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PDD Holdings Inc.

PDD Holdings Inc.

NASDAQ•PDD
CEO: Mr. Lei Chen
Sector: Consumer Cyclical
Industry: Specialty Retail
Listing Date: 2018-07-26
PDD Holdings Inc., a multinational commerce group, owns and operates a portfolio of businesses. It operates Pinduoduo, an e-commerce platform that offers products in various categories, including agricultural produce, apparel, shoes, bags, mother and childcare products, food and beverage, electronic appliances, furniture and household goods, cosmetics and other personal care, sports and fitness items and auto accessories; and Temu, an online marketplace. It focuses on bringing businesses and people into the digital economy. The company was formerly known as Pinduoduo Inc. and changed its name to PDD Holdings Inc. in February 2023. The company was incorporated in 2015 and is based in Dublin, Ireland.
Contact Information
25 Saint Stephens Green, First Floor, Dublin 2, Dublin, D02 XF99, Ireland
353-1-539-7938
www.pddholdings.com
Market Cap
$156.65B
P/E (TTM)
10.8
32.3
Dividend Yield
--
52W High
$139.41
52W Low
$87.11
52W Range
47%
Rank33Top 18.8%
5.2
F-Score
Modified Piotroski Analysis
Based on 9-year fundamentals
Average • 5.2 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2024

Financial Dashboard

Q3 2025 Data

Revenue

$15.13B+8.98%
4-Quarter Trend

EPS

$2.93+16.19%
4-Quarter Trend

FCF

$6.38B+65.90%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Massive Revenue Growth 2024 Total revenues reached RMB 393.8B in 2024, marking a strong 59.0% increase compared to RMB 247.6B in 2023.
Net Income Nearly Doubles Net income surged to RMB 112.4B in 2024, reflecting an 87.3% growth rate over the prior year's RMB 60.0B.
Operating Profit Skyrockets Operating profit grew substantially to RMB 108.4B in 2024, showing an 84.7% increase from RMB 58.7B in 2023.
Strong Operating Cash Flow Net cash generated from operating activities reached RMB 121.9B in 2024, demonstrating robust liquidity generation capacity.

Risk Factors

PRC VIE Structure Risk Reliance on contractual VIE arrangements faces uncertainty; adverse PRC government determination could force relinquishing China operations interests.
Multi-jurisdictional Compliance Challenges Expanding Temu globally introduces risks from geopolitical tensions, varied local regulations, and complex cross-border compliance requirements.
Intense E-commerce Competition Facing intense competition; failure to adapt services or maintain brand reputation, especially concerning counterfeit goods, risks market share loss.
RMB/USD Exchange Rate Risk Significant portion of revenues in Renminbi exposes investment value to unpredictable fluctuations between RMB and U.S. dollar exchange rates.

Outlook

Prioritizing Growth Investments Company prioritizes long-term growth, expecting continued significant investment in marketing and R&D capabilities, including agri-tech.
Investing in Technology Capabilities Operations supported by proprietary technology; planning decisive investment in agri-tech, supply chain technology, and core R&D capabilities.
Temu Global Platform Growth Temu aspires to become global online platform, expanding monetization strategies and service offerings across diverse international markets.
PDD Partnership Governance PDD Partnership structure aims to align management interests with shareholders; executive director appointment rights pending Partnership Condition fulfillment.

Peer Comparison

Revenue (TTM)

JD.com, Inc.JD
$180.81B
+16.6%
Lowe's Companies, Inc.LOW
$84.26B
+0.6%
The TJX Companies, Inc.TJX
$58.98B
+4.5%

Gross Margin (Latest Quarter)

Booking Holdings Inc.BKNG
100.0%
+0.0pp
eBay Inc.EBAY
70.9%
-0.9pp
McDonald's CorporationMCD
57.9%
+0.6pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
MCD$226.31B27.0-221.0%93.8%
TJX$173.68B34.358.3%37.5%
BKNG$170.93B34.0-93.7%61.0%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-0.5%
Flat Growth
4Q Net Income CAGR
2.4%
Profitability Slowly Improving
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Mar 19, 2026
|
EPS:$2.88
|
Revenue:-
Reports
All Years

  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Apr 28, 2025|
    Revenue: $54.74B+59.0%
    |
    EPS: $11.29+83.3%
    Beat

  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Apr 25, 2024|
    Revenue: $34.97B+89.7%
    |
    EPS: $6.26+77.6%
    Beat

  • Form 20-F - FY 2022

    Period End: Dec 31, 2022|Filed: Apr 26, 2023|
    Revenue: $19.39B+39.0%
    |
    EPS: $3.71+302.6%
    Miss

  • Form 20-F - FY 2021

    Period End: Dec 31, 2021|Filed: Apr 25, 2022|
    Revenue: $14.57B+57.9%
    |
    EPS: $0.96+202.6%
    Meet

  • Form 20-F - FY 2020

    Period End: Dec 31, 2020|Filed: Apr 30, 2021|
    Revenue: $8.62B+97.4%
    |
    EPS: $-0.88+0.0%
    Miss