PDD Holdings Announces Fourth Quarter 2025 and Fiscal Year 2025 Unaudited Financial Results
Rhea-AI Summary
PDD Holdings (NASDAQ: PDD) reported fourth-quarter and full-year 2025 unaudited results on March 25, 2026. Q4 revenue was RMB123,912.2 million, up 12% year-over-year; FY2025 revenue was RMB431,845.7 million, up 10% year-over-year. The company cited higher online marketing and transaction services revenue, rising costs and continued investment in supply chain and R&D.
FY operating profit fell 13% to RMB94,624.1 million; cash, cash equivalents and short-term investments rose to RMB422.3 billion as of December 31, 2025.
Positive
- FY revenue +10% to RMB431,845.7 million
- Q4 revenue +12% to RMB123,912.2 million
- Cash and short-term investments increased to RMB422.3 billion
Negative
- FY operating profit -13% to RMB94,624.1 million
- FY net income -12% to RMB99,364.5 million
- Total costs of revenues +23% to RMB188,801.8 million
News Market Reaction – PDD
In the Mar 25 session, PDD gained 4.61%, reflecting a moderate positive market reaction. Argus tracked a peak move of +4.9% during that session. Our momentum scanner triggered 59 alerts that day, indicating high trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 18 | Q3 2025 earnings | Positive | -7.3% | Revenue and net income grew double digits with strong cash generation. |
| Aug 25 | Q2 2025 earnings | Neutral | +0.9% | Moderate revenue growth but declining operating profit and net income. |
| May 27 | Q1 2025 earnings | Negative | -13.6% | Revenue grew but profits fell sharply amid higher operating expenses. |
| Apr 28 | 2024 annual report | Neutral | +1.0% | Form 20-F filing providing audited 2024 financial statements and disclosure. |
| Mar 20 | Q4/FY 2024 earnings | Positive | +4.0% | Strong Q4 and FY 2024 revenue, operating profit, and net income growth. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings-related headlines have often led to downside, with an average move of about -3.02%, including a sharp selloff on weak Q1 2025 profitability while strong 2024 results saw gains.
Recent PDD news has centered on earnings. Strong FY 2024 results (revenue and net income both up sharply) were followed in Q1–Q2 2025 by slower revenue growth and notable declines in operating profit and net income as costs and ecosystem investments rose. Q3 2025 then showed renewed profit growth but still drew a negative price reaction. Today’s Q4/FY 2025 release continues this theme of moderate top-line growth with pressured profitability and higher spending.
Key Terms
non-GAAP financial
U.S. GAAP financial
ADS financial
safe harbor statements regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
DUBLIN and SHANGHAI, March 25, 2026 (GLOBE NEWSWIRE) -- PDD Holdings Inc. (“PDD Holdings” or the “Company”) (NASDAQ: PDD), today announced its unaudited financial results for the fourth quarter ended and the fiscal year ended December 31, 2025.
Fourth Quarter 2025 Highlights
- Total revenues in the quarter were RMB123,912.2 million (US$117,719.2 million), an increase of
12% from RMB110,610.1 million in the same quarter of 2024. - Operating profit in the quarter was RMB27,719.7 million (US
$3,963.9 million ), compared with RMB25,592.2 million in the same quarter of 2024. Non-GAAP2 operating profit in the quarter was RMB29,474.1 million (US$4,214.7 million ), compared with RMB27,996.5 million in the same quarter of 2024. - Net income attributable to ordinary shareholders in the quarter was RMB24,541.0 million (US
$3,509.3 million ), a decrease of11% from RMB27,446.6 million in the same quarter of 2024. Non-GAAP net income attributable to ordinary shareholders in the quarter was RMB26,295.4 million (US$3,760.2 million ), a decrease of12% from RMB29,850.9 million in the same quarter of 2024.
“Over the past year, we stayed firmly committed to our strategic focus on high-quality development,” said Mr. Lei Chen, Co-Chairman and Co-Chief Executive Officer of PDD Holdings. “We will continue to uphold our long-term philosophy, channeling greater resources into the stakeholders we serve, as we look ahead to the next decade of growth.”
“2026 marks the beginning of our journey into the next decade,” said Mr. Jiazhen Zhao, Co-Chairman and Co-Chief Executive Officer of PDD Holdings. “Going into this new chapter, supply chain investment is where we will place our greatest conviction. We are committed to dedicating significant resources, with an all-in mindset, to drive lasting benefits to the entire ecosystem.”
