Temu’s parent company Pinduoduo posted Q2 revenue of 103.98 billion RMB ($14.35 billion), up 7% YoY, showing slower growth amid fierce competition. Net profit slipped 4% to 30.75 billion RMB ($4.24 billion), while operating profit fell 21% to 25.79 billion RMB ($3.56 billion). However, adjusted net profit hit 32.71 billion RMB ($4.51 billion), far above expectations, as marketing spend growth slowed to 4.5% at 27.21 billion RMB ($3.76 billion). Management said investment in a new “trillion-RMB support program” for merchants may pressure short-term margins but underpins long-term growth. Shares jumped nearly 10% in U.S. pre-market trading.