PDD Holdings

PDD Holdings runs Pinduoduo, an online marketplace in China, and Temu, an online marketplace in other countries. It earns money from online marketing services that merchants buy and from transaction services. Revenue was RMB 431.8 billion in 2025 and RMB 112.4 billion in Q2 2026. The company has its main office in Dublin, Ireland, and its main operations are in China.

Lei Chen and Jiazhen Zhao are Co-Chairmen and Co-Chief Executive Officers. One American depositary share (ADS) equals four Class A ordinary shares. The company reports in Chinese renminbi (RMB).

The market prices PDD Holdings for lower profits, for trade and regulatory risk to Temu, and for the risks of a large Chinese company. In March 2026, management said that its investments for merchants and consumers 'will inevitably affect' financial performance, and non-GAAP net income attributable to ordinary shareholders fell 12% in 2025 and 13% in Q2 2026. Temu lost the U.S. de minimis duty exemption in 2025. In May 2026, the European Commission fined Temu €200 million under the Digital Services Act.

In October 2026, the Commission accepted Temu's plan to correct the breach, and Temu must now carry out the plan and an independent audit. The company also holds cash, short-term investments and deposits that are much larger than all its liabilities. For the gap to close, three things must be true. Revenue must keep growing near the 8% of Q2 2026, and operating profit must keep growing, as it did by 8% in Q2 2026 after a fall of 13% in 2025.

Temu must complete the European Commission plan without a new fine, and U.S. trade rules must leave costs that the company can carry. The company must show how its cash helps shareholders, for example with buybacks or dividends. The Q3 2026 report, expected around November 18, 2026, gives the next test, and proof of steady profits needs several quarters. Part of the gap may stay, because tension between China and the United States can affect Temu and the listing of the shares.

1. Nov 18, 2026 · est.Pending

   Q3 2026 results: profit trendRevenue growth near or above the 8% of Q2 2026 and higher operating profit pass; a new fall in operating profit or a large regulatory charge fail.
2. Feb 2027 · est.Pending

   Temu completes its Digital Services Act planTemu carries out the accepted plan within four months with no new finding or fine from the European Commission passes; a new breach finding or fine fails.

Every passed and failed checkpoint across all picks

• October 26, 2026The European Commission accepted Temu's plan to correct its breach of the Digital Services Act on the risk assessment of illegal products. Temu has four months to carry out the plan. An independent auditor must then check the measures, and Temu must send the audit report to the Commission within four months after it carries out the plan.
• August 24, 2026PDD Holdings reported Q2 2026 results. Revenue rose 8% to RMB 112.4 billion, and transaction services revenue rose 13%. Operating profit rose 8% to RMB 27.8 billion. Net income attributable to ordinary shareholders fell 12% to RMB 27.2 billion, after an other loss of RMB 7.4 billion that the release does not explain. Operating cash flow was RMB 25.7 billion.
• August 21, 2026PDD Holdings said that Dr. Ivonne Rietjens, an independent director since August 2023, died in August 2026. The board said that it will review the composition of its committees.

Next earnings

Expected about November 18, 2026. The company has not confirmed the date.

• 20-FAnnual report for the period ended Dec 31, 2025Filed April 29, 2026 · pdd-20251231x20f
• 20-FAnnual report for the period ended Dec 31, 2024Filed April 28, 2025 · pdd-20241231x20f

Every filing on SEC EDGAR (CIK 1737806)

• In May 2026, the European Commission fined Temu €200 million because Temu did not correctly assess the risk of illegal products under the Digital Services Act. In October 2026, the Commission accepted Temu's plan to correct the breach. Temu must carry out the plan within four months and pay for an independent audit, and the Commission supervises the plan closely.
• The United States ended the de minimis duty exemption for imports from China and Hong Kong on May 2, 2025, and for all countries on August 29, 2025. Tariffs and customs rules raise the cost of goods that Temu ships to the United States.
• Competition in Chinese e-commerce is strong, and PDD spends more to support merchants and consumers. Sales and marketing expenses rose to RMB 29.7 billion in Q2 2026 from RMB 27.2 billion a year earlier. Profits can stay lower for longer than investors expect.
• The main operations are in China, and the shares trade in the United States as ADSs. Tension between China and the United States can bring new rules on trade, data or listings.
• PDD reports in renminbi, and the ADS trades in U.S. dollars. A weaker renminbi lowers the dollar value of its earnings and cash.

PDD Holdings has no bank loans or bonds on its balance sheet at June 30, 2026. Cash, cash equivalents and short-term investments were RMB 456.4 billion, up from RMB 422.3 billion at December 31, 2025. Read more

PDD Holdings does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.