[PDD] PDD Holdings: Q3 2026 Earnings Test for Stalled Ad Growth and Temu's EU Duty

PDD Holdings runs the Pinduoduo marketplace in China and Temu overseas; both platforms mainly serve merchants in China, and substantially all revenue comes from online marketing and transaction service fees charged to third-party merchants[1]. The PDD Q3 2026 earnings report, covering the Third quarter 2026 (three months ended September 30, 2026), is listed on the earnings calendar for 2026-11-18, and the company has not yet announced a date itself[2]. In the latest disclosed quarter, the second quarter of 2026, total revenue was RMB112.4 billion, up 8% year over year; online marketing services and others revenue was RMB57.6 billion against RMB55.7 billion a year earlier, a gain of only about 3%; transaction services revenue was RMB54.7 billion, up 13%; operating profit was RMB27.8 billion, up 8%, while net income attributable to ordinary shareholders fell 12% to RMB27.2 billion[3]. The non-GAAP operating margin was 26% versus 27% a year earlier[4]. TIKR's November 4 aggregate of analyst expectations puts third-quarter revenue at about RMB116 billion, up about 7%, and notes that PDD has missed revenue estimates four quarters running[5].

Three things matter most in this report. First, whether online marketing revenue growth returns above 5%: this line is about half of group revenue, it grew only about 2.5% in the first quarter and about 3% in the second, and it determines whether the main-site profit pool can keep funding new investment[6][3]. Second, how transaction services revenue and cost of revenues behave under the EU low-value parcel duty: since July 2026 the EU has charged a fixed duty of about €3 per item category on parcels under €150, the third quarter is the first full quarter under that duty, and management already said on the second-quarter call that it would have a considerable near-term negative impact on affected cross-border orders[7][8]. Third, whether the operating margin holds within its first-half range: second-quarter operating expenses grew 13%, faster than 8% revenue growth, and the first-party brand business, with RMB100 billion planned over three years, has not yet disclosed any revenue or loss figures[3][9]. These three numbers can confirm, weaken or leave open the current reading of main-site monetization, Temu's cross-border model and the pace of investment.

Company Background and Business Structure

PDD Holdings was founded in 2015, renamed from Pinduoduo Inc. in February 2023, is registered in Dublin, Ireland, operates mainly from Shanghai, and had 25,474 employees at the end of 2025[1][10]. Lei Chen and Jiazhen Zhao serve as co-chairmen and co-chief executive officers[11]. The company describes itself as a multinational commerce group whose two platforms share the same value proposition and operating model and differ only in geographic coverage[1].

Pinduoduo grew out of a "team purchase" model that encourages shoppers to share products on social networks and invite friends and family to buy together at lower prices[12]. The buyer base attracts merchants, and order volume in turn pushes merchants to offer sharper prices; the company treats this loop as the core mechanism of the main site and has long emphasized selling farm produce directly from growing regions to consumers[12].

Temu was founded in Boston in September 2022 and launched in North America, then entered Oceania in March 2023 and Europe in April 2023; by the end of 2025 it served markets including the United States, Japan, Germany, the United Kingdom, France, Canada and Italy[13]. Temu works with global logistics and fulfillment partners to offer merchants value-added services such as cross-border logistics, and those service fees are booked as transaction services revenue[13].

The company does not report segments by platform and splits revenue into only two lines. In 2025 online marketing services and others brought in RMB217.78 billion, or 50.4% of revenue, and transaction services RMB214.06 billion, or 49.6%[14]. The 20-F says the Pinduoduo platform currently earns revenue mainly from online marketing services, so this line largely reflects main-site merchant advertising, while transaction services mixes Temu's service fees with main-site transaction-related fees[15]. Active merchants rose from 15.8 million to 16.8 million in 2025, and average transaction services revenue per active merchant rose from RMB12,399 to RMB12,742[16].

The newest group-level assets are two dedicated entities set up in 2026. In March 2026 the company created a dedicated Shanghai company for a first-party brand business, with an initial cash injection of RMB15 billion and RMB100 billion planned over three years for product design, manufacturing coordination, quality control, warehousing and fulfillment capabilities[9]. In the second quarter it also set up a dedicated company and integrated service centers in the Xiong'an New Area focused on intelligent technology and the upgrading of traditional manufacturing[17]. None of these entities has separate revenue or profit disclosure yet.

