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.

Online Marketing Services and Others

Online Marketing Services and Others %Chg

Online Marketing Services and Others Common Size

Transaction Services

Transaction Services %Chg

Transaction Services Common Size

Merchandise Sales

Merchandise Sales %Chg

Merchandise Sales Common Size

Online Marketplace Services

Online Marketplace Services %Chg

Online Marketplace Services Common Size

Revenues

Revenues %Chg

Revenues Common Size

Costs of Online Marketplace Services

Costs of Online Marketplace Services %Chg

Costs of Online Marketplace Services Common Size

Costs of Merchandise Sales

Costs of Merchandise Sales %Chg

Costs of Merchandise Sales Common Size

Costs of Revenues

Costs of Revenues %Chg

Costs of Revenues Common Size

Gross (Loss)/Profit

Gross (Loss)/Profit %Chg

Gross (Loss)/Profit Common Size

Gross Profit

Gross Profit %Chg

Gross Profit Common Size

Sales and Marketing Expenses

Sales and Marketing Expenses %Chg

Sales and Marketing Expenses Common Size

General and Administrative Expenses

General and Administrative Expenses %Chg

General and Administrative Expenses Common Size

Research and Development Expenses

Research and Development Expenses %Chg

Research and Development Expenses Common Size

Impairment of a Long-Term Investment

Impairment of a Long-Term Investment %Chg

Impairment of a Long-Term Investment Common Size

Total Operating Expenses

Total Operating Expenses %Chg

Total Operating Expenses Common Size

Operating Profit

Operating Profit %Chg

Operating Profit Common Size

Interest Income

Interest Income %Chg

Interest Income Common Size

Interest and Investment Income, Net

Interest and Investment Income, Net %Chg

Interest and Investment Income, Net Common Size

Interest Expense

Interest Expense %Chg

Interest Expense Common Size

Other Loss, Net

Other Loss, Net %Chg

Other Loss, Net Common Size

Foreign Exchange Loss, Net

Foreign Exchange Loss, Net %Chg

Foreign Exchange Loss, Net Common Size

Other Income, Net

Other Income, Net %Chg

Other Income, Net Common Size

Profit Before Income Tax and Share of Results of Equity Investees

Profit Before Income Tax and Share of Results of Equity Investees %Chg

Profit Before Income Tax and Share of Results of Equity Investees Common Size

Share of Results of Equity Investees

Share of Results of Equity Investees %Chg

Share of Results of Equity Investees Common Size

Income Tax Expenses

Income Tax Expenses %Chg

Income Tax Expenses Common Size

Net Income

Net Income %Chg

Net Income Common Size

Deemed Distribution to Certain Holders of Convertible Preferred Shares

Deemed Distribution to Certain Holders of Convertible Preferred Shares %Chg

Deemed Distribution to Certain Holders of Convertible Preferred Shares Common Size

