PDD(PDD) - 2024 Q4 - Annual Results

Financial Performance - Total revenues for Q4 2024 were RMB 110,610.1 million (US $15,153.5 million), an increase of 24% from RMB 88,881.0 million in Q4 2023[4] - Operating profit for Q4 2024 was RMB 25,592.2 million (US$ 3,506.1 million), an increase of 14% from RMB 22,395.0 million in Q4 2023[4] - Net income attributable to ordinary shareholders for Q4 2024 was RMB 27,446.6 million (US $3,760.2 million), an increase of 18% from RMB 23,280.3 million in Q4 2023[9] - Total revenues for the fiscal year 2024 were RMB 393,836.1 million (US$ 53,955.3 million), an increase of 59% from RMB 247,639.2 million in 2023[12] - Revenues from transaction services for Q4 2024 were RMB 53,599.0 million (US $7,343.0 million), an increase of 33% from RMB 40,205.4 million in Q4 2023[7] - Net income for Q4 2024 was RMB 27,446,637, up 17.5% from RMB 23,280,309 in Q4 2023[36] - Operating profit for the year ended December 31, 2024, was RMB 108,422,862, a significant increase of 84.7% compared to RMB 58,698,762 in 2023[34] Expenses and Costs - Total costs of revenues for the fiscal year 2024 were RMB 153,900.4 million (US$ 21,084.3 million), an increase of 68% from RMB 91,723.6 million in 2023[13] - Research and development expenses for Q4 2024 were RMB 3,777.2 million (US $517.5 million), compared to RMB 2,864.4 million in Q4 2023[7] - Research and development expenses for the year ended December 31, 2024, were RMB 12,659,361, an increase of 15.6% from RMB 10,952,374 in 2023[34] Earnings and Shares - Basic earnings per ADS for Q4 2024 were RMB 19.76 (US$ 2.71), compared to RMB 17.00 in Q4 2023[10] - Earnings per ordinary share (diluted) for Q4 2024 was RMB 4.63, compared to RMB 3.96 in Q4 2023, indicating a growth of 16.8%[36] - The diluted earnings per ordinary share for the year ended December 31, 2024, increased to RMB 19.00, up from RMB 10.29 in 2023, marking a growth of 84.5%[45] - The non-GAAP diluted earnings per ordinary share for the year ended December 31, 2024, was RMB 20.68, compared to RMB 11.63 in 2023, reflecting a growth of 77.5%[45] Cash and Investments - Cash, cash equivalents, and short-term investments were RMB 331.6 billion (US $45.4 billion) as of December 31, 2024, compared to RMB 217.2 billion as of December 31, 2023[11] - Net cash generated from operating activities for the year ended December 31, 2024, was RMB 121,929,292, an increase of 29.5% from RMB 94,162,531 in 2023[43] - The company reported a net cash used in investing activities of RMB (118,356,036) for the year ended December 31, 2024, compared to RMB (55,431,278) in 2023, indicating a significant increase in investment[43] - The increase in cash, cash equivalents, and restricted cash for the year ended December 31, 2024, was RMB 4,414,516, down from RMB 29,479,488 in 2023, showing a decrease in cash growth[43] Assets and Liabilities - Total assets increased to RMB 505,034,316 as of December 31, 2024, up from RMB 348,078,120 in 2023, reflecting a growth of 45%[30] - Total liabilities rose to RMB 191,721,192 as of December 31, 2024, compared to RMB 160,836,513 in 2023, marking a 19.2% increase[32] - Shareholders' equity grew to RMB 313,313,124 as of December 31, 2024, from RMB 187,241,607 in 2023, reflecting a 67.1% increase[32] Other Notable Changes - The company reported a significant increase in online marketing services revenues, which reached RMB 57,011,061 for Q4 2024, up from RMB 48,675,618 in Q4 2023[38] - The non-GAAP net income attributable to ordinary shareholders for Q4 2024 was RMB 29,850.9 million (US$ 4,089.6 million), an increase of 17% from RMB 25,476.5 million in Q4 2023[9] - The non-GAAP net income attributable to ordinary shareholders for the year ended December 31, 2024, was RMB 122,343,561, a significant increase of 80% from RMB 67,899,292 in 2023[45] - The company experienced a loss from fair value change of certain investments amounting to RMB 25,485 for the year ended December 31, 2024[45]