PDD Holdings Inc.

PDD · XNAS

CIK 1737806fmd_03FBB9KHVSS6SSFV5ZQSQBCXXVServices · Services-Business Services, NECTemplate: Standard

Coverage: Jan 01, 2016 to Dec 31, 2025, 12 periods

Income Statement · Annual · Millions · CNY
Line item	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Total revenues	505	1,744	13,120	30,142	59,492	93,950	130,558	247,639	393,836	431,846
Cost of revenue	578	723	2,905	6,339	19,279	31,718	31,462	91,724	153,900	188,802
Net interest income	4	52	433	1,211	1,882	–	–	–	–	–
Gross profit	(73)	1,021	10,215	23,803	40,213	62,232	99,095	155,916	239,936	243,044
Research and development	29	129	1,116	3,870	6,892	8,993	10,385	10,952	12,659	16,496
Selling, general and administrative	184	1,478	19,898	28,471	42,702	46,342	58,309	86,264	118,854	133,446
Total operating expenses	213	1,617	21,014	32,341	49,594	55,335	68,693	97,217	131,513	149,942
Operating income	(286)	(596)	(10,800)	(8,538)	(9,380)	6,897	30,402	58,699	108,423	93,102
Interest expense	–	–	–	146	757	1,231	52	44	–	–
Interest and investment income	4	81	585	1,542	2,455	3,062	3,997	10,238	20,553	25,584
Other non-operating income (expense)	(2)	1	(12)	83	194	656	2,221	2,953	3,120	2,727
Income before taxes	(292)	(525)	(10,217)	(6,968)	(7,180)	9,702	36,264	71,876	132,701	119,575
Income tax expense	–	–	0	0	0	1,934	4,726	11,850	20,267	21,733
Net income from continuing operations	–	–	(10,217)	(6,968)	(7,180)	7,769	31,538	60,027	112,435	97,843
Net income	(292)	(525)	(10,217)	(6,968)	(7,180)	7,769	31,538	60,027	112,435	97,843
Net income to common shareholders	(322)	(499)	(10,298)	(6,968)	(7,180)	7,769	31,538	60,027	112,435	97,843