PDD Holdings Inc. (PDD) SEC Filings & Earnings Calls
EquiReason read 9 PDD Holdings Inc. SEC filings in the last 12 months. Latest: 6-K on 2026-08-25 — The body_excerpt contains only the cover page and signatures of the 6-K; the actual earnings press release (Exhibit 99.1) is referenced but not included. No financial data or guida.
Source: SEC EDGAR filings · figures as of 2026-03-31 · read by EquiReason
- Market cap
- 112.5B
- P/E TTM
- —
- Dividend yield
- —
- 52-week
- —
- Next earnings
- 16 Nov, in 23 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
21 Aug 20266-KAnnouncement of the passing of an independent director. No financial or operational impact; routine governance disclosure.open
Risks flagged
Loss of an independent director may require board refreshment, but no material risk given no disclosed impact on operations or strategy.
“The Board will review the composition of its committees and make such adjustments as are consistent with applicable requirements.” · word for word
28 May 20266-KPDD Holdings Q1 2026: Revenue RMB106.2B (+11% YoY) but net income fell 15% to RMB12.5B. Non-GAAP net income down 17%. Operating profit up 22% but net income decline driven by higher costs and expenses. Supply chain investments emphasized.open
Figures in the filing · each found in the filing text
| Total revenues · Q1-2026 | $106.20B | +11% y/y |
| Online marketing services and others revenue · Q1-2026 | $49.90B | |
| Transaction services revenue · Q1-2026 | $56.30B | +20% y/y |
| Operating profit · Q1-2026 | $19.60B | +22% y/y |
| Net income attributable to ordinary shareholders · Q1-2026 | $12.50B | -15% y/y |
Risks flagged
Net income decline despite revenue growth; cost pressures from fulfilment, bandwidth, server, and payment processing fees.
“Total costs of revenues were RMB46.9 billion... an increase of 15%” · word for word
Management signaled deep transformations and significant supply chain investments, implying near-term margin pressure.
“This quarter marks the start of deep transformations in our business... We will commit significant resources” · word for word
29 Apr 202620-FAnnual report (20-F) filed with no material event; contains only generic risk factor language.open
Figures in the filing · each found in the filing text
| VIE Revenue Contribution · VIE · FY2025 | 13.1% | |
| Cash, Cash Equivalents, Restricted Cash and Short-term Investments · FY2025 | $496.14B | +24% y/y |
Risks flagged
Regulatory and Legal Risk
“In April 2026, the SAMR fined seven platform operators a total of approximately RMB3.6 billion, including approximately RMB1.5 billion against the operator of the Pinduoduo platform, for violations of the E-Commerce Law and PRC food safety laws.” · word for word
Tariff and Trade Policy Risk
“Effective May 2, 2025, this exemption ceased to apply for imports from China and Hong Kong. Effective August 29, 2025, this exemption was eliminated for imports from all countries.” · word for word
DSA Non-Compliance Risk
“In July 2025, the European Commission preliminarily found the Temu platform to be in breach of the obligation under the Digital Services Act (DSA) to properly assess the risks of illegal products being disseminated on its marketplace.” · word for word
Operational Suspension Risk
“In December 2024, Vietnamese authorities suspended the operations of several e-commerce platforms, including the Temu platform, in Vietnam, pending the completion of their e-commerce service registration with the relevant authorities. Similarly, in March 2025, Uzbekistani authorities suspended the Temu platform due to matters relating to tax compliance and l” · word for word
Litigation Risk
“We are currently defending five lawsuits filed by state Attorneys General of Arkansas, Nebraska, Kentucky, Arizona and Texas of the United States alleging violations of various state consumer protection and deceptive trade practices laws.” · word for word
26 Mar 20266-KPDD Holdings Q4 2025 revenue grew 12% YoY to RMB123.9B, beating expectations; operating profit up 8% but net income fell 11% due to higher costs and investments.open
Figures in the filing · each found in the filing text
| Total revenues · Q4-2025 | $123.91B | +12% y/y |
| Revenues from online marketing services and others · Online marketing services · Q4-2025 | $60.01B | +5% y/y |
| Revenues from transaction services · Transaction services · Q4-2025 | $63.90B | +19% y/y |
| Net income attributable to ordinary shareholders · Q4-2025 | $24.54B | -11% y/y |
Risks flagged
Net income decline despite revenue growth signals margin pressure from increased costs and investments.
“Net income decreased 11% YoY; total costs of revenues increased 15% YoY; sales and marketing expenses increased 10% YoY.”
18 Nov 20256-KPDD Holdings Q3 2025 revenue RMB108.3B (+9% YoY), net income RMB29.3B (+17% YoY). Revenue growth moderating; management notes competitive pressure and increased merchant support investments. R&D spend +41% YoY.open
Risks flagged
Revenue growth moderation and competitive pressure; management notes 'increasingly competitive environment' and 'external uncertainties'.
“VP of Finance: 'revenues growth continued to moderate, reflecting the ongoing evolution of the competitive landscape and external uncertainties.'”
Cost pressures from fulfilment fees, bandwidth, and R&D investment; R&D spend up 41% YoY.
“Cost of revenues +18% YoY; R&D expenses +41% YoY.”
PDD Holdings Inc. — questions
- What did PDD Holdings Inc. file recently?
- 9 SEC filings in the last 12 months. Latest: 6-K on 2026-08-25 — The body_excerpt contains only the cover page and signatures of the 6-K; the actual earnings press release (Exhibit 99.1) is referenced but not included. No financial data or guidance can be extracted.
Every figure on this page comes from PDD Holdings Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.