Financial History and Current Position

According to the 2025 20-F, revenue rose from RMB247.64 billion in 2023 to RMB393.84 billion in 2024 and then grew 9.7% to RMB431.85 billion in 2025; online marketing was 62.0% of revenue in 2023, after which transaction services climbed quickly, and by 2025 the two lines were roughly even[14]. Cost of revenues rose about 23% in 2025, from RMB153.90 billion to RMB188.80 billion, mainly because of fulfillment fees, bandwidth and server costs, and payment processing fees[16]. Operating expenses grew 14.0% to RMB149.94 billion, including sales and marketing of RMB125.29 billion with a RMB12.96 billion increase in advertising, promotion and coupon spending, research and development of RMB16.50 billion and general and administrative expenses of RMB8.16 billion; operating profit therefore fell from RMB108.42 billion to RMB93.10 billion[18].

Net income also declined, but cash flow stayed above profit. Net interest and investment income rose from RMB20.55 billion to RMB25.58 billion in 2025, and net income fell from RMB112.43 billion to RMB97.84 billion[19]. Operating cash flow was RMB106.94 billion, above net income, mainly because payables to merchants rose RMB15.33 billion and accrued expenses and other liabilities rose RMB12.36 billion, partly offset by a RMB12.60 billion increase in short-term investments; operating cash flow had been RMB121.93 billion in 2024[20].

In the first quarter of 2026 revenue was RMB106.2 billion, up 11%, driven mainly by transaction services: that line reached RMB56.3 billion, up 20%, while online marketing revenue was RMB49.9 billion against RMB48.7 billion a year earlier; cost of revenues was RMB46.9 billion, up 15%, and operating expenses were RMB39.8 billion against RMB38.6 billion[6]. GAAP operating profit was RMB19.6 billion, up 22%, the non-GAAP operating margin was 20% versus 19% a year earlier, net income attributable to ordinary shareholders was RMB12.5 billion versus RMB14.7 billion, operating cash flow was RMB16.4 billion, and cash, cash equivalents and short-term investments stood at RMB436.1 billion at the end of March[21].

Growth slowed further in the second quarter of 2026, and the income statement split more sharply. Revenue was RMB112.4 billion, up 8%; cost of revenues was RMB48.0 billion against RMB45.9 billion; operating expenses were RMB36.6 billion, up 13%, with sales and marketing at RMB29.7 billion, general and administrative at RMB2.3 billion and research and development at RMB4.6 billion, compared with RMB27.2 billion, RMB1.5 billion and RMB3.6 billion a year earlier; operating profit was RMB27.8 billion, up 8%[3]. Other losses of RMB7.399 billion replaced a RMB119 million gain a year earlier, pushing pre-tax profit below the prior year and net income down 12%[22]. Operating cash flow was RMB25.7 billion versus RMB21.6 billion, and at the end of June cash, cash equivalents and short-term investments were RMB456.4 billion, with another RMB96.4 billion of time deposits and debt securities in other non-current assets[23]. The disclosures cited here do not mention dividends or buybacks.

Operating Model

Revenue runs through two driver chains. Online marketing revenue is roughly main-site merchant sales multiplied by the share merchants spend on advertising; fee cuts and support programs lower that take rate in the short run, and revenue growth recovers only if merchants spend more once their profits improve, a lagged effect for which management has given no timetable[14][17]. Transaction services revenue is roughly Temu order volume multiplied by the service fee per order, plus main-site transaction-related fees; average transaction services revenue per active merchant was RMB12,742 in 2025[16]. The platforms hold no merchandise inventory, with the first-party brand business as the exception, and that business has not yet disclosed its scale[1][9].

