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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Repurchase of Class B Ordinary Shares

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	—	—	—	—	—	—
Net Income
Depreciation & Amortization	—	—	—	—	—	—
Depreciation and Amortization
Share-Based Compensation Expense	—	—	—	—	—	—
Share-Based Compensation
Other Adjustments	—	—	—	—	—	—
Allowance for Credit Losses
Interest and Investment Gain, Net
Loss on Disposal of Property and Equipment
Foreign Exchange Gain
Changes in Trade Receivables	—	—	—	—	—	—
Receivables from Online Payment Platforms
Changes in Accounts Payable	—	—	—	—	—	—
Change in Payable Due to Merchants
Changes in Accrued Expenses	—	—	—	—	—	—
Accrued Expenses and Other Liabilities
Changes in Unearned Revenue	—	—	—	—	—	—
Customer Advances and Deferred Revenues
Changes in Other Operating Activities	—	—	—	—	—	—
Amounts Due from Related Parties
Prepayments and Other Current Assets
Amounts Due to Related Parties
Merchant Deposits
Restricted Cash
Right-of-Use Assets
Lease Liabilities
Change in Other Non-Current Assets
Change in Other Non-Current Liabilities
Cash from Operating Activities	45,660.5	21,641.7	15,516.9	29,547.2	27,522.3	43,792.6
Net Cash Generated from Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	—	—	—	—	—	—
Purchase of Property, Equipment and Software and Intangible Assets
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—
Proceeds from Disposal of Property and Equipment
Purchases of Investments	—	—	—	—	—	—
Purchase of Short-Term Investments
Purchase of Short Term Investments
Purchase of Long-Term Investments
Proceeds from Sale of Investments	—	—	—	—	—	—
Proceeds from Sales of Short-Term Investments
Other Investing Activities	—	—	—	—	—	—
Repayments from Third Parties
Cash from Investing Activities	-11,555.6	-27,021.9	-6,384	-30,545.3	-16,898.6	-42,622.1
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Common Shares	—	—	—	—	—	—
Proceeds from Follow-on Offering
Repurchases of Common Shares	—	—	—	—	—	—
Repurchase of Class B Ordinary Shares
Net Issuance / (Repurchases) of Common Shares	—	—	—	—	—	—
Issuance of Preferred Shares	—	—	—	—	—	—
Proceeds from Issuance of Convertible Preferred Shares
Net Issuance / (Repurchases) of Preferred Shares	—	—	—	—	—	—
Other Financing Activities	—	—	—	—	—	—
Costs Incurred for the Follow-on Offering
Cash from Financing Activities	0.6	0.4	0.2	0.3	0.1	0.7
Net Cash Generated from Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	45,660.5	21,641.7	15,516.9	29,547.2	27,522.3	43,792.6
NOPAT	22,031.2	22,298.8	12,336	21,593.4	20,794.9	27,485.8
Levered Free Cash Flow	29,328.2	30,753.5	14,741.8	27,446.6	24,980.7	32,009.4
Unlevered Free Cash Flow	22,031.2	22,298.8	12,336	21,593.4	20,794.9	27,485.8
Net Change in Cash	34,105.5	-5,379.9	9,133.2	-997.8	10,623.9	1,171.3