PDD · PDD Holdings Inc.

Summary

PDD Holdings Inc. announced unaudited financial results for Q4 2025 with total revenues of RMB 123,912.2 million, up 12% from Q4 2024, operating profit of RMB 27,719.7 million, and net income attributable to ordinary shareholders of RMB 24,541.0 million, down 11%. For FY 2025, revenues increased 10% to RMB 431,845.7 million while net income decreased 12% to RMB 99,364.5 million.

Key takeaways

• Q4 2025 total revenues RMB 123,912.2 million, increase of 12% from RMB 110,610.1 million in Q4 2024
• Q4 2025 net income attributable to ordinary shareholders RMB 24,541.0 million, decrease of 11% from RMB 27,446.6 million in Q4 2024
• FY 2025 total revenues RMB 431,845.7 million, increase of 10% from RMB 393,836.1 million in 2024
• FY 2025 net income attributable to ordinary shareholders RMB 99,364.5 million, decrease of 12% from RMB 112,434.5 million in 2024
• Cash, cash equivalents and short-term investments RMB 422.3 billion as of December 31, 2025, compared to RMB 331.6 billion as of December 31, 2024
• Management committed to significant supply chain investments expected to affect financial performance