# EDGAR Filing Document

**Accession Number:** 0001737806
**File Stem:** 0001104659-25-113490
**Filing Date:** 2025-11
**Character Count:** 28320
**Document Hash:** db838838e1239310013da74c62c6db7b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-113490.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001104659-25-113490

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251118

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PDD Holdings Inc.
- **CENTRAL INDEX KEY:** 0001737806
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38591
- **FILM NUMBER:** 251493025

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** FIRST FLOOR, 25 ST STEPHEN'S GREEN
- **CITY:** DUBLIN 2
- **PROVINCE COUNTRY:** L2
- **BUSINESS PHONE:** 353 1 5397938

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** FIRST FLOOR, 25 ST STEPHEN'S GREEN
- **CITY:** DUBLIN 2
- **PROVINCE COUNTRY:** L2

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Pinduoduo Inc.
- **DATE OF NAME CHANGE:** 20180709

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Walnut Street Group Holding Ltd
- **DATE OF NAME CHANGE:** 20180628

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Pinduoduo Inc.
- **DATE OF NAME CHANGE:** 20180628

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16 UNDER**

**THE SECURITIES EXCHANGE ACT OF 1934**

For the month of November 2025

Commission File Number: 001-38591

**PDD Holdings Inc.**

First Floor, 25 St Stephen's Green,

Dublin 2, D02 XF99

Ireland<br> (Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ◻

**<u>Exhibit Index</u>**

[Exhibit 99.1—Press Release (Earnings Release)](tm2531580d1_ex99-1.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| **PDD HOLDINGS INC.** | **PDD HOLDINGS INC.** | **PDD HOLDINGS INC.** |
| By | : | /s/ Lei Chen |
| Name | : | Lei Chen |
| Title | : | Chairman of the Board of Directors and Co-Chief Executive Officer |

---

Date: November 18, 2025

## Exhibit 99.1

**Exhibit 99.1**

**PDD Holdings Announces Third Quarter 2025 Unaudited Financial Results**

November 18, 2025

DUBLIN and SHANGHAI, Nov. 18, 2025 (GLOBE NEWSWIRE) -- PDD Holdings Inc. ("PDD Holdings" or the "Company") (NASDAQ: PDD), today announced its unaudited financial results for the third quarter ended September 30, 2025.

**Third Quarter 2025 Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· **Total** **revenues** in
 the quarter were RMB108,276.5 million (US$ <sup>1</sup> 15,209.5
 million), an increase of 9% from RMB99,354.4 million in the same quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· **Operating** **profit** in
 the quarter was RMB25,025.9 million (US$3,515.4 million), compared with RMB24,292.5 million in the same quarter of 2024. **Non-GAAP** **<sup>2</sup> operating profit** in the quarter was RMB27,079.4 million (US$3,803.8 million), compared with
 RMB26,770.5 million in the same quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· **Net income attributable to ordinary shareholders** in the quarter was RMB29,328.2
 million (US$4,119.7 million), an increase of 17% from RMB24,980.7 million in the same quarter of 2024. **Non-GAAP net income attributable to ordinary shareholders** in the quarter was RMB31,381.7 million (US$4,408.2 million), an increase of 14% from
 RMB27,458.7 million in the same quarter of 2024.

"This year marks the tenth anniversary of the company's founding," said Mr. Lei Chen, Chairman and Co-Chief Executive Officer of PDD Holdings. "Ten years ago, we set out to create a platform that benefits all. Looking ahead, as we grow in scale, we are prepared to take on greater social responsibility and continue our journey that serves the greater public interest and the long-term outlook of the entire ecommerce ecosystem."

"In an increasingly competitive environment, we remain steadfast in taking a long-term focus," said Mr. Jiazhen Zhao, Executive Director and Co-Chief Executive Officer of PDD Holdings. "As a public platform, we will continue to invest in merchant support initiatives, driving industry upgrades and the sustainable development of the platform in the long run."

"In the third quarter, revenues growth continued to moderate, reflecting the ongoing evolution of the competitive landscape and external uncertainties," said Ms. Jun Liu, VP of Finance of PDD Holdings. "As we roll out greater merchant support initiatives and ecosystem investments, financial results may continue to fluctuate from quarter to quarter."

<sup>1</sup> This announcement contains translations of certain Renminbi ("RMB") amounts into U.S. dollars ("US$") at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB7.1190 to US$1.00, the noon buying rate in effect on September 30, 2025 as set forth in the H.10 Statistical Release of the Federal Reserve Board.