Contribution from a Holder of Convertible Preferred Shares

Contribution from a Holder of Convertible Preferred Shares %Chg

Contribution from a Holder of Convertible Preferred Shares Common Size

Net Income Attributable to Ordinary Shareholders

Net Income Attributable to Ordinary Shareholders %Chg

Net Income Attributable to Ordinary Shareholders Common Size

Basic Earnings per Ordinary Share

Basic Earnings per Ordinary Share %Chg

Basic Earnings per Ordinary Share Common Size

Diluted Earnings per Ordinary Share

Diluted Earnings per Ordinary Share %Chg

Diluted Earnings per Ordinary Share Common Size

Basic Earnings per ADS

Basic Earnings per ADS %Chg

Basic Earnings per ADS Common Size

Diluted Earnings per ADS

Diluted Earnings per ADS %Chg

Diluted Earnings per ADS Common Size

Basic Weighted-Average Number of Ordinary Shares Outstanding

Total Revenues

Total Revenues %Chg

Total Revenues Common Size

Cost of Sales

Cost of Sales %Chg

Cost of Sales Common Size

Gross Profit Margin

Gross Profit Margin %Chg

Gross Profit Margin Common Size

Selling, General & Administrative Expenses

Selling, General & Administrative Expenses %Chg

Selling, General & Administrative Expenses Common Size

Research & Development Expenses

Research & Development Expenses %Chg

Research & Development Expenses Common Size

Other Operating Expenses

Other Operating Expenses %Chg

Other Operating Expenses Common Size

Operating Margin

Operating Margin %Chg

Operating Margin Common Size

Interest and Investment Income

Interest and Investment Income %Chg

Interest and Investment Income Common Size

Non-Operating Income

Non-Operating Income %Chg

Non-Operating Income Common Size

Total Non-Operating Income

Total Non-Operating Income %Chg

Total Non-Operating Income Common Size

Income Before Provision for Income Taxes

Revenue

EBIT

EBITDA

CapEx

Net Interest Income

Assets

Adjusted EBITDA

Adjusted Net Income

Net Revenue

Average Assets

Adjusted EBIT

Adjusted Revenue

Adjusted EBT

Adjusted Funds From Operations

Income Statement	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Total Revenues	199,657	209,964.5	183,871.6	157,721.4	89,917.8	75,324.3
Total Revenues %Chg	8.6%	33.1%	104.5%	109.4%	62.8%	54.6%
Online Marketing Services and Others
Transaction Services
Merchandise Sales
Online Marketplace Services
Cost of Sales	86,806	87,507.6	66,392.8	61,908.5	29,815.1	16,340.8
Costs of Online Marketplace Services
Costs of Merchandise Sales
Gross Profit	112,851	122,456.9	117,478.8	95,812.9	60,102.7	-40,111.8
Gross Profit
Gross (Loss)/Profit
Gross Profit Margin	56.5%	58.3%	63.9%	60.7%	66.8%	-53.3%
Selling, General & Administrative Expenses	63,803.4	65,731.7	53,121.8	51,050.2	35,214.3	34,328.3
Sales and Marketing Expenses
General and Administrative Expenses
Research & Development Expenses	7,169.1	6,840.5	5,818.8	5,711.8	5,240.6	5,104.8
Research and Development Expenses
Other Operating Expenses	—	—	—	—	—	—
Impairment of a Long-Term Investment
Operating Profit	41,878.5	49,884.7	58,538.2	39,051	19,647.8	19,550.3
Operating Profit
Operating Margin	21%	23.8%	31.8%	24.8%	21.9%	26%
Interest and Investment Income	10,577.7	10,768.6	9,802.2	6,365.9	3,867.5	2,375.7
Interest Income
Interest and Investment Income, Net
Share of Results of Equity Investees
Interest Expense	—	—	—	-20.4	-23.6	-25.9
Interest Expense
Non-Operating Income	2,338.9	1,058.5	2,649.2	514.6	2,473.7	744.9
Other Loss, Net
Foreign Exchange Loss, Net
Other Income, Net
Total Non-Operating Income	12,916.6	11,827.1	12,451.4	6,860.1	6,317.6	3,094.7
Income Before Provision for Income Taxes	54,795	61,711.7	70,989.5	45,911.1	25,965.3	22,645.1
Profit Before Income Tax and Share of Results of Equity Investees
Share of Results of Equity Investees
Provision for Income Taxes	9,299.8	9,284.4	10,982.4	7,093.7	4,756.2	2,602.8
Income Tax Expenses
Consolidated Net Income	45,495.3	52,427.3	60,007.2	38,817.4	21,209.1	20,042.3
Net Income
Net Income Attributable to Preferred Dividends	—	—	—	—	—	—
Deemed Distribution to Certain Holders of Convertible Preferred Shares
Contribution from a Holder of Convertible Preferred Shares
Net Income Attributable to Common Shareholders	45,495.3	52,427.3	60,007.2	38,817.4	21,209.1	20,042.3
Net Income Attributable to Ordinary Shareholders
Basic EPS	32.6	37.8	43.5	28.5	15.8	15.8
Diluted EPS	30.7	35.4	40.6	26.6	14.5	13.8
Basic Weighted Average Shares Outstanding	1,394.5	1,387.6	1,380.4	1,355.2	1,340.2	1,324.1
Total Shares Outstanding	1,392.1	1,392.1	1,375.9	1,375.9	1,319.6	1,319.6
Diluted Weighted Average Shares Outstanding	1,482.5	1,288.9	1,479.2	1,234.1	1,461.3	1,156.8
EBITDA	41,878.5	52,525.6	58,538.2	40,939.2	19,647.8	22,285.4
Effective Tax Rate	17%	15%	15.5%	15.5%	18.3%	11.5%