PDD, also in its 'aging-up' phase, released Q2 2026 results pre-market on Aug 24. Overall, results were better than the very low bar. The rebound was driven by ad revenue and a meaningful recovery in core marketplace profitability.

Specifically: 1) Revenue miss? Ad revenue rebounded.

Total revenue rose 8% YoY, below Bloomberg consensus of ~11% (bulge-bracket houses were even lower), and growth further slowed QoQ. At first glance, it looked like another growth bomb, briefly rattling the market pre-open...

Q2 revenue was RMB 112.4bn (+8% YoY).

This week, $PDD(PDD.US) posted disappointing results, sending the stock down nearly 15%.

Below is Dolphin Research's Trans of $PDD(PDD.US) FY1Q26 earnings call (qtr ended Mar 31, 2026). For our take, see 'PDD: Old and arrogant, disliked by everyone'.

$PDD(PDD.US) Pre-mkt on May 27, released Q1 2026 results, with both revenue and profit missing expectations, making it the worst performer in the e-com group.

Below is Dolphin Research's summary of the FY25 Q4 earnings call for $PDD(PDD.US).

Pre-market tonight (Mar 25), $PDD(PDD.US) released Q4 2025 results. Once the year's wild card on earnings, the company has now delivered two straight quarters broadly in line with the Street. PDD is now arguably the most focused, pure-play, value-driven e-commerce player in China.

In detail: 1) Total revenue growth showed some recovery, weak at home and strong overseas. Revenue came in at approx. RMB 123.9bn (+12% YoY), roughly in line with expectations. Growth accelerated vs. last quarter, with a softer domestic contribution (Q4 was weak across e-com) ...

The following are the Minutes of the 3Q25 conference call for $PDD(PDD.US) organized by Dolphin Research. For the financial report commentary, please see "Pinduoduo's Embarrassment: Rapid 'Aging,' but No Buyback." I. Review of Core Financial Information 1. The company's total revenue for this quarter increased by 9% year-on-year to RMB 108.3 billion, mainly driven by growth in online marketing services and transaction services. 2. Revenue from online marketing services and other businesses reached RMB 53.3 billion, up 8% year-on-year; transaction service revenue was RMB 54.9 billion, up 10%...

On November 18th, before the U.S. stock market opened, $PDD(PDD.US) announced its Q3 2025 earnings. At that time, few could predict the results, and the once 'forever young' Pinduoduo now seems to have entered a mature phase from various perspectives. This quarter's performance is mixed; the positive aspect is that after the impact of state subsidies waned, the main site's profit began to recover. The concern, however, is that Pinduoduo seems to have completely lost its previously most striking 'growth potential.' Specifically: 1. Revenue appears decent but is actually not: Pinduoduo's total revenue for this quarter was approximately RMB 108.3 billion, a year-on-year increase of 9%...

Dolphin Research previously mentioned that although $PDD(PDD.US) has consistently emphasized no dividends or buybacks, any company that transitions from its growth phase to its maturity phase must address a core question: how to utilize the accumulated cash assets? This quarter, Pinduoduo's interest and investment income directly reached the level of 10 billion yuan (mainly from interest and stock investment income), which is already a significant presence compared to the 25.8 billion yuan operating profit from its main business for the quarter. Of course, from the perspective of quarterly volatility, the average single-quarter level is still around 5.3 billion yuan, not much different from the level of each quarter last year...