Potential Impact of Temu's Overseas Business Volume Approaching PDD Main Site on PDD's Valuation and Investment Strategy

The discussion centers on the impact of Temu’s rapid overseas business growth on PDD. As of the event date, PDD has a market capitalization of 156.81 billion USD and a price-earnings ratio of 10.75 times, indicating strong profitability and a relatively low valuation level [0]. Temu operates in over 30 markets globally and has integrated with Shopify to expand its global influence [1][2]. Its growth potential is recognized by the industry, but since PDD does not separately disclose Temu’s business scale in public financial reports, it is temporarily impossible to directly verify whether Temu’s volume is close to the main site. If Temu’s business volume is indeed close to the main site, it will mark a major breakthrough in PDD’s globalization strategy and significantly reduce the company’s dependence on the Chinese domestic market, which is one of the core risk factors concerned by current investors.

1. Valuation Logic Shift
   : Temu’s global business expansion will transform PDD from a Chinese domestic e-commerce participant to a global e-commerce competitor. Investors may benchmark it against global peers such as Amazon and Shopify instead of only domestic platforms like Alibaba and JD.com, which may drive the reconfiguration of PDD’s valuation.
2. Competition Landscape Upgrade
   : Competition between Temu and Shein will further intensify. Both parties may increase investment in logistics, marketing, and technology, which may affect PDD’s profitability in the short term but help consolidate its global market position in the long run.
3. Regulatory Risks Highlighted
   : Temu’s global expansion may face more international regulatory scrutiny (such as the EU’s raid on Temu’s Dublin headquarters [3]), involving data privacy and trade practices, which will become potential risk factors affecting PDD’s valuation.

: Temu’s global business will significantly expand PDD’s addressable market, reduce dependence on the Chinese domestic market, enhance the company’s long-term growth potential and valuation space; the global layout makes PDD more risk-resistant and attracts more investors focusing on global e-commerce.

: The core claim that Temu’s business volume is close to the main site has not been verified by authoritative data, leading to information uncertainty; intensified short-term competition may put pressure on profits; regulatory risks in international markets may affect Temu’s expansion speed and PDD’s overall valuation.

Although the claim that Temu’s business volume is close to PDD’s main site has not been verified yet, its global growth trajectory is worthy of attention. Investors should continuously track PDD’s financial disclosures, Temu’s expansion progress, international regulatory dynamics, and the competitive landscape of the e-commerce industry to objectively evaluate PDD’s investment value and future development prospects.