PDD Holdings二季度收入低于预期且利润同比下滑，短线偏负面但不追空

DUBLIN and SHANGHAI, Aug. 24, 2026 (GLOBE NEWSWIRE) -- PDD Holdings Inc. (“PDD Holdings” or the “Company”) (NASDAQ: PDD), today announced its unaudited financial results for the second quarter ended June 30, 2026.
Second Quarter 2026 Highlights
- Total revenues in the quarter were RMB112.4 billion (US$1 16.6 billion), an increase of 8% from RMB104.0 billion in the same quarter of 2025.
- Operating profit in the quarter was RMB27.8 billion (US$4.1 billion), an increase of 8% from RMB25.8 billion in the same quarter of 2025. Non-GAAP2 operating profit in the quarter was RMB29.1 billion (US$4.3 billion), an increase of 5% from RMB27.7 billion in the same quarter of 2025.
- Net income attributable to ordinary shareholders in the quarter was RMB27.2 billion (US$4.0 billion), a decrease of 12% from RMB30.8 billion in the same quarter of 2025. Non-GAAP net income attributable to ordinary shareholders in the quarter was RMB28.5 billion (US$4.2 billion), a decrease of 13% from RMB32.7 billion in the same quarter of 2025.
“Since the start of the year, global trade and regulatory landscapes have continued to evolve, creating significant challenges while also presenting new opportunities,” said Mr. Lei Chen, Co-Chairman and Co-Chief Executive Officer of PDD Holdings. “We feel a strong sense of responsibility that comes with our unique position in global trade and will work diligently to build a trustworthy platform that consumers can rely on over the long run.”
“During the first half of the year, we continued to strengthen ecosystem governance within our daily operations, rolling out targeted trust and safety initiatives across categories,” said Mr. Jiazhen Zhao, Co-Chairman and Co-Chief Executive Officer of PDD Holdings. “We view compliance as a fundamental priority and are fully committed to safeguarding consumer rights and building lasting trust.”
“We stepped up our ecosystem investments in the second quarter,” said Ms. Jun Liu, VP of Finance of PDD Holdings. “At this stage, our priority is helping merchants thrive and strengthening the broader industry ecosystem. We will continue to focus on these fundamentals to drive the platform’s sustainable development over the long term.”
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1 This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB6.7851 to US$1.00, the noon buying rate in effect on June 30, 2026 as set forth in the H.10 Statistical Release of the Federal Reserve Board.
2 The Company’s non-GAAP financial measures exclude share-based compensation expenses. See “Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measures” set forth at the end of this press release.
Second Quarter 2026 Unaudited Financial Results
Total revenues were RMB112.4 billion (US$16.6 billion), an increase of 8% from RMB104.0 billion in the same quarter of 2025. The increase was primarily due to the increase in revenues from transaction services.
- Revenues from online marketing services and others were RMB57.6 billion (US$8.5 billion), compared with RMB55.7 billion in the same quarter of 2025.
- Revenues from transaction services were RMB54.7 billion (US$8.1 billion), an increase of 13% from RMB48.3 billion in the same quarter of 2025.
Total costs of revenues were RMB48.0 billion (US$7.1 billion), compared with RMB45.9 billion in the same quarter of 2025.
Total operating expenses were RMB36.6 billion (US$5.4 billion), an increase of 13% from RMB32.3 billion in the same quarter of 2025. The increase was primarily due to the increase in sales and marketing expenses.
- Sales and marketing expenses were RMB29.7 billion (US$4.4 billion), compared with RMB27.2 billion in the same quarter of 2025.
- General and administrative expenses were RMB2.3 billion (US$345 million), compared with RMB1.5 billion in the same quarter of 2025.
- Research and development expenses were RMB4.6 billion (US$673 million), compared with RMB3.6 billion in the same quarter of 2025.
Operating profit in the quarter was RMB27.8 billion (US$4.1 billion), an increase of 8% from RMB25.8 billion in the same quarter of 2025. Non-GAAP operating profit in the quarter was RMB29.1 billion (US$4.3 billion), an increase of 5% from RMB27.7 billion in the same quarter of 2025.
Net income attributable to ordinary shareholders in the quarter was RMB27.2 billion (US$4.0 billion), a decrease of 12% from RMB30.8 billion in the same quarter of 2025. Non-GAAP net income attributable to ordinary shareholders in the quarter was RMB28.5 billion (US$4.2 billion), a decrease of 13% from RMB32.7 billion in the same quarter of 2025.
Basic earnings per ADS was RMB19.32 (US$2.85) and diluted earnings per ADS was RMB18.45 (US$2.72), compared with basic earnings per ADS of RMB22.01 and diluted earnings per ADS of RMB20.75 in the same quarter of 2025. Non-GAAP diluted earnings per ADS was RMB19.33 (US$2.85), compared with RMB22.07 in the same quarter of 2025.
