Nov 20, 2025 08:24 PM (GMT+8) · EqualOcean
Pinduoduo's (拼多多) Q3 adjusted earnings per share (RMB 21.08, up 14%) exceeded market expectations, driven by aggressive domestic marketing. However, revenue growth slowed to 9% (RMB 108.28 billion), missing targets, causing shares to drop 7%. Co-CEO Zhao Jiazhen (赵佳臻) expects continued earnings volatility due to platform investment. Internationally, its cross-border platform Temu faces increasing global trade regulatory pressure (including US tax changes and EU tariffs). Co-CEO Chen Lei (陈磊) stated the company will inevitably face greater challenges as trade barriers rapidly evolve.

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