PDD Q2 2026 results met expectations, but net profit declined, primarily due to continued investment in the platform ecosystem and supply chain.

Total revenue grew 8% year-over-year to RMB 112.4 billion, with transaction services revenue increasing 13%. Net profit fell 12% year-over-year to RMB 27.2 billion, mainly impacted by increased investment.

During the quarter, the company advanced its "Billion-Yuan Support" initiative, delving into agricultural production areas and industrial clusters to help merchants improve quality and efficiency. Meanwhile, it established a company in the Xiong'an New Area, focusing on new opportunities brought by intelligent technology. Management emphasized that these investments are gradually translating into positive improvements in the platform ecosystem.

Management did not provide specific financial guidance but stressed a firm commitment to executing long-term strategy, continuing to invest in supply chain and compliance capabilities to build a resilient e-commerce platform.

Management's tone was positive yet cautious, emphasizing long-term investment and patience, while noting that external regulatory changes pose short-term challenges, though they remain confident in the long-term direction.