AnalystBook Research · Company Intelligence

PDD Holdings Inc.

PDDNasdaq

Built from PDD Holdings Inc.'s own SEC filings · updates as new filings land · sources cited throughout

or browse all covered companies

← Research LibraryThe BriefFY2025 20-F · headline figures audited against SEC data

Revenue rose 9.7% to CNY 431.85B, but higher fulfillment and marketing costs cut the operating margin by 597 bps to 21.6% and net income fell 13.0%.

The read at a glance✓ Audited against SEC data
  • Growth — Revenue +9.7% to CNY 431.85B; growth slowingNote
  • Profitability — Operating margin 21.6%, down 597 bps; net income -13.0%Watch
  • Cash — Operating cash flow -12.3% to CNY 106.94BWatch
  • Accounting — Distress-safe; earnings quality safeOK
  • Balance sheet — Total equity +31.9% to CNY 413.39BOK
  • Insiders — No open-market buys; 3 sales in the US insider filingsNote

Business

PDD Holdings runs Pinduoduo, a value-for-money shopping platform in China, and Temu, a global e-commerce platform launched in September 2022. It earns online marketing fees from merchants and transaction services fees, which were close to equal halves of revenue in 2025. It reports in CNY.

Where the revenue comes from

Fiscal 2025, as PDD Holdings Inc. reports it. History and quarterly detail are in the app.

  • Online Marketing Services and Others¥217.8B
  • Transaction Services¥214.1B

Latest filings

  • 6-K · Company announcement (foreign filer)2026-08-25
  • 6-K · Company announcement (foreign filer)2026-08-21
  • 6-K · Company announcement (foreign filer)2026-05-28
  • 20-F · Annual report (foreign filer)2026-04-29
  • 6-K · Company announcement (foreign filer)2026-03-26
In the full recordFree for 14 days
  • What changed🔒
  • Insider signal🔒
  • Growth quality🔒
  • Margins & accounting🔒
  • Capital allocation🔒
  • Real risks🔒
  • The long arc🔒
  • Company history🔒
  • The filings, readable — with what changed vs the prior year highlighted🔒
  • Full financial statements, industry-aware, sources cited throughout🔒
  • Forensic score history & components — the trend, not one year🔒
  • Ownership: insider buys/sells, clusters, activist stakes🔒
  • Ana — ask about PDD Holdings Inc., every answer cited to the official filings🔒

Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.

See the full PDD record — start free

14-day free trial, no credit card. For research purposes only; not investment advice.