拼多多- 2025 年第四季度及 2026 年可持续运营利润增长

November 18, 2025 05:25 PM GMT PDD Holdings Inc | Asia Pacific Although PDD's 3Q25 OMS miss suggests weaker-than-expected GMV and take rate, its OP returned to positive growth with an easier comp base kicking in. We expect OP growth to continue into 4Q25 and 2026 on the back of narrowing losses at Temu and improving margins for domestic e-commerce business. 3Q25 Results 1st Take – OMS Miss, Transaction Beat, Revenue in Line; Profit Beat Sustainable OP Growth into 4Q25 and 2026 Reaction to earnings Unchanged ...