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PDD Holdings (Temu)
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Latest analysis
Updated Aug 25, 2026
PDD revenue grew 8% YoY to $16.6B in Q2 2026, but net income fell 12% as sales & marketing expenses surged 9%.
PDD Holdings posted Q2 2026 revenue of RMB112.4 billion ($16.6 billion), up 8% year-over-year, driven by 13% growth in transaction services to RMB54.7 billion. However, net income attributable to ordinary shareholders declined 12% to RMB27.2 billion ($4.0 billion) as operating expenses jumped 13%, primarily from sales and marketing costs rising to RMB29.7 billion. Management framed the period as one of strengthened ecosystem governance and targeted trust-and-safety initiatives amid global trade and regulatory evolution. The company maintains a fortress balance sheet with RMB456.4 billion ($67.3 billion) in cash and short-term investments, up from RMB422.3 billion at year-end 2025.
Tone: cautiousRevenue
¥431.8B
PDD 20-F · FY 2025 · CNY
Revenue growth YoY
+9.7%
Founded
2015
Headquarters
Dublin, Ireland
Profile
PDD 20-F Item 4.B · Apr 29, 2026PDD Holdings is a multinational commerce group operating two primary platforms: Pinduoduo, a social commerce marketplace in China known for its team-purchase model, and Temu, a global e-commerce platform launched in 2022 targeting consumers across North America, Europe, and beyond. The company earns revenue from online marketing services and transaction fees charged to third-party merchants. Its model centers on connecting buyers, merchants, manufacturers, and brands through technology-enabled supply chain and logistics capabilities.
Read filing description ↓ Collapse description ↑
PDD Holdings is a multinational commerce group that owns and operates a portfolio of businesses. We aim to bring more businesses and people into the digital economy so that local communities and small businesses can benefit from increased productivity and new opportunities. We have built a network of sourcing, logistics, and fulfillment capabilities that support our underlying businesses. Our customers are third-party merchants who sell their products on our platforms. Our revenues primarily consist of (i) transaction services and (ii) online marketing services and others. For transaction services, we earn fees from merchants for sales of their products completed on our platforms. For online marketing services and others, we earn service fees from merchants for various types of online marketing services. These include matching product listings appearing in search or browsing results on our platforms, charging merchants based on impressions or clicks, and providing display marketing services where merchants place advertisements on our platforms primarily at fixed prices. The Pinduoduo platform, founded in 2015, provides buyers with a comprehensive selection of value-for-money merchandise and fun and interactive shopping experiences. Pinduoduo pioneered an innovative 'team purchase' model. Temu, founded in September 2022 in Boston, Massachusetts, is a global online platform dedicated to providing quality products to consumers at attractive prices. As of the end of 2025, Temu was serving consumers in various countries and regions, including the United States, Japan, Germany, the United Kingdom, France, Canada and Italy.
Primary products
- Pinduoduo platform
- Temu platform
- Duo Duo Grocery
- Online marketing services
- Transaction services
- E-waybill system
Business segments
End markets
Geographies
“The e-commerce industry in which we compete is intensely competitive, and our platforms compete on a global scale with industry players such as (i) major e-commerce operators, (ii) major traditional and brick-and-mortar retailers, (iii) retail companies focused on specific product categories, and (iv) major internet companies that do not operate e-commerce businesses now but are in the process of initiating their e-commerce businesses or may launch e-commerce businesses in the future.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Reported in RMB; USD figures converted at period-end rate. Total revenues increased by 9.7% from RMB393,836.1 million in 2024 to RMB431,845.7 million (US$61,753.1 million) in 2025, driven by growth in both online marketing services and transaction services.
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