拼多多- 2025 年第三季度回顾 - 业绩喜忧参半；利润首次企稳，Temu 存在上行空间；买入

19 November 2025 | 12:04AM HKT Equity Research PDD Holdings (PDD) 3Q25 review: Mixed results; first stabilization in profits and Temu upside; Buy PDD 12m Price Target: $147.00 Price: $129.04 Upside: 13.9% PDD's 3Q25 results came in mixed (see our first take), with its first inflection of quarterly operating profit growth this year at +1% yoy (vs. -21%/-36% yoy in 2Q/1Q25), yet with a sizable miss in online marketing revenues (down to single-digit growth for the first time, +8% yoy). We believe the negative ...