<sup>2</sup> The Company's non-GAAP financial measures exclude share-based compensation expenses and fair value change of certain investments. See "Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measures" set forth at the end of this press release.

**Third Quarter 2025 Unaudited Financial Results**

**Total revenues** were RMB108,276.5 million (US$15,209.5 million), an increase of 9% from RMB99,354.4 million in the same quarter of 2024. The increase was primarily due to the increase in revenues from online marketing services and transaction services.

&nbsp;&nbsp;&nbsp;&nbsp;· **Revenues from online marketing services and others** were RMB53,347.6 million
 (US$7,493.7 million), an increase of 8% from RMB49,351.0 million in the same quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· **Revenues from transaction services** were RMB54,928.9 million (US$7,715.8 million), an
 increase of 10% compared with RMB50,003.4 million in the same quarter of 2024.

**Total costs of revenues** were RMB46,840.2 million (US$6,579.6 million), an increase of 18% from RMB39,709.2 million in the same quarter of 2024. The increase mainly came from the increased fulfilment fees, bandwidth and server costs, and payment processing fees.

**Total operating expenses** were RMB36,410.4 million (US$5,114.5 million), compared with RMB35,352.7 million in the same quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· **Sales and marketing expenses** were RMB30,322.9 million (US$4,259.4 million), compared with RMB30,483.8 million
 in the same quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· **General and administrative expenses** were RMB1,755.3 million (US$246.6 million), compared with RMB1,805.6 million
 in the same quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· **Research and development expenses** were RMB4,332.2 million (US$608.5 million), an increase of 41% from RMB3,063.4
 million in the same quarter of 2024, primarily due to the increase in staff related costs,
 and bandwidth and server costs.

**Operating profit** in the quarter was RMB25,025.9 million (US$3,515.4 million), compared with RMB24,292.5 million in the same quarter of 2024.

**Non-GAAP operating profit** in the quarter was RMB27,079.4 million (US$3,803.8 million), compared with RMB26,770.5 million in the same quarter of 2024.

**Net income attributable to ordinary shareholders** in the quarter was RMB29,328.2 million (US$4,119.7 million), an increase of 17% from RMB24,980.7 million in the same quarter of 2024. **Non-GAAP net income attributable to ordinary shareholders** in the quarter was RMB31,381.7 million (US$4,408.2 million), an increase of 14% from RMB27,458.7 million in the same quarter of 2024.

**Basic earnings per ADS** was RMB20.96 (US$2.94) and diluted earnings per ADS was RMB19.70 (US$2.77), compared with basic earnings per ADS of RMB18.02 and diluted earnings per ADS of RMB16.91 in the same quarter of 2024. **Non-GAAP diluted earnings per ADS** was RMB21.08 (US$2.96), compared with RMB18.59 in the same quarter of 2024.

**Net cash generated from operating activities** was RMB45,660.5 million (US$6,413.9 million), compared with RMB27,522.3 million in the same quarter of 2024, mainly due to the increase in net income and the changes in working capitals.

**Cash, cash equivalents and short-term investments** were RMB423.8 billion (US$59.5 billion) as of September 30, 2025, compared with RMB331.6 billion as of December 31, 2024.

**Other non-current assets** were RMB90.5 billion (US$12.7 billion) as of September 30, 2025, compared with RMB83.4 billion as of December 31, 2024, which mainly included time deposits, held-to-maturity debt securities, and available-for-sale debt securities.

**Conference Call**

The Company's management will hold an earnings conference call at 7:30 AM ET on November 18, 2025 (12:30 PM GMT and 8:30 PM HKT on the same day).

The conference call will be webcast live at <u>https://investor.pddholdings.com/investor-events</u>. The webcast will be available for replay at the same website following the conclusion of the call.

**Use of Non-GAAP Financial Measures**

In evaluating the business, the Company considers and uses non-GAAP measures, such as non-GAAP operating profit, non-GAAP net income attributable to ordinary shareholders, non-GAAP diluted earnings per ordinary share, and non-GAAP diluted earnings per ADS, as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Company's non-GAAP financial measures exclude the impact of share-based compensation expenses and fair value change of certain investments.

The Company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses and fair value change of certain investments, which are non-cash charges. The Company also believes that the non-GAAP financial measures may provide further information about the Company's results of operations, and enhance the overall understanding of the Company's past performance and future prospects.

