PDD Holdings Inc., a multinational commerce group, owns and operates a portfolio of businesses. It operates Pinduoduo, an e-commerce platform that offers products in various categories, including agricultural produce, apparel, shoes, bags, mother and childcare products, food and beverage, electronic appliances, furniture and household goods, cosmetics and other personal care, sports and fitness items and auto accessories; and Temu, an online marketplace. It focuses on bringing businesses and people into the digital economy. The company was formerly known as Pinduoduo Inc. and changed its name to PDD Holdings Inc. in February 2023. The company was incorporated in 2015 and is based in Dublin, Ireland.

PDD Holdings Inc.

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Assets	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16
Cash and Cash Equivalents	92,386.5	57,768.1	59,794.5	34,326.2	6,426.7	22,421.2	5,768.2	14,160.3	3,058.2	1,319.8
Short-Term Investments	331,382.7	273,791.9	157,415.4	115,112.6	86,516.6	64,551.1	35,288.8	7,630.7	50	290
Total Cash and Cash Equivalents	423,769.3	331,559.9	217,209.8	149,438.7	92,943.3	86,972.3	41,057	21,791	3,108.2	1,609.8
Accounts Receivable	5,998.5	3,679.3	3,914.1	587.7	673.7	729.8	1,051	247.6	88.2	10.3
Other Receivables	9,148.8	7,569.2	7,428.1	6,318.8	4,250.2	4,240.1	2,365.5	1,019	442.9	92.6
Total Trade Receivables	15,147.3	11,248.5	11,342.2	6,906.5	4,923.9	4,969.9	3,416.5	1,266.6	531.1	102.9
Other Current Assets	77,443.3	72,839.8	66,198.5	60,272.6	63,041.9	57,581.7	28,527.9	17,333.4	9,498.6	40.7
Total Current Assets	516,359.8	415,648.2	294,750.5	216,617.9	160,909.2	149,523.9	73,001.5	40,391	13,137.8	1,753.5
Net Property, Plant & Equipment	6,208.6	5,943.7	5,084.5	2,460.9	3,141.9	832.7	558.5	29.1	9.3	2.2
Net Intangible Assets	16.3	19.2	21.1	134	701.2	1,276.8	1,994.3	2,579.3	—	—
Long-Term Investments	—	—	—	—	—	—	—	—	162.4	15
Other Long-Term Assets	91,139.6	83,423.2	48,222	17,907.1	16,457.5	7,275.3	503.1	182.7	5	—
Total Assets	613,724.3	505,034.3	348,078.1	237,120	181,209.7	158,908.6	76,057.3	43,182.1	13,314.5	1,770.8

Liabilities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16
Accounts Payable	100,578	91,655.9	74,997.3	63,316.7	62,509.7	53,834	29,926.5	17,275.9	9,838.5	1,116.8
Accrued Expenses	89,065.9	69,141.8	55,351.4	20,960.7	14,085.5	11,193.4	4,877.1	2,225.7	360.4	41.8
Short-Term Debt	—	—	—	—	—	1,866.3	898.7	—	—	—
Current Portion of Long-Term Debt	5,248.4	5,309.6	648.6	13,885.8	—	—	—	—	—	—
Current Portion of Leases	2,385.7	2,106	1,641.5	602	427.2	253	115.7	—	—	—
Unearned Revenue	—	2,947	2,144.6	1,389.7	1,166.8	2,423.2	606	191.5	56.5	2.2
Other Current Liabilities	18,608.7	17,262.5	18,117.5	16,734.6	15,540.6	14,312.2	9,343.8	4,666.4	1,854.1	253.5
Total Current Liabilities	219,218.2	188,422.9	152,900.9	116,889.5	93,729.7	83,882.1	45,767.8	24,359.5	12,109.5	1,414.3
Long-Term Debt	—	—	5,231.5	1,575.8	11,788.9	14,432.8	5,206.7	—	—	—
Leases	3,039.6	3,191.6	2,644.3	870.8	544.3	414.9	428.6	—	—	—
Other Long-Term Liabilities	63.5	106.8	59.8	13	32.3	2.9	7.4	—	—	—
Total Long-Term Liabilities	3,103.2	3,298.3	7,935.6	2,459.6	12,365.5	14,850.6	5,642.7	—	—	—
Total Liabilities	222,321.3	191,721.2	160,836.5	119,349	106,095.2	98,732.7	51,410.5	24,359.5	12,109.5	1,414.3

Equity	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16
Common Stock	0.2	0.2	0.2	0.2	0.2	0.2	0.1	0.1	0.1	0.1
Additional Paid-in Capital	124,013	117,829.3	107,293.1	99,250.5	95,340.8	86,698.7	41,493.9	29,114.5	61.3	21.5
Accumulated Other Comprehensive Income	4,907.2	7,824.5	4,723.8	3,322.2	-2,519.9	-1,047.7	1,448.2	1,035.8	-23.1	24.6
Retained Earnings	262,482.6	187,659.1	75,224.6	15,198	-17,706.5	-25,475.2	-18,295.5	-11,327.9	-1,030.2	-472.4
Total Common Shareholders' Equity	391,403	313,313.1	187,241.6	117,770.9	75,114.5	60,175.9	24,646.9	18,822.6	-992	-426.3
Minority Interests and Other	—	—	—	—	—	—	—	—	2,196.9	782.7
Total Shareholders' Equity	391,403	313,313.1	187,241.6	117,770.9	75,114.5	60,175.9	24,646.9	18,822.6	1,205	356.5
Total Liabilities and Shareholders' Equity	613,724.3	505,034.3	348,078.1	237,120	181,209.7	158,908.6	76,057.3	43,182.1	13,314.5	1,770.8