
PDD Holdings reported Q4 2025 total revenues of RMB123,912.2 million, up 12%, and operating profit of RMB27,719.7 million. Net income attributable to ordinary shareholders decreased 11% to RMB24,541.0 million.
Bullish
PDD Holdings achieved a 12% total revenue increase to RMB123,912.2 million, driven by strong growth in transaction services and online marketing, alongside a significant increase in cash and investments.
Bearish
PDD Holdings' net income declined 11% to RMB24,541.0 million, while total costs of revenues rose 15% and operating expenses increased 10%, driven by higher fulfillment and marketing spending.