On the profit side, the key point is that the two revenue lines carry different costs. Operating profit equals revenue minus cost of revenues (fulfillment, bandwidth and servers, payment processing), sales and marketing (advertising, promotions and coupons), general and administrative and research and development; online marketing revenue carries almost no matching fulfillment cost and is the main profit source, while transaction services bear cross-border fulfillment costs, so duties raise the cost per parcel directly[16]. In 2025 cost of revenues grew about 23% and sales and marketing about 13%, both faster than 9.7% revenue growth, which is why operating profit fell about 14%[18]. Net income also includes large interest and investment income and volatile other gains and losses, so operating profit and net income can move in opposite directions[19][22].

On the cash side, the settlement cycle sets the pattern. The platform holds buyers' payments until it settles with merchants, so transaction growth raises payables to merchants and operating cash flow usually exceeds net income; in 2025 payables to merchants rose RMB15.33 billion and operating cash flow of RMB106.94 billion exceeded net income of RMB97.84 billion[20]. The same mechanism works in reverse when transactions slow, and a larger first-party brand business and local warehouses would add inventory and warehousing investment that changes today's asset-light cash structure[9][8].

Industry and Competitive Position

In China, Pinduoduo competes with Taobao and Tmall, JD.com, Douyin and Kuaishou for the same shoppers and merchants, and the contest centers on low prices, subsidies and merchant fees. The 20-F lists competition as a principal risk, saying increased competition may reduce profitability, market share, user base and brand recognition, and it notes that rivals may use artificial intelligence to deliver better experiences or lower cost structures[24]. Management's view is that new formats such as live-streaming commerce and quick commerce ultimately come down to supply-chain capability; the company is staying out of quick commerce and directing resources to farm regions, industrial clusters and logistics in remote areas[9].

Overseas, Temu grew by selling low-priced goods from China's supply chain through cross-border small parcels, and the policy basis of that model is eroding. The United States ended the de minimis exemption for imports from mainland China and Hong Kong on May 2, 2025 and for all countries on August 29, 2025; the EU has charged a fixed duty of about €3 per item category on parcels under €150 since July 2026 and plans an additional processing fee from November 2026 in an amount still to be set; France has charged about €2 per item category since March 2026, and Italy introduced a small-parcel handling fee from July 1, 2026[7]. Temu is also under investigation by the European Commission under the Digital Services Act[25]. The company's response is to bring in more local merchants, speed up local warehousing and fulfillment, and take part in product development through the first-party brand business[8].

This comparison has clear limits. The company does not disclose revenue, profit, GMV, order volume or advertising take rate by platform, transaction services mixes Temu with the main site, and cost of revenues does not break out fulfillment fees, so the tariff impact on Temu can only be inferred indirectly from group figures[14][3]. The material cited here contains no like-for-like operating data for competitors, so the description of the competitive landscape above rests on the company's own disclosures and management statements and is not a market-share judgment.

Core Debates

Pinduoduo's marketing revenue grew only about 3% in the first half. Will merchants step up their ad spending again in the third quarter?

This debate matters because online marketing services make up about half of PDD's revenue and carry almost no matching fulfillment cost, which makes them the group's main profit source. The line brought in RMB217.78 billion in 2025, up about 10%[14]; in 2026 the first quarter's RMB49.9 billion against RMB48.7 billion was growth of only about 2.5%, and the second quarter's RMB57.6 billion against RMB55.7 billion was only about 3%[6][3]. Whether this revenue recovers determines whether main-site profit can keep funding Temu and the first-party brand business.

The current evidence supports two readings. Since 2025 the company has run a RMB100 billion support program that cuts fees and provides traffic and logistics support for merchants in farm regions and industrial clusters; on the second-quarter call management said the program had moved from an investment period to an efficiency period, merchant operating costs had fallen, and healthier merchants would increase marketing spending over time, without giving a timetable[17]. The alternative reading is that weak marketing revenue reflects not only platform concessions but also slower main-site transaction volume and merchants trimming budgets under heavy competition[24]. Because the company does not disclose GMV or take rate, the two factors cannot be separated directly.

The financial chain runs from Chinese consumer demand and main-site merchant sales to merchants' judgment of advertising returns, which drives their purchases of search and recommendation ads and becomes online marketing revenue; fee cuts lower the take rate per unit of transaction value in the short run, and revenue growth recovers if merchants spend more once their profits improve[15][17]. Both explanations keep online marketing growth low, but platform concessions can reverse once support pays off, while slower transaction volume means main-site demand itself has weakened. What remains unresolved is which of the two explains the low growth in the first half of 2026.

