以下是 拼多多 4Q24 的财报电话会纪要，财报解读请移步《 拼多多: "跌下神坛"，傲骨还能撑多久？ 》 一、财报核心信息回顾 1. 营收情况：2024 年第四季度营收达到 1106 亿元人民币，同比增长 24%；2024 年全年营收总计 3938 亿元人民币， 同比增长 59%。 2. 成本与费用：2024 年第四季度总成本为 478 亿元人民币，同比增长 36%，主要因履行费用和支付处理费用增加； 2024 年第四季度运营费用为 372 亿元人民币，同比增长 19%；非 GAAP 下运营费用为 351 亿元人民币，占总收入的 32%。 3. 利润与收益：2024 年第四季度 GAAP 下营业利润为 256 亿元人民币，非 GAAP 下营业利润为 280 亿元人民币， 营业利润率为 25%；全年非 GAAP 下营业利润为 1183 亿元人民币；2024 年第四季度归属于普通股东的净利润为 274 亿元人民币，全年为 1124 亿元人民币。 4. 现金流：2024 年第四季度经营活动产生的净现金流为 295 亿元人民币，全年为 1219 亿元人民币；截至 2024 年 底，公司拥有 3316 亿元人民币的现 ...

深夜暴涨。 拼多多董事长兼联席CEO陈磊在财报中表示："2024年，公司致力于推动平台生态系统和更广泛供应链的可持续发展。通过对平台运营和行业支持政策的针对 性创新，公司将继续推动高质量发展战略，从而使更广泛的电子商务生态系统受益。"陈磊称，过去几个季度拼多多在生态建设上投入，帮助平台更好应对消 费变化、产业转型以及行业竞争。 当地时间3月20日（周四），美股三大指数集体小幅收跌，截至收盘，道琼斯指数微跌0.03%，标普500指数下跌0.22%，纳斯达克指数下跌0.33%。热门科技 股多数下跌，苹果、亚马逊、谷歌A、微软跌幅均在1%以内，而特斯拉、英伟达和Meta微涨。 中概股集体大跌，纳斯达克中国金龙指数跌下3.84%，创下了2月25日以来最大的单日跌幅。 此外，制药公司PlusTherapeutics大涨170.06%，换手率达5897.62%，盘中涨幅一度超过300%，多次熔断。PlusTherapeutics此前曾宣布，其针对肺癌患者软脑 膜转移的治疗药物Rhenium(186Re) Obisbemeda获得美国食品药品监督管理局（FDA）"孤儿药"资格认定。 | us Plus Therapeuti ...

Core Insights - PDD Holdings reported non-GAAP earnings per share of $2.76, slightly above analyst estimates, while revenue of $15.15 billion fell short of expectations by 2.5% [1][2] Financial Performance - Non-GAAP EPS (diluted) for Q4 2024 was $2.76, an increase of 8.7% from Q4 2023's $2.54 [2] - Revenue reached $15.15 billion, a 24.3% increase year over year, but missed the consensus estimate of $15.55 billion [2][5] - Non-GAAP net income was $4.09 billion, up 17.1% from $3.49 billion in Q4 2023 [2] - Operating margin improved to 24.5%, a slight increase of 40 basis points from the previous year [2] Business Strategy - PDD Holdings focuses on diversifying its online marketplaces and integrating into the digital economy as part of its long-term growth strategy [3] - The company emphasizes innovation and platform diversity, with a strategic relocation of its headquarters to Dublin, Ireland, to align with global market ambitions [4] Revenue Drivers - Online marketing services and transaction services were significant contributors to revenue growth, with transaction service revenues increasing by 33% year over year to $7.34 billion [5] - Despite a 36% rise in operating costs to $6.55 billion, operating income grew by 14% to $3.51 billion, indicating effective cost control [6] Strategic Initiatives - Management's strategic moves include enhancing platform functionality and investing in supply chain and digital innovations to build consumer engagement [7] - The company is adjusting to geopolitical movements by strengthening its international market presence [8] Future Outlook - Management emphasizes international expansion and plans to enhance the platform ecosystem to meet growing global demand [9] - Changes in consumer behavior and competitive pressures will be critical areas of focus for the company moving forward [10]

PDD Holdings Announces Fourth Quarter 2024 and Fiscal Year 2024 Unaudited Financial Results DUBLIN and SHANGHAI, March 20, 2025 (GLOBE NEWSWIRE) – PDD Holdings Inc. ("PDD Holdings" or the "Company") (NASDAQ: PDD), today announced its unaudited financial results for the fourth quarter ended and the fiscal year ended December 31, 2024. Fourth Quarter 2024 Highlights "In 2024, we remained committed to driving sustainable growth for both our platform ecosystem and the broader supply chain," said Mr. Lei Chen, C ...

