PDD(PDD) - 2024 Q3 - Quarterly Report

Revenue Growth - Total revenues in Q3 2024 were RMB99,354.4 million (US$14,157.9 million), a 44% increase from RMB68,840.4 million in Q3 2023[4] - Total revenues for the three months ended September 30, 2024, reached RMB 99.35 billion (US$ 14.16 billion), a significant increase from RMB 68.84 billion in the same period of 2023[32] - Revenues from online marketing services and others were RMB49,351.0 million (US$7,032.5 million), a 24% increase from RMB39,687.7 million in Q3 2023[8] - Revenues from transaction services were RMB50,003.4 million (US$7,125.4 million), a 72% increase from RMB29,152.7 million in Q3 2023[9] - Revenues from online marketing services and others for the three months ended September 30, 2024, were RMB 49.35 billion (US$ 7.03 billion), compared to RMB 39.69 billion in the same period of 2023[37] - Revenues from transaction services for the three months ended September 30, 2024, were RMB 50.00 billion (US$ 7.13 billion), up from RMB 29.15 billion in the same period of 2023[37] Profitability - Operating profit in Q3 2024 was RMB24,292.5 million (US$3,461.6 million), a 46% increase from RMB16,656.0 million in Q3 2023[4] - Net income attributable to ordinary shareholders in Q3 2024 was RMB24,980.7 million (US$3,559.7 million), a 61% increase from RMB15,537.1 million in Q3 2023[5] - Non-GAAP net income attributable to ordinary shareholders in Q3 2024 was RMB27,458.7 million (US$3,912.8 million), a 61% increase from RMB17,027.1 million in Q3 2023[14] - Net income for the three months ended September 30, 2024, was RMB 24.98 billion (US$ 3.56 billion), up from RMB 15.54 billion in the same period of 2023[32] - Operating profit for the three months ended September 30, 2024, stood at RMB 24.29 billion (US$ 3.46 billion), compared to RMB 16.66 billion in the same period of 2023[32] - Non-GAAP operating profit for the three months ended September 30, 2024, was RMB 26,770,463 (US$ 3,814,760), compared to RMB 18,125,840 for the same period in 2023[45] - Non-GAAP net income attributable to ordinary shareholders for the three months ended September 30, 2024, was RMB 27,458,701 (US$ 3,912,832), compared to RMB 17,027,084 for the same period in 2023[45] - Non-GAAP operating profit for the nine months ended September 30, 2024, was RMB 90,309,956 (US$ 12,869,065), compared to RMB 41,197,644 for the same period in 2023[45] - Non-GAAP net income attributable to ordinary shareholders for the nine months ended September 30, 2024, was RMB 92,492,640 (US$ 13,180,094), compared to RMB 42,422,832 for the same period in 2023[45] Earnings Per Share - Earnings per diluted ordinary share for the three months ended September 30, 2024, were RMB 4.23 (US$ 0.60), up from RMB 2.65 in the same period of 2023[35] - Non-GAAP diluted earnings per ordinary share for the three months ended September 30, 2024, was RMB 4.65 (US$ 0.66), compared to RMB 2.90 for the same period in 2023[45] - Non-GAAP diluted earnings per ordinary share for the nine months ended September 30, 2024, was RMB 15.64 (US$ 2.23), compared to RMB 7.25 for the same period in 2023[45] Cash Flow and Investments - Net cash generated from operating activities was RMB27,522.3 million (US$3,921.9 million), compared to RMB32,537.9 million in Q3 2023[15] - Net cash generated from operating activities for the three months ended September 30, 2024, was RMB 27,522,313 (US$ 3,921,898), compared to RMB 32,537,857 for the same period in 2023[43] - Net cash used in investing activities for the three months ended September 30, 2024, was RMB 16,898,558 (US$ 2,408,025), compared to RMB 4,820,500 for the same period in 2023[43] - Net cash generated from operating activities for the nine months ended September 30, 2024, was RMB 92,382,132 (US$ 13,164,348), compared to RMB 57,271,860 for the same period in 2023[43] - Net cash used in investing activities for the nine months ended September 30, 2024, was RMB 87,810,779 (US$ 12,512,936), compared to RMB 38,960,607 for the same period in 2023[43] Assets and Liabilities - Cash, cash equivalents, and short-term investments were RMB308.5 billion (US$44.0 billion) as of September 30, 2024, compared to RMB217.2 billion as of December 31, 2023[16] - Other non-current assets were RMB74.0 billion (US$10.5 billion) as of September 30, 2024, compared to RMB48.0 billion as of December 31, 2023[16] - Total current liabilities as of September 30, 2024, were RMB 179.99 billion (US$ 25.65 billion), down from RMB 152.90 billion as of December 31, 2023[30] - Total shareholders' equity as of September 30, 2024, increased to RMB 278.50 billion (US$ 39.69 billion) from RMB 187.24 billion as of December 31, 2023[30] Expenses - Sales and marketing expenses were RMB30,483.8 million (US$4,343.9 million), a 40% increase from RMB21,748.5 million in Q3 2023[10] - Total share-based compensation expenses for the three months ended September 30, 2024, were RMB 2.48 billion (US$ 353.11 million), compared to RMB 1.47 billion in the same period of 2023[40]