PDD Holdings Inc. (PDD)

PDD Holdings runs two online marketplaces, Pinduoduo in China and Temu internationally, and earns its money from the merchants who sell on them rather than from owning the goods. The holding company was incorporated in the Cayman Islands in April 2015 as Walnut Street Group Holding Limited, renamed Pinduoduo Inc. in July 2018 and PDD Holdings Inc. in February 2023. Because PRC law restricts foreign ownership of internet businesses, most of the China operations run through contractual arrangements with a variable interest entity, Hangzhou Aimi, in which the group holds no ownership interest but which it consolidates as the primary beneficiary. Figures are stated in renminbi.

How it earns

The customers are third-party merchants who sell their products on the platforms. Revenue comes in two forms: transaction services, where the company takes fees from merchants on sales completed on its platforms, and online marketing services and others, where it charges merchants for matching their product listings into search or browsing results, on an impression or click basis, and for display advertising placed mostly at fixed prices.

Pinduoduo

The Pinduoduo platform was founded in 2015 and carries a broad suite of product categories. It built its growth on what the filing calls a team purchase model: buyers share product information on social networks and invite friends, family and contacts to form a shopping team, and the reward for sharing is a lower price. The platform runs its own e-waybill system, which connects order confirmation to the selection of a third-party logistics provider and gives buyers real-time visibility of delivery. Merchants must abide by the platform's return policy, under which a buyer can return a product within the return period if it is in original condition and any use has not affected resale; the merchant reviews the request first, and the platform steps in if it is not resolved in time or escalates into a dispute.

Duo Duo Grocery

Duo Duo Grocery, launched in 2020 as an extension of Pinduoduo, is a next-day grocery pick-up service for shoppers who want faster turnaround and value without home delivery. It connects local farmers and distributors directly to local consumers each day. Orders are placed with merchants through the Duo Duo Grocery channel inside the Pinduoduo app, the merchants supply the items to regional warehouses overnight, and the sorted goods go from those warehouses to designated pickup points the next day.

Temu

Temu was founded in September 2022 in Boston, Massachusetts, launched first in North America that month, reached Oceania in March 2023 and Europe in April 2023 and has since gone into other countries and regions. By the end of 2025 it was serving consumers in markets including the United States, Japan, Germany, the United Kingdom, France, Canada and Italy. It works with a global network of logistics vendors and fulfilment partners, bringing together buyers, merchants, manufacturers and brands; merchants supply the product listings that buyers browse and order in the Temu app or on the website. The filing says Temu is at an early stage of development and that it helps merchants streamline their manufacturing and commercial operations.

Farmers

Agriculture is the area the company names for its corporate responsibility work. It coaches farmers on setting up stores online, gives them access to end demand, and supports young people from rural areas to become what it calls new farmers, e-commerce capable operators. The argument the filing makes is that aggregating demand lets smallholders sell directly to consumers rather than through wholesale distributors, which shortens the supply chain so that consumers get fresher products at lower prices while farmers earn more and can reinvest. In August 2021 the company launched what it calls the 10 Billion Agriculture Initiative, aimed at needs in the agricultural sector and rural areas.

From PDD Holdings' annual report on Form 20-F for the year ended 31 December 2025. The filing