PDD(US:PDD)2025-11-18 14:58Financial Performance - Total revenues for Q3 2025 were RMB 108,276.5 million (US$ 15,209.5 million), an increase of 9% from RMB 99,354.4 million in Q3 2024[5] - Operating profit for the quarter was RMB 25,025.9 million (US$ 3,515.4 million), compared to RMB 24,292.5 million in the same quarter of 2024[9] - Net income attributable to ordinary shareholders was RMB 29,328.2 million (US$ 4,119.7 million), a 17% increase from RMB 24,980.7 million in Q3 2024[10] - Revenues for Q3 2025 reached RMB 108.28 billion, a 9.2% increase from RMB 99.35 billion in Q3 2024[26] - Net income for Q3 2025 was RMB 29.33 billion, up 17.5% from RMB 24.98 billion in Q3 2024[28] - Operating profit for the nine months ended September 30, 2025, was RMB 66.90 billion, a decrease of 19.3% compared to RMB 82.83 billion for the same period in 2024[26] Revenue Breakdown - Revenues from online marketing services were RMB 53,347.6 million (US$ 7,493.7 million), an increase of 8% from RMB 49,351.0 million in Q3 2024[8] - Revenues from transaction services were RMB 54,928.9 million (US$ 7,715.8 million), a 10% increase compared to RMB 50,003.4 million in Q3 2024[8] Expenses and Costs - Total costs of revenues were RMB 46,840.2 million (US$ 6,579.6 million), an increase of 18% from RMB 39,709.2 million in Q3 2024[7] - Research and development expenses increased by 41% to RMB 4,332.2 million (US$ 608.5 million) from RMB 3,063.4 million in Q3 2024[7] - Research and development expenses for Q3 2025 were RMB 4.33 billion, a 41.5% increase from RMB 3.06 billion in Q3 2024[26] Cash Flow and Liquidity - Net cash generated from operating activities was RMB 45,660.5 million (US$ 6,413.9 million), compared to RMB 27,522.3 million in Q3 2024[12] - Cash, cash equivalents, and short-term investments totaled RMB 423.8 billion (US$ 59.5 billion) as of September 30, 2025, up from RMB 331.6 billion as of December 31, 2024[12] - Cash, cash equivalents, and restricted cash at the end of Q3 2025 were RMB 163.39 billion, compared to RMB 125.69 billion at the end of Q3 2024, reflecting a significant increase[34] Earnings Per Share - Basic earnings per ADS were RMB 20.96 (US$ 2.94), compared to RMB 18.02 in Q3 2024[11] - Earnings per ordinary share (diluted) for Q3 2025 were RMB 4.93, compared to RMB 4.23 in Q3 2024, representing a 16.5% increase[28] Liabilities - Total current liabilities increased to RMB 219.22 billion as of September 30, 2025, from RMB 188.42 billion as of December 31, 2024[24] - Total liabilities as of September 30, 2025, were RMB 222.32 billion, up from RMB 191.72 billion as of December 31, 2024[24] Non-GAAP Measures - For the three months ended September 30, 2025, the non-GAAP operating profit was RMB 27,079,444, representing an increase from RMB 26,770,463 in the same period of 2024[35] - Non-GAAP diluted earnings per ordinary share for the three months ended September 30, 2025, was RMB 5.27, compared to RMB 4.65 in the same period of 2024, reflecting an increase of about 13%[35] - The non-GAAP net income attributable to ordinary shareholders for the three months ended September 30, 2025, was RMB 31,381,704, up from RMB 27,458,701 in 2024, marking an increase of approximately 14%[35] - The diluted earnings per ordinary share for the nine months ended September 30, 2025, was RMB 12.60, down from RMB 14.37 in 2024, indicating a decrease of about 12%[35] - Non-GAAP diluted earnings per ADS for the nine months ended September 30, 2025, was US$ 7.68, compared to US$ 62.56 in the same period of 2024, reflecting a decrease of about 12%[35] Other Financial Metrics - The company reported a foreign exchange loss of RMB 265.20 million in Q3 2025, a decrease from a loss of RMB 547.34 million in Q3 2024[26] - Share-based compensation expenses for the three months ended September 30, 2025, were RMB 2,053,520, down from RMB 2,478,005 in 2024, indicating a decrease of approximately 17%[35] - The loss from fair value change of certain investments for the nine months ended September 30, 2025, was zero, compared to RMB 25,456 in 2024, indicating a significant improvement[35]