Goldman Sachs: Temu Enters "Monetization" Phase, Pinduoduo's New Growth Inflection Point Has Arrived!

Goldman Sachs is bullish on Pinduoduo, believing that Temu (cross-border e-commerce business) has largely completed its transition to a "local-to-local" delivery model in developed markets such as Europe and the United States, significantly enhancing its business resilience. They forecast Temu will reach its profitability inflection point in 2027, with an estimated profit of 3.2 billion yuan. Goldman Sachs also believes that with accelerating domestic revenue growth and a low valuation, the current risk-reward profile is highly attractive