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<Research>CMBI: PDD Holdings (PDD.US) Swings to Positive Profit Growth Sooner Than Expected; TP Elevated to US$154.3
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PDD Holdings (PDD.US)'s 3Q25 revenue increased by 9% YoY to RMB108.3 billion, beating market consensus by 1%, driven by a 7% beat in transaction service fees, but was offset by the 4% miss in online advertising service revenue and estimated impacts related to the RMB100 billion initiative to strengthen the platform ecosystem, CMBI noted. PDD Holdings' swing to positive profit growth occurred one quarter earlier than the broker's forecast. Therefore, CMBI raised its 2025-2027 non-GAAP net profit projections for the Company by 6-9%, reflecting better-than-expected control over operating expenses. The broker elevated its target price for the stock from US$146.3 to US$154.3, with rating kept at Buy as it remained optimistic about the Company's core user base and expected 2026 non-GAAP net profit to grow 18% YoY, benefiting from improved operational efficiency. AAStocks Financial News Website: www.aastocks.com |
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