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PDD on Nasdaq

PDD Holdings

PDD Holdings is an e-commerce company based in George Town, founded in 2018.1 It employed about 13,000 people in 2022.1 Its revenue was $54 billion in 2024.1

$80.85 down 1.57 (1.90%)Price as of Oct 16, 2026 at 19:58 UTC

Last updated Oct 21, 2026.

Overview

$61.8BRevenue, fiscal 20255
$14.0BNet income, fiscal 20255
2018Founded1

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  • TickerPDD on Nasdaq1
  • Industrye-commerce1
  • HeadquartersDublin1
  • Websitewww.pddholdings.com
  • Incorporated inCayman Islands6
  • Business addressFirst Floor, 25 St Stephen'S Green, Dublin 26
  • Filer categoryLarge accelerated filer6
  • Legal formcompany limited by shares3
  • LEI5493000573DS7005T6573
  • StatusActive3
  • LEI statusIssued and current3
  • Registered addressP.O. Box 31119, Grand Pavilion, Hibiscus Way, 802 West Bay Road, KY1-1205 Grand Cayman, Cayman Islands3
  • Registered withGeneral Registry, 2990253

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We commenced our commercial operations in 2015 through Hangzhou Aimi and Shanghai Xunmeng in parallel. In June 2016, to streamline the operations of these two companies, Hangzhou Aimi acquired 100% of the equity interests in Shanghai Xunmeng, and Shanghai Xunmeng became a wholly owned subsidiary of Hangzhou Aimi.7 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

21.6%Operating margin5
22.7%Net margin5
14.5%Revenue growth, 20255
23.7%Return on equity5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Online marketing services and others brought in 50% of the revenue PDD Holdings broke down this way in fiscal 2025.

  1. Online marketing services and others217.8B CNY550%up 10% from 2024
  2. Transaction services214.1B CNY550%up 9% from 2024
Products and services by year
Products and services202320242025
Online marketing services and others153.5B CNY197.9B CNY217.8B CNY
Transaction services94.1B CNY195.9B CNY214.1B CNY

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue44¢$27.0B
  • Research and development4¢$2.4B
  • Other costs25¢$15.3B
  • Income tax5¢$3.1B
  • Profit23¢$14.0B

