PDD Holdings Inc. (PDD)
The company now
PDD Holdings Inc. is a marketplace business. Where the revenue comes from, fiscal 2025, as tagged in its annual report: Online Marketing Services and Others 50%, Transaction Services 50%. Both of the 2 product lines grew against the year before. 21
From the record in brief, written by the desk, an AI model, from the company's record on Oct 22, 2026. Nothing here is advice.
Where the revenue comes from
fiscal 2025, as filedRevenue by product, fiscal 2025
| Product | Fiscal 2025 | Fiscal 2024 | Share of revenue |
|---|---|---|---|
| Online Marketing Services and Others | CN¥217.8B | CN¥197.9B | 50.4% |
| Transaction Services | CN¥214.1B | CN¥195.9B | 49.6% |
As tagged in its annual report (Form 20-F, filed Apr 29, 2026 ↗), read from the SEC's financial statement data sets. The year before is the figure the record holds for the prior fiscal year.
The desk's written account of this company, its Past, Present and Future, is not on file yet.
How the company works
The desk has not read this company's annual report yet.
The record in brief
five sections from the recordBy the desk, an AI model (Claude Haiku 4.5), written from the company's record on Oct 22, 2026; nothing here is advice. Every sentence rests on the numbered source beside it, and a sentence the record did not support was cut before the report was kept.
Past
PDD Holdings Inc.'s revenue grew from CNY 505 million in fiscal 2016 to CNY 432 billion in fiscal 2025, rising 111.7% a year; it rose in 9 of 9 years and never fell from a peak. Net income was positive in 5 of 10 of those years. Over the 3 fiscal years to 2025-12-31, the diluted share count grew about 1.0% a year, and dividends and buybacks returned about 0% of its operating cash flow over 3 years. Officers and directors filed 3 sales and 0 purchases of their own stock on the open market in the year to 2026-09-30. 1
Present
In its latest annual figures on file, for the fiscal year ended 2025-12-31, PDD Holdings Inc. reported revenue of CNY 432 billion and a profit of CNY 98 billion. Return on equity was about 24 cents of profit for every dollar of shareholders' money; gross profitability was about 39 cents per dollar of everything the company owns; leverage was about 34 cents per dollar of assets; and the share count grew 0.2% over the year. A net margin of 22.7% ranks in the top 10%; revenue growth of 49% a year over the last 3 filed years ranks in the top 3% of its industry family. 21
Officers in charge include Zhao Jiazhen and Chen Lei as Co-Chief Executive Officers, Wang Mi as SVP of Engineering, Li Jiong as Financial Director, Liu Jun as VP of Finance, Xiao Junyun as SVP of Operation, and Zheng Zhenwei as SVP of Product Development. Leadership is estimated at 5.3 of 10 because the company files no Form 8-K (as a foreign issuer it reports on Form 6-K) and the record of its people begins on 2026-03-18, showing a floor of 7 months that cannot see beyond it. 31
Future
The annual report (Form 20-F) for the fiscal year ending 2026-12-31 is due by 2027-04-30. Revenue grew 49% a year over the last three filed years against 111.7% over all 10, slowing; the newest year grew 9.7%; research spending grew 16.7% a year; capital spending grew 69% a year. Cash of CNY 183 billion against no long-term debt tagged leaves 29% of its assets as net cash, top 15% of its family; cash from operations less capital spending is 24.8% of revenue. 41
Revenue of CNY 432 billion in fiscal 2025 came in 36.8% below the CNY 684 billion its prior three years' pace pointed to; net margin of 22.7% came against 25.6% before. 1
How the company operates
PDD Holdings Inc. is a marketplace business. Where the revenue comes from, fiscal 2025, as tagged in its annual report: Online Marketing Services and Others 50%, Transaction Services 50%. Both of the 2 product lines grew against the year before. 21
New moves
On 2026-08-25, PDD filed Form 6-K, an interim report for foreign filers, carrying quarterly figures. On 2026-05-28, PDD filed Form 6-K, an interim report for foreign filers, carrying quarterly figures. In the year to 2026, officers and directors bought $0 million of their own shares and sold $0.3 million. 43
Sources
a number beside a sentence opens its entry in its own document's listThe record in brief 4 sources · written Oct 22, 2026
- PDD: the nine metricsthis site's record
show the quoted words
Track record (past, graded 7.8 of 10, weighs 45% of the past): PDD Holdings Inc.'s 10 filed years say what it did: revenue went from CNY 505 million in fiscal 2016 to CNY 432 billion in fiscal 2025, up 111.7% a year; it rose in 9 of 9 years; it never fell from a peak; net income was positive in 5 of 10 of those years (its annual reports).
