For the year to 31 December 2023, Temu owner PDD Holdings recorded total revenues of ¥247 billion, nearly doubling from last year’s ¥130 billion. The stellar growth was driven by an “increase in revenues from online marketing services and transaction services”. Operating profit for the period also surged 93% to ¥58 billion.

For the fourth quarter, revenues grew 123% to ¥89 billion, and operating profit jumped 146% to ¥22 billion. The group’s profit beat analysts’ expectations that Temu would be unprofitable in its early stage.