The Company's non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. These non-GAAP financial measures do not reflect all items of income and expenses that affect the Company's operations and do not represent the residual cash flow available for discretionary expenditures. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company's financial information in its entirety and not rely on a single financial measure.

For more information on the non-GAAP financial measures, please see the table captioned "Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measures" set forth at the end of this press release.

**Safe Harbor Statements**

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continue" or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as the Company's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's growth strategies; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in the e-commerce markets globally and in the countries or regions where the Company has operations; changes in its revenues and certain cost or expense items; the expected growth of e-commerce markets globally and in the countries or regions where the Company has operations; developments in the relevant governmental policies and regulations relating to the Company's industry; and general economic and business conditions globally and in the countries or regions where the Company has operations; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

**About PDD Holdings**

PDD Holdings is a multinational commerce group that owns and operates a portfolio of businesses. PDD Holdings aims to bring more businesses and people into the digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities.

PDD HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"))

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **December 31, 2024** | **September 30, 2025** | **September 30, 2025** |
|  | **RMB** | **RMB** | **US$** |
|  | | **(Unaudited)** | **(Unaudited)** |
| **ASSETS** | | | |
| **Current assets** |  |  |  |
| Cash and cash equivalents | 57768053 | 92386547 | 12977461 |
| Restricted cash | 68426368 | 71002923 | 9973721 |
| Receivables from online payment platforms | 3679309 | 5998462 | 842599 |
| Short-term investments | 273791856 | 331382740 | 46549057 |
| Amounts due from related parties | 7569180 | 9148789 | 1285123 |
| Prepayments and other current assets | 4413466 | 6440356 | 904671 |
| **Total current assets** | **415648232** | **516359817** | **72532632** |
| **Non-current assets** |  |  |  |
| Property, equipment and software, net | 879327 | 1249613 | 175532 |
| Intangible assets | 19170 | 16343 | 2296 |
| Right-of-use assets | 5064351 | 4958983 | 696584 |
| Deferred tax assets | 15998 | 670254 | 94150 |
| Other non-current assets | 83407238 | 90469308 | 12708148 |
| **Total non-current assets** | **89386084** | **97364501** | **13676710** |
| **Total Assets** | **505034316** | **613724318** | **86209342** |

---

PDD HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"))

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **December 31, 2024** | **September 30, 2025** | **September 30, 2025** |
|  | **RMB** | **RMB** | **US$** |
|  | | **(Unaudited)** | **(Unaudited)** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
| **Current liabilities** |  |  |  |
| Amounts due to related parties | 801859 | 1179075 | 165624 |
| Customer advances and deferred revenues | 2947041 | 3331621 | 467990 |
| Payable to merchants | 91655947 | 100578026 | 14128112 |
| Accrued expenses and other liabilities | 69141831 | 89065852 | 12511005 |
| Merchant deposits | 16460600 | 17429593 | 2448320 |
| Convertible bonds, current portion | 5309597 | 5248364 | 737233 |
| Lease liabilities | 2105978 | 2385651 | 335110 |
| **Total current liabilities** | **188422853** | **219218182** | **30793394** |
| **Non-current liabilities** |  |  |  |
| Lease liabilities | 3191565 | 3039624 | 426973 |
| Deferred tax liabilities | 106774 | 63536 | 8925 |
| **Total non-current liabilities** | **3298339** | **3103160** | **435898** |
| **Total Liabilities** | **191721192** | **222321342** | **31229292** |
| **Shareholders' equity** |  |  |  |
| Ordinary shares | 180 | 181 | 25 |
| Additional paid-in capital | 117829308 | 124013007 | 17420004 |
| Statutory reserves | 237680 | 237680 | 33387 |
| Accumulated other comprehensive income | 7824545 | 4907227 | 689314 |
| Retained earnings | 187421411 | 262244881 | 36837320 |
| **Total Shareholders' Equity** | **313313124** | **391402976** | **54980050** |
| **Total Liabilities and Shareholders' Equity** | **505034316** | **613724318** | **86209342** |