Out of $61.8B in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$15.3B

Out of $15.3B of cash from operations.5

Financial statements

Revenue8910111213145$61.8B in 2025+3136% since 2018
0$20.0B$40.0B$60.0B$80.0B2018: $1.9B$1.9B20182019: $4.3B$4.3B2019+127%2020: $9.1B$9.1B2020+111%2021: $14.7B$14.7B2021+62%2022: $18.9B$18.9B2022+28%2023: $34.9B$34.9B2023+84%2024: $54.0B$54.0B2024+55%2025: $61.8B$61.8B2025+14%
Gross profit89101112$14.4B in 2022+867% since 2018
0$5.0B$10.0B$15.0B2018: $1.5B$1.5B20182019: $3.4B$3.4B2019+130%2020: $6.2B$6.2B2020+80%2021: $9.8B$9.8B2021+58%2022: $14.4B$14.4B2022+47%
Operating income8910111213145$13.3B in 2025
-$5.0B0$5.0B$10.0B$15.0B2018: -$1.6B-$1.6B20182019: -$1.2B-$1.2B2019−22%2020: -$1.4B-$1.4B2020+17%2021: $1.1B$1.1B20212022: $4.4B$4.4B2022+307%2023: $8.3B$8.3B2023+88%2024: $14.9B$14.9B2024+80%2025: $13.3B$13.3B2025−10%
Net income8910111213145$14.0B in 2025
-$5.0B0$5.0B$10.0B$15.0B$20.0B2018: -$1.5B-$1.5B20182019: -$1.0B-$1.0B2019−33%2020: -$1.1B-$1.1B2020+10%2021: $1.2B$1.2B20212022: $4.6B$4.6B2022+275%2023: $8.5B$8.5B2023+85%2024: $15.4B$15.4B2024+82%2025: $14.0B$14.0B2025−9%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Revenues (including services provided to a related party of RMB4,272, nil and nil for the years ended December 31, 2023, 2024 and 2025, respectively)431.8B CNY393.8B CNY247.6B CNY
Costs of revenues (including services received from related parties of RMB6,031,719, RMB6,292,953 and RMB6,118,953 (US$874,999) for the years ended December 31, 2023, 2024 and 2025, respectively)-188.8B CNY-153.9B CNY-91.7B CNY
Sales and marketing expenses (including services received from related parties of RMB1,795,959, RMB1,302,234 and RMB1,005,637 (US$143,804) for the years ended December 31, 2023, 2024 and 2025, respectively)-125.3B CNY-111.3B CNY-82.2B CNY
General and administrative expenses-8.2B CNY-7.6B CNY-4.1B CNY
Research and development expenses (including services received from related parties of RMB194,803, RMB79,242 and RMB162,606 (US$23,252) for the years ended December 31, 2023, 2024 and 2025, respectively)-16.5B CNY-12.7B CNY-11.0B CNY
Total operating expenses-149.9B CNY-131.5B CNY-97.2B CNY
Operating profit93.1B CNY108.4B CNY58.7B CNY
Interest and investment income, net25.6B CNY20.6B CNY10.2B CNY
Interest expenses-44.0M CNY
Foreign exchange gain/(loss)-2.0B CNY587.9M CNY35.7M CNY
Other income, net2.7B CNY3.1B CNY3.0B CNY
Profit before income tax and share of results of equity investees119.4B CNY132.7B CNY71.9B CNY
Income tax expenses-21.7B CNY-20.3B CNY-11.8B CNY
Share of results of equity investees129.0M CNY17.2M CNY-4.7M CNY
Net income97.8B CNY112.4B CNY60.0B CNY
Net income attributable to ordinary shareholders97.8B CNY112.4B CNY60.0B CNY
Basic (in dollars per share)17.50 CNY20.31 CNY11.08 CNY
Diluted (in dollars per share)16.50 CNY19.00 CNY10.29 CNY
Basic (in shares)5.6B shares5.5B shares5.4B shares
Diluted (in shares)5.9B shares5.9B shares5.8B shares
Foreign currency translation difference, net of tax of nil-5.5B CNY2.6B CNY1.3B CNY
Unrealized gains/(losses) on available-for-sale debt securities, net of tax-232.3M CNY494.8M CNY68.5M CNY
Total other comprehensive income/(loss)-5.7B CNY3.1B CNY1.4B CNY
Comprehensive income92.1B CNY115.5B CNY61.4B CNY
Foreign currency translation difference, tax0 CNY0 CNY0 CNY

Compare PDD Holdings with another company

Corporate structure

PDD Holdings sits at the top of its group. 4 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of PDD Holdings

  • BlackRock Filed SC 13G on PDD Holdings, latest Oct 22, 2024 (4 filings since Feb 3, 2023)
  • SC US (TTGP), LTD. Filed SC 13G/A on PDD Holdings, latest Feb 14, 2023 (2 filings since Feb 14, 2022)
  • Banyan Partners Fund II, L.P. Filed SC 13G/A on PDD Holdings, latest Feb 13, 2023 (2 filings since Feb 11, 2022)
  • PDD Holdings George Town, Cayman Islands
    • Temu Subsidiary · Boston
    • Shanghai Xunmeng Information Technology Subsidiary · China
    • Whaleco Technology Subsidiary · Dublin 2, Ireland

