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$拼多多(PDD)$ 金吾财讯 | 中信证券发研报指出，拼多多(PDD)2025年第四季度收入同比增长12.0%，其中广告收入未达预期，而佣金收入则超出预期；Non-GAAP经营利润同比增长5.3%，符合彭博一致预期。

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