Published
# PDD Holdings Inc. - Recent Events (Form 6-K filings) PDD Holdings is a foreign private issuer and furnishes current reports on Form 6-K. Amounts the company reports in Renminbi are converted to US dollars here: flows at the average rate for the period, balances at the rate on the period-end date. Percentage changes the company states are in Renminbi unless a US dollar change is given. ## Filings that contain financial statements - **6-K, filed 2026-08-25, accession 0001104659-26-100534.** Exhibit 99.1 is the second quarter 2026 earnings release (three and six months ended June 30, 2026, unaudited). It holds condensed consolidated balance sheets (June 30, 2026 and December 31, 2025), statements of income (three and six months, with per-share data), a revenue disaggregation, share-based compensation by line, condensed statements of cash flows, and the non-GAAP reconciliation. - **6-K, filed 2026-05-28, accession 0001104659-26-067186.** Exhibit 99.1 is the first quarter 2026 earnings release (quarter ended March 31, 2026, unaudited), with the same set of condensed statements. - **6-K, filed 2026-03-26, accession 0001104659-26-034813.** Exhibit 99.1 is the fourth quarter and fiscal year 2025 earnings release (year ended December 31, 2025, unaudited), with condensed statements for the quarter and the year. - **6-K, filed 2025-11-18, accession 0001104659-25-113490.** Exhibit 99.1 is the third quarter 2025 earnings release (quarter ended September 30, 2025, unaudited), with condensed statements. ## Earnings releases **Second quarter 2026 (6-K filed 2026-08-25, accession 0001104659-26-100534; release dated August 24, 2026).** - Revenue was $16.51 billion, up 14.9% in US dollar terms (up 8% in Renminbi, from $14.38 billion). Transaction services revenue rose 13% in Renminbi; online marketing services and others was $8.47 billion, up 3.5% in Renminbi and 10.0% in US dollar terms. - Operating profit was $4.08 billion (up 14.4% in US dollar terms; up 8% in Renminbi). Net income attributable to ordinary shareholders was $3.99 billion, down 6.1% in US dollar terms (down 12% in Renminbi, from $4.25 billion). - Net income fell despite higher operating profit because "other income/(loss), net" swung to a loss of about $1.09 billion in the quarter, against a small gain a year earlier; interest and investment income rose. Sales and marketing expense rose and total operating expenses were up 13% in Renminbi. - Operating cash flow was $3.77 billion for the quarter. Cash, cash equivalents and short-term investments were $67.27 billion at June 30, 2026, against $60.39 billion at December 31, 2025. - Management said the company "stepped up our ecosystem investments in the second quarter" and that its priority is helping merchants and strengthening the broader industry ecosystem. The release gives no numeric guidance. **First quarter 2026 (6-K filed 2026-05-28, accession 0001104659-26-067186; release dated May 27, 2026).** - Revenue was $15.35 billion, up 16.6% in US dollar terms (up 11% in Renminbi). Transaction services revenue rose 20% in Renminbi. - Operating profit was $2.83 billion (up 22% in Renminbi). Net income attributable to ordinary shareholders was $1.81 billion, down 10.7% in US dollar terms (down 15% in Renminbi). - Co-CEO Jiazhen Zhao said supply chain investments will be the core strategic priority, with significant resources committed to building a first-party brand business. **Fourth quarter and fiscal year 2025 (6-K filed 2026-03-26, accession 0001104659-26-034813; release dated March 25, 2026).** - Fourth quarter revenue was $17.48 billion, up 13.6% in US dollar terms (up 12% in Renminbi); net income attributable to ordinary shareholders was $3.46 billion as stated in the release, before the revision to full-year net income described below, down 9.3% in US dollar terms (down 11% in Renminbi). - Fiscal year 2025 revenue was $60.08 billion, up 9.8% in US dollar terms (up 10% in Renminbi); net income attributable to ordinary shareholders was $13.82 billion (RMB99,364.5 million), down 11.5% in US dollar terms (down 12% in Renminbi). The audited annual report on Form 20-F (filed 2026-04-29, accession 0001104659-26-050727) later reported full-year net income of RMB97,842.5 million, $13.61 billion, down 13.0% in Renminbi and 12.9% in US dollar terms, lower than the release figure. The 20-F also reports general and administrative expenses of RMB8,157.7 million, against RMB6,635.8 million in the release. Neither filing gives a reason for the difference. - The VP of Finance said the continuing investments "will inevitably affect our financial performance." **Third quarter 2025 (6-K filed 2025-11-18, accession 0001104659-25-113490).** Results for the quarter ended September 30, 2025, furnished with condensed statements. The VP of Finance said revenue growth "continued to moderate" and that results may fluctuate from quarter to quarter as merchant support and ecosystem investments roll out. ## Governance and management - **2026-08-21, accession 0001104659-26-099679.** The company announced that Dr. Ivonne M.C.M. Rietjens, an independent director since August 2023, passed away in August 2026. The board said it will review the composition of its committees. - **2025-12-19, accession 0001104659-25-122766.** The board appointed Co-CEO Jiazhen Zhao as Co-Chairman alongside Lei Chen. Mi Wang was named Senior Vice President of Engineering and Jiong Li Financial Director. - **2025-12-19, accession 0001104659-25-122765.** Results of the 2025 annual general meeting: all six directors standing for re-election were re-elected. Approval ranged from 85.41% (Haifeng Lin) to 98.40% (Dr. Rietjens) of votes cast. - **2025-11-19, accession 0001104659-25-113965.** Notice, proxy statement and form of proxy for the 2025 annual general meeting. ## Regulatory actions - **April 2026, disclosed in the annual report on Form 20-F filed 2026-04-29, accession 0001104659-26-050727 (Item 8, Legal Proceedings).** China's State Administration for Market Regulation fined seven platform operators a total of approximately RMB3.6 billion ($526.54 million), including approximately RMB1.5 billion ($219.39 million) against the operator of the Pinduoduo platform, for violations of the E-Commerce Law and food safety laws. It also imposed a nine-month suspension on onboarding new cake vendors (except pre-packaged cake) on Pinduoduo. The company states it has accepted the penalty and intends to comply with the requirements. ## Not reflected in these filings The 6-K filings reviewed for 2026 and the annual report on Form 20-F report no acquisitions or divestitures, no debt issuance, no share repurchase program or dividend, and no reverse or forward split.