$PDD Holdings Inc(PDD)$ is set to release its Q2 2025 earnings before the U.S. market opens on August 25. According to Bloomberg consensus, revenue is expected to hit RMB 103.9B , with adjusted net income at RMB 22.4B and EPS at RMB 15.5.
After a 20% drop from its 2024 highs, can this report bring PDD back to life—or will Temu’s global growing pains continue to weigh?
📌 Key Things to Watch
Domestic resilience： In a weak macro environment, PDD’s domestic ad business remains a steady anchor. Merchants are doubling down on ad spend to drive visibility during sales promotions. Analysts believe stable monetization rates and high-margin ads may help offset overseas fulfillment costs and discounts.
Temu’s recovery story： Temu faced disruption in Q2 due to a pause in its U.S. “fully-managed” model (May–June), with gradual recovery starting in July. The market will closely watch whether:
U.S. orders and GMV rebounded in July：Cost-per-order trends show improvement as Temu shifts to “semi-managed” and local warehousing
Profit pressure vs. long-term vision：PDD has stepped up subsidies for both users and merchants, keeping sales expenses elevated. With Q1’s “long-term ecosystem” message still fresh, investors are less focused on Q2 profit levels—and more on ROI efficiency and early signs of margin rebound.
Policy risks：Rising scrutiny around cross-border parcels (taxes, compliance) in the U.S. and EU remains a wildcard. If PDD confirms cost relief from logistics or higher local warehouse usage, this could ease investor concerns.
🧠 What Do Analysts Say?
Goldman Sachs: Q2 earnings may be under pressure, but sees recovery in H2 if logistics costs ease and Temu growth resumes.
Bernstein: Watch for signals from July—if U.S. orders bounced back, stock may be primed for a reversal.
PDD's Q2 2025 earnings call will be held on 25 August 2025 at approximately at 19:30 SGT. To set a reminder, please click here
Event Details
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⏰Event Duration
The deadline for this event is 16:00 on 25 August 2025.
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