Shareholder treatment (past, graded 3.2 of 10, weighs 33% of the past): Over the 3 fiscal years to 2025-12-31, PDD Holdings Inc.'s diluted share count grew about 1.0% a year, and dividends and buybacks returned about 0% of its operating cash flow over 3 years (its filed statements).
Its officers and directors filed 3 sales and 0 purchases of their own stock on the open market in the year to 2026-09-30 (their Form 4 filings).
Financial health (present, graded 7.0 of 10, weighs 33% of the present): Return on equity: in the fiscal year ended 2025-12-31, PDD Holdings Inc. earned about 24 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 39 cents per dollar of everything the company owns (revenue less the cost of revenue). Leverage: it owed about 34 cents per dollar
Industry position (present, graded 9.3 of 10, weighs 45% of the present): PDD Holdings Inc.'s standing among 101 graded names in its industry family: revenue of CNY 432 billion in fiscal 2025 is not ranked by size, since the family reports in another currency; a net margin of 22.7% ranks in the top 10%; revenue growth of 49% a year over the last 3 filed years ranks in the top 3% (its annual report
Leadership (present, an SI estimate at 5.3 of 10, weighs 22% of the present): SI estimate, not a filed reading: PDD Holdings Inc.'s leadership is put at 5.3 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a
Growth drivers (future, graded 5.6 of 10, weighs 45% of the future): PDD Holdings Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 49% a year over the last three filed years against 111.7% over all 10, slowing (bottom 3% of its family); the newest year grew 9.7% (top 46%); research spending grew 16.7% a year (top 21%); capital spending grew 69% a year (top 10%) (its annual
Room to expand (future, graded 6.3 of 10, weighs 33% of the future): PDD Holdings Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of CNY 183 billion against no long-term debt tagged leaves 29% of its assets as net cash, top 15% of its family; cash from operations less capital spending is 24.8% of revenue (top 15%); a gross margin of 56.3% (top 40%); research spending of 3
Expectations vs reality (future, graded 2.2 of 10, weighs 22% of the future): PDD Holdings Inc.'s newest year against its own record: revenue of CNY 432 billion in fiscal 2025 came in 36.8% below the CNY 684 billion its prior three years' pace pointed to (bottom 3% of its family); net income of CNY 98 billion against a prior three-year average of CNY 68 billion (bottom 44%); a net margin of 22.7%
PDD Holdings Inc. reported 2 product lines in fiscal 2025: Online Marketing Services and Others at CNY 218 billion (50%), Transaction Services at CNY 214 billion (50%); 2 of 2 grew against the year before (its annual report).
- PDD: the company filethis site's record
show the quoted words
In its latest annual figures on file, for the fiscal year ended 2025-12-31, it reported revenue of CNY 432 billion and a profit of CNY 98 billion (its filed statements).
Marketplace business (prior from its industry code (SEC 7389, Services-Business Services, NEC); the filing read can change it).
Where the revenue comes from, fiscal 2025, as tagged in its annual report (Form 20-F, filed 2026-04-29): product and service lines: Online Marketing Services and Others 50%, Transaction Services 50%.
- PDD: insiders and the paper traila filing
show the quoted words
Insider roster by name: Zhao Jiazhen (Co-Chief Executive Officer, officer and director; 0 filings, 0 sales, 0 purchases, last 2026-07-02); Chen Lei (LC) (Co-Chief Executive Office, officer and director; 0 filings, 0 sales, 0 purchases, last 2026-03-18); Wang Mi (SVP of Engineering, officer; 0 filings, 0 sales, 0 purchases, last 2026-07-02); Li Jiong (Financial Director, officer; 0 filings, 0 sales
Insiders (Forms 4): 3 sales and 0 open-market purchases of their own shares on the record; $0.3 million sold and $0 million bought where the filings price the trade; by year: 2026 bought $0M sold $0.3M.
- PDD: the filing record, ten yearsa filing
show the quoted words
Deadline ahead: Annual report, foreign filer (Form 20-F) for the fiscal year ending 2026-12-31 is due by 2027-04-30; foreign filers have four months after the fiscal year ends.
2026-08-25: Form 6-K, Interim report, foreign filer. The news lane, and the quarterly figures for a foreign filer where the report carries them. Document: https://www.sec.gov/Archives/edgar/data/1737806/000110465926100534 2026-08-21: Form 6-K, Interim report, foreign filer.
Document: https://www.sec.gov/Archives/edgar/data/1737806/000110465926099679 2026-05-28: Form 6-K, Interim report, foreign filer. The news lane, and the quarterly figures for a foreign filer where the report carries them.