Overview

• PDD reported second-quarter revenue of 103.98 billion yuan, up 7% year over year, topping analyst forecasts.
• Adjusted earnings per ADS reached 22.07 yuan, beating estimates of roughly 15.7 yuan.
• Adjusted net income fell to 32.71 billion yuan from 34.43 billion yuan a year earlier as margin pressure persisted.
• Management cited sustained investments and increased fulfilment, bandwidth and server, payment processing, and sales and marketing expenses.
• The loss of the U.S. de minimis tariff exemption heightened cross-border costs, while Temu faces price competition from Amazon and Chinese rivals as some U.S. shoppers report noticing price increases.