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Equity Bottom-Up

<ul><li><strong>Pinduoduo Holdings Inc. </strong>on Monday reported its slowest revenue growth in three years, as the Chinese e-commerce giant ran into stiffer competition at home and new tariff challenges abroad for its overseas arm Temu.</li><li>The Nasdaq-listed company posted second-quarter revenue of 103.99 billion yuan ($14.5billion), just above market expectations and up 7% from a year earlier. That marked the fifth straight quarter of deceleration and the slowest pace since mid-2022.</li><li>Pinduoduo’s meteoric rise since launching Temu in September 2022 peaked with a 131% revenue surge in the first quarter of 2024. Growth has slowed each quarter since, falling to 86% in the second quarter of 2024, 44% in the third, 24% in the fourth, and only 10% in the first quarter of 2025.</li></ul>

Pinduoduo Holdings Inc. on Monday reported its slowest revenue growth in three years, as the Chinese e-commerce giant ran into stiffer competition at home and new tariff challenges abroad for its overseas arm Temu.The Nasdaq-listed company posted second-quarter revenue of 103.99 billion yuan ($14.5billion), just above market expectations and up 7% from a year earlier. That marked the fifth straight quarter of deceleration and the slowest pace since mid-2022.Pinduoduo’s meteoric rise since launching Temu in September 2022 peaked with a 131% revenue surge in the first quarter of 2024. Growth has slowed each quarter since, falling to 86% in the second quarter of 2024, 44% in the third, 24% in the fourth, and only 10% in the first quarter of 2025.

競争と関税がテム社の拡大を圧迫し、ピンドゥオドゥオの成長が鈍化 

PDD Holdings

競争と関税がテム社の拡大を圧迫し、ピンドゥオドゥオの成長が鈍化