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What PDD Holdings reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$829.5M5 Dec 31, 2025$658.2M14 Dec 31, 2024+26.0%
Accumulated depreciation$642.7M5 Dec 31, 2025$537.8M14 Dec 31, 2024+19.5%
Property and equipment, net$186.8M5 Dec 31, 2025$120.5M14 Dec 31, 2024+55.0%
Operating-lease assets (leased space)$695.4M5 Dec 31, 2025$693.8M14 Dec 31, 2024+0.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$15.6B5 Dec 31, 2025$7.9B14 Dec 31, 2024+96.8%
Marketable securities, current$9.4B5 Dec 31, 2025$6.1B14 Dec 31, 2024+55.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$2.2M5 Dec 31, 2025$2.6M14 Dec 31, 2024−16.2%

Leadership

Who has led PDD Holdings, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Jiazhen Zhao2026–now
20202025
Board members and other officers (7)

Products and brands

  • e-commerce

Listed on Wikidata.1

Subsidiaries and ownership

Owners

Subsidiaries

  • Shanghai Xunmeng Information Technology
  • Temu
  • Whaleco Technology

From Wikidata.1

Employees over time

  • 202212,9921
  • 20207,9861

Former names

  • Pinduoduo Inc.Jun 8, 2018 to Feb 3, 20236
  • Walnut Street Group Holding LtdMay 7, 2018 to Jun 29, 20186

Timeline

  1. Mar 18, 2026New chief executive Jiazhen Zhao becomes CEO15
  2. Jul 26, 2018Went public Listed on NYSE1
  3. 2018Founded Founded1

Calendar

Coming up

  1. Nov 17, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $2.77 a share, on Nov 18, 2025.22

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

115 filings to the SEC since October 2021: 5 annual reports, 18 insider forms, 8 large holders, 84 other. The latest 20:

  1. Sep 4, 20264 OWNERSHIP DOCUMENT EDGAR
  2. Sep 3, 2026144 EDGAR
  3. Sep 2, 20264 OWNERSHIP DOCUMENT EDGAR
  4. Aug 25, 20266-K EDGAR
  5. Aug 21, 20266-K EDGAR
  6. Aug 4, 20264 OWNERSHIP DOCUMENT EDGAR
  7. Jul 2, 20264 OWNERSHIP DOCUMENT EDGAR
  8. Jul 2, 20264 OWNERSHIP DOCUMENT EDGAR
  9. May 28, 20266-K EDGAR
  10. Apr 29, 202620-F EDGAR
  11. Apr 1, 20264 OWNERSHIP DOCUMENT EDGAR
  12. Apr 1, 20264 OWNERSHIP DOCUMENT EDGAR
  13. Mar 30, 2026144 EDGAR
  14. Mar 30, 2026144 EDGAR
  15. Mar 26, 20266-K EDGAR
  16. Mar 18, 20263 OWNERSHIP DOCUMENT EDGAR
  17. Mar 18, 20263 OWNERSHIP DOCUMENT EDGAR
  18. Mar 18, 20263 OWNERSHIP DOCUMENT EDGAR
  19. Mar 18, 20263 OWNERSHIP DOCUMENT EDGAR
  20. Mar 18, 20263 OWNERSHIP DOCUMENT EDGAR

