PDD Holdings Sees 9% Quarterly Revenue Increase on Temu and Pinduoduo Sales

November 18, 2025 – China’s PDD Holdings (PDD.O), the parent company of the Temu and Pinduoduo e-commerce platforms, reported a 9% year-on-year increase in quarterly revenue, reflecting growing consumer demand driven by aggressive pricing strategies and promotional campaigns.

For the third quarter ended September 30, 2025, PDD Holdings reported revenue of 108.28 billion yuan ($15.23 billion), slightly below the 108.41 billion yuan consensus estimate compiled by LSEG analysts. Despite the narrow miss, the company’s adjusted net income rose significantly to 31.38 billion yuan, compared with 27.46 billion yuan a year earlier, highlighting improved profitability amid increased sales volume.

Temu and Pinduoduo Drive Growth

The growth reflects the company’s dual strategy:

• Temu, its international e-commerce platform, offering steep discounts and low-cost products to global consumers
• Pinduoduo, its domestic platform, leveraging price cuts and targeted promotions to attract shoppers amid subdued consumer confidence

Chinese retail giants, including PDD Holdings, Alibaba (9988.HK), and JD.com (9618.HK), have been actively using discount campaigns, flash sales, and loyalty incentives to boost demand during a period of weaker consumer sentiment driven by employment uncertainties and property market challenges.

JD.com similarly reported steady sales growth last week, reinforcing signs of strong demand for general merchandise and staple products in China’s e-commerce sector.

Market Reaction

Following the earnings release, U.S.-listed shares of PDD Holdings rose about 1% in premarket trading, reflecting investor confidence in the company’s value-driven strategy and continued expansion of its e-commerce ecosystem both domestically and abroad.

PDD’s results underline the effectiveness of low-cost, high-volume strategies in capturing market share during challenging economic conditions, particularly in the competitive Chinese retail landscape.

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Key Takeaways

• PDD Holdings posts 9% year-on-year revenue growth, reaching 108.28 billion yuan ($15.23 billion) in Q3.
• Adjusted net income rises to 31.38 billion yuan, up from 27.46 billion yuan a year earlier.
• Growth fueled by Temu and Pinduoduo, leveraging price cuts and promotional campaigns.
• Chinese e-commerce sector sees strong demand despite subdued consumer confidence.
• Shares rise 1% in premarket trading, reflecting investor optimism.