BUSINESS

PDD Bets on In-House Brands in 100 Billion Yuan Expansion Plan

Published: Mar. 25, 2026 11:34 p.m. GMT+8

00:00

00:00/00:00

Listen to this article 1x

On March 25, PDD officially announced the establishment of "Xinpinmu" to build a self-operated brand. Photo: VCG

PDD Holdings Inc., operator of bargain platforms Pinduoduo and Temu, is launching an initiative to build a global network of self-operated brands, planning to invest 100 billion yuan ($14.5 billion) over the next three years.

The company said Wednesday it has set up a Shanghai entity, Xinpinmu, with an initial 15-billion-yuan cash injection. The venture will develop curated in-house brands across markets and categories, combining PDD’s domestic supply chain with Temu’s overseas reach. It also plans to offer “go-global” services to China’s industrial-belt merchants, including customized manufacturing, product standards, warehousing and logistics, intellectual-property support, legal assistance and regulatory-compliance help.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.

Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.

Share this article

Open WeChat and scan the QR code

DIGEST HUB

Digest Hub

Back

Explore the story in 30 seconds

PDD Holdings is launching a global self-operated brand venture, investing 100 billion yuan ($14.5 billion) over three years, with an initial 15-billion-yuan injection for its Xinpinmu entity in Shanghai.
Fiscal 2025 revenue rose 10% to 431.8 billion yuan; non-GAAP net profit dropped 12% to 107.3 billion yuan, mainly due to rising operating expenses and ongoing investments.
PDD ended 2025 with 422.3 billion yuan in cash and saw an 8.2% share price rise, valuing the company at about $150.7 billion.

AI generated, for reference only

Who’s Who

PDD Holdings Inc.: PDD Holdings Inc., operator of Pinduoduo and Temu, plans to invest 100 billion yuan over three years to build a global network of self-operated brands. They've established Xinpinmu with a 15-billion-yuan cash injection to develop in-house brands and offer "go-global" services for Chinese merchants. This strategy aims to enhance their value chain amid trade frictions. The company's 2025 revenue grew 10%, but non-GAAP net profit fell 12% due to increased investment.

Pinduoduo: Pinduoduo is a bargain platform operated by PDD Holdings Inc. The company plans to invest 100 billion yuan over three years to build a global network of self-operated brands, under a new entity called Xinpinmu. This initiative aims to combine PDD's domestic supply chain with Temu's overseas reach.

Temu: Temu is a bargain platform operated by PDD Holdings Inc. PDD is investing 100 billion yuan over three years to build a global network of self-operated brands, combining PDD's domestic supply chain with Temu’s overseas reach. Temu notably contributed to a 19% increase in transaction services revenue for PDD.

Xinpinmu: Xinpinmu is a Shanghai-based entity established by PDD Holdings Inc. with an initial investment of 15 billion yuan. Its purpose is to build a global network of self-operated brands, investing 100 billion yuan over three years. Xinpinmu will develop curated in-house brands across markets, leveraging PDD's domestic supply chain and Temu's international reach. It also offers "go-global" services for Chinese merchants, including manufacturing support, logistics, intellectual property assistance, and regulatory compliance.

AliExpress: AliExpress is a Chinese cross-border e-commerce platform that has implemented initiatives to shift from unbranded, merchant-listed goods towards stronger manufacturers and branded offerings. This move reflects a broader trend among Chinese platforms to enhance their value chain amid increasing trade frictions and regulatory scrutiny.

AI generated, for reference only

What Happened When

2025：: PDD Holdings' full-year revenue grew 10% to 431.8 billion yuan, with non-GAAP net profit dropping 12% to 107.3 billion yuan.

By 2025-12-31：: PDD Holdings ended the fiscal year 2025 with 422.3 billion yuan in cash, cash equivalents, and short-term investments.

2026-03-25：: PDD Holdings announced its global self-operated brand initiative, including the establishment of Xinpinmu in Shanghai with an initial 15-billion-yuan cash injection.