PDD Holdings' Q4 revenue increased by 12% year-over-year, but its adjusted net profit fell short of expectations. The company announced a full commitment to investing in the supply chain and officially established 'New Pinmu'.

Futu News reported on March 25 that$PDD Holdings (PDD.US)$The Q4 performance for the fiscal year 2025 is as follows (in RMB, unless otherwise stated):

• Q4 revenue reached RMB 123.912 billion, representing a year-over-year increase of 12%, while market expectations were RMB 123.762 billion.

• Operating profit amounted to 27.72 billion yuan, representing an increase of over 8% year-on-year;

• Net profit attributable to ordinary shareholders reached 24.541 billion yuan, marking an 11% decrease compared to the previous year;

• Under Non-GAAP standards, net profit attributable to ordinary shareholders was RMB 26.295 billion, marking a year-over-year decline of 12%, compared to market expectations of RMB 31.210 billion.

• Basic earnings per share were RMB 17.50, compared to RMB 19.76 in the same period of 2024; diluted earnings per share were RMB 16.51, compared to RMB 18.53 in the same period of 2024.

• Adjusted diluted earnings per share were RMB 17.69, compared to RMB 20.15 in the same period of 2024.

In terms of specific business operations, revenue from online marketing services and other sources totaled 60.01 billion yuan (approximately 8.581 billion US dollars), reflecting a 5% year-on-year growth; revenue from transaction services was 63.902 billion yuan (approximately 9.138 billion US dollars), increasing by 19% year-on-year. As of December 31, 2025, net cash flow generated from operating activities amounted to 24.1195 billion yuan (3.449 billion US dollars), compared to 29.5472 billion yuan for the same period in 2024. The company’s cash, cash equivalents, and short-term investments totaled 422.3 billion yuan (approximately 60.4 billion US dollars), compared to 331.6 billion yuan as of December 31, 2024.

$PDD Holdings (PDD.US)$Co-chairman and Co-CEO Chen Lei stated, 'Over the past year, the company has steadfastly implemented a strategic guideline centered on high-quality development. Looking ahead to the next decade, we will continue to uphold long-term principles and invest more resources to serve stakeholders.'

PDD Holdings Co-Chairman and Co-CEO Zhao Jiazhen remarked, '2026 marks the beginning of PDD Holdings' next decade. As we embark on this new chapter, supply chain investment remains our most resolute area of focus. The company will spare no effort, committing substantial resources to deliver enduring benefits to the entire ecosystem.'

PDD Holdings' CFO Liu Jun stated, 'The external environment and competitive landscape are undergoing rapid changes. To meet the evolving needs of consumers, the company must continue to explore and make investments. These investments are firm and long-term and will inevitably impact financial performance.'

$PDD Holdings (PDD.US)$Officially announced the establishment of 'New Pinmu,' launching brand self-operation and continuing to heavily invest in China's supply chain. According to reports, 'New Pinmu' has established a new special-purpose company in Shanghai, with an initial cash injection of 15 billion yuan. Over the next three years, it plans to invest a total of 100 billion yuan in cash to integrate the supply chain resources of 'PDD Holdings + Temu.' It will initiate the construction of a self-operated brand model, primarily targeting global markets. The initiative will systematically self-operate and incubate brands for different markets and product categories, enabling high-standard output of Chinese manufacturing and promoting Chinese manufacturing toward higher value-added segments.

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