PDD Holdings Inc. released its third-quarter financial results for the period ending September 30, 2025. Driven by ecosystem investments such as the "100 Billion Support" initiative, revenue grew 9% year-over-year to RMB 108.3 billion for the quarter.
"At this new starting point of our 10th anniversary, we remain consumer-centric, focused on our core e-commerce business to serve ordinary people, and committed to advancing high-quality industrial ecosystem development," said Zhao Jiazhen, Executive Director and Co-CEO of PDD Holdings. With intensifying competition in e-commerce, the company will increase capital investments in ecosystem construction and introduce more merchant-friendly policies like the "100 Billion Support" program to benefit both the ecosystem and society.
Reflecting on the past decade, Chen Lei, Chairman and Co-CEO of PDD Holdings, stated: "We've always prioritized long-term value creation by addressing mass consumer needs and relentlessly supporting industrial ecosystems toward more inclusive and open development. As we've grown significantly compared to ten years ago, we must shoulder greater social responsibilities. Moving forward, we'll consider corporate development through the lens of public interest and sustainable ecosystem health."
This year, PDD pioneered the e-commerce industry's first "100-billion-yuan" merchant support and agricultural assistance campaign. Initiatives like "Duoduos Premium Local Products," "New Quality Supply," and "E-commerce Westward Expansion" have driven platform ecosystem growth. According to PDD's "2025 Agricultural Product Uplift Semi-Annual Report," agricultural investments yielded strong results: H1 2025 saw a 47% year-over-year increase in farm product sales, with merchant numbers growing rapidly—particularly among post-00s agricultural sellers, which surged over 30%.
In Q3, the "100 Billion Support" program further boosted agricultural e-commerce. The "Duoduos Premium Local Products" campaign reached dozens of production zones across China, offering customized solutions to upgrade regional specialties from scale-driven to quality-focused operations. During September's harvest season, PDD allocated RMB 1 billion in subsidies and RMB 2 billion in traffic resources to collaborate with 300,000 farm product merchants on the "Duoduos Harvest Pavilion," facilitating rural-to-urban sales and farmer income growth.
End-September saw PDD release its "New Quality Supply One-Year Progress Report," showing rapid growth in industrial belt merchants: post-95 sellers increased 31% year-over-year, post-00s sellers rose 44%, premium SKUs grew over 50%, and branded stores expanded significantly—signaling industrial belts' transition toward high-quality development.
"From day one, our mission has been serving ordinary people with affordable quality," Chen Lei emphasized. "As we look ahead from this 10-year milestone, we'll stay true to creating user value through e-commerce, investing resolutely in platform and industrial upgrades for our next decade as 'Costco meets Disney.'"