PDD Holdings Inc
pddholdings.comWhat Do They Do?
Runs commerce platforms where third-party merchants sell merchandise to consumers, including on Pinduoduo and Temu.
20-F for FY2025, filed Apr 29, 2026PDD Holdings is a multinational commerce group that owns and operates a portfolio of businesses. We aim to bring more businesses and people…View ↗
Founded in 2015, the Pinduoduo platform provides buyers with a comprehensive selection of value-for-money merchandise and fun and…View ↗
Temu was founded in September 2022 in Boston, Massachusetts, the United States. Following its initial launch in North America in September…View ↗
Temu empowers merchants with value-added services that enable a broader market reach. Merchants provide product listings that buyers can…View ↗
Who Are Their Customers?
Third-party merchants list and sell their products on Pinduoduo and Temu, using the platforms’ marketing and transaction services to promote products and handle sales.
20-F for FY2025, filed Apr 29, 2026Our customers are third-party merchants who sell their products on our platforms. Our revenues primarily consist of (i) transaction…View ↗
Temu empowers merchants with value-added services that enable a broader market reach. Merchants provide product listings that buyers can…View ↗
We offer merchants multiple features and value-added services to enhance their transaction efficiency to help merchants promote their…View ↗
How Are They Changing?
Temu broadens the platform offering
The latest report describes Temu as a platform serving consumers in countries and regions worldwide alongside Pinduoduo; the older report’s platform overview described Pinduoduo.
20-F for FY2022, filed Apr 26, 2023 20-F for FY2025, filed Apr 29, 2026The Temu PlatformView ↗
Temu was founded in September 2022 in Boston, Massachusetts, the United States. Following its initial launch in North America in September…View ↗
Temu empowers merchants with value-added services that enable a broader market reach. Merchants provide product listings that buyers can…View ↗
Revenue sources broaden
The older report said most revenue came from online marketing services. The latest report describes both online marketing services and transaction services as principal revenue sources.
20-F for FY2022, filed Apr 26, 2023 20-F for FY2025, filed Apr 29, 2026We generate most of our revenues from online marketing services. Our revenues grew from RMB59,491.9 million in 2020 to RMB93,949.9 million…View ↗
Our customers are third-party merchants who sell their products on our platforms. Our revenues primarily consist of (i) transaction…View ↗
For transaction services, we earn fees from merchants for sales of their products completed on our platforms.View ↗
For online marketing services and others, we earn service fees from merchants for various types of online marketing services. These include…View ↗
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