2021年第三季度业绩好坏参半，“收集”

Pinduoduo Inc. (PDD US) delivered mixed results for 3Q2021, with revenues jumping 51.3% yoy to RMB21,505.8 mn, missing expectations. The Company will shift its focus to investment in research and development, away from the previous emphasis on sales and marketing. The Company will turn profitable from 2021 on the back of downsizing low-margin business and lower-than-expected marketing expenses. We have lifted our gross margin estimates for 2021 to 2023, but maintain investment rating as "Accumulate".

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