Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Exhibit 99.1
PDD Holdings
Announces Fourth Quarter 2025 and Fiscal Year 2025 Unaudited Financial Results
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 of 11% 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$3,760.2 million), a decrease of 12% from RMB29,850.9 million in the same quarter
of 2024. |
"Over
the past year, we stayed firmly committed to our strategic focus on high-quality development," said Mr. Lei
Chen, Co-Chairman and Co-Chief Executive Officer of PDD Holdings. "We will continue to uphold our long-term philosophy, channeling
greater resources into the stakeholders we serve, as we look ahead to the next decade of growth."
"2026 marks the beginning of our journey into the next decade," said Mr. Jiazhen
Zhao, Co-Chairman and Co-Chief Executive Officer of PDD Holdings. "Going into this new chapter, supply chain investment is where
we will place our greatest conviction. We are committed to dedicating significant resources, with an all-in mindset, to drive lasting
benefits to the entire ecosystem."
"The
external environment and competitive landscape are undergoing rapid changes. To meet the evolving needs of consumers, we must continually
explore and make investments," said Ms. Jun Liu, VP of Finance
of PDD Holdings. "These investments are firm and long-term, and will inevitably affect our financial performance."
1 This announcement contains translations
of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) 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$1.00, the noon buying rate in
effect on December 31, 2025 as set forth in the H.10 Statistical Release of the Federal Reserve Board.
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$17,719.2 million), an increase of 12% from RMB110,610.1 million in the same quarter of 2024.
The increase was primarily due to the increase in revenues from online marketing services and transaction services.
| · | Revenues
from online marketing services and others were RMB60,010.1 million (US$8,581.3
million), an increase of 5% 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
of 19% from RMB53,599.0 million in the same quarter of 2024. |
Total costs
of revenues were RMB55,155.6 million (US$7,887.1 million), an increase of 15% from RMB47,798.4 million in the same quarter
of 2024. The increase mainly came from the increased fulfilment fees, bandwidth and server costs, and payment processing fees.
Total operating
expenses were RMB41,037.0 million (US$5,868.2 million), an increase of 10% from RMB37,219.5 million in the same quarter of
2024. The increase was primarily due to the increase in sales and marketing expenses.
| · | 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$3,963.9 million), compared with RMB25,592.2 million in the same quarter of 2024.
Non-GAAP 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 of 11% 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 of 12% from RMB29,850.9 million in the same quarter of 2024.
Basic earnings
per ADS was RMB17.50 (US$2.50) and diluted earnings per ADS was RMB16.51 (US$2.36), compared with basic earnings per ADS of
RMB19.76 and diluted earnings per ADS of RMB18.53 in the same quarter of 2024. Non-GAAP diluted earnings per ADS was RMB17.69
(US$2.53), compared with RMB20.15 in the same quarter of 2024.
Net cash generated
from operating activities was RMB24,119.5 million (US$3,449.0 million), compared with RMB29,547.2 million in the same quarter
of 2024.
Cash,
cash equivalents and short-term investments were RMB422.3 billion
(US$60.4 billion) as of December 31, 2025, compared with RMB331.6
billion as of December 31, 2024.
Other non-current
assets were RMB104.7 billion (US$15.0 billion) as of December 31, 2025, compared with RMB83.4 billion as of December 31,
2024, which mainly included time deposits, held-to-maturity debt securities, and available-for-sale debt securities.
Fiscal Year
2025 Unaudited Financial Results
Total revenues
were RMB431,845.7 million (US$61,753.1 million), an increase of 10% from RMB393,836.1 million in 2024. The increase was primarily
due to the increase in revenues from online marketing services and transaction services.
| · | Revenues
from online marketing services and others were RMB217,783.0 million (US$31,142.6
million), an increase of 10% from RMB197,934.2 million in 2024. |
| · | Revenues
from transaction services were RMB214,062.7 million (US$30,610.6 million), an
increase of 9% from RMB195,901.9 million in 2024. |
Total costs
of revenues were RMB188,801.8 million (US$26,998.3 million), an increase of 23% from RMB153,900.4 million in 2024. The increase
mainly came from the increased fulfilment fees, bandwidth and server costs, and payment processing fees.
Total operating
expenses were RMB148,419.9 million (US$21,223.8 million), an increase of 13% from RMB131,512.9 million in 2024. The increase
was primarily due to the increase in sales and marketing expenses.
| · | Sales
and marketing expenses were RMB125,287.9 million (US$17,915.9 million), an increase
of 13% 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
of 30% 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$13,531.1 million), a decrease of 13% from RMB108,422.9 million in 2024. Non-GAAP operating
profit was RMB102,561.0 million (US$14,666.0 million), a decrease of 13% from RMB118,306.4 million in 2024.
Net income attributable
to ordinary shareholders was RMB99,364.5 million (US$14,208.9 million), a decrease of 12% from RMB112,434.5 million in 2024.
Non-GAAP net income attributable to ordinary shareholders was RMB107,301.4 million (US$15,343.9 million), a decrease of 12% from
RMB122,343.6 million in 2024.
Basic earnings
per ADS was RMB71.09 (US$10.17) and diluted earnings per ADS was RMB67.03 (US$9.59), compared with basic earnings per ADS
of RMB81.24 and diluted earnings per ADS of RMB76.01 in 2024. Non-GAAP diluted earnings per ADS was RMB72.38 (US$10.36), compared
with RMB82.71 in 2024.
Net cash generated
from operating activities was RMB106,938.7 million (US$15,292.0 million), compared with RMB121,929.3 million in 2024, mainly
due to the decrease in net income.
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.
For investor and media inquiries, please contact:
investor@pddholdings.com
media@pddholdings.com
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 | |