In the third quarter, watch three points: whether online marketing services and others revenue growth returns above 5% or falls below 0%; how management describes the support program's results and whether it announces new fee cuts or subsidies; and whether the gap between group revenue growth and online marketing growth keeps widening. A year-over-year decline in online marketing revenue would show main-site merchants pulling back on advertising; continued concessions or a larger support program that keeps this line below 5% growth for an extended period would weaken the current reading that advertising returns once support pays off.

In the first full quarter of the EU's low-value parcel duty, can Temu hold its transaction-services revenue and fulfillment costs?

This debate concerns the other half of group revenue and the largest cost line. Transaction services make up about half of PDD's revenue and move mainly with Temu's cross-border orders, while cross-border logistics and fulfillment fees are the main driver of rising cost of revenues[14][16]. The United States ended de minimis treatment in 2025, the EU has charged a duty of about €3 per item category on parcels under €150 since July 2026, and a processing fee will be added in November[7]. The third quarter is the first full quarter under the new duty and will show how much Temu's order volume and cost per parcel are affected.

Current figures show both revenue and cost slowing. Transaction services growth fell from 20% in the first quarter (RMB56.3 billion against RMB47.0 billion) to 13% in the second (RMB54.7 billion against RMB48.3 billion)[6][3]; cost of revenues growth fell from 15% to about 5% (RMB48.0 billion against RMB45.9 billion), and group gross margin rose about 1.4 percentage points year over year to 57.3%[22]. On the second-quarter call management acknowledged that the new EU duty would lower fulfillment efficiency and raise costs for affected cross-border orders, with a considerable near-term negative impact on that business, and said it would respond by onboarding local merchants and building local warehouses[8].

The financial chain runs from the end of de minimis exemptions to higher duties and clearance costs on cross-border parcels, then to merchant price increases or lower order volume and more fulfillment cost borne by the platform, which changes Temu's order volume and per-order service fee and finally shows up in transaction services revenue; cross-border parcel volume and per-parcel logistics cost determine cost of revenues[7]. If Temu shifts to local warehouses and local merchants, cross-border cost per parcel falls but new warehousing investment is needed. The unresolved question is whether second-quarter cost growth running well below transaction services growth reflects better fulfillment efficiency or slower parcel volume; if it is the latter, revenue and cost will slow together in the third quarter and the cost advantage will not last.

In the third quarter, watch three points: whether transaction services growth stays at or above 5% and how far it slows from the second quarter's 13%; whether cost of revenues grows faster than transaction services revenue and gross margin falls by more than 2 percentage points year over year; and how management describes EU orders, local warehouses and the effect of the November processing fee. A year-over-year decline in transaction services revenue that management attributes to the EU duty would show a material blow to the cross-border parcel model; cost growth above revenue growth would show the platform absorbing the duties and fulfillment costs.

With the first-party brand business and merchant support programs ramping up, can PDD keep its operating margin within the first-half range?

This debate decides whether third-quarter profit holds steady. Management has repeatedly said it will put long-term investment ahead of short-term profit, and the RMB100 billion support program, rural logistics, platform governance and the first-party brand business with RMB100 billion planned over three years all flow into expenses and costs[9][17]. Operating profit fell from RMB108.42 billion to RMB93.10 billion in 2025[18], while the non-GAAP operating margin in the first half of 2026 moved within 1 percentage point year over year: 20% versus 19% in the first quarter and 26% versus 27% in the second[21][4].

Current evidence shows expenses already growing faster than revenue. Second-quarter operating expenses were RMB36.6 billion, up 13%, ahead of 8% revenue growth, with sales and marketing at RMB29.7 billion, up about 9%, and larger increases in general and administrative and research and development expenses[3]. The first-party brand business received an initial RMB15 billion; in the second quarter management said its rollout had been slower than expected because of external factors but was now fully launched, and it has disclosed no revenue or losses[17]. At the net income level, other items swung from a RMB119 million gain a year earlier to a RMB7.399 billion loss, cutting net income 12% even as operating profit rose 8%[22]. The alternative reading is that margin pressure comes more from slower revenue against rigid costs than from faster spending on new projects.