“The external environment and competitive landscape are undergoing rapid changes. To meet the evolving needs of consumers, we must continually explore and make investments,” said Ms. Jun Liu, VP of Finance of PDD Holdings. “These investments are firm and long-term, and will inevitably affect our financial performance.”
_______________
1 This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB6.9931 to US
2 The Company’s non-GAAP financial measures exclude share-based compensation expenses and fair value change of certain investments. See “Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measures” set forth at the end of this press release.
Fourth Quarter 2025 Unaudited Financial Results
Total revenues were RMB123,912.2 million (US
- Revenues from online marketing services and others were RMB60,010.1 million (US
$8,581.3 million ), an increase of5% from RMB57,011.1 million in the same quarter of 2024. - Revenues from transaction services were RMB63,902.1 million (US
$9,137.9 million ), an increase of19% from RMB53,599.0 million in the same quarter of 2024.
Total costs of revenues were RMB55,155.6 million (US
Total operating expenses were RMB41,037.0 million (US
- Sales and marketing expenses were RMB34,352.3 million (US
$4,912.3 million ), compared with RMB31,356.9 million in the same quarter of 2024. - General and administrative expenses were RMB1,689.7 million (US
$241.6 million ), compared with RMB2,085.4 million in the same quarter of 2024. - Research and development expenses were RMB4,994.9 million (US
$714.3 million ), compared with RMB3,777.2 million in the same quarter of 2024.
Operating profit in the quarter was RMB27,719.7 million (US
Net income attributable to ordinary shareholders in the quarter was RMB24,541.0 million (US
Basic earnings per ADS was RMB17.50 (US
Net cash generated from operating activities was RMB24,119.5 million (US
Cash, cash equivalents and short-term investments were RMB422.3 billion (US
Other non-current assets were RMB104.7 billion (US
Fiscal Year 2025 Unaudited Financial Results
Total revenues were RMB431,845.7 million (US
- Revenues from online marketing services and others were RMB217,783.0 million (US
$31,142.6 million ), an increase of10% from RMB197,934.2 million in 2024. - Revenues from transaction services were RMB214,062.7 million (US
$30,610.6 million ), an increase of9% from RMB195,901.9 million in 2024.
Total costs of revenues were RMB188,801.8 million (US
Total operating expenses were RMB148,419.9 million (US
- Sales and marketing expenses were RMB125,287.9 million (US
$17,915.9 million ), an increase of13% from RMB111,300.5 million in 2024, mainly due to the increased spending in promotion and advertising activities. - General and administrative expenses were RMB6,635.8 million (US
$948.9 million ), compared with RMB7,553.0 million in 2024. - Research and development expenses were RMB16,496.2 million (US
$2,358.9 million ), an increase of30% from RMB12,659.4 million in 2024, primarily due to the increase in staff related costs, and bandwidth and server costs.
Operating profit was RMB94,624.1 million (US
Net income attributable to ordinary shareholders was RMB99,364.5 million (US
Basic earnings per ADS was RMB71.09 (US
Net cash generated from operating activities was RMB106,938.7 million (US
Conference Call
The Company’s management will hold an earnings conference call at 7:30 AM ET on March 25, 2026 (11:30 AM GMT and 7:30 PM HKT on the same day).
The conference call will be webcast live at https://investor.pddholdings.com/investor-events. The webcast will be available for replay at the same website following the conclusion of the call.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses non-GAAP measures, such as non- GAAP operating profit, non-GAAP net income attributable to ordinary shareholders, non-GAAP diluted earnings per ordinary share, and non-GAAP diluted earnings per ADS, as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s non-GAAP financial measures exclude the impact of share-based compensation expenses and fair value change of certain investments.
The Company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses and fair value change of certain investments, which are non-cash charges. The Company also believes that the non-GAAP financial measures may provide further information about the Company’s results of operations, and enhance the overall understanding of the Company’s past performance and future prospects.
The Company’s non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. These non-GAAP financial measures do not reflect all items of income and expenses that affect the Company’s operations and do not represent the residual cash flow available for discretionary expenditures. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company’s financial information in its entirety and not rely on a single financial measure.
For more information on the non-GAAP financial measures, please see the table captioned “Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measures” set forth at the end of this press release.
Safe Harbor Statements
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in the e-commerce markets globally and in the countries or regions where the Company has operations; changes in its revenues and certain cost or expense items; the expected growth of e-commerce markets globally and in the countries or regions where the Company has operations; developments in the relevant governmental policies and regulations relating to the Company’s industry; and general economic and business conditions globally and in the countries or regions where the Company has operations; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.