Group 1 - PDD Holdings Inc reported lower-than-expected fourth-quarter earnings and revenue, impacted by strong competition and weak demand in China, but still managed to double its annual profit to $15.4 billion [1] - The stock price of PDD increased by 2% to $128.48, recovering from earlier losses despite a price-target cut from Jefferies from $171 to $156 [2] - Year-to-date, PDD's equity has outperformed the broader market with a 32.5% lead [2] Group 2 - In the options market, PDD has seen a significant increase in trading volume with 57,000 calls and 40,000 puts exchanged, which is four times the typical volume [3] - The most popular options are the March 135 and 130 call contracts, with new positions opening at the weekly 4/25 128-strike put [3] - PDD has consistently outperformed options traders' volatility expectations, reflected in its Schaeffer's Volatility Scorecard (SVS) of 97 out of 100 [3]

PDD Holdings Inc. (NASDAQ:PDD) Q4 2024 Earnings Call March 20, 2025 7:30 AM ET Company Participants Unidentified Company Representative - Lei Chen - Chairman & Co-CEO Jiazhen Zhao - Executive Director & Co-CEO Jun Liu - VP, Finance Conference Call Participants Joyce Ju - Bank of America Securities Alicia Yap - Citigroup Kenneth Fong - UBS Operator Ladies and gentlemen, thank you for standing by, and welcome to PDD Holdings Inc. Fourth Quarter and Fiscal Year 2024 Earnings Conference Call. At this time, all ...

PDD Holdings (PDD) Q4 2024 Earnings Call March 20, 2025 05:42 PM ET Company Participants None - ExecutiveLei Chen - General Counsel, Co-CEO & ChairmanJun Liu - VP of Finance Conference Call Participants Joyce Ju - Analyst Operator Ladies and gentlemen, thank you for standing by, and welcome to the PDD Holdings Inc. Fourth Quarter and Fiscal Year twenty twenty four Earnings Conference Call. At this time, all participants are in a listen only mode. There will be a presentation followed by a question and answe ...

[Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) This section outlines the company's strategic direction and presents key financial and operational results for Q4 and fiscal year 2024 [Management Commentary](index=1&type=section&id=Management%20Commentary) Management outlines a strategic commitment to sustainable growth, platform innovation, and ecosystem investment for long-term value creation - The company commits to a high-quality development strategy, emphasizing platform innovations and industry support for the e-commerce ecosystem[3](index=3&type=chunk) - Digital capabilities enable platform investments to support quality merchants and deliver consumer value[3](index=3&type=chunk) - Future strategy prioritizes continued investments in the platform ecosystem as a cornerstone for long-term value creation[3](index=3&type=chunk) [Fourth Quarter 2024 Financial Highlights](index=1&type=section&id=Fourth%20Quarter%202024%20Highlights) Q4 2024 revenues reached RMB 110.6 billion, a 24% YoY increase, driven by strong online marketing and transaction services performance Financial Metric | Financial Metric | Q4 2024 (RMB million) | Q4 2023 (RMB million) | Change (YoY) | | :--- | :--- | :--- | :--- | | **Total Revenues** | 110,610.1 | 88,881.0 | +24% | | **Operating Profit** | 25,592.2 | 22,395.0 | +14% | | **Net Income** | 27,446.6 | 23,280.3 | +18% | | **Non-GAAP Operating Profit** | 27,996.5 | 24,579.9 | +14% | | **Non-GAAP Net Income** | 29,850.9 | 25,476.5 | +17% | Revenue Stream | Revenue Stream | Q4 2024 (RMB million) | Q4 2023 (RMB million) | Change (YoY) | | :--- | :--- | :--- | :--- | | Online marketing services | 57,011.1 | 48,675.6 | +17% | | Transaction services | 53,599.0 | 40,205.4 | +33% | Earnings Per ADS | Earnings Per ADS | Q4 2024 (RMB) | Q4 2023 (RMB) | | :--- | :--- | :--- | | **Basic EPS (ADS)** | 19.76 | 17.00 | | **Diluted EPS (ADS)** | 18.53 | 15.83 | | **Non-GAAP Diluted EPS (ADS)** | 20.15 | 17.32 | - Total operating expenses increased **19% YoY** to **RMB 37.2 billion**, driven by an **18% rise** in sales and marketing expenses for promotion and advertising[6](index=6&type=chunk)[7](index=7&type=chunk) [Fiscal Year 2024 Financial Highlights](index=3&type=section&id=Fiscal%20Year%202024%20Unaudited%20Financial%20Results) Fiscal Year 2024 saw robust growth with total revenues surging 59% YoY to RMB 393.8 billion, driven by a significant increase in transaction services revenue Financial Metric | Financial Metric | FY 2024 (RMB million) | FY 2023 (RMB million) | Change (YoY) | | :--- | :--- | :--- | :--- | | **Total Revenues** | 393,836.1 | 247,639.2 | +59% | | **Operating Profit** | 108,422.9 | 58,698.8 | +85% | | **Net Income** | 112,434.5 | 60,026.5 | +87% | | **Non-GAAP Operating Profit** | 118,306.4 | 65,777.6 | +80% | | **Non-GAAP Net Income** | 122,343.6 | 67,899.3 | +80% | Revenue Stream | Revenue Stream | FY 2024 (RMB million) | FY 2023 (RMB million) | Change (YoY) | | :--- | :--- | :--- | :--- | | Online marketing services | 197,934.2 | 153,540.6 | +29% | | Transaction services | 195,901.9 | 94,098.7 | +108% | Earnings Per ADS | Earnings Per ADS | FY 2024 (RMB) | FY 2023 (RMB) | | :--- | :--- | :--- | | **Basic EPS (ADS)** | 81.24 | 44.33 | | **Diluted EPS (ADS)** | 76.01 | 41.15 | | **Non-GAAP Diluted EPS (ADS)** | 82.71 | 46.51 | [Balance Sheet and Cash Flow Summary](index=3&type=section&id=Balance%20Sheet%20and%20Cash%20Flow%20Summary) The company's financial position strengthened significantly by December 31, 2024, with substantial increases in cash and operating cash flow - Cash, cash equivalents, and short-term investments significantly increased to **RMB 331.6 billion** (**US$45.4 billion**) as of December 31, 2024, from **RMB 217.2 billion** in 2023[11](index=11&type=chunk) - Net cash from operating activities for FY2024 was **RMB 121.9 billion**, up from **RMB 94.2 billion** in FY2023, driven by increased net income and working capital changes[17](index=17&type=chunk) - Net cash generated from operating activities in Q4 2024 totaled **RMB 29.5 billion**[10](index=10&type=chunk) [Financial Statements and Supplementary Data](index=8&type=section&id=Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's detailed consolidated balance sheets, income statements, cash flow statements, and non-GAAP reconciliations [Condensed Consolidated Balance Sheets](index=8&type=section&id=PDD%20HOLDINGS%20INC.%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of December 31, 2024, total assets grew to RMB 505.0 billion, with significant increases in liabilities and shareholders' equity Balance Sheet Item | Balance Sheet Item | Dec 31, 2024 (in RMB thousands) | Dec 31, 2023 (in RMB thousands) | | :--- | :--- | :--- | | **Total Current Assets** | 415,648,232 | 294,750,472 | | **Total Assets** | 505,034,316 | 348,078,120 | | **Total Current Liabilities** | 188,422,853 | 152,900,901 | | **Total Liabilities** | 191,721,192 | 160,836,513 | | **Total Shareholders' Equity** | 313,313,124 | 187,241,607 | [Condensed Consolidated Statements of Income](index=10&type=section&id=PDD%20HOLDINGS%20INC.%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20INCOME) The income statement details the company's revenue and expense performance for Q4 and the full fiscal year 2024, showing significant growth Income Statement (FY) | Income Statement | FY 2024 (in RMB thousands) | FY 2023 (in RMB thousands) | | :--- | :--- | :--- | | **Revenues** | 393,836,097 | 247,639,205 | | Costs of revenues | (153,900,374) | (91,723,577) | | **Operating profit** | 108,422,862 | 58,698,762 | | **Net income** | 112,434,512 | 60,026,544 | Income Statement (Q4) | Income Statement | Q4 2024 (in RMB thousands) | Q4 2023 (in RMB thousands) | | :--- | :--- | :--- | | **Revenues** | 110,610,106 | 88,881,036 | | Costs of revenues | (47,798,376) | (35,078,272) | | **Operating profit** | 25,592,215 | 22,394,968 | | **Net income** | 27,446,637 | 23,280,309 | [Condensed Consolidated Statements of Cash Flows](index=14&type=section&id=PDD%20HOLDINGS%20INC.%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Fiscal year 2024 saw net cash from operating activities increase significantly to RMB 121.9 billion, with substantial investing activities Cash Flow | Cash Flow | FY 2024 (in RMB thousands) | FY 2023 (in RMB thousands) | | :--- | :--- | :--- | | **Net cash from operating activities** | 121,929,292 | 94,162,531 | | Net cash used in investing activities | (118,356,036) | (55,431,278) | | Net cash from financing activities | 1,164 | (8,960,626) | | **Cash at end of year** | 126,194,421 | 121,779,905 | [Reconciliation of Non-GAAP Measures](index=15&type=section&id=RECONCILIATION%20OF%20NON-GAAP%20MEASURES%20TO%20THE%20MOST%20DIRECTLY%20COMPARABLE%20GAAP%20MEASURES) This section reconciles GAAP to non-GAAP financial measures for Q4 and FY2024, primarily adjusting for share-based compensation Reconciliation (Operating Profit) | Reconciliation | Q4 2024 (in RMB thousands) | FY 2024 (in RMB thousands) | | :--- | :--- | :--- | | **Operating profit (GAAP)** | 25,592,215 | 108,422,862 | | Add: Share-based compensation | 2,404,255 | 9,883,564 | | **Non-GAAP operating profit** | 27,996,470 | 118,306,426 | Reconciliation (Net Income) | Reconciliation | Q4 2024 (in RMB thousands) | FY 2024 (in RMB thousands) | | :--- | :--- | :--- | | **Net income (GAAP)** | 27,446,637 | 112,434,512 | | Add: Share-based compensation | 2,404,255 | 9,883,564 | | Other adjustments | 29 | 25,485 | | **Non-GAAP net income** | 29,850,921 | 122,343,561 |