Net cash generated from operating activities was RMB25.7 billion (US$3.8 billion), compared with RMB21.6 billion in the same quarter of 2025.
Cash, cash equivalents and short-term investments were RMB456.4 billion (US$67.3 billion) as of June 30, 2026, compared with RMB422.3 billion as of December 31, 2025.
Other non-current assets were RMB96.4 billion (US$14.2 billion) as of June 30, 2026, compared with RMB104.7 billion as of December 31, 2025, which mainly included time deposits, held-to-maturity debt securities, and available-for-sale debt securities.
Conference Call
The Company’s management will hold an earnings conference call at 7:30 AM ET on August 24, 2026 (12:30 PM IST and 7:30 PM HKT on the same day).
The conference call will be webcast live at https://investor.pddholdings.com/investor-events. The webcast will be available for replay at the same website following the conclusion of the call.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses non-GAAP measures, such as non-GAAP operating profit, non-GAAP net income attributable to ordinary shareholders, non-GAAP diluted earnings per ordinary share, and non-GAAP diluted earnings per ADS, as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s non-GAAP financial measures exclude the impact of share-based compensation expenses.
The Company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses, which are non-cash charges. The Company also believes that the non-GAAP financial measures may provide further information about the Company’s results of operations, and enhance the overall understanding of the Company’s past performance and future prospects.
The Company’s non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. These non-GAAP financial measures do not reflect all items of income and expenses that affect the Company’s operations and do not represent the residual cash flow available for discretionary expenditures. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company’s financial information in its entirety and not rely on a single financial measure.
For more information on the non-GAAP financial measures, please see the table captioned “Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measures” set forth at the end of this press release.
Safe Harbor Statements
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in the e-commerce markets globally and in the countries or regions where the Company has operations; changes in its revenues and certain cost or expense items; the expected growth of e-commerce markets globally and in the countries or regions where the Company has operations; developments in the relevant governmental policies and regulations relating to the Company’s industry; and general economic and business conditions globally and in the countries or regions where the Company has operations; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.
About PDD Holdings
PDD Holdings is a multinational commerce group that owns and operates a portfolio of businesses. PDD Holdings aims to bring more businesses and people into the digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities.
| PDD HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in millions of Renminbi (“RMB”) and U.S. dollars (“US$”)) | |||||||||
| As of | |||||||||
| December 31, 2025 | June 30, 2026 | ||||||||
| RMB | RMB (Unaudited) | US$ (Unaudited) | |||||||
| ASSETS | |||||||||
| Current assets | |||||||||
| Cash and cash equivalents | 108,901 | 128,918 | 19,000 | ||||||
| Restricted cash | 73,831 | 77,274 | 11,389 | ||||||
| Receivables from online payment platforms | 5,109 | 6,079 | 896 | ||||||
| Short-term investments | 313,408 | 327,496 | 48,267 | ||||||
| Amounts due from related parties | 10,205 | 8,432 | 1,243 | ||||||
| Prepayments and other current assets | 7,527 | 8,581 | 1,265 | ||||||
| Total current assets | 518,981 | 556,780 | 82,060 | ||||||
Non-current assets | |||||||||
| Property, equipment and software, net | 1,306 | 4,752 | 700 | ||||||
| Intangible assets | 15 | 14 | 2 | ||||||
| Right-of-use assets | 4,863 | 4,316 | 636 | ||||||
| Deferred tax assets | 172 | 1,162 | 171 | ||||||
| Other non-current assets | 104,708 | 96,383 | 14,205 | ||||||
| Total non-current assets | 111,064 | 106,627 | 15,714 | ||||||
| Total Assets | 630,045 | 663,407 | 97,774 |
| PDD HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in millions of Renminbi (“RMB”) and U.S. dollars (“US$”)) | ||||||||
| As of | ||||||||
| December 31, 2025 | June 30, 2026 | |||||||
| RMB | RMB (Unaudited) | US$ (Unaudited) | ||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Amounts due to related parties | 1,087 | 1,266 | 187 | |||||
| Customer advances and deferred revenues | 3,379 | 3,641 | 537 | |||||
| Payable to merchants | 107,407 | 109,924 | 16,201 | |||||
| Accrued expenses and other liabilities | 81,658 | 76,883 | 11,330 | |||||
| Merchant deposits | 17,708 | 18,545 | 2,733 | |||||
| Lease liabilities | 2,499 | 2,455 | 362 | |||||
| Total current liabilities | 213,738 | 212,714 | 31,350 | |||||
| Non-current liabilities | ||||||||
| Lease liabilities | 2,880 | 2,389 | 352 | |||||
| Other non-current liabilities | 42 | 517 | 76 | |||||
| Total non-current liabilities | 2,922 | 2,906 | 428 | |||||
| Total Liabilities | 216,660 | 215,620 | 31,778 | |||||
| Shareholders’ equity | ||||||||
| Ordinary shares | -* | -* | -* | |||||
| Additional paid-in capital | 125,768 | 128,599 | 18,953 | |||||
| Statutory reserves | 1,338 | 1,338 | 197 | |||||
| Accumulated other comprehensive income/(loss) | 2,116 | (6,042) | (890) | |||||
| Retained earnings | 284,163 | 323,892 | 47,736 | |||||
| Total Shareholders’ Equity | 413,385 | 447,787 | 65,996 | |||||
| Total Liabilities and Shareholders’ Equity | 630,045 | 663,407 | 97,774 | |||||
* Absolute value is less than RMB1 million or US$1 million.
