PDD(US:PDD) Bei Jing Ri Bao Ke Hu Duan·2025-08-25 14:13Core Insights - Pinduoduo reported its Q2 2025 unaudited financial results, showing revenue of RMB 1,039.8 billion, a year-on-year increase of 7%, while net profit decreased by 4% to RMB 307.5 billion [1] - The adjusted net profit under Non-GAAP was RMB 327.1 billion, exceeding market expectations of RMB 223.9 billion, but still down 5% year-on-year [1][2] - The company’s earnings per ADS (American Depositary Share) was RMB 22.07, surpassing the market forecast of RMB 15.50, leading to a nearly 10% pre-market stock price increase [2] Financial Performance - Revenue was primarily driven by online marketing services and transaction services, with online marketing services and other income reaching RMB 557.03 billion, a 13% increase year-on-year, while transaction service revenue was RMB 482.82 billion, slightly up from RMB 479.44 billion in the same period last year [5] - Total cost of revenue for Q2 was RMB 458.59 billion, reflecting a significant year-on-year increase of 36%, attributed to rising fulfillment costs, bandwidth and server expenses, and payment processing fees [6] Asset Overview - As of June 30, 2025, Pinduoduo's cash, cash equivalents, and short-term investments totaled RMB 387.1 billion, up from RMB 331.6 billion as of December 31, 2024 [6] - Total assets were reported at RMB 505.03 billion, down from RMB 567.16 billion at the end of 2024 [4]