Added to YB: 2026-06-01
Pitch date: 2026-05-28
PDD [neutral]
PDD Holdings Inc.
Author Info
No bio for this author
Company Info
PDD Holdings Inc., a multinational commerce group that owns and operates a portfolio of businesses. The company operates Pinduoduo platform, which provides various product categories and interactive shopping experiences; and Temu, an online platform, which enables merchants to streamline their manufacturing and commercial operations.
Market Cap
$801.2B
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
3.70
P/E
8.72
EV/Sales
0.84
Sector
Broadline Retail
Category
value
Pinduoduo Q1 ‘26: A shift towards Quality
PDD (earnings): Q1'26 sold off on EPS miss & ~2% ads growth, but bull case: transaction services rev +20% YoY, gross profit +9%, op profit +20% on flat costs = operating leverage. 1P brands (Xinpinmu $2.2bn), New Quality Supply, logistics building moat. Ads deliberately underearning. ~5x EV/EBIT prices permanent decline. Risks: opaque disclosure (no GMV/take-rate), 1P cannibalization, ad recovery unproven.
Read full article (6 min)