Core Viewpoint - Pinduoduo (PDD.US) shares surged over 11% in pre-market trading, reaching $141.61, following the release of its earnings report for Q2 2025, which exceeded market expectations [1] Financial Performance - Revenue for Q2 2025 was reported at 103.98 billion yuan, representing a year-on-year growth of 7%, slightly above the expected 103.93 billion yuan [1] - Adjusted earnings per ADS were 22.07 yuan, surpassing the market expectation of 15.50 yuan [1] - Adjusted net profit reached 32.71 billion yuan, exceeding the market forecast of 22.39 billion yuan [1]

Core Viewpoint - Pinduoduo (PDD.US) reported a 7% year-over-year revenue growth in Q2, marking a continued slowdown in growth over multiple quarters due to increased investments in industry support initiatives [1] Group 1: Financial Performance - Q2 revenue growth slowed to 7% year-over-year, indicating a trend of deceleration in growth [1] - The company has initiated a "trillion-level" support action in the e-commerce sector, aimed at providing financial assistance to merchants [1] Group 2: Strategic Initiatives - Pinduoduo's support actions include reducing commission fees and costs for millions of merchants [1] - The company is focusing on enhancing support for small and medium-sized businesses, new quality merchants, and brand merchants [1] - The initiatives aim to promote high-quality development across various agricultural regions and industrial belts [1]

来源：滚动播报 拼多多美股盘前直线拉升，现涨超7%。消息面上，该公司第二季度营收超预期。 ...

专题：聚焦2025年第二季度美股财报 责任编辑：刘明亮 8月25日晚间消息，拼多多（Nasdaq：PDD）今日发布了截至6月30日的2025年第二季度财报：总营收为 1039.848亿元，同比增长7%。归属于拼多多普通股股东的净利润为307.535亿元，同比下滑4%；不按美 国通用会计准则，归属于拼多多普通股股东的净利润为327.084亿元，同比下滑5%。 ...

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。 风险提示及免责条款 拼多多第二季度调整后每ADS收益22.07元人民币，预估15.50元人民币。 ...

Core Points - The seventh China-Arab States Expo will introduce the "Silk Road E-commerce" Cooperation Innovation Development Conference, aimed at enhancing digital economic cooperation between China and Arab countries [1][2] - The conference will take place from August 27 to 29 in Yinchuan, Ningxia, focusing on building a mutually beneficial global e-commerce market and promoting high-quality development of the Belt and Road Initiative [1] Group 1 - The theme of the conference is "Digital Empowerment, Silk Road Win-Win," marking the first implementation of the Ministry of Commerce's "Silk Road E-commerce Benefits the World" initiative in Ningxia [1] - The conference will feature four sub-activities: "Silk Road Cloud Products" themed live broadcast, "Silk Road E-commerce" industry matchmaking, China-Arab e-commerce exchange meeting, and visits to specialty industries [1] - The "Silk Road Cloud Products" live broadcast will include 15 foreign hosts from nine countries, including Egypt, Oman, and Morocco, along with over 50 domestic hosts, utilizing an interactive live streaming model [1] Group 2 - The Ministry of Commerce will release the "National Silk Road E-commerce Typical Cases" for the first time during the conference [2] - The event has attracted over 50 foreign guests from 14 countries, including Egypt, UAE, and Saudi Arabia, and has collected seven key signing projects in areas such as e-commerce education and digital trade [2] - The seventh China-Arab Expo, themed "Innovation, Green, Prosperity," will be held from August 28 to 31 in Yinchuan, Ningxia [2]

Core Viewpoint - The discussion focuses on Bill Miller's investment philosophy, particularly his long-term investment in Amazon, which showcases his unique approach to value investing and decision-making in the face of market skepticism [2][4][7]. Group 1: Investment Philosophy - Bill Miller's investment style is characterized as "non-typical" or "alternative" value investing, blending valuation, fundamentals, odds, and time into practical judgments [5][34]. - Miller emphasizes the importance of defining a business correctly, as the description influences perception and investment decisions [5][19]. - The ability to switch between value and growth investing is a key aspect of Miller's pragmatic investment approach, allowing him to identify mispriced opportunities [34][38]. Group 2: Decision-Making Process - Miller's decision to invest in Amazon was influenced by his understanding of its business model, which he likened to Dell's negative working capital structure, allowing for high capital returns [4][14]. - He believes that understanding the underlying cash flow and operational efficiency is crucial, as demonstrated by his analysis of Amazon's financials during its early years [25][27]. - The ability to filter out market noise and maintain a clear perspective is essential for successful investing, as highlighted by Miller's approach to learning and continuous improvement [3][20]. Group 3: Resilience and Adaptability - Miller's resilience during market downturns, particularly during the 2008 financial crisis, showcases his ability to adapt and learn from past mistakes [39][42]. - His approach to investing is informed by a blend of philosophical insights, including pragmatism and language philosophy, which help him navigate complex market dynamics [22][31]. - The importance of maintaining a long-term perspective and the psychological challenges of holding investments through volatility are emphasized as critical components of successful investing [71][75]. Group 4: Practical Insights - The discussion highlights the significance of recognizing "explosive upside opportunities" in investments, as demonstrated by Miller's bets on Amazon and Bitcoin [67][68]. - Miller's investment decisions are often based on a calculated risk approach, where he assesses the potential for significant returns against the likelihood of loss [65][66]. - The ability to remain calm and rational during market turmoil is a trait that distinguishes successful investors like Miller, allowing them to make informed decisions rather than emotional ones [51][57].

Group 1 - The 2025 E-commerce Conference will be held from September 10 to 11 at the Shougang International Exhibition Center in Beijing, focusing on the theme "Digital Intelligence Leading Quality Innovation" [1] - The conference will feature a "1+3" model, including an opening ceremony and three specialized sessions on consumer e-commerce, industrial e-commerce, and cross-border e-commerce [1] - The event aims to gather government departments, international organizations, industry leaders, and corporate representatives to discuss opportunities and challenges in the e-commerce sector during the digital age [1] Group 2 - The "Special Action Plan to Boost Consumption" issued by the Central Committee of the Communist Party of China emphasizes the importance of digital consumption and quality e-commerce [2] - E-commerce is increasingly recognized as a key driver of consumption upgrades, industrial integration, and international cooperation within the digital economy [2] - From January to July 2025, China's online retail sales grew by 9.2%, with physical goods online retail sales increasing by 6.3%, accounting for 24.9% of total retail sales of consumer goods [2]

消息面上，8月22日晚，东方甄选公布截至2025年5月31日止年度的年度业绩，总营收约43.92亿元，同 比减少37.9%；公司拥有人应占溢利573.5万元，同比减少99.67%；每股盈利0.01元。公告指出，由于报 告期间内出售与辉同行，若剔除出售与辉同行的财务影响(即与辉同行所产生的一次性开支及溢利)，持 续经营业务的净溢利由2024财年的人民币1.04亿元增加30.0%至2025财年的人民币1.354亿元。 智通财经APP获悉，东方甄选(01797)跌超10%，截至发稿，跌10.69%，报32.42港元，成交额19.01亿港 元。 ...

每经AI快讯，阿里巴巴涨幅扩大至5.1%，成交额67.08亿港元，总市值23651.61亿港元。 ...