PDD (PDD) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue reached RMB 110.6 billion, up 24% year-over-year, driven by growth in online marketing and transaction services.

• Full-year 2024 revenue was RMB 393.8 billion, up 59% year-over-year, with net income up 87% to RMB 112.4 billion.

• Operating profit in Q4 increased 14% year-over-year to RMB 25.6 billion; net income attributable to shareholders up 18% to RMB 27.4 billion.

• High-quality development strategy advanced through fee reductions, merchant support, and logistics innovation, driving ecosystem upgrades and supply chain transformation.

• Management emphasized continued investment in the platform ecosystem and high-quality development.

Financial highlights

• Q4 total revenues: RMB 110.6 billion (+24% YoY); full-year: RMB 393.8 billion (+59% YoY).

• Q4 online marketing services revenue: RMB 57 billion (+17% YoY); transaction services: RMB 53.6 billion (+33% YoY).

• Q4 cost of revenues: RMB 47.8 billion (+36% YoY); full-year cost of revenues: RMB 153.9 billion (+68% YoY).

• Q4 GAAP operating profit: RMB 25.6 billion; non-GAAP: RMB 28 billion (margin 25%).

• Q4 net income attributable to shareholders: RMB 27.4 billion; full-year: RMB 112.4 billion.

• Q4 non-GAAP net income: RMB 29.9 billion; full-year: RMB 122.3 billion.

• Q4 basic EPS: RMB 19.76; diluted EPS: RMB 18.53.

• FY2024 operating profit was RMB 108.4 billion, up 85% YoY; non-GAAP operating profit reached RMB 118.3 billion.

• FY2024 net cash from operating activities was RMB 121.9 billion, up from RMB 94.2 billion in 2023.

Outlook and guidance

• Continued focus on high-quality development, merchant rights protection, and supply chain investments in 2025.

• Ongoing commitment to long-term investments despite short-term revenue and profit fluctuations due to external uncertainties and competition.

• Strategy includes expanding premium product offerings and enhancing consumer experience.