---

PDD HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Amounts in thousands of RMB and US$)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2024** | **2025** | **2025** | **2024** | **2025** | **2025** |
|  | **RMB<br> (Unaudited)** | **RMB<br> (Unaudited)** | **US$(Unaudited)** | **RMB<br> (Unaudited)** | **RMB<br> (Unaudited)** | **US$(Unaudited)** |
| Revenues | 99354401 | 108276512 | 15209511 | 283225991 | 307933519 | 43255165 |
| Costs of revenues | (39709214) | (46840159) | (6579598) | (106101998) | (133646192) | (18773169) |
| Sales and marketing expenses | (30483800) | (30322947) | (4259439) | (79943592) | (90935584) | (12773646) |
| General and administrative expenses | (1805576) | (1755309) | (246567) | (5467571) | (4946077) | (694771) |
| Research and development expenses | (3063353) | (4332173) | (608537) | (8882183) | (11501280) | (1615575) |
| **Total operating expenses** | **(35352729)** | **(36410429)** | **(5114543)** | **(94293346)** | **(107382941)** | **(15083992)** |
| **Operating profit** | **24292458** | **25025924** | **3515370** | **82830647** | **66904386** | **9398004** |
| Interest and investment income, net | 5416080 | 8565241 | 1203152 | 15320261 | 19210994 | 2698552 |
| Foreign exchange loss, net | (547343) | (265200) | (37252) | (272660) | (1306690) | (183550) |
| Other income/(loss), net | 18606 | (48382) | (6796) | 2393112 | 3332016 | 468046 |
| **Profit before income tax and share of results of equity investees** | **29179801** | **33277583** | **4674474** | **100271360** | **88140706** | **12381052** |
| Share of results of equity investees | 2513 | 37287 | 5238 | (99500) | (30796) | (4326) |
| Income tax expenses | (4201620) | (3986686) | (560006) | (15183985) | (13286440) | (1866335) |
| **Net income** | **24980694** | **29328184** | **4119706** | **84987875** | **74823470** | **10510391** |

---

PDD HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Amounts in thousands of RMB and US$, except for per share data)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2024** | **2025** | **2025** | **2024** | **2025** | **2025** |
|  | **RMB**<br> **(Unaudited)** | **RMB**<br> **(Unaudited)** | **US$**<br> **(Unaudited)** | **RMB**<br> **(Unaudited)** | **RMB**<br> **(Unaudited)** | **US$**<br> **(Unaudited)**  |
| **Net income** | **24980694** | **29328184** | **4119706** | **84987875** | **74823470** | **10510391** |
| **Net income attributable to ordinary shareholders** | **24980694** | **29328184** | **4119706** | **84987875** | **74823470** | **10510391** |
| **Earnings per ordinary share:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;-Basic | 4.51 | 5.24 | 0.74 | 15.37 | 13.40 | 1.88 |
| &nbsp;&nbsp;&nbsp;-Diluted | 4.23 | 4.93 | 0.69 | 14.37 | 12.60 | 1.77 |
| **Earnings per ADS (4 ordinary shares equals 1 ADS):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;-Basic | 18.02 | 20.96 | 2.94 | 61.48 | 53.59 | 7.53 |
| &nbsp;&nbsp;&nbsp;-Diluted | 16.91 | 19.70 | 2.77 | 57.49 | 50.40 | 7.08 |
| **Weighted-average number of ordinary shares outstanding (in thousands):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;-Basic | 5543633 | 5597224 | 5597224 | 5529090 | 5584383 | 5584383 |
| &nbsp;&nbsp;&nbsp;-Diluted | 5909793 | 5953796 | 5953796 | 5913666 | 5938591 | 5938591 |

---

PDD HOLDINGS INC.

NOTES TO FINANCIAL INFORMATION

(Amounts in thousands of RMB and US$)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2024** | **2025** | **2025** | **2024** | **2025** | **2025** |
|  | **RMB**<br> **(Unaudited)** | **RMB**<br> **(Unaudited)** | **US$**<br> **(Unaudited)** | **RMB**<br> **(Unaudited)** | **RMB**<br> **(Unaudited)** | **US$**<br> **(Unaudited)**  |
| **Revenues** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;- Online marketing services and others | 49351022 | 53347570 | 7493689 | 140923131 | 157772963 | 22162237 |
| &nbsp;&nbsp;&nbsp;- Transaction services | 50003379 | 54928942 | 7715822 | 142302860 | 150160556 | 21092928 |
| **Total** | **99354401** | **108276512** | **15209511** | **283225991** | **307933519** | **43255165** |

---

PDD HOLDINGS INC.

