PDD Holdings reported second-quarter 2026 revenue of CNY 112.4 billion, approximately $16.7 billion, and profit of CNY 27.2 billion, approximately $4.1 billion, for the period ended June 30. Non-GAAP research and development spending rose 40% year over year to CNY 4.3 billion, approximately $640.7 million, under its "New Decade of High-Quality Development" strategy. Co-Chairmen and Co-CEOs Zhao Jiazhen and Chen Lei said the company’s main long-term growth initiative is a three-year effort to build what management calls "another PDD," rather than another overseas expansion or major acquisition. The plan focuses on transforming agricultural and manufacturing supply chains, helping suppliers develop higher-value brands, strengthening logistics and governance, and creating longer-term growth across PDD’s core commerce ecosystem. Its CNY 100 billion, or approximately $14.5 billion, "Billion-Dollar Support" program is beginning to produce improvements in supply and demand, while initiatives including "New Quality Supply," "Free Shipping to Villages" and "New Pinmu" aim to improve production, logistics, quality and brand development. PDD also expanded platform governance, launched more than 150 governance measures and over 50 specialized initiatives in June, strengthened protections covering food safety, minors, intellectual property and cross-border commerce, and donated CNY 10 million, approximately $1.5 million, after flooding in Guangxi. Chen said PDD remains focused on its core e-commerce business and expects the "Three-Year PDD Rebuild" to produce tangible, verifiable results over time.