E-commerce giant Pinduoduo recently released its financial report for the third quarter of 2025, showing a significant slowdown in revenue growth. The total revenue was 108.3 billion yuan (RMB), with a year-on-year increase of only 9%, far below the 44% growth in the same period in 2024. As a result, Pinduoduo’s stock on the US market plummeted by 7.33% on the day of the financial report release, causing a market value loss of 13.4 billion US dollars, equivalent to over 95 billion yuan. Compared to its historical stock price peak, the market value has already evaporated by more than trillions.
The third-quarter financial report of Pinduoduo shows a net profit attributable to ordinary shareholders of 29.3 billion yuan, an increase of 17% year-on-year; the adjusted net profit was 31.4 billion yuan, a 14% year-on-year increase. While profits are still growing, market attention is focused on the sharp decline in revenue growth.
Data shows that Pinduoduo’s revenue growth rate has plummeted from 131% in the first quarter of 2024 to single digits in the third quarter of this year, indicating that its rapid growth dividend is gradually diminishing.
The performance in this financial report has intensified the market’s concerns about Pinduoduo’s growth prospects, especially in its global business segment, Temu, as the financial report does not disclose its performance details in detail, adding uncertainty to the market.
In the secondary market, Pinduoduo’s stock price is under pressure, with its latest total market value at 160.8 billion US dollars, less than half of its competitor Alibaba’s 364.9 billion US dollars. It is worth noting that Pinduoduo briefly surpassed Alibaba to become the largest Chinese concept stock by market value in the mid-November of 2023. Compared to the historical stock price peak in February 2021 of $212.597 per share, Pinduoduo’s new market value has dropped by 141.052 billion US dollars, equivalent to 1 trillion and 24.85 billion yuan.
Data shows that Alibaba’s stock price has rebounded by more than 83.41% year-to-date, while Pinduoduo has only risen by 16.75%.
A Goldman Sachs report points out that the slowdown in online advertising revenue growth in the third quarter is one of the main reasons for the stock price decline for Pinduoduo.