英文拼多多控股（PDD）2025年第一季度回顾：利润未达预期，因用户-商家投资增加；国内利润预期降低但份额增长健康；维持买入评级

Key Data __________________________________ GS Forecast ________________________________ GS Factor Profile ____________________________ Source: Company data, Goldman Sachs Research estimates. See disclosures for details.Market cap: $153.9bnEnterprise value: $99.9bn3m ADTV: $1.2bnChinaChina Ecommerce & LogisticsM&A Rank: 3Leases incl. in net debt & EV?: No12/2412/25E12/26E12/27ERevenue (Rmb mn) New393,836.2404,093.5417,505.1470,266.2Revenue (Rmb mn) Old393,836.1416,069.2425,948.6477,461.3EBITDA (Rmb mn)119,114.494,170.3136,677.5171,051.6EPS (Rmb) New82.7163.9992.65117.01EPS (Rmb) Old81.9782.20104.01122.15P/E (X)11.011.68.06.3P/B (X)4.32.72.01.6Dividend yield (%)0.00.00.00.0CROCI (%)143.776.6110.6139.43/256/25E9/25E12/25EEPS (Rmb)11.4115.1617.4219.82PDD relative to Asia ex. Japan CoveragePDD relative to China Ecommerce & LogisticsGrowthFinancial ReturnsMultipleIntegratedPercentile20th40th60th80th100th Despite healthy online marketing revenue growth of +15% (our First Take, ahead of