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Revenue by Segment
Analyzes revenue from different business units or product lines, highlighting which areas drive growth and profitability, and where there might be opportunities or challenges.Transaction services have become PDD’s dominant, fastest-growing revenue stream—driven by higher payment/fulfillment monetization and logistics improvements—while online marketing growth has decelerated and merchandise sales were effectively phased out after 2022. Management’s new, capital‑intensive first‑party brand and large supply‑chain investments reinforce the shift toward transaction-led monetization and rural penetration (much lower shipping costs, higher orders in western provinces), but expect continued near‑term margin and net‑income pressure despite solid cash generation and improved operating margins.
Date | Online Marketplace Services and Other | Transaction Services | Merchandise Sales |
|---|---|---|---|
Jun 30, 2026 | ¥57.64B | ¥54.72B | ¥0.00 |
Mar 31, 2026 | ¥49.94B | ¥56.29B | ¥0.00 |
Dec 31, 2025 | ¥60.01B | ¥63.90B | ¥0.00 |
Sep 30, 2025 | ¥53.35B | ¥54.93B | ¥0.00 |
Jun 30, 2025 | ¥55.70B | ¥48.28B | ¥0.00 |
Mar 31, 2025 | ¥48.72B | ¥46.95B | ¥0.00 |
Dec 31, 2024 | ¥57.01B | ¥53.60B | ¥0.00 |
Sep 30, 2024 | ¥49.35B | ¥50.00B | ¥0.00 |
Jun 30, 2024 | ¥49.12B | ¥47.94B | ¥0.00 |
Mar 31, 2024 | ¥42.46B | ¥44.36B | ¥0.00 |