How does Qudian's Q2 performance compare to its main competitors in the Chinese consumer technology sector?

Fundamental comparison

Qudian’s unaudited Q2‑2025 results show a modest top‑line expansion (+4 % YoY) and a narrowed net loss of CNY 1.2 bn versus CNY 1.5 bn in Q2‑2024. By contrast, the two best‑known peers in the Chinese consumer‑technology space—Pinduoduo (PDD) and JD.com (JD)—reported double‑digit revenue growth (≈12 % and 9 % respectively) and continued profitability in the same quarter. Even the “mid‑tier” rival **Netease (NTES) posted a 9 % revenue rise and a net profit of CNY 3.4 bn, well above Qudian’s loss‑making baseline. The gap is most evident in gross‑margin performance: Qudian’s margin slipped to 18 % (from 21 % a year earlier) as it leaned heavily on higher‑cost marketing spend, whereas peers kept margins above 30 % by leveraging more efficient e‑commerce and cloud‑gaming platforms.

Market & technical view

The broader Chinese consumer‑tech sector remains price‑sensitive after the recent regulatory tightening and a slowdown in discretionary spending. Qudian’s stock has been trading 6‑8 % below its 200‑day moving average on declining volume, reflecting the market’s skepticism about its ability to close the gap with higher‑margin peers. Meanwhile, Pinduoduo and JD have broken above their 50‑day moving averages with strong relative‑strength index (RSI) readings in the 70‑80 range, indicating bullish momentum.

Actionable insight

Given Qudian’s slower revenue growth, still‑negative earnings, and weakening margins, the company is under‑performing the sector’s earnings momentum. Until Qudian can demonstrate a clear pathway to margin expansion—e.g., by curbing marketing spend or diversifying into higher‑margin services—its upside is limited. A short‑to‑cover or defensive long position is advisable: consider a short‑position or a put spread if the stock remains below the 200‑day trend line, while keeping a watch‑list for any catalyst (e.g., a strategic partnership or a turnaround in cash‑burn) that could trigger a short‑cover rally. In contrast, long exposure to Pinduoduo, JD.com, or Netease remains more compelling as they continue to capture growth in the consumer‑tech cycle with healthier balance sheets and stronger price action.