英文拼多多（PDD）：宏观不确定性下的生态系统投资

China (PRC) | InternetPDDEquity ResearchMay 27, 2025 Thomas Chong *  | Equity Analyst852 3743 8016 | thomas.chong@jefferies.comZoey Zong *  | Equity Analyst852 3743 8163 | zoey.zong@jefferies.comFY (Dec)2023A2024A2025E2026ERev. (MM)247,639.0393,836.0420,577.0483,401.0Net Profit67,899.0122,344.076,224.090,417.0Ecosystem Investments Amid Macro-UncertaintiesPDD reported 1Q results (link) with revenue, non-GAAP operating profitand earnings below expectations. Management highlights it is importantto support merchants in driving high quality growth in product, technologyand operations amid macro-uncertainties. There is timing difference oninvestment and revenue. We adjust our revenue estimates on transactionservices (e.g. Temu) and higher spending to support merchants. MaintainBuy and lower our PT to USD121.1Q25 results highlights: Total revenue grew 10% YoY to RMB95.7bn, 6% and 9% behindconsensus and our estimates. Online marketing services and others revenue grew 15% YoY(vs consensus at 13