Core Insights - PDD Holdings Inc. reported mixed earnings for Q4 2024, with revenue falling short of expectations while other metrics exceeded analyst forecasts [1] Financial Performance - The company missed revenue targets but achieved better-than-expected results in other financial metrics [1]

Core Viewpoint - PDD Holdings Inc. reported quarterly earnings of $2.76 per share, exceeding the Zacks Consensus Estimate of $2.56 per share, and showing an increase from $2.40 per share a year ago, indicating a 7.81% earnings surprise [1] Financial Performance - The company posted revenues of $15.15 billion for the quarter ended December 2024, which was 3.34% below the Zacks Consensus Estimate, compared to $12.52 billion in the same quarter last year [2] - Over the last four quarters, PDD has surpassed consensus EPS estimates three times, but has only topped revenue estimates once [2] Stock Performance - PDD Holdings Inc. shares have increased approximately 29.8% since the beginning of the year, contrasting with a -3.5% decline in the S&P 500 [3] Future Outlook - The company's earnings outlook is crucial for investors, with current consensus EPS estimates at $2.83 for the coming quarter and $12.21 for the current fiscal year, with revenues expected to be $15.16 billion and $65.75 billion respectively [7] - The estimate revisions trend for PDD is currently mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6] Industry Context - The Internet - Commerce industry, to which PDD belongs, is currently ranked in the top 26% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]