About PDD Holdings
PDD Holdings is a multinational commerce group that owns and operates a portfolio of businesses. PDD Holdings aims to bring more businesses and people into the digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities.
| PDD HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”)) | ||||||
| As of | ||||||
| December 31, 2024 | December 31, 2025 | |||||
| RMB | RMB (Unaudited) | US$ (Unaudited) | ||||
| ASSETS Current assets | ||||||
| Cash and cash equivalents | 57,768,053 | 108,900,587 | 15,572,577 | |||
| Restricted cash | 68,426,368 | 73,830,824 | 10,557,667 | |||
| Receivables from online payment platforms | 3,679,309 | 5,109,129 | 730,596 | |||
| Short-term investments | 273,791,856 | 313,407,682 | 44,816,702 | |||
| Amounts due from related parties | 7,569,180 | 10,205,128 | 1,459,314 | |||
| Prepayments and other current assets | 4,413,466 | 7,526,542 | 1,076,280 | |||
| Total current assets | 415,648,232 | 518,979,892 | 74,213,136 | |||
| Non-current assets | ||||||
| Property, equipment and software, net | 879,327 | 1,306,044 | 186,762 | |||
| Intangible assets | 19,170 | 15,387 | 2,200 | |||
| Right-of-use assets | 5,064,351 | 4,863,332 | 695,447 | |||
| Deferred tax assets | 15,998 | 171,959 | 24,590 | |||
| Other non-current assets | 83,407,238 | 104,707,713 | 14,973,004 | |||
| Total non-current assets | 89,386,084 | 111,064,435 | 15,882,003 | |||
| Total Assets | 505,034,316 | 630,044,327 | 90,095,139 | |||
| PDD HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”)) | |||||
| As of | |||||
| December 31, 2024 | December 31, 2025 | ||||
| RMB | RMB (Unaudited) | US$ (Unaudited) | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
| Current liabilities | |||||
| Amounts due to related parties | 801,859 | 1,086,540 | 155,373 | ||
| Customer advances and deferred revenues | 2,947,041 | 3,378,789 | 483,160 | ||
| Payable to merchants | 91,655,947 | 107,407,160 | 15,359,020 | ||
| Accrued expenses and other liabilities | 69,141,831 | 80,135,909 | 11,459,282 | ||
| Merchant deposits | 16,460,600 | 17,708,197 | 2,532,238 | ||
| Convertible bonds, current portion | 5,309,597 | - | - | ||
| Lease liabilities | 2,105,978 | 2,498,643 | 357,301 | ||
| Total current liabilities | 188,422,853 | 212,215,238 | 30,346,374 | ||
| Non-current liabilities | |||||
| Lease liabilities | 3,191,565 | 2,880,152 | 411,856 | ||
| Deferred tax liabilities | 106,774 | 41,851 | 5,985 | ||
| Total non-current liabilities | 3,298,339 | 2,922,003 | 417,841 | ||
| Total Liabilities | 191,721,192 | 215,137,241 | 30,764,215 | ||
| Shareholders’ equity | |||||
| Ordinary shares | 180 | 182 | 26 | ||
| Additional paid-in capital | 117,829,308 | 125,767,661 | 17,984,536 | ||
| Statutory reserves | 237,680 | 1,338,261 | 191,369 | ||
| Accumulated other comprehensive income | 7,824,545 | 2,115,683 | 302,539 | ||
| Retained earnings | 187,421,411 | 285,685,299 | 40,852,454 | ||
| Total Shareholders’ Equity | 313,313,124 | 414,907,086 | 59,330,924 | ||
| Total Liabilities and Shareholders’ Equity | 505,034,316 | 630,044,327 | 90,095,139 | ||
| PDD HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Amounts in thousands of RMB and US$) | ||||||||||||||||||
| For the three months ended December 31, | For the year ended December 31, | |||||||||||||||||
| 2024 | 2025 | 2024 | 2025 | |||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
| Revenues | 110,610,106 | 123,912,194 | 17,719,208 | 393,836,097 | 431,845,713 | 61,753,116 | ||||||||||||
| Costs of revenues | (47,798,376 | ) | (55,155,561 | ) | (7,887,140 | ) | (153,900,374 | ) | (188,801,753 | ) | (26,998,292 | ) | ||||||
| Sales and marketing expenses | (31,356,941 | ) | (34,352,348 | ) | (4,912,320 | ) | (111,300,533 | ) | (125,287,932 | ) | (17,915,936 | ) | ||||||
