( $JD) vs PDD Holdings ( $PDD): Weighing Stability Against Growth Potential (JD) runs an asset-heavy, first-party e-commerce business backed by its own logistics network, while PDD Holdings (PDD) operates an asset-light marketplace spanning the domestic Pinduo

( $JD) vs PDD Holdings ( $PDD): Weighing Stability Against Growth Potential (JD) runs an asset-heavy, first-party e-commerce business backed by its own logistics network, while PDD Holdings (PDD) operates an asset-light marketplace spanning the domestic Pinduoduo platform and the cross-border Temu app. Recent profit momentum has diverged: JD has reported improving profitability, whereas PDD's net income has declined as it reinvests heavily into merchants and supply chains.