PDD Holdings (PDD) Company Report

PDD Holdings Inc. reported total revenues of RMB108,276.5 million (US$15,209.5 million) for the third quarter ended September 30, 2025, an increase of 9% from the same quarter in 2024.
Net income attributable to ordinary shareholders for Q3 2025 increased by 17% to RMB29,328.2 million (US$4,119.7 million).
Non-GAAP diluted earnings per ADS were RMB21.08 (US$2.96) in Q3 2025, compared to RMB18.59 in Q3 2024.
Net cash generated from operating activities was RMB45,660.5 million (US$6,413.9 million) for the quarter, a significant increase from RMB27,522.3 million in the prior year's quarter.
As of September 30, 2025, the company held cash, cash equivalents and short-term investments totaling RMB423.8 billion (US$59.5 billion).

Nov 18, 2025, 2:27 PM

PDD Holdings Reports Q3 2025 Financial Results Amidst Intensified Competition and Strategic Investments

PDD

Earnings

New Projects/Investments

Demand Weakening

PDD Holdings reported total revenues of RMB108.3 billion for Q3 2025, an increase of 9% year over year, driven by growth in online marketing services and transaction services.
Non-GAAP operating profit was RMB27.1 billion, with a non-GAAP operating profit margin of 25%, a decrease from 27% in the same quarter of 2024, as the company continues to invest in its platform ecosystem.
Net income attributable to ordinary shareholders increased to RMB29.3 billion compared to RMB25 billion in Q3 2024, and non-GAAP diluted earnings per ADS was RMB21.08.
The company's global business faces greater challenges and uncertainties due to significant shifts in regulatory environments, including trade policies, tax rules, data security, and product compliance across various countries and regions.
PDD Holdings plans to continue significant investments in its merchant ecosystem and supply chain, such as the 100 billion support program, which is expected to cause fluctuations in financial performance and potentially slower revenue growth in the short term, prioritizing long-term high-quality development over short-term profits.

Nov 18, 2025, 12:30 PM

PDD Holdings Announces Q3 2025 Financial Results

PDD

Earnings

Guidance Update

New Projects/Investments

PDD Holdings reported total revenues of RMB 108.3 billion for Q3 2025, representing a 9% year-over-year increase, driven by growth in online marketing services and transaction services.
The company's non-GAAP operating profit was RMB 27.1 billion, with a non-GAAP operating profit margin of 25% for the quarter, a decrease from 27% in Q3 2024, as the company continues to invest in its platform ecosystem.
Net income attributable to ordinary shareholders reached RMB 29.3 billion, and non-GAAP diluted earnings per ADS was RMB 21.08 in Q3 2025.
Management noted intensified competition and a commitment to long-term investments in the platform ecosystem and merchant support initiatives, indicating that financial results may continue to fluctuate in upcoming quarters and should not be considered guidance for future performance.
As of September 30, 2025, PDD Holdings generated net cash from operating activities of RMB 45.7 billion and maintained a strong liquidity position with RMB 423.8 billion in cash, cash equivalents, and short-term investments.

Nov 18, 2025, 12:30 PM

PDD Reports Q3 2025 Financial Results Amid Increased Ecosystem Investments

PDD

Earnings

New Projects/Investments

Profit Warning

PDD reported total revenue of RMB 108.3 billion for Q3 2025, representing a 9% year-over-year increase, driven by an 8% rise in online marketing services revenue to RMB 53.3 billion and a 10% increase in transaction services revenue to RMB 54.9 billion.
Non-GAAP operating profit for Q3 2025 was RMB 27.1 billion, resulting in a 25% operating profit margin, which is a decrease from 27% in Q3 2024, as the company continues to invest in its merchant ecosystem.
Non-GAAP diluted earnings per ADS increased to RMB 21.08 in Q3 2025, up from RMB 18.59 in the same quarter of 2024.
The company generated RMB 45.7 billion in net cash from operating activities during Q3 2025 and held RMB 423.8 billion in cash, cash equivalents, and short-term investments as of September 30, 2025.
PDD anticipates continued fluctuations in its financial performance due to intensified industry competition, a complex global environment, and ongoing significant investments in merchant support initiatives, such as the 100 billion support program, emphasizing that Q3 2025 results should not be considered guidance for future performance.

Nov 18, 2025, 12:30 PM

PDD Holdings Announces Q4 2024 and FY 2024 Results & Ecosystem Developments

PDD

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

For Fiscal Year 2024, total revenues surged 59% to RMB393,836.1 million
Q4 2024 revenue increased by 24% YoY to RMB110,610.1 million
Q4 operating profit reached RMB25,592.2 million (up 14% YoY) with net income growing 18% to RMB27,446.6 million
Made significant ecosystem investments, including a CNY 10 billion fee reduction program and enhanced merchant support benefiting over 10 million merchants
Launched consumer and supply side initiatives—promotional campaigns, logistics support in remote regions, and consumer savings programs—to drive long-term sustainable growth
Higher operational investments drove total cost of revenues up from RMB35.1 billion to RMB47.8 billion in Q4

Mar 20, 2025, 12:00 AM

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Quarterly earnings call transcripts for PDD Holdings.

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