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Visual21 Nov 2025
Data center suppliers
PDD (PDD) investor relations material
PDD Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary18 Nov, 2025
Executive summary
Q3 2025 revenue reached RMB108.3 billion (US$15.2 billion), up 9% year-over-year, driven by online marketing and transaction services.
Net income attributable to ordinary shareholders rose 17% year-over-year to RMB29.3 billion (US$4.1 billion).
Non-GAAP net income increased 14% year-over-year to RMB31.4 billion (US$4.4 billion).
Management emphasized a long-term focus, ongoing merchant support, and ecosystem investments amid a competitive environment.
Celebrated 10th anniversary, reaffirming commitment to social responsibility, value creation, and ecosystem development.
Financial highlights
Total revenues increased 9% year-over-year to RMB108.3 billion, with online marketing services revenue up 8% to RMB53.3 billion and transaction services revenue up 10% to RMB54.9 billion.
GAAP operating profit was RMB25 billion (US$3.5 billion), up from RMB24.3 billion; non-GAAP operating profit was RMB27.1 billion (US$3.8 billion), down from RMB28 billion.
Net cash from operating activities was RMB45.7 billion (US$6.4 billion), up from RMB27.5 billion; cash and equivalents stood at RMB423.8 billion (US$59.5 billion) as of September 30, 2025.
Cost of revenues increased 18% to RMB46.8 billion, mainly from higher fulfillment, bandwidth, and payment processing fees.
Basic earnings per ADS were RMB20.96 (US$2.94); diluted earnings per ADS were RMB19.70 (US$2.77), both higher year-over-year.
Outlook and guidance
Management expects continued financial fluctuations due to sustained investments in merchant support and ecosystem initiatives.
No forward guidance provided; current quarter's profitability should not be used as an indicator for future quarters.
Forward-looking statements highlight risks from competition, regulatory changes, and evolving e-commerce trends.
Long-term focus remains on high-quality growth and intrinsic value, even at the expense of short-term profits.
What drives revenue growth moderation?
How do ecosystem investments affect profitability?
Plans for the significant cash reserves?
Expected impact on revenue growth from investments?
Mitigate global regulatory risks?
Elaborate on Costco plus Disney vision.
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Frequently asked questions
PDD Holdings Inc (formerly Pinduoduo Inc.) operates an e-commerce platform in the People's Republic of China. It offers a range of merchandise comprising fresh produce, apparel and footwear, electronics and home appliances, household goods, cosmetics, and mother and baby products. The company was formerly known as Walnut Street Group Holdings Limited and changed its name to Pinduoduo Inc. in July 2018. Pinduoduo Inc. was incorporated in 2015 and is headquartered in Shanghai, the People's Republic of China.
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