PDD Holdings Inc ADR

PDD: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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PDD Earnings: Margin Pressure From Investment and Lower Take Rate; Valuation Cut by 8%

Chelsey Tam

May 28, 2026

PDD's first-quarter online marketing services revenue year-on-year growth slowed to 2.5%, while non-GAAP margin expanded 80 basis points on stable marketing expense. PDD has committed CNY 100 billion to its first-party brand business for global markets over the next three years.

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PDD Holdings Inc ADR

PDD Earnings: Margin Pressure From Investment and Lower Take Rate; Valuation Cut by 8%

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