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Temu-owner PDD Holdings beats profit expectations, outlook uncertain

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Temu-owner PDD Holdings beats profit expectations, outlook uncertain


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Reuters

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November 18, 2025

China’s PDD Holdings beat forecasts on Tuesday with a 14% rise in third-quarter adjusted earnings, a sign that the e-commerce group’s steep discounts and heavy marketing spending bolstered demand in its home market.

-Reuters – Temu

Adjusted earnings per share of 21.08 yuan ($2.97) topped analysts’ average forecast of 16.84 yuan. However, U.S.-listed shares of the company, which runs the Pinduoduo platform in China and Temu internationally, were down about 5% in early trading.

Chinese retail majors such as PDD, Alibaba and JD.com have been wooing domestic shoppers with price cuts and billions of dollars’ worth of subsidised promotions during a prolonged period of subdued consumer confidence amid job worries and a weak property market.

Those discounts have translated into higher sales, although below PDD’s typically high double-digit rates of previous years.

PDD said revenue rose 9% in the quarter, while JD.com reported steady sales growth last week, pointing to strong demand for general merchandise and staples.

“We have seen many industry peers deploy significant capital to develop new business models, leading to increasingly fierce competition,” said PDD’s co-CEO Zhao Jiazhen on a post-earnings call with analysts.

He reiterated the firm expects financial results to continue fluctuating in the coming quarters as it invests in merchant support programmes and platform upgrades.

Globally, Temu and other cross-border platforms like Shein selling cheap goods from China to the rest of the world have come under pressure after the U.S. scrapped duty-free exemption on parcels worth less than $800 and the EU looks to introduce duties on low-cost packages from next year.

Temu was also among platforms cited by a French consumer watchdog last week for selling illicit products.

“Today, with a rapid evolution of trade barriers, we are seeing a significant shift in the regulatory environment for the global business. We will inevitably face greater challenges and uncertainties,” said co-CEO Chen Lei.

PDD reported revenue of 108.28 billion yuan for the quarter ended September 30, compared with the 108.41 billion yuan average of 15 analyst estimates compiled by LSEG.

Adjusted net income attributable to PDD’s shareholders was 31.38 billion yuan, compared with 27.46 billion yuan a year earlier.

The Singles’ Day sales festival, one of the biggest shopping events in China, also ended on a subdued note. Many retailers kicked off discounts in the first half of October, making it the longest festival to date.

Pinduoduo saw sales growth of 11.7% in the period, while JD.com’s and Alibaba’s platforms saw increases of 8.3% and 9.3%, respectively, according to data from Beijing-based tech and commerce consulting firm Analysys.

 

© Thomson Reuters 2025 All rights reserved.



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Top Vietnamese, Chinese leaders hold talks on advancing cooperation

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Top Vietnamese, Chinese leaders hold talks on advancing cooperation



China and Vietnam are accelerating efforts to navigate bilateral trade towards a more balanced and sustainable course.

China will step up building a higher-level China-Vietnam community with a shared future that carries strategic significance, Chinese President Xi Jinping said while holding talks with visiting Vietnamese President To Lam.

China and Vietnam are accelerating efforts to navigate bilateral trade towards a more balanced and sustainable course.
President Xi Jinping recently held talks with visiting Vietnamese President To Lam.
During the visit, Vietnamese Minister of Industry and Trade Le Manh Hung called for a restructuring of production, trade and supply chains alongside stronger investment cooperation.

Xi said both countries should work together in their modernisation drive, accelerate the alignment of development strategies and prioritise infrastructure connectivity.

While meeting Chinese Minister of Commerce Wang Wentao during the state visit, Vietnamese Minister of Industry and Trade Le Manh Hung called for a restructuring of production, trade and supply chains alongside stronger investment cooperation.

Wang said both sides should focus on implementing the high-level common perceptions, including raising bilateral trade turnover to $500 billion in future.

Hung urged China to expand imports of Vietnamese goods, broaden the list of products eligible for tariff preferences and further open its market. He also called for the mutual recognition of quarantine results for agro-forestry-fishery products, facilitation of Vietnamese exports via cross-border e-commerce, and expansion of Vietnam’s trade promotion offices across Chinese localities, according to a Vietnamese news agency.

