PDD(PDD) - 2024 Q1 - Quarterly Results

Revenue Growth - Total revenues in Q1 2024 were RMB86,812.1 million (US$12,023.3 million), a 131% increase from RMB37,637.1 million in Q1 2023[3][4] - Revenues from online marketing services and others were RMB42,456.2 million (US$5,880.1 million), a 56% increase from RMB27,244.4 million in Q1 2023[1] - Revenues from transaction services were RMB44,355.8 million (US$6,143.2 million), a 327% increase from RMB10,392.6 million in Q1 2023[18] - Total revenues for Q1 2024 reached RMB 86,812,059 (US$ 12,023,331), a significant increase from RMB 37,637,050 in the same period last year[25] - Online marketing services and others contributed RMB 42,456,243 (US$ 5,880,121) to revenues in Q1 2024, up from RMB 27,244,426 in Q1 2023[26] - Transaction services revenue for Q1 2024 was RMB 44,355,816 (US$ 6,143,210), compared to RMB 10,392,624 in Q1 2023[26] Profitability - Operating profit in Q1 2024 was RMB25,973.7 million (US$3,597.3 million), a 275% increase from RMB6,929.0 million in Q1 2023[2][3] - Non-GAAP operating profit in Q1 2024 was RMB28,552.2 million (US$3,954.4 million), a 237% increase from RMB8,462.4 million in Q1 2023[2][3] - Net income attributable to ordinary shareholders in Q1 2024 was RMB27,997.8 million (US$3,877.7 million), a 246% increase from RMB8,101.0 million in Q1 2023[2][3] - Non-GAAP net income attributable to ordinary shareholders in Q1 2024 was RMB30,601.8 million (US$4,238.3 million), a 202% increase from RMB10,126.4 million in Q1 2023[2][3] - Net income for Q1 2024 was RMB 27,997,826 (US$ 3,877,654), compared to RMB 8,101,027 in Q1 2023[25] - Non-GAAP net income attributable to ordinary shareholders for Q1 2024 was RMB 30,601,805 (US$ 4,238,301), up from RMB 10,126,392 in Q1 2023[28] - Diluted earnings per ordinary share for Q1 2024 were RMB 5.18 (US$ 0.71), compared to RMB 1.73 in Q1 2023[28] Cash Flow and Liquidity - Net cash generated from operating activities in Q1 2024 was RMB21,067.2 million (US$2,917.8 million), compared with RMB1,338.0 million in Q1 2023[2][16] - Cash, cash equivalents, and short-term investments were RMB242.1 billion (US$33.5 billion) as of March 31, 2024, compared with RMB217.2 billion as of December 31, 2023[20] - Total current assets as of March 31, 2024, were RMB 316,469,963 (US$ 43,830,584), up from RMB 294,750,472 in the previous year[24] - Cash and cash equivalents stood at RMB 55,591,888 (US$ 7,699,388) as of March 31, 2024, compared to RMB 59,794,469 in the previous year[24] Operating Expenses - Sales and marketing expenses in Q1 2024 were RMB23,410.7 million (US$3,242.3 million), a 44% increase from RMB16,259.7 million in Q1 2023[19] - Total operating expenses for Q1 2024 were RMB 28,143,720 (US$ 3,897,860), up from RMB 19,582,747 in Q1 2023[25] - Research and development expenses increased to RMB 2,909,620 (US$ 402,978) in Q1 2024 from RMB 2,506,657 in Q1 2023[25]