Open-source securities: domestic commission base effect fades, overseas tariff uncertainty expected to improve, maintain a buy rating on Pinduoduo.

Open Source Securities Research Report stated that considering the company's investment in merchant services, user experience, and industry upgrades, in pursuit of long-term sustainable development, we have lowered the company's non-GAAP net profit forecast for 2025-2027 to 99.0/138.3/170.0 billion yuan, corresponding to year-on-year growth rates of -19.1%/39.7%/22.9%, corresponding diluted EPS of 16.7/23.3/28.7 yuan, and the current stock price corresponds to a PE ratio of 13.2/9.4/7.7 times for 2025-2027. Domestic e-commerce market share is expected to continue to increase, while overseas TEMU is actively expanding. The base effect of domestic commission policy adjustments in 2025H2 and the marginal impact of national subsidies are expected to weaken, and overseas tariff uncertainties are expected to improve. We maintain a "buy" rating.