KraneShares 2x Long PDD Daily ETF

KPDD

HMTD

03690

MPNGY

83690

PDD 4Q25 First Take: As Dolphin Research has noted, PDD has stayed out of the food-delivery land grab and is not chasing AI hype, emerging as the most focused, pure-play, value-oriented retailer in e-commerce. This was again the steadiest print among peers, with most metrics largely in line with the Street. Key signals: domestic operations were broadly stable, and PDD was less affected as state subsidies faded. Temu’s growth was stronger than expected, specifically: 1) Total revenue rose 12% YoY, fully in line. By line item, online marketing revenue grew 5.3% YoY, below Bloomberg consensus of 8%; even GS was at 6%, so it still lagged. Referencing recent prints from JD and Alibaba, this likely reflects a sluggish 4Q e-commerce backdrop. QoQ, growth eased only from 8% to 5%, suggesting the fade of state subsidies was a marginal positive for PDD. 2) The upside came from transaction services revenue, up 19% YoY and clearly ahead of the Street. Given weak domestic trends this quarter, most of the beat likely came from Temu. With Meituan largely exiting community retail, Duoduo Maicai may have also contributed. 3) GPM was a touch below expectations, likely a mix headwind as Temu scaled and its weight increased. The gap is immaterial. The largest expense, sales &amp; marketing, was RMB 34.4bn (+9.6% YoY), also in line. Notably, sales expense growth accelerated vs. the prior two quarters. Dolphin Research believes that as the impact of state subsidies faded, marketing spend on the domestic core app likely did not rise much. That implies heavier Temu investment, consistent with its upside this quarter. 4) Lastly, G&amp;A and R&amp;D moved in opposite directions, largely offsetting. The former reflects higher productivity, the latter ongoing AI investments. OP was broadly in line; on an adj. basis, up ~5% YoY. $PDD(PDD.US) $KraneShares 2x Long PDD Daily ETF(KPDD.US)

Meituan HK SDR 5to1

MEITUAN

Meituan

MEITUAN-WR

Pinduoduo Establishes Specialized Company in Shanghai with a Plan to Integrate Supply Chains and Invest 100 billion RMB

Pinduoduo reports revenue growth but profit decline in 2025 Temu faces challenges in overseas market expansion

Nomura Upgrades PDD Rating to Buy

Pinduoduo Sees Stock Surge and Launches Brand-Oriented Self-Operation Model

CFRA Maintains Sell Rating on PDD Holdings Inc., Sets Target Price at $95

Pinduoduo's Option Trading Volume on March 25, EST

JPMorgan Downgrades Pinduoduo's Target Price to $110

Citi Research Raises Target Price on Pinduoduo to $145

FactSet: Analysts 上调拼多多 2026 年 EPS 预估至 13.19 美元

PDD released FY2025 Annual Earnings on March 25 Pre-Market (EST), Actual Revenue USD 60.53 B (Forecast USD 61.78 B), Actual EPS USD 9.3966 (Forecast USD 10.1329)

PDD released FY2025 Q4 earnings on March 25 Pre-Market (EST), actual revenue USD 17.71 B (forecast USD 17.84 B), actual EPS USD 2.3613 (forecast USD 2.7909)

Pinduoduo Sees Slower Revenue Growth in 2025, Continues Supply Chain Investment

Pinduoduo Holding Cash and Short-term Investments Increase by 27% Year-over-Year

Pinduoduo's revenue rises due to marketing and transaction growth but falls short of expectations

Pinduoduo Reports Q4 Revenue Growth and Net Profit Decline

Pinduoduo Announces Yearly Revenue of 431.8 Billion Yuan in Latest Earnings Report

Pinduoduo Announces Formation of 'New Pinmu' and a 100 Billion Yuan Investment

Pinduoduo's Q4 Online Marketing Services Revenue Hits $8.58 Billion, Up 5% YoY

Pinduoduo Q4 adjusted EPS fell short of expectations

Pinduoduo's Q4 2025 Revenue at 123.91 Billion Yuan

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