| General and administrative expenses | (2,085,396 | ) | (1,689,726 | ) | (241,628 | ) | (7,552,967 | ) | (6,635,803 | ) | (948,907 | ) | ||||||
| Research and development expenses | (3,777,178 | ) | (4,994,884 | ) | (714,259 | ) | (12,659,361 | ) | (16,496,164 | ) | (2,358,920 | ) | ||||||
| Total operating expenses | (37,219,515 | ) | (41,036,958 | ) | (5,868,207 | ) | (131,512,861 | ) | (148,419,899 | ) | (21,223,763 | ) | ||||||
| Operating profit | 25,592,215 | 27,719,675 | 3,963,861 | 108,422,862 | 94,624,061 | 13,531,061 | ||||||||||||
| Interest and investment income, net | 5,233,232 | 6,372,854 | 911,306 | 20,553,493 | 25,583,848 | 3,658,442 | ||||||||||||
| Foreign exchange gain/(loss) | 860,526 | (659,932 | ) | (94,369 | ) | 587,866 | (1,966,622 | ) | (281,223 | ) | ||||||||
| Other income/(loss), net | 726,735 | (605,083 | ) | (86,526 | ) | 3,119,847 | 2,726,933 | 389,946 | ||||||||||
| Profit before income tax and share of results of equity investees | 32,412,708 | 32,827,514 | 4,694,272 | 132,684,068 | 120,968,220 | 17,298,226 | ||||||||||||
| Share of results of equity investees | 116,725 | 159,801 | 22,851 | 17,225 | 129,005 | 18,447 | ||||||||||||
| Income tax expenses | (5,082,796 | ) | (8,446,316 | ) | (1,207,807 | ) | (20,266,781 | ) | (21,732,756 | ) | (3,107,743 | ) | ||||||
| Net income | 27,446,637 | 24,540,999 | 3,509,316 | 112,434,512 | 99,364,469 | 14,208,930 | ||||||||||||
| PDD HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Amounts in thousands of RMB and US$, except for per share data) | ||||||||||||||
| For the three months ended December 31, | For the year ended December 31, | |||||||||||||
| 2024 | 2025 | 2024 | 2025 | |||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
| Net income | 27,446,637 | 24,540,999 | 3,509,316 | 112,434,512 | 99,364,469 | 14,208,930 | ||||||||
| Net income attributable to ordinary shareholders | 27,446,637 | 24,540,999 | 3,509,316 | 112,434,512 | 99,364,469 | 14,208,930 | ||||||||
| Earnings per ordinary share: | ||||||||||||||
| -Basic | 4.94 | 4.37 | 0.63 | 20.31 | 17.77 | 2.54 | ||||||||
| -Diluted | 4.63 | 4.13 | 0.59 | 19.00 | 16.76 | 2.40 | ||||||||
| Earnings per ADS (4 ordinary shares equals 1 ADS): | ||||||||||||||
| -Basic | 19.76 | 17.50 | 2.50 | 81.24 | 71.09 | 10.17 | ||||||||
| -Diluted | 18.53 | 16.51 | 2.36 | 76.01 | 67.03 | 9.59 | ||||||||
| Weighted-average number of outstanding ordinary shares (in thousands): | ||||||||||||||
| -Basic | 5,556,776 | 5,610,358 | 5,610,358 | 5,536,049 | 5,590,930 | 5,590,930 | ||||||||
| -Diluted | 5,925,278 | 5,946,787 | 5,946,787 | 5,916,592 | 5,929,576 | 5,929,576 | ||||||||
| PDD HOLDINGS INC. NOTES TO FINANCIAL INFORMATION (Amounts in thousands of RMB and US$) | ||||||||||||||
| For the three months ended December 31, | For the year ended December 31, | |||||||||||||
| 2024 | 2025 | 2024 | 2025 | |||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
| Revenues | ||||||||||||||
| - Online marketing services and others | 57,011,061 | 60,010,065 | 8,581,325 | 197,934,192 | 217,783,028 | 31,142,559 | ||||||||
| - Transaction services | 53,599,045 | 63,902,129 | 9,137,883 | 195,901,905 | 214,062,685 | 30,610,557 | ||||||||
| Total | 110,610,106 | 123,912,194 | 17,719,208 | 393,836,097 | 431,845,713 | 61,753,116 | ||||||||
| PDD HOLDINGS INC. NOTES TO FINANCIAL INFORMATION (Amounts in thousands of RMB and US$) | |||||||||||||||||||
| For the three months ended December 31, | For the year ended December 31, | ||||||||||||||||||
| 2024 | 2025 | 2024 | 2025 | ||||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||
| Share-based compensation expenses | |||||||||||||||||||
