投资要点：据公司公告，拼多多3Q25 实现营收1083 亿元（市场一致预期1076 亿元），同比增长9%，经营利润同比降低3%至250 亿元，Non-GAAP 归母净利润同比增长14%至314 亿元（市场一致预期251 亿元），业绩表现超预期。“千亿扶持”赋能新质供给转型，营收表现基本符合预期。3Q25 公司在行业首推的“千亿扶持”惠商政策继续深化，并通过“多多好特产”“新质供给”“电商西进”等...
Source Link投资要点：据公司公告，拼多多3Q25 实现营收1083 亿元（市场一致预期1076 亿元），同比增长9%，经营利润同比降低3%至250 亿元，Non-GAAP 归母净利润同比增长14%至314 亿元（市场一致预期251 亿元），业绩表现超预期。“千亿扶持”赋能新质供给转型，营收表现基本符合预期。3Q25 公司在行业首推的“千亿扶持”惠商政策继续深化，并通过“多多好特产”“新质供给”“电商西进”等...
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