| PDD HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Amounts in millions of RMB and US$) | ||||||||||||||||||
| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||
| 2025 | 2026 | 2025 | 2026 | |||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Revenues | 103,985 | 112,358 | 16,560 | 199,657 | 218,587 | 32,216 | ||||||||||||
| Costs of revenues | (45,859 | ) | (48,017 | ) | (7,077 | ) | (86,805 | ) | (94,910 | ) | (13,988 | ) | ||||||
| Sales and marketing expenses | (27,210 | ) | (29,668 | ) | (4,373 | ) | (60,613 | ) | (63,441 | ) | (9,350 | ) | ||||||
| General and administrative expenses | (1,532 | ) | (2,342 | ) | (345 | ) | (3,191 | ) | (3,921 | ) | (578 | ) | ||||||
| Research and development expenses | (3,591 | ) | (4,567 | ) | (673 | ) | (7,169 | ) | (8,985 | ) | (1,324 | ) | ||||||
| Total operating expenses | (32,333 | ) | (36,577 | ) | (5,391 | ) | (70,973 | ) | (76,347 | ) | (11,252 | ) | ||||||
| Operating profit | 25,793 | 27,764 | 4,092 | 41,879 | 47,330 | 6,976 | ||||||||||||
| Interest and investment income, net | 10,423 | 13,505 | 1,990 | 10,646 | 12,873 | 1,897 | ||||||||||||
| Foreign exchange loss | (799 | ) | (558 | ) | (82 | ) | (1,041 | ) | (703 | ) | (104 | ) | ||||||
| Other income/(loss), net | 119 | (7,399 | ) | (1,090 | ) | 3,380 | (9,430 | ) | (1,390 | ) | ||||||||
| Profit before income tax and share of results of equity investees | 35,536 | 33,312 | 4,910 | 54,864 | 50,070 | 7,379 | ||||||||||||
| Share of results of equity investees | 37 | (38 | ) | (6 | ) | (68 | ) | (134 | ) | (20 | ) | |||||||
| Income tax expenses | (4,819 | ) | (6,092 | ) | (898 | ) | (9,300 | ) | (10,207 | ) | (1,504 | ) | ||||||
| Net income | 30,754 | 27,182 | 4,006 | 45,496 | 39,729 | 5,855 |
| PDD HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Amounts in millions of RMB and US$, except for per share data) | ||||||||||||||||||
| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||
| 2025 | 2026 | 2025 | 2026 | |||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Net income | 30,754 | 27,182 | 4,006 | 45,496 | 39,729 | 5,855 | ||||||||||||
| Net income attributable to ordinary shareholders | 30,754 | 27,182 | 4,006 | 45,496 | 39,729 | 5,855 | ||||||||||||
| Earnings per ordinary share: | ||||||||||||||||||
| -Basic | 5.50 | 4.83 | 0.71 | 8.16 | 7.07 | 1.04 | ||||||||||||
| -Diluted | 5.19 | 4.61 | 0.68 | 7.67 | 6.73 | 0.99 | ||||||||||||
| Earnings per ADS (4 ordinary shares equals 1 ADS): | ||||||||||||||||||
| -Basic | 22.01 | 19.32 | 2.85 | 32.63 | 28.27 | 4.17 | ||||||||||||
| -Diluted | 20.75 | 18.45 | 2.72 | 30.69 | 26.90 | 3.96 | ||||||||||||
| Weighted-average number of ordinary shares outstanding (in millions): | ||||||||||||||||||
| -Basic | 5,588 | 5,627 | 5,627 | 5,578 | 5,622 | 5,622 | ||||||||||||
| -Diluted | 5,928 | 5,894 | 5,894 | 5,930 | 5,907 | 5,907 |
| PDD HOLDINGS INC. NOTES TO FINANCIAL INFORMATION (Amounts in millions of RMB and US$) | ||||||||||||||||||
| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||
| 2025 | 2026 | 2025 | 2026 | |||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Revenues | ||||||||||||||||||
| - Online marketing services and others | 55,703 | 57,637 | 8,494 | 104,425 | 107,573 | 15,855 | ||||||||||||
| - Transaction services | 48,282 | 54,721 | 8,066 | 95,232 | 111,014 | 16,361 | ||||||||||||
| Total | 103,985 | 112,358 | 16,560 | 199,657 | 218,587 | 32,216 |
