Gelonghui, November 30 | CITIC Securities published a report stating that in the third quarter, Pinduoduo achieved a 94% year-on-year increase in revenue to 688 billion yuan, and non-GAAP net profit increased 36.8% year-on-year to 17 billion yuan. Revenue and profit greatly exceeded market expectations, showing strong growth potential and profitability. During the period, the main site commodity transaction volume (GMV) and monetization continued to grow, and the cost side improved dramatically; Temu expanded rapidly, and the loss rate was properly controlled. The bank expects that the profit of Pinduoduo's domestic main site business will bring stable support to the company's valuation. Rapid growth in cross-border business is expected to drive valuation potential, raise the target price to 161 US dollars, and maintain the “buy” rating. In addition, the company's revenue forecast for 2023-2025 was adjusted from the original expectations of 206.9 billion, 273 billion and 335.5 billion yuan to 236.1 billion, 323.2 billion and 396.7 billion yuan, and the adjusted non-GAAP net profit forecast was raised to 61.5 billion, 91.8 billion and 114.3 billion yuan, with original expectations of 52.7 billion, 72.5 billion and 86.2 billion yuan.