PDD Holdings (PDD)
Recap: Q4 2025
Q4 / FY2025 Revenue +12% (Best Quarter), Transaction Services +19% YoY (Temu Continued Recovery), GAAP Operating Profit +8% YoY, Non-GAAP OP Margin Only -100bp YoY (Best of Year) BUT Non-GAAP EPS -12% YoY on Below-the-Line Items, Cash Position Flat QoQ, "Build Another Pinduoduo" 3-Year Strategic Framework — Maintaining Outperform
Recap: Q3 2025
Q3 Multi-Quarter Inflection: Revenue +9% Re-Accelerates, Transaction Services +10% YoY Recovers (vs Q2's +1%), Non-GAAP OP Margin Only -200bp YoY Stabilization (vs Q1/Q2 -1400/-1500bp), Non-GAAP EPS +13% YoY First Positive Growth Since Q4 2024, GAAP Operating Profit +3% YoY, OCF +66% YoY at RMB 45.7B, 10-Year "Costco + Disney" Vision — Upgrading From Hold (CB) to Outperform
Recap: Q2 2025
Q2 Revenue +7% Misses But Non-GAAP EPS RMB 22.07 (-5% YoY) Beats Street by 13%, Operating Margin Compression Decelerates (S&M as % Revenue Stabilizes at 26%), Cash Position Grew to RMB 387.1B, Transaction Services Growth +1% YoY Intensifies Temu Concern — Maintaining Hold (CB)
Recap: Q1 2025
Q1 Revenue +10% Misses, Non-GAAP Operating Margin Collapses From 33% to 19% (-1400bp YoY), Non-GAAP EPS -45% YoY, RMB 100 Billion Merchant Support Program Launched, Transaction Services Growth Decelerates to +6% on Temu Tariff Pressure — Initiating at Hold (CB)