The financial chain runs from the support program, rural logistics, platform governance and the first-party brand business to higher sales and marketing (advertising, promotions and coupons), research and development (staff and bandwidth), general and administrative expenses and part of cost of revenues; when expenses grow faster than revenue, the operating margin falls, and a scaled first-party brand business would add inventory, warehousing and fulfillment costs[18][9]. On the cash side, payables to merchants build up as transactions grow, so operating cash flow usually exceeds net income[20]. What remains unresolved is whether a lower margin in the third quarter, if revenue growth stays low and the cost structure does not change, should be attributed to deliberate investment or to slower revenue; in the latter case management would not attribute the decline to specific projects.

In the third quarter, watch three points: whether the non-GAAP operating margin falls by more than 3 percentage points year over year; whether sales and marketing expenses grow clearly faster than revenue; and whether the first-party brand business discloses verifiable revenue, investment or loss figures. A margin decline of more than 3 percentage points that management attributes to faster investment would weaken the current reading that investment is under control and the margin is holding within its first-half range; inventory and fulfillment costs from a scaled first-party brand business would also change the platform's asset-light structure.

Risks and Falsifiers

The EU Digital Services Act investigation is the largest single regulatory risk by amount. The European Commission opened a formal investigation into Temu in October 2024 and in July 2025 preliminarily found that Temu had not properly assessed the risk of illegal products spreading on its marketplace; a final finding of breach could bring fines of up to 6% of total worldwide annual turnover, plus remedial orders and an enhanced supervision period[25]. On 2025 revenue of RMB431.85 billion, the 6% cap is about RMB25.9 billion, roughly 28% of 2025 operating profit of RMB93.10 billion, and remediation would add compliance costs[14][18]. The risk would be falsified if the Commission closes the case, or imposes a penalty far below the cap without requiring Temu to change its business model.

Volatile non-operating items can detach net income from operating performance. In the second quarter other income swung from a RMB119 million gain a year earlier to a RMB7.399 billion loss, cutting net income 12% while operating profit rose 8%; for the first half of 2026 other losses totaled RMB9.43 billion against a RMB3.38 billion gain a year earlier, while net interest and investment income of RMB12.873 billion remained a large part of net income[22]. The retrieved text of the results announcement does not explain the cause of the loss[11]. The risk would ease if other income returns to near zero in the third quarter and the company explains the second-quarter loss as a one-off item.

Main-site competition and platform concessions could keep marketing revenue growth low for a long time. Competition from Taobao, JD.com and Douyin for low-price merchants and shoppers, together with ongoing fee cuts and support, acts directly on online marketing services and others, which made up about 50.4% of 2025 revenue (RMB217.78 billion)[24][14]. At second-quarter scale, every 5 percentage points of lower growth in this line removes roughly RMB2.7–2.9 billion of quarterly revenue, and because it carries almost no fulfillment cost, nearly all of that would reach profit[3]. The risk would be falsified if online marketing revenue grows at least 5% year over year in both the third and fourth quarters.

The end of cross-border parcel exemptions bears directly on Temu's transaction services and cost of revenues. The removal or reduction of de minimis exemptions in the United States and the EU raises the cost of Temu's cross-border orders and suppresses order volume[7]. Transaction services made up about 49.6% of 2025 revenue (RMB214.06 billion), and 2025 cost of revenues of RMB188.80 billion was dominated by fulfillment fees; every 5 percentage points of slower transaction services growth removes roughly RMB2.4–2.8 billion of quarterly revenue[14][16]. The risk would be falsified if third-quarter transaction services revenue grows at least 10% and cost of revenues grows no faster than revenue.

Long-term investment could depress profit for several quarters. The first-party brand business, the support program and logistics investment come with no timetable or return disclosure[8]. Operating profit was RMB93.10 billion in 2025, down about 14% from 2024[18]; on second-quarter revenue of RMB112.4 billion, each 1 percentage point of non-GAAP operating margin is worth about RMB1.1 billion of quarterly profit[4]. The risk would be falsified if the non-GAAP operating margin is flat or higher year over year in the third and fourth quarters and the first-party brand business discloses verifiable operating data.

