New Street Research - Pinduoduo Inc. Sponsored ADR Class A (PDD) ... PDD 3Q25 Results: Visibility Could Remain Limited in the Near Term

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New Street Research

Jin Yoon

PDD 3Q25 Results: Visibility Could Remain Limited in the Near Term

What’s new: PDD’s reported 3Q25 revs that were above consensus and our expectations. While margins came in better than expected, PDD cautioned that profitability could continue to fluctuate as the company plans to roll out more initiatives to support both demand and supply side. We maintain our PT at USD120.

Analysts:
Jin Yoon

19/11/2025 1 EN

Underlyings

Pinduoduo Inc. Sponsored ADR Class A

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US7223041028 NASDAQ Stock Market Cayman Islands

PINDUODUO PDD US

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

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Pan European Telecom Services and Cable

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Analysts

Jin Yoon

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PDD 3Q25 Results: Visibility Could Remain Limited in the Near Term

PDD Holdings (PDD US): 3Q25: Earnings Beat Expectations; Recovering Commission Revenue Growth.

Greater China Daily: Wednesday, November 19, 2025

As WBD Collects Bids, Has Anything Changed in Likely Government’s Approach (or, More Important, in the Markets)?

WB 3Q25 Results: Outlook Remains Intact

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