| included in: | |||||||||||||||||||
| Costs of revenues | 312,776 | 45,104 | 6,450 | 412,721 | 248,210 | 35,494 | |||||||||||||
| Sales and marketing expenses | 256,314 | 352,963 | 50,473 | 2,216,792 | 2,000,790 | 286,109 | |||||||||||||
| General and administrative expenses | 1,087,472 | 782,513 | 111,897 | 4,742,816 | 3,430,903 | 490,613 | |||||||||||||
| Research and development expenses | 747,693 | 573,844 | 82,059 | 2,511,235 | 2,257,068 | 322,756 | |||||||||||||
| Total | 2,404,255 | 1,754,424 | 250,879 | 9,883,564 | 7,936,971 | 1,134,972 | |||||||||||||
| PDD HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands of RMB and US$) | ||||||||||||||||||
| For the three months ended December 31, | For the year ended December 31, | |||||||||||||||||
| 2024 | 2025 | 2024 | 2025 | |||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
| Net cash generated from operating activities | 29,547,160 | 24,119,546 | 3,449,049 | 121,929,292 | 106,938,690 | 15,292,029 | ||||||||||||
| Net cash (used in)/generated from investing activities | (30,545,257 | ) | 1,538,248 | 219,967 | (118,356,036 | ) | (43,423,236 | ) | (6,209,441 | ) | ||||||||
| Net cash generated from/(used in) financing activities | 274 | (5,228,476 | ) | (747,662 | ) | 1,164 | (5,227,353 | ) | (747,502 | ) | ||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 1,503,749 | (1,087,377 | ) | (155,493 | ) | 840,096 | (1,751,111 | ) | (250,404 | ) | ||||||||
| Increase in cash, cash equivalents and restricted cash | 505,926 | 19,341,941 | 2,765,861 | 4,414,516 | 56,536,990 | 8,084,682 | ||||||||||||
| Cash, cash equivalents and restricted cash at beginning of period/year | 125,688,495 | 163,389,470 | 23,364,383 | 121,779,905 | 126,194,421 | 18,045,562 | ||||||||||||
| Cash, cash equivalents and restricted cash at end of period/year | 126,194,421 | 182,731,411 | 26,130,244 | 126,194,421 | 182,731,411 | 26,130,244 | ||||||||||||
| PDD HOLDINGS INC. RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP MEASURES (Amounts in thousands of RMB and US$, except for per share data) | ||||||||||||
| For the three months ended December 31, | For the year ended December 31, | |||||||||||
| 2024 | 2025 | 2024 | 2025 | |||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||
| Operating profit | 25,592,215 | 27,719,675 | 3,963,861 | 108,422,862 | 94,624,061 | 13,531,061 | ||||||
| Add: Share-based compensation expenses | 2,404,255 | 1,754,424 | 250,879 | 9,883,564 | 7,936,971 | 1,134,972 | ||||||
| Non-GAAP operating profit | 27,996,470 | 29,474,099 | 4,214,740 | 118,306,426 | 102,561,032 | 14,666,033 | ||||||
| Net income attributable to ordinary shareholders | 27,446,637 | 24,540,999 | 3,509,316 | 112,434,512 | 99,364,469 | 14,208,930 | ||||||
| Add: Share-based compensation expenses | 2,404,255 | 1,754,424 | 250,879 | 9,883,564 | 7,936,971 | 1,134,972 | ||||||
| Add: Loss from fair value change of certain investments | 29 | - | - | 25,485 | - | - | ||||||
| Non-GAAP net income attributable to ordinary shareholders | 29,850,921 | 26,295,423 | 3,760,195 | 122,343,561 | 107,301,440 | 15,343,902 | ||||||
| Non-GAAP diluted weighted-average number of ordinary shares outstanding (in thousands) | 5,925,278 | 5,946,787 | 5,946,787 | 5,916,592 | 5,929,576 | 5,929,576 | ||||||
| Diluted earnings per ordinary share | 4.63 | 4.13 | 0.59 | 19.00 | 16.76 | 2.40 | ||||||
| Add: Non-GAAP adjustments to earnings per ordinary share | 0.41 | 0.29 | 0.04 | 1.68 | 1.34 | 0.19 | ||||||
| Non-GAAP diluted earnings per ordinary share | 5.04 | 4.42 | 0.63 | 20.68 | 18.10 | 2.59 | ||||||
| Non-GAAP diluted earnings per ADS | 20.15 | 17.69 | 2.53 | 82.71 | 72.38 | 10.36 | ||||||
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