What to Watch Next

• Merchant advertising on the main site: online marketing services and others grew about 3% in the second quarter (RMB57.6 billion against RMB55.7 billion) and about 2.5% in the first. Growth back above 5% would support the view that the support program is paying off; a year-over-year decline would show merchants cutting advertising. Also watch whether the gap between 8% group growth and about 3% marketing growth narrows or widens.
• Temu transaction services and fulfillment cost: transaction services grew 13% in the second quarter and 20% in the first, while cost of revenues grew about 5% and gross margin reached 57.3%. Growth of at least 10% in the first full quarter of the EU duty would weaken the tariff-shock reading; a decline attributed to the duty, or a gross margin drop of more than 2 percentage points, would confirm it.
• Investment and operating margin: the non-GAAP operating margin was 26% in the second quarter (27% a year earlier) and 20% in the first (19%). A decline of more than 3 percentage points attributed to faster investment would weaken the view that spending is under control. The first-party brand business has an initial RMB15 billion and RMB100 billion planned over three years but no revenue or loss disclosure; verifiable figures with inventory and fulfillment costs would signal a shift away from the asset-light structure.

Conclusion

PDD runs on two engines: main-site online marketing revenue carries almost no fulfillment cost and is the main source of profit, while Temu's transaction services revenue brings growth but bears cross-border fulfillment cost and sits directly in the path of national tariff policy. In the second quarter of 2026 group revenue was RMB112.4 billion, up 8%, operating profit was RMB27.8 billion, and cash, cash equivalents and short-term investments reached RMB456.4 billion at the end of June, a very deep financial base[3][23]; but online marketing revenue grew only about 3% and operating expenses grew 13%, and the central unresolved relationship is whether the margin can hold once slower main-site monetization, tariff pressure on Temu and long-term investment are stacked together.

Since the second-quarter results on August 25, only one independent assessment with specific data could be found, and other coverage offered no verifiable operating figures. Tracking by UBS's internet research team in mid-September, reported by AAStocks without a named analyst, showed Temu's GMV growth falling from about 20% year over year in June to mid-single digits in mid-July and roughly flat in August, with absolute GMV broadly stable since June; UBS attributed this to seasonality, the EU's €3 duty from July 1, stricter customs checks, and Temu's faster merchant monetization, which lifted average selling prices 20-30% year over year and weighed on order volume, and it said signs of recovery would become clearer only around the first quarter of 2027[26]. This view maps directly onto the Temu transaction services debate: if GMV growth had slowed to flat by July and August, third-quarter transaction services growth could fall well below the second quarter's 13%, but higher selling prices and faster monetization mean revenue need not fall in step with GMV, while cost of revenues would slow with parcel volume. It does not directly conflict with TIKR's aggregate expectation of about 7% revenue growth, but both point to continued slowing[5]. These are outside interpretations, not facts disclosed by the company.

The combination that would materially strengthen the current understanding is third-quarter online marketing growth back above 5%, transaction services growth of at least 10% with cost of revenues growing no faster than revenue, and a non-GAAP operating margin decline of no more than 3 percentage points. Conversely, a year-over-year fall in online marketing revenue, a decline in transaction services that management attributes to the EU duty, and a margin drop of more than 3 percentage points blamed on faster investment would weaken the readings on main-site monetization and Temu's cross-border model at the same time.