| PDD HOLDINGS INC. NOTES TO FINANCIAL INFORMATION (Amounts in millions of RMB and US$) | ||||||||||||||||||
| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||
| 2025 | 2026 | 2025 | 2026 | |||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Share-based compensation expenses included in: | ||||||||||||||||||
| Costs of revenues | 65 | 46 | 7 | 122 | 74 | 11 | ||||||||||||
| Sales and marketing expenses | 485 | 319 | 47 | 1,122 | 680 | 100 | ||||||||||||
| General and administrative expenses | 865 | 645 | 95 | 1,789 | 1,352 | 199 | ||||||||||||
| Research and development expenses | 540 | 297 | 44 | 1,096 | 725 | 107 | ||||||||||||
| Total | 1,955 | 1,307 | 193 | 4,129 | 2,831 | 417 |
| PDD HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in millions of RMB and US$) | ||||||||||||||||||
| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||
| 2025 | 2026 | 2025 | 2026 | |||||||||||||||
| RMB | RMB | RMB | RMB | RMB | RMB | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Net cash generated from operating activities | 21,642 | 25,670 | 3,783 | 37,159 | 42,115 | 6,207 | ||||||||||||
| Net cash used in investing activities | (27,022 | ) | (19,974 | ) | (2,944 | ) | (33,406 | ) | (17,892 | ) | (2,638 | ) | ||||||
| Net cash generated from financing activities | -* | -* | -* | -* | -* | -* | ||||||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 22 | 1,242 | 184 | (47 | ) | (763 | ) | (111 | ) | |||||||||
| (Decrease)/increase in cash, cash equivalents and restricted cash | (5,358 | ) | 6,938 | 1,023 | 3,706 | 23,460 | 3,458 | |||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 135,258 | 199,254 | 29,366 | 126,194 | 182,732 | 26,931 | ||||||||||||
| Cash, cash equivalents and restricted cash at end of period | 129,900 | 206,192 | 30,389 | 129,900 | 206,192 | 30,389 | ||||||||||||
* Absolute value is less than RMB1 million or US$1 million.
| PDD HOLDINGS INC. RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP MEASURES (Amounts in millions of RMB and US$, except for per share data) | ||||||||||||||||||
| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||
| 2025 | 2026 | 2025 | 2026 | |||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Operating profit | 25,793 | 27,764 | 4,092 | 41,879 | 47,330 | 6,976 | ||||||||||||
| Add: Share-based compensation expenses | 1,955 | 1,307 | 193 | 4,129 | 2,831 | 417 | ||||||||||||
| Non-GAAP operating profit | 27,748 | 29,071 | 4,285 | 46,008 | 50,161 | 7,393 | ||||||||||||
| Net income attributable to ordinary shareholders | 30,754 | 27,182 | 4,006 | 45,496 | 39,729 | 5,855 | ||||||||||||
| Add: Share-based compensation expenses | 1,955 | 1,307 | 193 | 4,129 | 2,831 | 417 | ||||||||||||
| Non-GAAP net income attributable to ordinary shareholders | 32,709 | 28,489 | 4,199 | 49,625 | 42,560 | 6,272 | ||||||||||||
| Non-GAAP diluted weighted-average number of ordinary shares outstanding (in millions) | 5,928 | 5,894 | 5,894 | 5,930 | 5,907 | 5,907 | ||||||||||||
| Diluted earnings per ordinary share | 5.19 | 4.61 | 0.68 | 7.67 | 6.73 | 0.99 | ||||||||||||
| Add: Non-GAAP adjustments to earnings per ordinary share | 0.33 | 0.22 | 0.03 | 0.70 | 0.47 | 0.07 | ||||||||||||
| Non-GAAP diluted earnings per ordinary share | 5.52 | 4.83 | 0.71 | 8.37 | 7.20 | 1.06 | ||||||||||||
| Non-GAAP diluted earnings per ADS | 22.07 | 19.33 | 2.85 | 33.47 | 28.82 | 4.24 |