VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Monday, December 29, 2025

Stock Comparison

JD.com, Inc. vs PDD Holdings Inc.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

JD.com, Inc.

9618.HK · Hong Kong Stock Exchange

Market cap (USD)$27.4B
SectorConsumer
CountryKY
Data as of2025-12-28
Moat score
64/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into JD.com, Inc.'s moat claims, evidence, and risks.

View 9618.HK analysis

PDD Holdings Inc.

PDD · NASDAQ

Market cap (USD)$161.7B
SectorConsumer
CountryKY
Data as of2025-12-29
Moat score
44/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into PDD Holdings Inc.'s moat claims, evidence, and risks.

View PDD analysis

Comparison highlights

  • Moat score gap: JD.com, Inc. leads (64 / 100 vs 44 / 100 for PDD Holdings Inc.).
  • Segment focus: JD.com, Inc. has 3 segments (87.7% in JD Retail); PDD Holdings Inc. has 2 segments.
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Weak vs Moderate.
  • Moat breadth: JD.com, Inc. has 7 moat types across 3 domains; PDD Holdings Inc. has 4 across 4.

Primary market context

JD.com, Inc.

JD Retail

Market

China e-commerce retail and marketplace (B2C) plus merchant marketing services

Geography

China

Customer

Consumers (end-users) and merchants/brands (sellers/advertisers)

Role

Retailer + marketplace operator

Revenue share

87.7%

PDD Holdings Inc.

Pinduoduo China marketplace

Market

China online retail marketplace (value-for-money focus)

Geography

China

Customer

Consumers & third-party merchants

Role

Online marketplace platform

Side-by-side metrics

JD.com, Inc.
PDD Holdings Inc.
Ticker / Exchange
9618.HK - Hong Kong Stock Exchange
PDD - NASDAQ
Market cap (USD)
$27.4B
$161.7B
Sector
Consumer
Consumer
HQ country
KY
KY
Primary segment
JD Retail
Pinduoduo China marketplace
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Weak
Moderate
Moat score
64 / 100
44 / 100
Moat domains
Supply, Demand, Network
Network, Supply, Financial, Legal
Last update
2025-12-28
2025-12-29

Moat coverage

Shared moat types

Two Sided NetworkScale Economies Unit Cost

JD.com, Inc. strengths

Operational ExcellenceBrand TrustPhysical Network DensityService Field NetworkEcosystem Complements

PDD Holdings Inc. strengths

Float PrepaymentCompliance Advantage

Segment mix

JD.com, Inc. segments

Full profile >

JD Retail

Oligopoly

87.7%

JD Logistics

Competitive

11%

New Businesses

Competitive

1.3%

PDD Holdings Inc. segments

Full profile >

Pinduoduo China marketplace

Oligopoly

n/a

Temu international marketplace

Competitive

n/a

Want the full wide moat stocks list?

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.