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PDD Holdings Inc. (PDD) reported unaudited results for the quarter ended June 30, 2026, showing moderate top-line growth but lower profitability. Total revenues were RMB112.4 billion (US$16.6 billion), up 8% from RMB104.0 billion a year earlier, mainly driven by higher transaction services.
Costs also rose: cost of revenues increased to RMB48.0 billion and total operating expenses grew 13% to RMB36.6 billion, largely from higher sales and marketing. Operating profit was RMB27.8 billion (US$4.1 billion), up 8%, while non-GAAP operating profit rose 5% to RMB29.1 billion (US$4.3 billion).
Profitability declined at the bottom line. Net income attributable to ordinary shareholders fell 12% to RMB27.2 billion (US$4.0 billion), and non-GAAP net income decreased 13% to RMB28.5 billion (US$4.2 billion). Basic earnings per ADS were RMB19.32 (US$2.85) versus RMB22.01, and non-GAAP diluted EPS per ADS was RMB19.33 (US$2.85) versus RMB22.07. Operating cash generation strengthened, with net cash from operating activities at RMB25.7 billion (US$3.8 billion) versus RMB21.6 billion, while cash, cash equivalents and short-term investments increased to RMB456.4 billion (US$67.3 billion) as of June 30, 2026.
PDD Holdings Inc. (PDD) reports the passing of Dr. Ivonne M.C.M. Rietjens, an independent director, in August 2026 at age 67. She had served on the board since August 2023, contributing scientific and academic expertise to governance matters. The board and management express deep condolences and note her lasting impact on the company’s development. The board will review its committee composition and make any adjustments required to remain consistent with applicable requirements.
PDD Holdings director George Yeo reported the vesting and settlement of 1045 and 539 Restricted Share Units into a total of 1584 ADSs on August 1, 2026, plus a new award of 423 RSUs. Earlier RSUs continue to vest in 270-unit tranches in 2027 and 2028, while the new grant vests from 2028 through 2030.
PDD Holdings Inc. director and Co-Chief Executive Officer Zhao Jiazhen reported receiving a grant of options covering 50,000 ADSs. These options carry an exercise price of $0.026 per ADS and expire on June 30, 2046, functioning as equity-based compensation rather than an open-market purchase.
According to the grant terms, one-fourth of the options will become exercisable on each of July 1, 2030, July 1, 2031, July 1, 2032 and July 1, 2033, reflecting a long-term vesting schedule that incorporates a three-year lock-up period. Each option, once vested and exercised, entitles the holder to receive one American Depositary Share of PDD Holdings.
PDD Holdings Inc. reported that SVP of Engineering Wang Mi received a grant of 40,000 options to buy ADSs of the company. The options have an exercise price of $0.026 per ADS and expire on June 30, 2046.
According to the grant terms, one-fourth of the options will become exercisable on each of July 1, 2030, July 1, 2031, July 1, 2032 and July 1, 2033, reflecting a long-term vesting schedule that incorporates a three-year lock-up period. After this award, the filing shows 40,000 options held directly by Wang Mi, each representing the right to receive one ADS upon exercise.
PDD Holdings reported first quarter 2026 revenue of RMB106.2 billion (US$15.4 billion), up 11% from RMB95.7 billion a year earlier, mainly driven by higher transaction services revenue. Operating profit rose 22% to RMB19.6 billion (US$2.8 billion), and non-GAAP operating profit increased 15% to RMB21.1 billion (US$3.1 billion).
Despite this, net income attributable to ordinary shareholders fell 15% to RMB12.5 billion (US$1.8 billion), and non-GAAP net income declined 17% to RMB14.1 billion (US$2.0 billion), reflecting higher costs and changes in other income. Basic earnings per ADS were RMB8.94 (US$1.30), down from RMB10.59, while non-GAAP diluted earnings per ADS were RMB9.51 (US$1.38) versus RMB11.41. Net cash from operating activities improved to RMB16.4 billion (US$2.4 billion), and cash, cash equivalents and short-term investments reached RMB436.1 billion (US$63.2 billion) as of March 31, 2026.
PDD Holdings Inc. files its 2025 Form 20-F, detailing a fast-growing multinational commerce group built around the Pinduoduo and Temu platforms. Revenue reached RMB431,845.7 million (US$61,753.1 million) in 2025, up from RMB393,836.1 million in 2024 and RMB247,639.2 million in 2023, mainly from third-party merchants in China.
Net income was RMB97,842.5 million in 2025, compared with RMB112,434.5 million in 2024 and RMB60,026.5 million in 2023. The report explains PDD’s Cayman holding structure and heavy reliance on a PRC VIE for China operations, whose revenue contribution fell from 45.7% of total revenue in 2023 to 13.1% in 2025.
PDD highlights significant regulatory and structural risks, including dependence on PRC approvals, complex data, cybersecurity and antitrust regimes, potential changes to the VIE’s enforceability, cash-transfer and dividend restrictions from mainland entities, and past HFCA Act exposure if U.S. audit inspections again become constrained.
PDD Holdings Inc. director Ivonne MCM Rietjens reported an open-market sale of 560 American depositary shares (ADSs) of PDD. The ADSs were sold at an average price of $99.5936 per ADS. Following this transaction, the filing shows Rietjens holding zero ADSs directly. Each PDD ADS represents four Class A ordinary shares.
PDD Holdings Inc. director Kam Anthony Ping Leung sold shares in the company. On March 30, 2026, he completed an open-market sale of 1,533 ADSs at an average price of $99.4287 per ADS, leaving 0 ADSs held directly after the transaction.
Each ADS represents four Class A ordinary shares, so the sale reduced his direct economic interest in PDD common equity to zero.
PDD Holdings reported a proposed sale of 1,533 ADS, each representing four Class A ordinary shares. The ADS were acquired under a company share incentive plan on 03/01/2026 and the sale is being routed through Citigroup Global Markets. The filing date shown is 03/30/2026.