Temu-owner PDD Holdings reported Q3 2025 revenue of 108.28 billion RMB ($14.9 billion), up 9% YoY increase but reflecting continued growth deceleration. While net profit rose 17% to 29.33 billion RMB ($4.0 billion), boosted by investment income, operating profit saw only marginal growth. The company’s stock fell over 7% following the earnings release amid concerns over slowing growth and rising costs. Management acknowledged intensified competition and ongoing ecosystem investments that may cause continued earnings volatility. Meanwhile, Temu faces increasing regulatory challenges, including recent U.S. and EU tariff policy changes and French regulatory actions over illegal products.