PDD (PDD) Q2 2026 Earnings Call Transcript

PDD Holdings Inc. reported second‑quarter 2026 results that showed revenue rising 8% to RMB 112.4 billion, while net income slipped 12% as the company continued heavy investment in its platform ecosystem. The earnings call was led by co‑chairmen and co‑CEOs Chen Lei and Zhao Jiazhen, together with financial director Liu Jun, and highlighted the firm’s strategic shift toward “high‑quality development” anchored by a CNY 100 billion support program that funds merchant fee reductions, expands logistics in rural areas and boosts research‑and‑development spending. The company also mourned the recent death of independent director Professor Ivonne Rietjens, noting her contributions to governance and agricultural research, and pledged to honor her legacy by increasing investment in agriculture and food‑safety initiatives.

The most consequential element of the call was the emphasis on supply‑chain transformation and the rollout of a first‑party brand model, which the executives said has begun to generate tangible benefits despite an initially slower than expected launch. By investing in logistics infrastructure and integrating traditional industries into the digital economy, PDD aims to raise both the quality and efficiency of transactions on its platform. The firm also outlined its global business segment’s navigation of evolving international regulatory frameworks while building localized fulfillment capabilities, underscoring the broader ambition to create a “new PDD” over the next three years and unlock new growth potential from within its supply chain.

Looking ahead, management indicated that the CNY 100 billion support program is entering a phase where its sustained investment is producing faster‑pace improvements across the platform, and that operations related to the first‑party brand model are now fully underway and progressing smoothly. The company’s commitment to upgrading traditional industries and expanding rural logistics is expected to benefit merchants, consumers and agricultural research partners, while the continued focus on high‑quality development positions PDD to navigate regulatory changes and sustain long‑term growth in both domestic and international markets.

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