Perpetual futures PDD Holdings Inc. (PDD)

In Q2 2026, PDD Holdings reported total revenue of RMB 112.4 billion, up 8% year-over-year, driven by transaction services revenue growth of 13% to RMB 54.7 billion. Net income attributable to ordinary shareholders declined 12% to RMB 27.2 billion, reflecting continued investments in platform governance, the RMB 100 billion support program, and ecosystem development. The company highlighted progress in its 3-year initiative to 'build another PDD', with supply chain transformations and the rollout of first-party brand operations, which were slower than expected initially but now fully underway. Management emphasized enhanced compliance and platform governance, including over 150 trust and safety measures. They also addressed the impact of EU customs duties on cross-border business, noting short-term challenges but confidence in long-term strategy. The free shipping to villages program expanded to over 10 provinces, improving rural last-mile delivery and boosting demand. Overall sentiment was cautiously positive, with management stressing long-term value creation over short-term gains.

PDD Holdings reported Q1 2026 revenue of RMB 106.2 billion, an 11% increase year-over-year, driven by transaction services revenue up 20% to RMB 56.3 billion. The company announced the official launch of its first-party brand business with a dedicated company in Changan, backed by an initial RMB 15 billion cash injection and plans to invest RMB 100 billion over the next few years. Management emphasized a strategic shift toward supply chain investment, high-quality development, and social responsibility, including expanded logistics support to rural areas and enhanced food safety measures.

PDD Holdings reported Q4 2025 revenue of RMB 123.9 billion, up 12% year-over-year, and full-year revenue of RMB 431.8 billion, up 10%. Net income decreased year-over-year due to sustained investments in supply chain and ecosystem initiatives, including the RMB 100 billion support program. Management emphasized strategic focus on high-quality supply chain development, with initiatives like Duo Duo Local Specialties, new quality supply, and free delivery to villages. They acknowledged increased competition and regulatory uncertainty, especially in global business, and expect short-term profitability pressures. They reaffirmed commitment to long-term value over short-term financials.

PDD Holdings reported Q3 2025 revenue of RMB 108.3 billion, up 9% year-over-year. Non-GAAP operating profit was RMB 27.1 billion, down from RMB 28 billion a year ago, with margin declining to 25% from 27%. Net income attributable to ordinary shareholders rose to RMB 29.3 billion from RMB 25 billion. The company highlighted continued investment in merchant support programs, including the RMB 100 billion support program, and noted that competition and regulatory uncertainties may cause financial performance to fluctuate. Management emphasized long-term value creation over short-term results.

PDD Holdings reported Q2 2025 revenue of RMB 104 billion, up 7% year-over-year, with operating profit declining 21% to RMB 25.8 billion (GAAP). The decline reflects substantial investments under the RMB 100 billion support program, including fee reductions, logistics support, and merchant subsidies. Management emphasized long-term ecosystem health over short-term profits, citing early benefits such as increased merchant innovation and order growth in remote regions. The global business is in early stages with investments in supply chain, service, and compliance. Competition intensified, and management expects continued profitability fluctuations.