PDD Holdings Inc - ADR · Q2 2025 earnings

Briefing

PDD Q2 revenue RMB104.0B (+7% YoY) as profit dips on merchant support investments

PDD Holdings reported second-quarter 2025 total revenues of RMB104.0 billion (US$14.5 billion), up 7% year over year, as online marketing services grew 13% to RMB55.7 billion while transaction services were roughly flat at RMB48.3 billion. Operating profit fell 21% to RMB25.8 billion and net income attributable to ordinary shareholders declined 4% to RMB30.8 billion, reflecting significant merchant support investments and higher fulfillment costs. Non-GAAP net income was RMB32.7 billion with diluted non-GAAP EPS of RMB22.07 per ADS. Total costs of revenues rose 36% on increased fulfillment fees and payment processing. Cash, cash equivalents and short-term investments reached RMB387.1 billion at June 30, 2025. Management emphasized long-term ecosystem health over short-term profitability amid intense competition.

• Total revenues RMB104.0B (+7% YoY); online marketing revenue RMB55.7B (+13%)
• Net income RMB30.8B (-4% YoY); non-GAAP net income RMB32.7B (-5% YoY)
• Operating profit RMB25.8B (-21% YoY) on merchant support and higher fulfillment costs
• Diluted GAAP EPS RMB20.75 per ADS; non-GAAP diluted EPS RMB22.07
• Cash and short-term investments RMB387.1B at quarter end

Headline financials

Revenue & EPS history

Management did not provide quantitative forward guidance but indicated sustained merchant support investments may continue to weigh on short-term profitability.