20-F 2026-04-29 ↗ compared with the previous 20-F 20-F 2025-04-28 ↗
Technical events and factor profile →
Pdd warns of potential fines and restrictions due to non-compliance with EU regulations, including the Digital Services Act, and faces increased scrutiny from regulators in China under the Cybersecurity Law.
| After the 20-F | 1 session | 5 sessions | 20 sessions |
|---|---|---|---|
| PDD | +0.4% | -0.6% | -11.0% |
| Nasdaq-100 (QQQ) | +0.6% | +3.7% | +10.9% |
| Difference | -0.2% | -4.2% | -21.9% |
From the close before the filing. Historical data, not a prediction.
Separately, regulators in the European Union have also intensified their oversight of large online platforms. In July 2025, the European Commission preliminarily found the Temu platform to be in breach of the obligation under the DSA to properly assess the risks of illegal products being disseminated on its marketplace. We are engaging constructively with the European Commission in respect of those preliminary findings and the other open matters within its ongoing investigation in accordance with the applicable process. If the Commission’s preliminary views were to be ultimately confirmed, the Commission would adopt a non-compliance decision finding that Temu is in breach of Article 34 of the DSA. Such a decision could entail fines of up to 6% of the total worldwide annual turnover of the provider and an order requiring the provider to take measures to address the breach. A non-compliance decision may also trigger an enhanced supervision period to ensure compliance with the measures the provider intends to take to remedy the breach.
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Revenue | ¥431.8B | ¥393.8B | ¥247.6B | ¥130.6B |
| YoY growth | +9.7% | +59.0% | +89.7% | +39.0% |
| Gross margin | — | — | — | 75.9% |
| Operating margin | 21.6% | 27.5% | 23.7% | 23.3% |
| Net income | ¥97.8B | ¥112.4B | ¥60.0B | ¥31.5B |
| Diluted EPS | 16.50 | 19.00 | 10.29 | 5.48 |
XBRL data filed with the SEC. The fourth fiscal quarter is calculated as the full year minus the previous three quarters.
0 = the lowest in the universe, 100 = the highest. It describes how the stock has behaved, not whether to buy or sell it. Screen stocks by factors
Similar than in the previous 20-F (2025-04-28: +16, +0 points)
20-F of 2026-04-29 · 27.7% positive sentences, 9.8% negative · 224 sentences analysed
Index from −100 to +100 calculated with FinBERT on the results discussion (MD&A). The change matters more than the level: some sectors always sound more cautious.
| Himalaya Capital · Li Lu
held since Q2 2025 |
22.2% | $820.9M | +134% |
| Appaloosa · David Tepper | — | sold | |
| Oaktree Capital · Howard Marks | — | sold |
Weight in each fund's portfolio and change vs. the previous quarter, from its latest 13F.
Source: SEC EDGAR. Automatic comparison of the risk factors section; it may contain extraction errors. Always check the original document. For information purposes only; not investment advice.