Temu parent company PDD Holdings increases annual sales by 59 percent

The publicly traded e-commerce group PDD Holdings Inc., which operates the online platforms Temu and Pinduoduo, significantly increased its revenue in fiscal year 2024. However, the growth rate in the fourth quarter was below the annual average, according to preliminary, unaudited figures released by the company on Thursday.

According to the report, consolidated sales last year reached 393.8 billion Chinese yuan (50.1 billion euros), exceeding the 2023 level by 59 percent. Operating profit rose by 85 percent to 108.4 billion Chinese yuan, and net profit attributable to shareholders grew by 87 percent to 112.4 billion Chinese yuan (14.3 billion euros).

Sales growth in the final quarter was weaker than expected

However, sales development in the fourth quarter fell short of market expectations. According to available figures, group sales for the period from October to December amounted to 110.6 billion Chinese yuan, representing an increase of 24 percent over the same period last year.

Operating profit increased by 14 percent to 25.6 billion Chinese yuan, while net profit attributable to shareholders increased by 18 percent to 27.4 billion Chinese yuan.

This article was translated to English using an AI tool.

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