Research Reports

Prepared Highlights

Q4 2025 total revenue RMB 123.9 billion, +12% YoY; full-year 2025 revenue RMB 431.8 billion, +10% YoY (prepared)
Online marketing services revenue Q4: RMB 60.0 billion, +5% YoY; transaction services revenue Q4: RMB 63.9 billion, +19% YoY (prepared)
Q4 GAAP operating profit RMB 27.7 billion vs. RMB 25.6 billion in Q4 2024; non-GAAP operating profit RMB 29.5 billion vs. RMB 28.0 billion (prepared)
Non-GAAP operating profit margin Q4: 24% vs. 25% in Q4 2024 (prepared)
Full-year non-GAAP operating profit RMB 102.6 billion vs. RMB 18.3 billion in 2024 (prepared)
Q4 net income attributable to ordinary shareholders RMB 24.5 billion; full-year RMB 99.4 billion (prepared)
Q4 non-GAAP net income attributable to ordinary shareholders RMB 26.3 billion; non-GAAP diluted EPS RMB 17.69 vs. RMB 20.15 in Q4 2024 (prepared)
Q4 operating cash flow RMB 24.1 billion; full-year operating cash flow RMB 106.9 billion vs. RMB 121.9 billion in 2024 (prepared)
Cash, cash equivalents and short-term investments as of Dec 31, 2025: RMB 422.3 billion (prepared)
Q4 total cost of revenues RMB 55.2 billion, +15% YoY; full-year cost of revenues RMB 188.8 billion, +23% YoY (prepared)
Non-GAAP sales & marketing expenses Q4: RMB 34.0 billion, +9% YoY; as % of revenue: 27% vs. 28% in Q4 2024 (prepared)
Non-GAAP R&D expenses Q4: RMB 4.4 billion; GAAP R&D expenses Q4: RMB 5.0 billion (prepared)
Launched RMB 100 billion support program for merchants in 2025; introduced co-chair structure and code share structure (CEO)
Duo Duo Local Specialties team visited agricultural regions (Anyue lemons, Pu'er coffee, etc.) and industrial belts (Yiwu accessories, Pinghu down jackets, etc.) (CEO)
Built end-to-end delivery networks in over 10 provinces/municipalities; covered transshipping fees for village orders (CEO)
Official guidance: No specific forward revenue or profit guidance provided in prepared remarks.

Mgmt Quotes

"We prioritize long-term value generation by nurturing our ecosystem rather than short-term financial results." (CEO Jiazhen Zhao)
"In the next 3 years, we will have the opportunity to build another Pinduoduo." (CEO Jiazhen Zhao)
"Our strategic priority will not be business diversification, but rather concentrating on the high-quality development of the supply chain." (CEO Jiazhen Zhao)
"The global geopolitical landscape has grown more complex... this has introduced greater uncertainty to our global business." (CEO Lei Chen)
"We will continue to uphold our long-term philosophy and faithfully execute our strategy of investing deeply in the supply chain." (CEO Lei Chen)

Prepared Metrics

Metric	Value	Speaker/Context
Q4 Total Revenue	RMB 123.9 billion	Prepared (Li Jiong)
Full-Year 2025 Revenue	RMB 431.8 billion	Prepared (Li Jiong)
Q4 Online Marketing Services Revenue	RMB 60.0 billion	Prepared (Li Jiong)
Q4 Transaction Services Revenue	RMB 63.9 billion	Prepared (Li Jiong)
Q4 GAAP Operating Profit	RMB 27.7 billion	Prepared (Li Jiong)
Q4 Non-GAAP Operating Profit	RMB 29.5 billion	Prepared (Li Jiong)
Q4 Non-GAAP Operating Profit Margin	24%	Prepared (Li Jiong)
Full-Year Non-GAAP Operating Profit	RMB 102.6 billion	Prepared (Li Jiong)
Q4 Net Income Attributable to Shareholders	RMB 24.5 billion	Prepared (Li Jiong)
Full-Year Net Income Attributable to Shareholders	RMB 99.4 billion	Prepared (Li Jiong)
Q4 Non-GAAP Diluted EPS	RMB 17.69	Prepared (Li Jiong)
Q4 Operating Cash Flow	RMB 24.1 billion	Prepared (Li Jiong)
Full-Year Operating Cash Flow	RMB 106.9 billion	Prepared (Li Jiong)
Cash, Equivalents & Short-Term Investments (Dec 31, 2025)	RMB 422.3 billion	Prepared (Li Jiong)
Q4 Total Cost of Revenues	RMB 55.2 billion	Prepared (Li Jiong)
Full-Year Cost of Revenues	RMB 188.8 billion	Prepared (Li Jiong)
Q4 Non-GAAP Sales & Marketing Expenses	RMB 34.0 billion	Prepared (Li Jiong)
Q4 Non-GAAP R&D Expenses	RMB 4.4 billion	Prepared (Li Jiong)