BILI vs PDD: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: PDD is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. BILI and PDD share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined BILI and PDD exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Bilibili Inc. runs one of China's best-known online video and content communities, built around long-form, user-generated and professional videos, live streaming, and its signature scrolling "bullet" comments. It skews toward Gen Z and younger millennial users and monetizes that engaged audience across four main lines: advertising, value-added services (live streaming and premium memberships), mobile games, and intellectual-property merchandise. Because it sells attention and digital content rather than a physical product, its results track user engagement, advertiser demand, and the hit-or-miss nature of game releases.

Full BILI guide

PDD Holdings is a multinational commerce group built on two engines. Pinduoduo is one of China's largest e-commerce platforms, known for pioneering low prices, team-buying deals, and deep penetration in agriculture and lower-tier cities. Temu, launched in 2022, is PDD's cross-border discount marketplace that ships inexpensive goods from largely Chinese suppliers to consumers across the US, Europe, and other markets, and it has scaled rapidly to rival much larger platforms in cross-border e-commerce. Together they make PDD a play on value-conscious online shopping, aggressive pricing, and a lightweight, supplier-driven fulfillment model. Revenue has grown strongly over recent years, though management has repeatedly warned that heavy investment in the ecosystem and merchants will compress profitability as it prioritizes long-term position over near-term margins.

Full PDD guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• BILI drivers: Advertising growth and AI-driven efficiency; Path to sustained profitability and margin expansion.
• PDD drivers: Temu global expansion; Pinduoduo's domestic position.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The dominant risks are structural to any US-listed Chinese ADR. For PDD, the defining risks are structural and political.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick BILI if you believe its drivers more; PDD if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the BILI and PDD guides.

BILI. Figures are approximate, reported in Chinese renminbi, and tied to the asOf date; verify live numbers and the current ADR price before acting. Bilibili trades as an ADR, so valuation also reflects the market's discount for China-ADR, VIE, and regulatory risk, which can widen or narrow independently of the underlying results. Analyst views have generally warmed on the advertising and AI story, but those targets are a bet on both continued execution and a stable US-China regulatory backdrop.

PDD. All figures here are qualitative and tied to the asOf date. PDD reports in Chinese renminbi and results can swing with currency, investment spending, and regulatory items, so headline growth and EPS should be checked against a current source. A low valuation multiple largely reflects the China-ADR, VIE, and policy risk premium, not just growth expectations, so cheapness alone should not be read as a margin of safety. Nothing here is a price target or a recommendation; confirm live revenue, EPS, cash position, and multiples before acting.

Headline figures (approximate, Jul 2026): BILI shows q1 2026 revenue ~RMB7.5 billion, up roughly 7% year over year, profitability Returned to net profit (small positive) versus a year-earlier loss; adjusted net profit up more than 60%, advertising Grew around 30%, the largest and fastest-growing segment; gaming declined roughly 12% on a tough comparison, margins Gross margin in the high-30s percent range, extending a multi-quarter expansion trend; PDD shows business model Chinese e-commerce: Pinduoduo (China value marketplace) plus Temu (global cross-border discount marketplace); supplier-direct, low-price model, listing / structure US-listed ADR on Nasdaq; Cayman holding company operating onshore via a VIE (holders own contractual claims, not direct equity), revenue trend Still growing at a double-digit rate in recent quarters, though some prints have missed estimates as growth decelerates from prior years (verify latest live), earnings trend Profitability pressured by heavy merchant and ecosystem investment plus regulatory costs; EPS has fallen year over year in recent quarters (confirm current).

BILI and PDD are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined BILI and PDD exposure against your real portfolio. It is not an investment adviser.