Lates News

The open source securities research report stated that considering the company's investment in merchant services, user experience, and industrial upgrading 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 (previous value 139.5/169.4/200.5 billion yuan), corresponding to year-on-year growth rates of -19.1%/39.7%/22.9% and corresponding diluted EPS of 16.7/23.3/28.7 yuan. The current stock price corresponds to a 13.2/9.4/7.7 times PE for 2025-2027. Domestic e-commerce market share is expected to continue to increase, with overseas TEMU actively expanding. The adjustment of domestic commission policies in 2025H2 will weaken the base effect and marginal impact of national subsidies, and overseas tariff uncertainties are expected to improve. We maintain a "buy" rating.