拼多多：2025 年第三季度前瞻- 国内业务可能符合预期，而 Temu 有望带来上行空间

Ac t i o n | 16 Oct 2025 16:37:23 ET │ 26 pages PDD Holdings Inc (PDD.O) 3Q25 Preview: Possible In-line Domestic While Upside on Temu CITI'S TAKE We expect PDD to report 3Q25 by end-Nov. To recall, despite having delivered a better-than-expected NP beat in 2Q25, mgmt noted that 2Q25 profit not sustainable given its commitment in merchant support, etc. which we interpret as managing expectation. While the substantial increase in net interest income line might not be repeated, with 3Q25 lapsing out implementa ...