The 115 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

3 open-market trades by officers, directors and large owners since October 2021: 0 buys and 3 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 3, 2026Kam Anthony Ping LeungDirectorSale1,705$82.20$140.2KForm 4
Mar 30, 2026Rietjens Ivonne MCMDirectorSale560$99.59$55.8KForm 4
Mar 30, 2026Kam Anthony Ping LeungDirectorSale1,533$99.43$152.4KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.31,969,893$2.4B0.0%−7,438,139
Baillie Gifford & Co26,594,535$2.0B1.8%−1,758,564
H&H International Investment, LLC25,022,094$1.9B10.0%+5,273,800
Vanguard Capital Management LLC24,646,256$1.9B0.0%+520,598
Invesco Ltd.22,228,242$1.7B0.1%+1,729,817
Goldman Sachs Group Inc14,006,939$1.1B0.1%+4,301,004
HSG Holding Ltd11,348,426$865.7M72.3%No change
Himalaya Capital Management LLC10,761,119$820.9M22.2%+6,153,119
State Street Corp10,303,417$785.9M0.0%−1,730,280
NetEase, Inc.9,566,480$729.7M95.3%+700,000
First Beijing Investment Ltd9,377,416$715.3M29.3%+1,228,254
Norges Bank9,338,120$712.3M0.1%New
Sc Us (ttgp), Ltd.8,841,576$674.4M2.1%No change
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC8,726,228$665.6M0.1%+143,225
Sanders Capital, LLC7,936,717$605.4M0.6%−155,084
Vanguard Fiduciary Trust Co6,658,003$507.9M0.1%+138,198
Geode Capital Management, LLC6,639,259$504.1M0.0%−213,668
FIL Ltd6,292,692$480.0M0.3%−556,579
Jpmorgan Chase & Co6,017,649$460.6M0.0%−1,893,188
Krane Funds Advisors LLC5,780,324$440.9M15.6%+47,140
UBS Group AG5,635,629$429.9M0.1%+3,134,090
Morgan Stanley5,483,249$418.3M0.0%−1,905,643
Orbis Allan Gray Ltd5,353,562$408.4M1.4%+3,609,514
Jane Street Group, LLC4,794,185$365.7M0.2%+4,617,470
Greenwoods Asset Management Hong Kong Ltd.4,785,666$365.1M16.7%−318,138

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

6 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Oct 31, 2025Lisa C. McClainRepublican, HouseSale$1,001 - $15,000+52.0%Report
Oct 30, 2025Lisa C. McClainRepublican, HouseBuy$1,001 - $15,000−52.9%Report
Oct 30, 2025Lisa C. McClainRepublican, HouseSale$1,001 - $15,000+52.9%Report
Jul 16, 2025Lisa C. McClainRepublican, HouseBuy$1,001 - $15,000−45.2%Report
Jun 10, 2025Lisa C. McClainRepublican, HousePartial sale$1,001 - $15,000+47.5%Report
Jun 9, 2025Lisa C. McClainRepublican, HouseBuy$1,001 - $15,000−47.6%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How PDD Holdings is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARPDD Holdings Inc.2
  • CIK0001737806
  • Filer statusLarge accelerated filer not an emerging growth company; not a shell company7
  • Incorporated inCayman Islands7
  • Fiscal year endsDecember 312
  • Industry code (SIC)7389 Services-Business Services, NEC2
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance2
  • Business addressFirst Floor, 25 St Stephen'S Green, Dublin 2, Ireland2
  • Phone353 1 53979382
  • Shares outstanding5,693,585,848 Common Class A shares as of Dec 31, 20257
  • AuditorErnst & Young, Hong Kong, the People’s Republic of China PCAOB ID 1409; it also attests to the company’s internal control over financial reporting7
  • On EDGAR sinceMay 7, 20182
  • Filings220 in all: 6-K (69), CORRESP (22), UPLOAD (22), 144 (19), 3 (11), SC 13G/A (9), 20-F (8), 4 (7)2
    All 30 form types

    SC 13G (7), F-1/A (5), SC TO-I/A (5), 424B5 (4), SC 13D/A (4), DRSLTR (3), EFFECT (3), FWP (3), 424B4 (2), DRS (2), F-1 (2), SC 13D (2), SC TO-I (2), 424B3 (1), 8-A12B (1), CERT (1), CT ORDER (1), DRS/A (1), F-1MEF (1), F-3ASR (1), F-6 (1), S-8 (1)

  • Latest filingsAnnual report (20-F) Apr 29, 2026

Securities registered for trading

ClassSymbolExchange
American Depositary Shares (one Americandepositary share representing four Class Aordinary shares, par value US$0.000005 per share)PDDNasdaq
Class A ordinary shares, par value US$0.000005 per shareNasdaq

From the cover page of the 20-F filed Apr 29, 2026 (Section 12(b) of the Exchange Act).7

Sources

The numbers on this page point here. Each one links to the record it came from.

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