Financial Statements — PDD
Balance Sheet
(in billions CNY)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2020 | FY
2019 |
|---|
| Cash & Equivalents | 108.90 | 57.77 | 59.79 | 4.98 | 1.01 | 0.83 |
| Short-term Investments | 9.44 | 6.09 | 17.15 | 115.11 | 86.52 | 0.01 |
| Inventory | -- | -- | -- | -- | 0.01 | -- |
| Total Current Assets | 518.98 | 56.94 | 294.75 | 216.62 | 160.91 | 73.00 |
| Property, Plant & Equipment | 0.19 | 0.88 | 0.98 | 1.04 | 2.20 | 0.01 |
| Intangible Assets | 0.02 | 0.02 | 0.02 | 0.02 | 0.70 | 1.99 |
| Total Non-current Assets | 111.06 | 12.25 | 53.33 | 20.50 | 3.19 | 0.44 |
| Total Assets | 630.04 | 505.03 | 348.08 | 237.12 | 28.44 | 10.92 |
| Accounts Payable | 81.66 | 69.14 | 55.35 | 3.04 | 2.21 | 0.70 |
| Total Current Liabilities | 30.56 | 188.42 | 152.90 | 16.95 | 93.73 | 6.57 |
| Total Non-current Liabilities | 0.42 | 3.30 | 1.12 | 2.46 | 1.94 | 0.81 |
| Total Liabilities | 216.66 | 191.72 | 160.84 | 17.30 | 106.10 | 51.41 |
| Retained Earnings | 284.16 | 187.42 | 10.58 | 15.19 | (17.71) | (18.30) |
| Total Stockholder Equity | 59.11 | 313.31 | 187.24 | 17.08 | 11.79 | 3.54 |
Income Statement
(in billions CNY) (except per-share rows)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2020 | FY
2019 |
|---|
| Total Revenue | 431.85 | 393.84 | 247.64 | 130.56 | 14.74 | 30.14 |
| Cost of Revenue | 188.80 | 21.08 | 12.92 | 4.56 | 31.72 | 6.34 |
| Gross Profit | 243.04 | 239.94 | 21.96 | 99.10 | 62.23 | 23.80 |
| Research & Development | 2.36 | 12.66 | 10.95 | 1.51 | 1.41 | 3.87 |
| Selling, General & Admin | 8.16 | 7.55 | 4.08 | 0.57 | 0.24 | 1.30 |
| Total Operating Expenses | 21.44 | 131.51 | 97.22 | 9.96 | 8.68 | 4.65 |
| Operating Income | 13.31 | 108.42 | 8.27 | 4.41 | 6.90 | (1.23) |
| Interest Expense | -- | -- | 0.04 | 0.01 | 0.19 | 0.02 |
| Pretax Income | 119.58 | 132.70 | 71.88 | 36.26 | 9.70 | (6.97) |
| Tax Provision | 3.11 | 20.27 | 11.85 | 0.69 | 0.30 | -- |
| Net Income | 97.84 | 112.43 | 60.03 | 31.54 | 7.77 | (6.97) |
| Basic EPS | 17.50 | 2.78 | 1.56 | 6.24 | 0.24 | (1.51) |
| Diluted EPS | 16.50 | 19.00 | 10.29 | 0.79 | 1.36 | (0.22) |
Cash Flow Statement
(in billions CNY)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2020 | FY
2019 |
|---|
| Operating Cash Flow | 15.29 | 121.93 | 13.26 | 48.51 | 4.52 | 14.82 |
| Capital Expenditures | -- | -- | -- | -- | 0.04 | 0.03 |
| Free Cash Flow* | -- | -- | -- | -- | 4.47 | 14.79 |
| Investing Cash Flow | (43.42) | (118.36) | (55.43) | (3.24) | (35.56) | (28.32) |
| Financing Cash Flow | (5.23) | 0.00 | (1.26) | 0.01 | (0.29) | 15.85 |
* Derived from reported values
