PDD Holdings Inc.

PDD Holdings is a multinational commerce group that owns and operates a portfolio of businesses, aiming to integrate more businesses and people into the digital economy. The company supports its underlying businesses with a network of sourcing, logistics, and fulfillment capabilities. Its customers are third-party merchants who sell products on its platforms. PDD Holdings primarily generates revenue from two sources: transaction services and online marketing services and others. For transaction services, the company earns fees from merchants based on product sales completed on its platforms. For online marketing services and others, it earns service fees from merchants for various online marketing activities. These include matching product listings in search or browsing results, charging merchants based on impressions or clicks, and providing display marketing services where merchants place advertisements on platforms, primarily at fixed prices. The company's revenues grew from RMB247,639.2 million in 2023 to RMB393,836.1 million in 2024 and further to RMB431,845.7 million (US$61,753.1 million) in 2025. PDD Holdings generated net income of RMB60,026.5 million in 2023, RMB112,434.5 million in 2024, and RMB97,842.5 million (US$13,991.3 million) in 2025. One of its platforms is Pinduoduo, founded in 2015. The Pinduoduo platform offers buyers a comprehensive selection of value-for-money merchandise and interactive shopping experiences across various product categories. It features an innovative "team purchase" model where buyers share product information on social networks and invite contacts to form shopping teams to access more attractive prices.