PDD Holdings (PDD)
Coverage summary
Aardvark Labs Capital Research has covered PDD Holdings (PDD) since May 28, 2025. The company is in the Consumer Cyclical sector. This page lists 6 reports: 6 earnings recaps.
The latest is the Q2 2026 Earnings Recap, published August 26, 2026. The current rating is Outperform, unchanged since the Q3 2025 Earnings Recap of November 19, 2025. The rating has changed once since coverage began.
Translations: 6 in Chinese.
Rating history
All PDD reports
Recap: Q2 2026
A Low Bar Cleared, a Higher Wall Ahead: Operating Profit Grows a Fourth Straight Quarter, a RMB 7.4B Other Loss Drags EPS -12%, and the EU Duty Rebuilds the Tariff Wall Temu Just Climbed — Maintaining Outperform
Recap: Q1 2026
First Year-Over-Year Margin Expansion of the Cycle, a 40% EPS Miss Split Roughly Evenly Above and Below the Operating Line, and RMB 100 Billion Committed to a First-Party Brand Business With No Metrics
Recap: Q4 2025
Q4 / FY2025 Revenue +12% (Best Quarter), Transaction Services +19% YoY (Temu Continued Recovery), GAAP Operating Profit +8% YoY, Non-GAAP OP Margin Only -100bp YoY (Best of Year) BUT Non-GAAP EPS -12% YoY on Below-the-Line Items, Cash Position Flat QoQ, "Build Another Pinduoduo" 3-Year Strategic Framework — Maintaining Outperform
Recap: Q3 2025
Q3 Multi-Quarter Inflection: Revenue +9% Re-Accelerates, Transaction Services +10% YoY Recovers (vs Q2's +1%), Non-GAAP OP Margin Only -200bp YoY Stabilization (vs Q1's -1400bp / Q2's -940bp), Non-GAAP EPS +13% YoY First Positive Growth Since Q4 2024, GAAP Operating Profit +3% YoY, OCF +66% YoY at RMB 45.7B, 10-Year "Costco + Disney" Vision — Upgrading From Hold (CB) to Outperform
Recap: Q2 2025
Q2 Revenue +7% Edges Past Street and Non-GAAP EPS RMB 22.07 (-5% YoY) Beats Depressed Estimates, Operating Margin Compression Decelerates (S&M as % Revenue Stabilizes at 26%), Cash Position Grew to RMB 387.1B, Transaction Services Growth +1% YoY Intensifies Temu Concern — Maintaining Hold (CB)
Recap: Q1 2025
Q1 Revenue +10% Misses, Non-GAAP Operating Margin Collapses From 33% to 19% (-1400bp YoY), Non-GAAP EPS -45% YoY, RMB 100 Billion Merchant Support Program Launched, Transaction Services Growth Decelerates to +6% on Temu Tariff Pressure — Initiating at Hold (CB)