| Thursday, March 26, 2026 |
NO.1 Pinduoduo releases 2025 financial report: revenue of 431.8 billion yuan, a year-on-year increase of 10%
On March 25, Pinduoduo released its financial report for the fourth quarter and full year of 2025 as of December 31. Data show that in the fourth quarter of 2025, the company's revenue was 123.9 billion yuan, a year-on-year increase of 12%; the fourth quarter net profit was 24.541 billion yuan, a year-on-year decrease of 11%. Annual revenue was 431.8 billion yuan, a year-on-year increase of 10%. According to the financial report, in April 2025, Pinduoduo launched the "100 billion support" business benefit plan, planning to invest more than 100 billion yuan in capital and traffic within three years. At the end of the year, the company upgraded its governance structure, implemented a co-chairman system, and adjusted its strategic focus to "focusing on China's supply chain." In terms of logistics, Pinduoduo has built county-level transfer warehouses and village-level collection points in more than 10 provinces and cities to bear the second-stage transfer fees for orders delivered to villages. In terms of platform governance, food safety governance measures were introduced during the Spring Festival, involving qualification review, live broadcast control, etc.
Comment: Pinduoduo’s revenue in 2025 will be 431.8 billion yuan, a year-on-year increase of 10%. However, net profit fell by 11% in the fourth quarter, indicating increased investment. The company's strategy has shifted to the "heavy supply chain", launched the "100 billion support" plan and deepened the logistics sinking, aiming to consolidate long-term competitiveness. Against the background of slowing industry growth, Pinduoduo is shifting from scale expansion to quality construction to cope with competition and stabilize its fundamentals.
NO.2 Kuaishou Keling AI’s revenue in the fourth quarter of last year was 340 million yuan, and its monthly revenue exceeded 20 million US dollars in December
On March 25, Kuaishou released its fourth quarter and full-year financial report for 2025. The financial report shows that Keling AI’s revenue in the fourth quarter reached 340 million yuan. In December, Keling AI’s revenue exceeded US$20 million, corresponding to an annualized revenue run rate of US$240 million. Since the fourth quarter of 2025, Keling AI has successively launched the unified multi-modal video model Keling O1, the Keling 2.6 model with the ability to "produce audio and video at the same time", and the Keling 3.0 series of models based on the All-in-One concept.
Comment: Kuaishou Keling AI’s revenue in the fourth quarter was 340 million yuan, and exceeded 20 million US dollars in a single month in December. Commercialization is progressing rapidly. As the leader in the domestic AI video generation track, Keling consolidates its technical advantages through intensive iteration of multi-modal models. In the context of the industry's competition to deploy large-scale model applications, its revenue performance has verified the potential of AI productization, but it still needs to deal with the challenges of fierce competition and continued investment in the future.
NO.3 SoYoung’s total revenue in 2025 will be 1.523 billion yuan, and the number of SoYoung youth clinics will increase to 49
On March 25, SoYoung released its fourth quarter and full-year financial performance report for 2025. In the fourth quarter of 2025, the company achieved total revenue of 461 million yuan, a year-on-year increase of 25%, setting a record high in single-quarter revenue. Among them, chain business revenue increased by 205% year-on-year, growing rapidly for nine consecutive quarters, accounting for more than 50% of the company's total revenue for the first time, becoming the company's largest source of income, and the core member repurchase rate exceeded 80%. For the whole year of 2025, the company's total revenue will be 1.523 billion yuan. By the end of 2025, the number of SoYoung Youth Clinic stores has increased to 49, covering 15 cities, making it the largest light medical beauty chain in China, with more than 170,000 active users.
Comment: SoYoung’s revenue in 2025 will be 1.523 billion yuan, reaching a new high of 461 million yuan in the fourth quarter. Chain business revenue accounted for more than 50% for the first time, becoming the core growth engine. With 49 stores, it established its leading position in the scale of the light medical beauty chain. Under the trend of industry standardization and centralization, SoYoung has achieved remarkable results in its transformation from platform to physical services, and its high repurchase rate has verified its operational capabilities. However, it still needs to deal with the quality control and competitive pressure of chain expansion in the future.
NO.4 The share prices of the “Three Food Delivery Giants” soared
On March 25, the official website of the State Administration for Market Regulation reprinted an article from the Economic Daily titled "The Takeout War Is Over." The article stated that the food delivery war not only affects the accounts of restaurant industry owners, but also the livelihoods of ordinary people. When catering consumption, which is the "ballast stone", stalls due to price wars, the chill felt by the broader economy will eventually be transmitted to every micro individual. Healthy competition should be a healthy competition for technological innovation, efficiency improvement, and service optimization. In the afternoon of March 25, Hong Kong technology and Internet stocks suddenly rose sharply, with the "three food delivery giants" leading the gains. In the end, Meituan rose by nearly 14%, JD.com rose by nearly 5%, and Alibaba rose by 4.63%.
Comment: The official tone is that the food delivery industry should end price wars, turn to healthy competition, and release signals for policy cooling. Affected by this, the stock prices of Meituan, JD.com, and Alibaba rose sharply. This move is expected to guide the industry from burning money in exchange for growth back to value competition, help leading companies optimize their profit models, and push the food delivery market back to a healthy track of technological innovation and service upgrades.
