On March 20, 2025, Pinduoduo (PDD) released its financial report for the fourth quarter and full year ending December 31, 2024. The data shows that in Q4, total revenue reached RMB 1106.101 billion, marking a 24% year-over-year increase but falling short of the expected RMB 1160.32 billion. For the full year of 2024, Pinduoduo’s total revenue amounted to RMB 3938.361 billion, reflecting a 59% year-over-year growth. The revenue increase in Q4 was primarily driven by growth in online marketing services and transaction services, with revenue from online marketing services and other services reaching RMB 570.111 billion, a 17% YoY increase, and revenue from transaction services totaling RMB 535.990 billion, up 33% YoY.

Notably, Pinduoduo's quarterly revenue growth has been slowing. Over the previous four quarters, the company’s revenue growth rates were 131%, 86%, 44%, and 24%, respectively. Several factors contributed to this deceleration. First, Pinduoduo has always favored a high-margin business model, maintaining a gross margin of over 60% even while expanding into community group buying and Temu. However, in the latter half of 2024, Temu faced geopolitical headwinds and adjusted its strategy by partially shifting to a semi-fulfillment model, increasing investments in overseas warehousing and supply chains. Additionally, it likely transitioned from a net revenue model to a commission-based model, leading to slower revenue growth and rising costs.

Furthermore, Pinduoduo launched the "100 Billion Subsidy" initiative, refunding part of its commission and advertising fees to support merchants. While this helped optimize the platform ecosystem, it also temporarily reduced company revenue. Additionally, the macroeconomic environment played a role, as China's slowing economic growth and weakened consumer confidence led to softer overall consumption demand, directly impacting e-commerce sales. The fourth quarter is traditionally a peak season for e-commerce, but Pinduoduo faced fierce competition from rivals like Alibaba and JD.com. With these competitors reporting strong financial performances, Pinduoduo encountered increasing market pressure.

How to purchase PDD on uSMART

First, log into the uSMART HK app and tap the 'Search' option in the top-right corner of the page. Enter the stock code, such as 'PDD.US,' to access the detail page where you can view trading details and historical trends. Next, tap the 'Trade' button in the bottom-right corner and select the 'Buy/Sell' option. Finally, fill in your trading conditions and submit the order.

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