Sources

[1] PDD 20-F filed 2026-04-29 · 2026-04-29 · 20-F · https://www.sec.gov/Archives/edgar/data/1737806/000110465926050727/

[2] Drillr earnings calendar 2026-11-05 PDD Q3 2026 · 2026-11-05 · Drillr earnings calendar

[3] PDD 6-K filed 2026-08-25 Q2 2026 results · 2026-08-25 · 6-K · https://www.sec.gov/Archives/edgar/data/0001737806/000110465926100534/tm2623874d1_ex99-1.htm

[4] PDD Q2 2026 earnings call 2026-08-24 · 2026-08-24 · earnings-call · https://investor.pddholdings.com/

[5] TIKR 2026-11-04 PDD Q3 2026 revenue expectation · 2026-11-04 · TIKR (analyst expectation aggregate)

[6] PDD 6-K filed 2026-05-28 Q1 2026 results · 2026-05-28 · 6-K · https://www.sec.gov/Archives/edgar/data/0001737806/000110465926067186/tm2615739d1_ex99-1.htm

[7] PDD 20-F filed 2026-04-29 de minimis and EU customs · 2026-04-29 · 20-F · https://www.sec.gov/Archives/edgar/data/1737806/000110465926050727/

[8] PDD Q2 2026 earnings call 2026-08-24 EU duty and first-party brand · 2026-08-24 · earnings-call · https://investor.pddholdings.com/

[9] PDD Q1 2026 earnings call 2026-05-27 first-party brand · 2026-05-27 · earnings-call · https://investor.pddholdings.com/

[10] PDD 20-F filed 2026-04-29 employees · 2026-04-29 · 20-F · https://www.sec.gov/Archives/edgar/data/1737806/000110465926050727/

[11] PDD 6-K filed 2026-08-25 Q2 2026 highlights · 2026-08-25 · 6-K · https://www.sec.gov/Archives/edgar/data/0001737806/000110465926100534/tm2623874d1_ex99-1.htm

[12] PDD 20-F filed 2026-04-29 Pinduoduo platform · 2026-04-29 · 20-F · https://www.sec.gov/Archives/edgar/data/1737806/000110465926050727/

[13] PDD 20-F filed 2026-04-29 Temu platform · 2026-04-29 · 20-F · https://www.sec.gov/Archives/edgar/data/1737806/000110465926050727/

[14] PDD 20-F filed 2026-04-29 revenue table · 2026-04-29 · 20-F · https://www.sec.gov/Archives/edgar/data/1737806/000110465926050727/

[15] PDD 20-F filed 2026-04-29 online marketing regulation · 2026-04-29 · 20-F · https://www.sec.gov/Archives/edgar/data/1737806/000110465926050727/

[16] PDD 20-F filed 2026-04-29 results of operations 2025 · 2026-04-29 · 20-F · https://www.sec.gov/Archives/edgar/data/1737806/000110465926050727/

[17] PDD Q2 2026 earnings call 2026-08-24 strategy · 2026-08-24 · earnings-call · https://investor.pddholdings.com/

[18] PDD 20-F filed 2026-04-29 operating expenses 2025 · 2026-04-29 · 20-F · https://www.sec.gov/Archives/edgar/data/1737806/000110465926050727/

[19] PDD 20-F filed 2026-04-29 other income and net income 2025 · 2026-04-29 · 20-F · https://www.sec.gov/Archives/edgar/data/1737806/000110465926050727/

[20] PDD 20-F filed 2026-04-29 operating cash flow · 2026-04-29 · 20-F · https://www.sec.gov/Archives/edgar/data/1737806/000110465926050727/

[21] PDD Q1 2026 earnings call 2026-05-27 · 2026-05-27 · earnings-call · https://investor.pddholdings.com/

[22] PDD 6-K filed 2026-08-25 Q2 2026 income statement · 2026-08-25 · 6-K · https://www.sec.gov/Archives/edgar/data/0001737806/000110465926100534/tm2623874d1_ex99-1.htm

[23] PDD 6-K filed 2026-08-25 Q2 2026 cash · 2026-08-25 · 6-K · https://www.sec.gov/Archives/edgar/data/0001737806/000110465926100534/tm2623874d1_ex99-1.htm

[24] PDD 20-F filed 2026-04-29 competition · 2026-04-29 · 20-F · https://www.sec.gov/Archives/edgar/data/1737806/000110465926050727/

[25] PDD 20-F filed 2026-04-29 EU Digital Services Act · 2026-04-29 · 20-F · https://www.sec.gov/Archives/edgar/data/1737806/000110465926050727/

[26] AAStocks 2026-09-17 UBS on Temu GMV · 2026-09-17 · UBS (reported by AAStocks)