JD.com Receives Hold Rating from Susquehanna with $32 PT

Susquehanna maintains a Hold rating on JD.com with a $32 price target. The company reported Q2 2025 net revenues of RMB356.7 billion ($49.8 billion), up 22.4% YoY. Net income attributable to shareholders was RMB6.2 billion ($0.9 billion), down from RMB12.6 billion in the same quarter last year. JD.com is an e-commerce company with operations in online retail, logistics, and new businesses.

PDD Holdings Inc. (PDD) reported its unaudited financial results for the second quarter of 2025, revealing a mixed performance with increased revenues but decreased operating profit. The company's total revenues for the quarter reached RMB103.98 billion (US$114.515.7 million), a 7% increase year-over-year (YoY) [1]. However, operating profit decreased by 21% to RMB25.792.9 million (US$3.600.6 million) [1].

The revenue increase was primarily driven by growth in online marketing services and transaction services. Revenues from online marketing services rose by 13% to RMB55.703.2 million (US$7.775.9 million), while revenues from transaction services increased slightly to RMB48.281.6 million (US$6.739.9 million) [1].

Despite the revenue growth, the company faced significant challenges in maintaining profitability. Operating expenses increased by 36% to RMB45.858.9 million (US$6.401.7 million), primarily due to higher fulfillment fees, bandwidth, and server costs, as well as payment processing fees [1]. Sales and marketing expenses also increased by 5% to RMB27.209.9 million (US$3.798.4 million) [1].

PDD Holdings attributed the decline in operating profit to increased competition and investments in merchant support initiatives. The company's management emphasized its commitment to long-term value creation, acknowledging that such expenditures may affect short-term profitability [1].

Cash and equivalents stood at RMB387.1 billion (US$54.0 billion) at the end of June 2025, up from RMB331.6 billion at the end of 2024, reflecting improved liquidity and financial stability [1].

Analysts have issued mixed ratings on PDD Holdings. While multiple analysts have issued buy ratings on the stock, there are no sell ratings. The median price target for PDD Holdings is $128.0, with recent targets ranging from $105.0 to $165.0 [2].

Institutional investors have shown mixed interest in PDD Holdings. In the most recent quarter, 272 institutional investors added shares to their portfolios, while 383 decreased their positions [2]. Notable changes include Mirae Asset Global Investments Co., Ltd. removing 39.33 million shares from its portfolio and Himalaya Capital Management LLC adding 4.608 million shares [2].

Congressional stock trading data also shows mixed activity. Representative Lisa C. McClain has traded PDD stock three times in the past six months, with two purchases and one sale [3].

References:
[1] https://www.quiverquant.com/news/PDD+Holdings+Inc.+Reports+Second+Quarter+2025+Financial+Results+with+Increased+Revenues+and+Decreased+Operating+Profit
[2] https://www.quiverquant.com/news/PDD+Holdings+Inc.+Reports+Second+Quarter+2025+Financial+Results+with+Increased+Revenues+and+Decreased+Operating+Profit
[3] https://www.quiverquant.com/news/PDD+Holdings+Inc.+Reports+Second+Quarter+2025+Financial+Results+with+Increased+Revenues+and+Decreased+Operating+Profit