PDD Holdings Inc released its second quarter 2025 financial results for the period ending June 30. Affected by increased investment in high-quality development, the company's revenue growth slowed to 7% this quarter, with quarterly revenue reaching 104 billion yuan; net profit was 30.75 billion yuan, down 4% year-over-year, marking a decline for the second consecutive quarter.

PDD Holdings stated that second quarter revenue from online marketing services and other businesses was 55.7032 billion yuan, an increase of 13% from 49.1159 billion yuan in the same period of 2024.

In the second quarter, general and administrative expenses were 1.53 billion yuan, compared to an estimate of 1.91 billion yuan; research and development expenses were 3.59 billion yuan, compared to an estimate of 3.5 billion yuan.

During the second quarter, PDD Holdings launched its new "Billion-yuan Support" strategy based on existing merchant-friendly measures such as "Billion-yuan Fee Reduction," marking the first time in the e-commerce industry that a "billion-yuan level" merchant support initiative has been implemented.

"Over the past quarter, at a critical moment when merchants and industries faced challenges, the entire company worked hard to advance the 'Billion-yuan Support' merchant-friendly strategy, increasing investment to give back to the industrial ecosystem and firmly supporting merchants through economic cycles," said Zhao Jiazhen, Executive Director and Co-CEO of PDD Holdings Group. Under continuous real investment, the platform's ecosystem effectiveness continues to emerge, with the industrial side accelerating new quality transformation and the consumer side further releasing consumption potential, achieving high-quality development on both supply and demand sides.

"Currently, rapid changes in the external environment continue, and competition in the e-commerce industry around new business formats is becoming increasingly fierce. We will continue to focus on high-quality development, maintain consumer orientation, and create space for the long-term development of the industry," said Chen Lei, Chairman and Co-CEO of PDD Holdings Group. In the process of continuously increasing investment, short-term performance will inevitably fluctuate. We prefer to focus on the long term, prioritizing long-term value over short-term interests, solidly building our ecosystem, promoting industrial transformation and upgrading, and continuously benefiting consumers.

According to reports, in August last year, PDD Holdings launched the "Billion-yuan Fee Reduction" merchant-friendly policy, successively introducing refund benefits for technical service fees and promotional service fees, continuously reducing commissions and costs for merchants. Since the implementation of "Billion-yuan Fee Reduction" over the past year, the platform has saved massive operating costs for millions of merchants, with promotional service fee refunds alone reaching tens of billions, allowing many merchants to save millions in promotional expenses annually.

Additionally, PDD Holdings' "E-commerce Go West" initiative waived logistics transfer fees for western regions. Over the past year, order volume in western regions increased by more than 40% year-over-year. Among these, daily necessities orders doubled, while orders for trendy products and pet supplies grew by more than 60%.

In the second quarter, based on unprecedented investment in "Billion-yuan Support," PDD Holdings continued to reduce commissions and increase efficiency for millions of merchants, comprehensively expanding support for small and medium merchants, new quality merchants, and brand merchants. Specialized teams like "Duo Duo Good Specialties" and "New Quality Supply" went deep into agricultural production areas and industrial belts nationwide, helping local merchants and industries achieve multi-level, comprehensive high-quality development.

Recently, PDD Holdings released its "2025 Agricultural Products Upstream Semi-Annual Report." Data shows that under the support of "Duo Duo Good Specialties," agricultural products from across the country accelerated their journey from villages to cities, with agricultural product sales increasing 47% year-over-year, seasonal fruit sales up 51%, and seafood sales up 48%. The number of agricultural product merchants on the platform also maintained rapid growth, with post-2000 merchants increasing by more than 30%. Meanwhile, the platform's agricultural product supply chain and logistics capabilities continued to improve, accelerating the transformation and upgrading of agricultural specialty industries.

During the 618 promotion, dozens of categories on the platform achieved record sales, with the "Super Double Subsidy" activity under the billion-yuan subsidy program alone generating over 3.76 million orders in a single day.

As a platform that started with agricultural products, PDD Holdings' "Billion-yuan Support" also increased investment in agricultural research. In mid-July, the preliminary round of the fifth "Duo Duo Agricultural Research Technology Competition" officially began, with 46 teams from around the world registering to participate, showcasing various cutting-edge technologies including AI cultivation, hydroponic systems, and ecological seedling cultivation. In the subsequent finals, participating teams will take their cutting-edge technologies out of laboratories and apply them in fields, creating greater value for agricultural research commercialization.

"Currently, the e-commerce industry is engaged in a new round of fierce competition around new business formats. We will continue to adhere to long-term principles, deeply advance the 'Billion-yuan Support' strategy, invest real money in improving user experience, optimizing merchant services, and promoting industrial upgrading. We focus on building a multi-win ecosystem for users, merchants, and the platform, guiding the industry to continuously iterate toward a more inclusive and open direction, creating greater positive value for society," Zhao Jiazhen stated.