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PDD Holdings (NASDAQ: PDD) — Q2 2026 Post Earnings

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Post earnings note company quarterly analysis

Operations

As of August 25, 2026
Q2 Revenue ↑ 8% YoY ¥112.4B
Divisions
Online Marketing Services and Others 51.3%
Transaction Services 48.7%

Key Earnings Driver

Transaction Services Online Marketing Services and Others revenue increased 3.4% year over year to RMB57.6B and rebounded 15.4% sequentially. Transaction Services revenue increased 13% to RMB54.7 billion.

Key Operating Metrics¹

METRIC

STATUS

Online Marketing Services and Others↑ 3.4%

Transaction Services↑ 13%

🟢 Scaling

Key Financial Metrics

Gross Margin 57.26% +1.37 pp YoY
Backlog / Revenue N/A
CapEx Intensity N/A

Sources: PDD Holdings Q2 2026 Earnings Release — Company Website, PDD Holdings Q1 2026 Earnings Release — Company Website

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

PDD Holdings (NASDAQ: PDD) — Q2 2026 Pre Earnings

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Pre earnings note company quarterly analysis

Operations

As of August 23, 2026
Q1 Revenue ↑ 11% YoY ¥106.2B
Divisions
Online Marketing Services and Others 47.0%
Transaction Services 53.0%

Key Earnings Driver

Transaction Services Online Marketing Services and Others revenue increased 2.5% year over year to RMB49.9B, but declined 16.8% sequentially. Transaction Services revenue increased 20% to RMB56.3B

Key Operating Metrics¹

METRIC

STATUS

Online Marketing Services and Others↑ 2.5%

Transaction Services↑ 20%

🟢 Scaling

Key Financial Metrics

Gross Margin 55.86% -1.35 pp YoY
Backlog / Revenue N/A
CapEx Intensity N/A

Sources: PDD Holdings Q1 2026 Earnings Release — Company Website, PDD Holdings Q1 2026 Earnings Release — Company Website, PDD Holdings Q4 2025 Earnings Release — Company Website

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

Alibaba (NYSE: BABA) — Q1 FY2027 Post Earnings

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Post earnings note company quarterly analysis

Operations¹

As of August 21, 2026
Q1 Revenue ↑ 9% YoY ¥268.95B
Divisions
Alibaba E-commerce Group 71.9%
AI Cloud and Compute Services 16.9%
AI Labs and Applications 1.2%
All Others 10.0%

Key Earnings Driver

Freshippo and Taobao Instant Commerce AI Cloud and Compute Services revenue increased 45% year over year to RMB48.4 billion, driven primarily by public cloud revenue growth and increasing adoption of AI-related products. AI-related product revenue reached RMB12.4 billion. Alibaba E-commerce Group revenue increased 4% to RMB205.9B. Within Alibaba E-commerce Group, China Quick Commerce revenue increased 45% to RMB53.3 billion, primarily driven by Freshippo and Taobao Instant Commerce.

Key Operating Metrics²

METRIC

STATUS

Alibaba E–commerce Group↑ 4%

China Quick Commerce↑ 45%

Freshippo

🟢 Scaling

Taobao Instant Commerce

🟢 Scaling

AI Cloud and Compute Services↑ 45%

Public Cloud

AI-related products

Key Financial Metrics

Gross Margin 38.25% -6.65 pp YoY
Backlog / Revenue N/A
CapEx Intensity 25.16% 0.25x Revenue

Sources: Alibaba Q1 FY2027 Earnings Release — SEC Filing, Alibaba Q1 FY2027 Earnings Call Transcript — ROIC.ai

Operations¹: Total revenue is after inter-segment elimination. Division revenue percentages are before inter-segment elimination. Division names changed beginning Q1 2027 following Alibaba’s restructuring of its operations.

Key Operating Metrics²: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

NetEase (NASDAQ: NTES) — Q2 2026 Post Earnings

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Post earnings note company quarterly analysis

Operations

As of August 21, 2026
Q2 Revenue ↑ 7.9% YoY ¥30.1B
Divisions
Games and related value-added services 83.1%
Youdao 4.9%
NetEase Cloud Music 6.6%
Innovative businesses and others 5.4%

Key Earnings Driver

Online Games Games and related value-added services revenue increased 9.7% year over year to RMB25.0B, with Online Games accounting for approximately 97.7% of division revenue. The Fantasy Westward Journey franchise, Identity V, Eggy Party, Sword of Justice and Where Winds Meet sustained solid momentum through ongoing content updates, gameplay innovation and vibrant community activities. Youdao revenue increased 3.5%, NetEase Cloud Music revenue was relatively stable at RMB2.0B, and Innovative businesses and others revenue declined 3.5%.

