On the evening of November 21st, Beijing time, ahead of the US stock market opening, "performance black box" $Pinduoduo(PDD.US) released its third-quarter financial report. At first glance, both revenue and profit significantly missed expectations, resulting in a substantial "explosion" and a sharp drop in pre-market trading. What is the specific situation? 1. Fortunately, the advertising revenue did not explode. This quarter, Pinduoduo's total revenue was approximately 99.4 billion RMB, compared to Bloomberg's consensus expectation of 102.8 billion, falling short by a full 3 billion. However, amidst the misfortune, the most critical indicator—advertising revenue for this quarter was 49.4 billion, a year-on-year increase of 24%. In contrast...