NOTES TO FINANCIAL INFORMATION

(Amounts in thousands of RMB and US$)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2024** | **2025** | **2025** | **2024** | **2025** | **2025** |
|  | **RMB**<br> **(Unaudited)** | **RMB**<br> **(Unaudited)** | **US$**<br> **(Unaudited)** | **RMB**<br> **(Unaudited)** | **RMB**<br> **(Unaudited)** | **US$**<br> **(Unaudited)**  |
| **Share-based compensation expenses included in:** |  |  |  |  |  |  |
| Costs of revenues | 44725 | 81795 | 11490 | 99945 | 203106 | 28530 |
| Sales and marketing expenses | 650106 | 525904 | 73873 | 1960478 | 1647827 | 231469 |
| General and administrative expenses | 1158615 | 859155 | 120685 | 3655344 | 2648390 | 372017 |
| Research and development expenses | 624559 | 586666 | 82408 | 1763542 | 1683224 | 236441 |
| **Total** | **2478005** | **2053520** | **288456** | **7479309** | **6182547** | **868457** |

---

PDD HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands of RMB and US$)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2024** | **2025** | **2025** | **2024** | **2025** | **2025** |
|  | **RMB**<br> **(Unaudited)** | **RMB**<br> **(Unaudited)** | **US$**<br> **(Unaudited)** | **RMB**<br> **(Unaudited)** | **RMB**<br> **(Unaudited)** | **US$**<br> **(Unaudited)**  |
| Net cash generated from operating activities | 27522313 | 45660545 | 6413899 | 92382132 | 82819144 | 11633536 |
| Net cash used in investing activities | (16898558) | (11555616) | (1623208) | (87810779) | (44961484) | (6315703) |
| Net cash generated from financing activities | 132 | 551 | 77 | 890 | 1123 | 158 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1052321) | (616092) | (86542) | (663653) | (663734) | (93234) |
| Increase in cash, cash equivalents and restricted cash | 9571566 | 33489388 | 4704226 | 3908590 | 37195049 | 5224757 |
| **Cash, cash equivalents and restricted cash at beginning of period** | **116116929** | **129900082** | **18246956** | **121779905** | **126194421** | **17726425** |
| **Cash, cash equivalents and restricted cash at end of period** | **125688495** | **163389470** | **22951182** | **125688495** | **163389470** | **22951182** |

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PDD HOLDINGS INC. <br> RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP MEASURES<br> (Amounts in thousands of RMB and US$, except for per share data)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2024** | **2025** | **2025** | **2024** | **2025** | **2025** |
|  | **RMB**<br> **(Unaudited)** | **RMB**<br> **(Unaudited)** | **US$**<br> **(Unaudited)** | **RMB**<br> **(Unaudited)** | **RMB**<br> **(Unaudited)** | **US$**<br> **(Unaudited)** |
| Operating profit | 24292458 | 25025924 | 3515370 | 82830647 | 66904386 | 9398004 |
| Add: Share-based compensation expenses | 2478005 | 2053520 | 288456 | 7479309 | 6182547 | 868457 |
| **Non-GAAP operating profit** | **26770463** | **27079444** | **3803826** | **90309956** | **73086933** | **10266461** |
| Net income attributable to ordinary shareholders | 24980694 | 29328184 | 4119706 | 84987875 | 74823470 | 10510391 |
| Add: Share-based compensation expenses | 2478005 | 2053520 | 288456 | 7479309 | 6182547 | 868457 |
| Add: Loss from fair value change of certain investments | 2 | - | - | 25456 | - | - |
| **Non-GAAP net income attributable to ordinary shareholders** | **27458701** | **31381704** | **4408162** | **92492640** | **81006017** | **11378848** |
| Non-GAAP diluted weighted-average number of ordinary shares outstanding (in thousands) | 5909793 | 5953796 | 5953796 | 5913666 | 5938591 | 5938591 |
| Diluted earnings per ordinary share | 4.23 | 4.93 | 0.69 | 14.37 | 12.60 | 1.77 |
| Add: Non-GAAP adjustments to earnings per ordinary share | 0.42 | 0.34 | 0.05 | 1.27 | 1.04 | 0.15 |
| Non-GAAP diluted earnings per ordinary share | 4.65 | 5.27 | 0.74 | 15.64 | 13.64 | 1.92 |
| Non-GAAP diluted earnings per ADS | 18.59 | 21.08 | 2.96 | 62.56 | 54.56 | 7.68 |

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