China will continue to support Vietnam in setting up additional trade promotion offices, following those already established in Chongqing, Hangzhou and Haikou, Wang responded.

China also expressed readiness to support Vietnam’s stronger exports through cross-border e-commerce, encouraging greater visibility of the Vietnam National Pavilion on Chinese e-commerce platforms beyond JD.com to better promote Vietnamese products to Chinese consumers.

China has consistently been Vietnam’s largest trading partner and second-largest export market, while Vietnam continues to be China’s biggest trading partner in the Association of Southeast Asian Nations (ASEAN).

Fibre2Fashion News Desk (DS)



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Hong Kong apparel imports stabilise after sharp dip last year

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Hong Kong apparel imports stabilise after sharp dip last year












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Burberry unveils High Summer 2026 lido-inspired campaign

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Burberry unveils High Summer 2026 lido-inspired campaign



Burberry presents the High Summer 2026 campaign: a film and portfolio of images capturing life at the lido, celebrating Britain’s culture of open-air pools that come alive with families, friends and neighbours every summer.

British actors Simone Ashley and Tom Blyth star alongside models Alva Claire, Babacar N’Doye and Sacha Quenby and a cast of synchronised swimmers and divers.

Burberry’s High Summer 2026 campaign captures Britain’s nostalgic lido culture through a sunlit film featuring Simone Ashley and Tom Blyth.
Blending heritage check with pastel tones, the collection spans swimwear, relaxed tailoring, raffia bags and lightweight layers, evoking effortless, poolside summer style.
Directed by Francis Plummer, the campaign reflects a warm, communal British summer mood.

The campaign film is directed by Francis Plummer and shot by photographer Ryan McGinley. The cameras move from loungers to diving boards, catching mid-air dives and friends stretched out in the hazy afternoon light. Before long, the best spots by the pool are claimed with a Burberry towel. Summer has begun. The film is underscored by the TONE remix of ‘Beating’ by Tirzah.

‘A lido holds a particular kind of nostalgia for the British. The moment the sun comes out, we make the most of the weather. We wanted to bring to life a warm summer’s day spent in and around the water’s edge with friends.’ said Daniel Lee Chief Creative Officer, Burberry.

Key styles

The High Summer 2026 collection features the Burberry Check in heritage-inspired sand beige and pastel shades of aubergine purple and cornflower blue.

The iconic Burberry Check bikini is the beach essential, alongside matching swimsuits and men’s swim shorts trimmed with check.

Poolside separates include tops, skirts and shirts cut from cotton voile, plus cover-up dresses woven with a tonal Burberry Check and deckchair-inspired stripes. Ruffled trims and ties at the neckline capture the floaty, effortless feel of the collection. Festival

tank tops in ribbed cotton jersey are trimmed with check straps, while looks are wrapped in lightweight wool silk scarves.

For men, collared shirts and shorts are tailored to relaxed lines and finished with fresh interpretations of the Burberry Check, from textural weaves to intricate embroidered designs. The co-ord set is crafted from lightweight cotton poplin printed with a playful seahorse pattern in honeysuckle pink.

The classic cotton piqué polo shirt comes in a spectrum of vivid and neutral colours. Burberry Check is subtly placed at the placket and trims the collar of T-shirts in soft cotton jersey.

Lightweight hooded jackets are ideal for cooler evenings and unexpected showers, the new-season designs woven in aubergine purple and cornflower blue check.

In shoes, the new Knight Runner sneakers offer a streamlined, low-profile shape for summer. Sandals are elevated in the form of the whipstitched leather Baez and check-trimmed suede Urchin styles, while Burberry Check slides and Pavilion sandals are made for the beach.

Lightweight Margate bags are handcrafted in Madagascar from locally sourced raffia palm leaves, dyed in signature sand beige Burberry Check. Accessories include crocheted bucket hats and wraparound sunglasses, designed to shield from the sun.

Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.

Fibre2Fashion News Desk (JP)



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