拼多多-2025 年第四季度回顾：拼多多与 Temu 生态体系强化，收入增长拐点显现；买入

26 March 2026 | 2:07AM HKT Equity Research PDD Holdings (PDD) 4Q25 review: Strengthening Pinduoduo+Temu ecosystem with top-line growth inflecting; Buy | 12m Price Target: $158.00 | | | | --- | --- | --- | | | Price: $98.09 | Upside: 61.1% | | PDD | | | PDD continues to be one of our key mega-cap ideas for 2026 within China Internet, on our expectations of re-accelerating top line growth and room for valuation re-rating around its 'going global' narrative. Its broadly in-line 4Q25 results (our first take) in ...