Core Viewpoint - The company has agreed to acquire a 57% stake in Tibet Border Information Technology Co., Ltd. for RMB 456 million, which will enhance its capabilities in the e-commerce and retail sectors through AI and digital solutions [1][2]. Group 1: Acquisition Details - The acquisition agreement was signed on November 18, 2025, and upon completion, the target company will become a subsidiary of the company [1]. - The financial performance of the target company will be consolidated into the company's financial statements [1]. Group 2: Target Company Overview - The target company specializes in providing full-stack services in e-commerce and retail, focusing on AI products and digital solutions [1]. - It operates in a high-potential market with a growing demand for AI and digital solutions in the e-commerce sector [1]. Group 3: Management and Market Position - The founding and mentoring teams of the target company consist of experienced professionals from the e-commerce industry, with over ten years of service experience [2]. - The core customized solution business of the target company holds the number one market share in the industry, with a high renewal rate exceeding 70% annually [2].

新华财经北京11月18日电（胡晨曦） 11月18日晚间，拼多多发布截至9月30日的2025年第三季度财报。 受"千亿扶持"等生态投入的影响，拼多多本季度营收为1083亿元，同比增速为9%；经营利润（非 GAAP）为270.794亿元，同比增速仅为1%；调整后归属于普通股股东的净利润314亿元，同比增长 14%，环比则出现下滑。 业绩发布后，拼多多股价在美股盘前一度涨近4%，但随后转跌。 营收增长显著放缓净利润实现双位数增长 财报数据显示，拼多多第三季度9%的营收增速标志着其增长势头出现显著放缓。公司总营收为1082.8 亿元人民币，去年同期为993.5亿元。 营收增长主要来自两大核心业务，但增速均不高。其中，在线营销服务及其他收入为533.5亿元，同比 增长8%。交易服务收入为549.3亿元，同比增长10%。财务副总裁刘俊评论道："营收增长持续放缓，反 映了竞争格局的持续演变和外部不确定性"。她同时预警，随着公司推出更多商户支持举措和生态系统 投资，季度财务业绩可能会持续波动。 "从成立的第一天起，我们的使命就是普惠最广大的普通人，为他们带去多实惠和好服务。"陈磊表示， 站在十周年的节点往前看，我们将沿着为用 ...

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].

Market Overview - US stock index futures are collectively down, with Nasdaq futures down 0.6%, S&P 500 futures down 0.48%, and Dow futures down 0.65% [1] - Major European indices are also down, with Germany's DAX down 1.34%, UK's FTSE 100 down 1.39%, France's CAC down 1.4%, and the Euro Stoxx 50 down 1.42% [1] Economic Indicators - The probability of a 25 basis point rate cut by the Federal Reserve in December has decreased to 42.9% according to CME's FedWatch tool [1] Corporate Developments - Amazon plans to issue bonds for the first time in three years, aiming to raise $15 billion to support AI development [4] - AMD and Eviden will power Europe's first $100 billion supercomputer located in France [5] - Chevron is reportedly participating in the bidding for the overseas assets of Russian energy giant Lukoil [9] Company Performance - Home Depot reported Q3 net sales of $41.35 billion, with same-store sales growth of 0.2%, which was below expectations [10] - Baidu's Q3 revenue reached 31.2 billion yuan, with AI business revenue growing over 50% and exceeding expectations; global ride-hailing service "萝卜快跑" saw a 212% year-on-year increase in service instances [11] - Pinduoduo's Q3 revenue grew 9% year-on-year to 108.28 billion yuan, with adjusted net profit increasing 14% year-on-year to 31.38 billion yuan [11] - Trip.com reported a 16% year-on-year revenue increase to 18.3 billion yuan, with net profit significantly rising to 19.9 billion yuan compared to 6.8 billion yuan in the same period last year [12] - Weibo's Q3 net revenue decreased by 5% year-on-year to $442 million, while advertising revenue from Alibaba surged by 112% year-on-year [13] Market Sentiment - "New Bond King" Gundlach noted signs of speculation in AI and data centers, recommending holding 20% cash for the winter [1] - "Big Short" Burry suggested a simultaneous long position in MOH and short position in PLTR, describing it as a perfect combination [2] Industry Trends - October iPhone sales in China surged by 37%, with market share reaching 25% for the first time since 2022 [3] - Novo Nordisk's Wegovy and Ozempic have seen a 30% price reduction in the US, with the out-of-pocket entry price dropping to $199 [6]

