The earnings call reflects a cautious optimism about long-term growth, with significant investments in ecosystem support aimed at fostering sustainable development and adapting to competitive pressures. However, the decline in operating profit and increased costs present challenges in the short term.

Company Guidance

In the second quarter of 2025, PDD Holdings, Inc. emphasized its commitment to long-term value creation by investing significantly in its merchant ecosystem through the RMB 100 billion support program. The company's revenue grew by 7% year-over-year to RMB 104 billion, driven primarily by increases in online marketing and transaction services. However, the operating profit declined by 21% year-over-year, reflecting the company's focus on substantial ecosystem investments and the impact of intensified competition. The RMB 10 billion fee reduction and logistics support initiatives led to a 40% growth in order numbers from remote regions. Non-GAAP operating profit was RMB 27.7 billion with a margin of 21%, down from the previous year's 36%. Despite fluctuations in short-term profitability, the company remains dedicated to enhancing merchant and consumer experiences, with the expectation that these investments will ultimately result in sustainable and high-quality development across its platform.

Revenue Growth

Total revenues increased 7% year-over-year to RMB 104 billion, driven by increases in revenues from online marketing services and transaction services.

RMB 100 Billion Support Program

The company launched a significant support program for merchants, including a RMB 10 billion fee reduction initiative, logistics support, and quality merchant support, aimed at fostering sustainable and high-quality platform development.

Logistics Support Initiative

The logistics support initiative significantly reduced the cost of shipping to remote areas and led to a 40% growth in order numbers from these regions.

Duo Duo Premium Produce Program

The program supports farmers and growers, helping them achieve higher margins by improving quality control and moving into food processing to capture higher value add.

Global Business Initiatives

The company's global business is gradually growing, with a focus on strengthening supply chain capabilities, service capabilities, and compliance to meet diverse consumer needs.

PDD Holdings (PDD) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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PDD Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 21, 2025	2025 (Q3)	3.29 / -	2.599	―	―	―
Aug 25, 2025	2025 (Q2)	2.17 / 3.09	3.249	-5.03% (-0.16)	―
May 27, 2025	2025 (Q1)	2.64 / 1.60	2.897	-44.93% (-1.30)	―
Mar 20, 2025	2024 (Q4)	2.77 / 2.82	2.421	16.34% (+0.40)	―
Nov 21, 2024	2024 (Q3)	2.74 / 2.60	1.623	60.12% (+0.98)	―
Aug 26, 2024	2024 (Q2)	2.86 / 3.25	1.464	121.97% (+1.79)	―
May 22, 2024	2024 (Q1)	1.47 / 2.90	0.967	199.42% (+1.93)	―
Mar 20, 2024	2023 (Q4)	1.58 / 2.42	1.166	107.67% (+1.26)	―
Nov 28, 2023	2023 (Q3)	1.25 / 1.62	1.205	34.69% (+0.42)	―
Aug 29, 2023	2023 (Q2)	1.02 / 1.46	1.054	38.86% (+0.41)	―

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

PDD Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 25, 2025	$127.11	$128.21	+0.87%
May 27, 2025	$119.24	$102.98	-13.64%
Mar 20, 2025	$125.92	$130.92	+3.97%
Nov 21, 2024	$116.49	$104.09	-10.64%

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.