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PDD Holdings (PDD) investor relations material
PDD Holdings Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary25 Aug, 2025
Executive summary
Total revenues for Q2 2025 reached RMB103,984.8 million (US$14,515.7 million), up 7% year-over-year, driven by online marketing and transaction services.
Operating profit declined 21% year-over-year to RMB25,792.9 million (US$3,600.6 million) due to increased costs and major investments in merchant support programs.
Net income attributable to ordinary shareholders was RMB30,753.5 million (US$4,293.0 million), down 4% year-over-year.
Management emphasized ongoing investments in merchant support, ecosystem strengthening, and platform sustainability, prioritizing long-term value over short-term profitability.
The company is adapting to intensified competition by increasing investments and prioritizing sustainable, high-quality development.
Financial highlights
Revenues from online marketing services rose 13% year-over-year to RMB55,703.2 million (US$7,775.9 million).
Transaction services revenue was RMB48,281.6 million (US$6,739.9 million), nearly flat year-over-year.
Total costs of revenues increased 36% year-over-year to RMB45,858.9 million (US$6,401.7 million), mainly from higher fulfillment, bandwidth, and payment processing fees.
Non-GAAP operating profit margin declined to 27% from 36% year-over-year.
Net cash from operating activities was RMB21,641.7 million (US$3,021.1 million), down from RMB43,792.6 million a year ago.
Outlook and guidance
Profitability is expected to fluctuate in coming quarters due to continued investments and competitive pressures.
Management does not view current profit levels as sustainable and will continue to prioritize long-term ecosystem health.
The company will deepen investments in merchant support and global business fundamentals.
How did RMB 100B program affect Q2 profitability?
Detail global business supply chain investment plans
Justify continued Duo Duo Grocery investment
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Next PDD Holdings earnings date
Q3 202520 Nov, 2025
Next PDD Holdings earnings date
Q3 202520 Nov, 2025
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Frequently asked questions
PDD Holdings Inc (formerly Pinduoduo Inc.) operates an e-commerce platform in the People's Republic of China. It offers a range of merchandise comprising fresh produce, apparel and footwear, electronics and home appliances, household goods, cosmetics, and mother and baby products. The company was formerly known as Walnut Street Group Holdings Limited and changed its name to Pinduoduo Inc. in July 2018. Pinduoduo Inc. was incorporated in 2015 and is headquartered in Shanghai, the People's Republic of China.
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