Core Viewpoint - Pinduoduo (PDD) has achieved its first year-on-year growth in operating profit in Q3 2025, indicating a turning point in profitability [1] Group 1: Financial Performance - The operating profit for Pinduoduo in Q3 2025 has shown a year-on-year increase, marking a significant milestone for the company [1] - Management indicated that revenue and profit growth may face short-term pressure and quarterly fluctuations due to a 10 billion yuan merchant support plan aimed at continuous investment in the platform ecosystem [1] Group 2: Business Operations - The losses from the Temu business are continuing to narrow, which lays a foundation for profitability growth in 2026-2027 [1]

拼多多Q3电话会：随着"千亿扶持"和一系列支持商家及产业的投入继续落地，我们的财务表现在接下 来一段时间内也会有起伏。平台愿意牺牲自己的利润，为平台生态创造更广阔的发展空间，这是我们的 长期投资。我们不认为本季度的利润能作为接下来的业绩指引，不排除未来几个季度的业绩表现将出现 反复波动。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...