PDD Holdings Inc.

NasdaqGS-PDD

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Operating Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Net Income	—	112,434.5	—	60,026.5	—	31,538.1
Net Income
Depreciation & Amortization	—	2,640.9	—	1,888.2	—	2,735.1
Depreciation and Amortization
Depreciation and Amortization
Amortization of Right-of-Use Assets
Share-Based Compensation Expense	—	9,883.6	—	7,078.8	—	7,718.4
Share-Based Compensation
Other Adjustments	—	-9,693.1	—	-1,287.3	—	-907.1
Interest Expense
Allowance for Credit Losses
Deferred Income Tax, Net
Impairment of Long Term Investment
Interest and Investment Gain, Net
Loss on Disposal of Property and Equipment
Foreign Exchange Gain
Share of Results of Equity Investees
Fair Value Change of Investments
Gain on Extinguishment of Convertible Bonds
Changes in Trade Receivables	—	48.8	—	-3,326.4	—	86
Receivables from Online Payment Platforms
Changes in Accounts Payable	—	16,885.2	—	11,623.1	—	749.4
Change in Payable Due to Merchants
Changes in Accrued Expenses	—	13,781.2	—	34,258.2	—	7,004
Accrued Expenses and Other Liabilities
Changes in Unearned Revenue	—	802.4	—	755	—	222.9
Customer Advances and Deferred Revenues
Changes in Other Operating Activities	—	-24,854.3	—	-16,853.6	—	-638.9
Amounts Due from Related Parties
Prepayments and Other Current Assets
Amounts Due to Related Parties
Merchant Deposits
Right-of-Use Assets
Lease Liabilities
Short-Term Investments
Change in Other Non-Current Assets
Change in Other Non-Current Liabilities
Cash from Operating Activities	37,158.6	57,069.5	64,859.8	69,428.5	24,734	38,202.1
Net Cash Generated from Operating Activities

Investing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Capital Expenditure	—	-967.1	—	-583.9	—	-635.7
Purchase of Property, Equipment and Software and Intangible Assets
Proceeds from Sale of Property, Plant & Equipment	—	0.5	—	0.5	—	0
Proceeds from Disposal of Property and Equipment
Purchases of Investments	—	-267,852.7	—	-189,501.2	—	-170,792.2
Purchase of Short-Term Investments
Purchase of Long-Term Investments
Purchase of Short-Term Time Deposits, Held to Maturities and Other Investments
Purchases of Available-for-Sale Investments
Purchase of Long-Term Time Deposits, Held to Maturities and Other Investments
Proceeds from Sale of Investments	—	150,428.1	—	134,523.6	—	149,066.2
Proceeds from Sales of Short-Term Investments
Proceeds from Disposal of a Long-Term Investment
Proceeds from Sales of Short-Term Time Deposits, Held to Maturities and Other Investments
Proceeds from Sales of Available-for-Sale Debt Securities
Proceeds from Sales of Long-Term Time Deposits, Held to Maturities and Other Investments
Other Investing Activities	—	35.2	—	129.8	—	—
Loans to Related Parties
Repayments from Related Parties
Repayments from Third Parties
Others
Cash from Investing Activities	-33,405.9	-47,443.8	-70,912.2	-21,291.2	-34,140.1	-8,916.3
Net Cash Provided by Investing Activities

Financing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Issuance of Short-Term Debt	—	—	—	—	—	—
Proceeds from Short-Term Borrowings
Repayments of Short-Term Debt	—	—	—	—	—	—
Repayment of Short-Term Borrowings
Net Issuance / (Repayments) of Short-Term Debt	—	—	—	—	—	—
Issuance of Long-Term Debt	—	—	—	—	—	—
Net Proceeds from the Issuance of Convertible Bonds
Repayments of Long-Term Debt	—	-0.1	—	-8,968.8	—	—
Repurchase of Convertible Bonds
Net Issuance / (Repayments) of Long-Term Debt	—	-0.1	—	-8,968.8	—	—
Issuance of Common Shares	—	—	—	—	—	—
Proceeds from Follow-on Offering
Net Proceeds from the Initial Public Offering
Net Proceeds from the Follow-on Offerings
Proceeds from the Private Placements
Repurchases of Common Shares	—	—	—	—	—	—
Repurchase of Class B Ordinary Shares
Net Issuance / (Repurchases) of Common Shares	—	—	—	—	—	—
Issuance of Preferred Shares	—	—	—	—	—	—
Net Proceeds from the Issuance of Convertible Preferred Shares
Proceeds from Issuance of Convertible Preferred Shares
Net Issuance / (Repurchases) of Preferred Shares	—	—	—	—	—	—
Other Financing Activities	—	1.3	—	8.2	—	10.1
Others
Costs Incurred for the Follow-on Offering
Costs Incurred for the Issuance of Convertible Preferred Shares
Cash from Financing Activities	0.6	0.4	0.8	-8,967.9	7.3	9.8
Net Cash Generated from Financing Activities

Free Cash Flow	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Free Cash Flow	37,158.6	56,102.3	64,859.8	68,844.6	24,734	37,566.4
NOPAT	34,770.9	42,379.6	49,482.1	33,017.3	16,048.8	17,303.3
Levered Free Cash Flow	45,495.3	60,715.6	60,007.2	60,935.6	21,209.1	29,479
Unlevered Free Cash Flow	34,770.9	50,667.9	49,482.1	64,104.3	16,048.8	26,740
Net Change in Cash	3,753.3	9,626.1	-6,051.6	39,169.4	-9,398.8	29,295.5