PDD Holdings reported first-quarter 2026 total revenues of RMB106.2 billion, an 11% increase year-over-year, while net income attributable to shareholders fell 15% to RMB12.5 billion. Operating profit rose 22% to RMB19.6 billion, but rising fulfillment fees, bandwidth expenses, and higher research and development spending drove costs higher. Management described the quarter as the start of a deep transformation, with a strategic pivot toward heavy investment in supply chain capabilities, including developing a first-party brand business and expanding infrastructure. The company held RMB436.1 billion in cash, cash equivalents, and short-term investments as of March 31.
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PDD Holdings Inc.