"AI就是新一轮泡沫！"每到年末，这种声音总会在企业圈里蔓延。 但要是被这种"年初热、年末冷"的情绪带着走，再加上"宏观看不懂、微观用不上"的信息断层，企业只会永远停在"看热闹、瞎焦虑"的阶段。 混沌团队用6个月调研了京东物流、学而思、施耐德等50家不同行业的标杆企业，还梳理了"人工智能+"行动配套的20多个省市落地案例。 更重要的是，我们在混沌AI院中陪跑了上千家企业，其中少部分企业（300家）有真的落地实效，而大部分企业因各种各样的问题中途放弃。 最终我们发现一个关键结论：AI不是短期炒作的泡沫，不是大厂的专属玩具，更不是不劳而获的万能药——"宏观聊得太空、微观技巧太碎、中观进不到 业务"的鸿沟，才是企业落地难的真正病根。 那些能靠AI赚着钱的企业，都摸清了"AI+业务"的中观落地路径。 先厘清：哪些AI是泡沫？哪些是真机会？ 要打破"宏观看不懂、微观用不上"的困局，关键得抓住"中观落地"这个核心：以自家业务为原点，找到AI与行业场景的精准结合点，跑通"业务场景-技术 落地-业务提效-收益增长"的闭环。 结合白皮书对制造、零售、金融等8大行业的调研，我们发现：能靠AI赚到钱的企业，都避开了"追宏观概念、迷 ...

作为起家于农产品的新电商，拼多多在农业科研领域也进行了长期投入，先后主办了"多多农研大 赛""全球农创客大赛""科技小院大赛"等多项农研赛事，积极探索数字新兴技术与传统农业的深度融 合。 推动产业实现价值跃迁 成立之初，拼多多通过"拼"的模式创造性地解决了产业带的存量问题，并带动各地产业迅速完成了规模 化。截至目前，很多产业带已经进入了转型的关键节点，拼多多"千亿扶持"在三季度也持续加大对产业 商家的扶持力度，推动产业带完成新质转型。 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，本季度实现营收1083亿元，净利润环比 下滑，经营利润同比仅录得低个位数增长。今年以来，拼多多首次在电商行业启动"千亿级别"的惠商战 略。截至目前，"千亿扶持"已经持续投入两个季度，一定程度上影响了过去两个季度的业绩表现，但为 商家及产业的健康发展创造了长期价值。 今年三季度适逢拼多多创业十周年。拼多多集团执行董事、联席CEO赵佳臻表示，目前，电商行业的竞 争进一步加剧，拼多多将拿出更多的真金白银投入到生态建设中，未来将推出更多类似"千亿扶持"的惠 商举措，以更大的力度回馈生态和社会。 拼多多集团董事长、联席CE ...

Core Viewpoint - The company's revenue growth continues to slow down, reflecting the ongoing evolution of the competitive landscape and external uncertainties [1]. Financial Performance - For Q3 2025, the company reported revenues of 108.3 billion RMB, a year-on-year increase of 9% [1][4]. - Non-GAAP operating profit was 270.8 billion RMB, exceeding the estimate of 244.6 billion RMB [1]. - Net profit attributable to shareholders was 293.3 billion RMB, representing a 17% year-on-year growth [1]. - Adjusted earnings per ADS were 21.08 RMB, surpassing the forecast of 16.86 RMB [1]. Cash Flow and Profitability - The net cash flow from operating activities for the quarter was 456.6 billion RMB, compared to 275.2 billion RMB in the same period of 2024 [2]. - Operating profit for the quarter was 250.3 billion RMB, showing a modest year-on-year increase of 3% from 242.9 billion RMB [2]. Revenue Breakdown - Revenue from online marketing services and other businesses was 53.35 billion RMB, up 8% year-on-year [4]. - Transaction service revenue reached 54.93 billion RMB, marking a 10% year-on-year increase [4]. - The growth rate for online marketing services revenue declined from 13% to 8%, while transaction service revenue saw a significant rebound from just 0.7% growth in the previous quarter [4]. Cost Structure - Total cost of revenue for the quarter was 46.84 billion RMB, an 18% increase year-on-year [5]. - Research and development expenses rose to 4.33 billion RMB, a 41% increase, driven by higher employee-related costs and increased bandwidth and server costs [5]. - The company indicated that rising costs were primarily due to fulfillment expenses, bandwidth and server costs, and payment processing fees [5]. Strategic Outlook - The company is cautiously optimistic about regaining revenue growth despite previous forecasts of slowing income and profit [2]. - The CFO highlighted ongoing uncertainties and the potential financial impact of merchant support programs, suggesting that future financial performance may continue to exhibit volatility [5].

