The earnings call highlighted the company's commitment to long-term investments in merchant support and ecosystem development despite current financial challenges. Revenue growth was positive, but a significant decline in profit and increased competition posed challenges.

Company Guidance -

Q2 2025

In the first quarter of 2025, PDD Holdings reported a revenue of RMB95.7 billion, marking a 10% year-over-year increase, primarily driven by growth in online marketing services and transaction services. However, despite this revenue growth, the company experienced a significant drop in profitability, with the non-GAAP operating profit margin declining from 33% to 19% compared to the same quarter last year. This decrease is attributed to increased investments in the platform ecosystem, including merchant support initiatives like the upgraded 100 billion support program. Total operating expenses rose by 37% on a GAAP basis and 43% on a non-GAAP basis, reflecting increased fulfillment fees and marketing expenses. Additionally, the company's net income attributable to ordinary shareholders decreased from RMB28 billion to RMB14.7 billion year-over-year. The management emphasized that these investments are strategic long-term commitments aimed at fostering a robust merchant ecosystem despite their short-term impact on profitability.

Revenue Increase

Total revenues increased by 10% year-over-year to RMB95.7 billion, driven by online marketing services and transaction services.

Merchant Support Initiatives

The company launched the 100 billion support program, an upgrade from the previous 10 billion fee reduction program, aimed at supporting merchants through fee reductions and additional resources.

Continued Ecosystem Investments

Significant investments were made in the platform ecosystem to support merchants, particularly small and medium-sized businesses, in navigating market challenges.

PDD Holdings (DE:9PDA) Earnings, Revenues Date & History

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DE:9PDA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Sep 01, 2025	2025 (Q2)	1.86 / -	2.778	―	―	―
May 27, 2025	2025 (Q1)	2.26 / 1.36	2.477	-44.93% (-1.11)	―
Mar 20, 2025	2024 (Q4)	2.37 / 2.41	2.071	16.34% (+0.34)	―
Nov 21, 2024	2024 (Q3)	2.34 / 2.22	1.388	60.12% (+0.83)	―
Aug 26, 2024	2024 (Q2)	2.45 / 2.78	1.252	121.97% (+1.53)	―
May 22, 2024	2024 (Q1)	1.25 / 2.48	0.827	199.42% (+1.65)	―
Mar 20, 2024	2023 (Q4)	1.35 / 2.07	0.997	107.67% (+1.07)	―
Nov 28, 2023	2023 (Q3)	1.06 / 1.39	1.03	34.69% (+0.36)	―
Aug 29, 2023	2023 (Q2)	0.87 / 1.25	0.901	38.86% (+0.35)	―
May 26, 2023	2023 (Q1)	0.53 / 0.83	0.353	134.58% (+0.47)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

DE:9PDA Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
May 27, 2025	€104.50	€90.00	-13.88%
Mar 20, 2025	€114.50	€120.00	+4.80%
Nov 21, 2024	€111.00	€100.50	-9.46%
Aug 26, 2024	€125.00	€89.80	-28.16%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.