Key Operating Metrics¹

METRIC

STATUS

Games and related value–added services↑ 9.7%

Online Games

🟢 Scaling

Key Financial Metrics

Gross Margin 70.50% +5.75 pp YoY
Backlog / Revenue N/A
CapEx Intensity 1.67% 0.01x Revenue

Sources: NetEase Q2 2026 Earnings Release — Company Website, NetEase Form 6-K — Company Website, NetEase 2Q26 Investor Presentation — Company Website

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

Alibaba (NYSE: BABA) — Q1 FY2027 Pre Earnings

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Pre earnings note company quarterly analysis

Operations¹

As of August 19, 2026
Q4 Revenue ↑ 3% YoY ¥243.38B
Divisions
China E-commerce Group 46.2%
International Digital Commerce Group 13.4%
Cloud Intelligence Group 15.7%
All Others 24.7%

Key Earnings Driver

Public Cloud and AI-related Products China E-commerce Group revenue increased 6% to RMB122.2 billion. International Digital Commerce Group revenue increased 6% to RMB35.4 billion. Cloud Intelligence Group revenue increased 38% year over year to RMB41.6 billion. Within Cloud Intelligence Group, external cloud revenue grew 40%. The company attributed external cloud growth primarily to public cloud revenue growth and increasing adoption of AI-related products.

Key Operating Metrics²

METRIC

STATUS

China E–commerce Group↑ 6%

International Digital Commerce Group↑ 6%

Cloud Intelligence Group↑ 38%

Public Cloud

🟢 Scaling

AI-related products

🟢 Scaling

Key Financial Metrics

Gross Margin 34.51% -3.9 pp YoY
Backlog / Revenue N/A
CapEx Intensity 11.05% 0.11x Revenue

Sources: Alibaba FY2026 Annual Results — SEC Filing

Operations¹: Total revenue is after inter-segment elimination. Division revenue percentages are before inter-segment elimination.

Key Operating Metrics²: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

NetEase (NASDAQ: NTES) — Q2 2026 Pre Earnings

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Pre earnings note company quarterly analysis

Operations

As of August 19, 2026
Q1 Revenue ↑ 6.1% YoY ¥30.6B
Divisions
Games and related value-added services 84.0%
Youdao 4.4%
NetEase Cloud Music 6.5%
Innovative businesses and others 5.1%

Key Earnings Driver

Online Games Games and related value-added services revenue increased 6.9% year over year to RMB25.7B in Q1, with Online Games accounting for approximately 97.5% of segment revenue. Management highlighted strong engagement and revenue performance across established titles, including the Fantasy Westward Journey franchise, Identity V, Eggy Party, Sword of Justice and Where Winds Meet, supported by high-cadence content updates and gameplay innovation. Youdao revenue increased 3.8%, NetEase Cloud Music revenue increased 6.6%, and Innovative businesses and others revenue declined 4.6%.

Key Operating Metrics¹

METRIC

STATUS

Games and related value–added services↑ 6.9%

Online Games

🟢 Scaling

Sources: NetEase Q1 2026 Financial Results — Company Website

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

Baidu (NASDAQ: BIDU) — Q2 2026 Pre Earnings

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Pre earnings note company quarterly analysis

Operations¹

As of August 17, 2026
Q1 Revenue ↓ 1.16% YoY ¥32.07B
Divisions
Baidu General Business 80.7%
iQIYI 19.3%

Key Earnings Driver

AI Cloud Infra Baidu General Business revenue increased 2% year over year to RMB26.0B. Within Baidu General Business, AI Cloud Infra revenue increased 79% to RMB8.8B, and GPU cloud revenue within AI Cloud Infra increased 184%. Management attributed AI Cloud Infra growth primarily to strong demand from enterprise customers. iQIYI revenue declined 14% to RMB6.2B.

Key Operating Metrics²

METRIC

STATUS

Baidu General Business

AI Cloud Infra

🟢 Scaling

iQIYI

🟡 Watch

Sources: Baidu Q1 2026 Financial Results — Company Website, Baidu Q1 2026 Earnings Release — Company PDF

Operations¹: Total revenue is after inter-segment elimination. Division revenue percentages are before inter-segment elimination.

Key Operating Metrics²: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.