商贸零售行业跟踪周报 2025 年双十一数据复盘：综合电商平台稳 健增长，即时零售表现亮眼 增持（维持） [Table_Tag] [周观点（注：文中 Table_Summary]"本周"指的 11 月 10 日至 11 月 16 日） 本周行情回顾 2025 年 11 月 18 日 证券分析师 吴劲草 证券研究报告·行业跟踪周报·商贸零售 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 石旖瑄 执业证书：S0600522040001 shiyx@dwzq.com.cn 证券分析师 张家璇 执业证书：S0600520120002 zhangjx@dwzq.com.cn 证券分析师 阳靖 执业证书：S0600523020005 yangjing@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 xiy@dwzq.com.cn 2025-11-04 东吴证券研究所 1 / 8 请务必阅读正文之后的免责声明部分 ◼ 2025 年双十一时间继续延长，全网 GMV 稳健增长。根据星图数据， 2025 年双十一全网电商销售总额约为 16,950 亿元，同 ...

拼多多Q3营收为1082.8亿元，同比增长9%，为公司近年来营收增速首次降至个位数区间。归属股东净利润293.3亿元，同比增长17%，Non-GAAP净 利润313.8亿元，同比增长14%。财务副总裁刘俊警告，"随着加大商家支持和生态投资，财务结果可能继续逐季波动"。 拼多多第三季度营收为1082.8亿元（约合152.09亿美元），同比增长9%。这一增速较前几个季度明显放缓，为公司近年来营收增速首次降至个位数区 间。归属股东净利润293.3亿元，同比增长17%，Non-GAAP净利润313.8亿元，同比增长14%。 财务副总裁刘俊警告，"营收增长持续放缓，反映竞争格局演变和外部不确定性"，并表示"随着加大商家支持和生态投资，财务结果可能继续逐季波 动"。 18日，拼多多公布Q3财报： 营收1082.8亿元人民币，预估1075.9亿元，同比增长9%。 归属股东净利润293.3亿元，同比增长17%，Non-GAAP净利润313.8亿元，同比增长14%。 调整后营业利润270.8亿元，预估244.6亿元。 调整后每ADS收益 21.08元，预估16.86元。 | | December | | | | --- | - ...

今年以来，拼多多在电商行业首次推出 " 千亿级别 " 的惠商助农行动，并通过 " 多多好特产 "" 新质供给 "" 电商西进 " 等举措，持续推动平台生态的高质量发展。据拼多多发布的《 2025 农产品上行半年报》显示，平台对农业的投入收效显著，今年上半年，农产品销量同比 增长 47% ；农货商家数量同样保持高速增长，尤其是 00 后农货商家的数量同比增长超 30% ，农产品上行的空间后劲十足。 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。受 " 千亿扶持 " 等 生态投入的影响，拼多多本季度营收增速 9% ，单季营收 1083 亿元。 今年三季度适逢拼多多创业十周年，十年来，拼多多始终坚持为用户创造价值，与广大商家 共同成长，努力引导行业更加开放，逐渐从一个初创企业成长为电商行业的中坚力量。过去 这个季度，拼多多通过 " 千亿扶持 " 战略继续加大对供需两侧的回馈力度，加速推动产业提 质升级，也为广大普通人创造了更多的实惠和乐趣。 " 站在十周年的新起点上，我们将继续坚持消费者导向，专注于电商主业，服务于广大普通 人，加快推进产业生态的高质量发展。 " 拼多多集团执行董 ...