 billion RMB, a 36% increase year-on-year, primarily due to higher fulfillment costs, bandwidth and server costs, and payment processing fees [2] - Total operating expenses increased from 30.8 billion RMB to 32.3 billion RMB, a 5% rise, mainly driven by increased sales and marketing expenses [2] Strategic Initiatives - Pinduoduo has launched the "100 Billion Support" plan and the "100 Billion Reduction" initiative to support merchants, which includes various measures such as fee reductions and deposit adjustments [2][3] - The company is focusing on long-term investments to strengthen its ecosystem and upgrade its value chain, prioritizing merchant support over immediate profit [1][3][4] Market Response and Future Outlook - Following the earnings report, Pinduoduo's stock price initially rose over 10% before closing at 128.21 USD, reflecting a 0.87% increase [1] - Management has cautioned the market about future earnings volatility, emphasizing the need for continued investment to support small and medium-sized merchants amid increasing competition [4][5] Competitive Landscape - Pinduoduo is not engaging in the immediate retail battle but is focusing on supply-side strategies through its support plans [6] - The company acknowledges the challenges of the "Duoduo Buy Vegetables" business, which requires significant long-term investment, while also addressing the need for a robust supply chain to meet consumer demands [7][8]

Investment Rating - The report maintains a "Hold" rating for Pinduoduo [5] Core Insights - Pinduoduo's Q2 2025 total revenue reached 104 billion RMB, a year-on-year increase of 7.1%, aligning with Visible Alpha's consensus estimate of 103.2 billion RMB; the non-GAAP net profit was 32.7 billion RMB, corresponding to a non-GAAP net profit margin of 31.5%, which is a decline of 4 percentage points year-on-year but better than the consensus estimate of 21.0% [1][5] - The better-than-expected profit performance is attributed to significant improvements in interest and investment income, which amounted to 10.4 billion RMB in Q2 2025, compared to 4.9 billion RMB in Q2 2024 and 0.2 billion RMB in Q1 2025; a decrease in sales expense ratio due to reduced marketing spending in overseas markets and a cautious subsidy strategy in domestic e-commerce [1][2] - Management indicated that profitability may fluctuate as the company increases investment, and the Q2 2025 performance may not represent future trends [1] Domestic E-commerce - Pinduoduo's online marketplace service revenue grew by 13.4% year-on-year to 55.7 billion RMB, exceeding the consensus estimate of 11.8% growth; transaction service revenue increased by 0.7% to 48.3 billion RMB, in line with the consensus estimate [2] - The "100 billion subsidy" plan has significantly reduced costs for merchants, with logistics improvements leading to a 40% year-on-year increase in orders from remote areas; the "1 trillion support" plan is helping merchants transition from private label to branded products [2] Overseas E-commerce - Management is focusing on enhancing supply chain, service, and compliance capabilities to improve business efficiency; the sales expense ratio for Q2 2025 was 26.2%, better than the consensus estimate of 34.1%, reflecting a short-term decrease in marketing spending in the U.S. [3] - Future investments will be directed towards localizing operations and improving fulfillment experiences, with expectations for Temu to continue enhancing overseas warehouse capabilities [3] Profit Forecast and Valuation - The report revises the non-GAAP net profit forecasts for 2025-2027 upwards by 35.6%, 25.7%, and 23.6% to 108.6 billion RMB, 133.9 billion RMB, and 157.9 billion RMB respectively; the new target price is set at 136.0 USD, up from 102.3 USD [4][20] - The valuation for the domestic e-commerce main site is set at 93.0 USD per ADS, based on a 9x PE for 2025E, while the valuation for the multi-buy business is 11.2 USD per ADS, and for Temu, it is 31.8 USD per ADS [20][21]

Financial Performance - Pinduoduo reported total revenue of 103.9848 billion yuan for Q2 2025, a year-on-year increase of 7% [1] - Net profit attributable to ordinary shareholders was 30.7535 billion yuan, down 4% year-on-year; non-GAAP net profit was 32.7084 billion yuan, down 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][3] - The company acknowledges that the current profit levels are not sustainable and anticipates continued fluctuations in future profits due to increased competition and investment in merchant support [8][13] Strategic Initiatives - Pinduoduo has launched the "100 Billion Support Plan" to reduce operational costs for merchants and enhance the quality of the e-commerce ecosystem [6][7] - The plan includes targeted support for agricultural merchants and new quality merchants, aiming to improve their operational efficiency and market reach [7][11] Globalization Efforts - The company is adapting to changes in global trade structures and consumer demands, focusing on enhancing supply chain capabilities and localizing operations [5][14] - Pinduoduo aims to provide high-quality products to consumers worldwide while strengthening its service and compliance capabilities [5] Consumer Engagement - During the "618" shopping festival, Pinduoduo invested heavily in subsidies for quality agricultural products and consumer coupons, resulting in significant growth for participating merchants [15][16] - The company is committed to creating a healthier and more vibrant platform ecosystem by continuously investing in both supply and demand sides [16]