PDD Holdings Balance Sheet

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	108,901	57,768	59,795	34,326	6,427
Short-Term Investments	313,408	273,792	157,415	115,113	86,517
Cash & Short-Term Investments	422,308	331,560	217,210	149,439	92,943
Cash Growth	27.37%	52.64%	45.35%	60.78%	6.87%
Accounts Receivable	5,109	3,679	3,914	587.7	673.74
Other Receivables	10,205	7,569	7,428	6,319	4,250
Total Trade Receivables	15,314	11,249	11,342	6,907	4,924
Other Current Assets	394,765	346,632	223,614	175,385	149,559
Total Current Assets	518,980	415,648	294,750	216,618	160,909
Net Property, Plant & Equipment	6,169	5,944	5,084	2,461	3,142
Other Intangible Assets	15.39	19.17	21.15	134	701.22
Other Long-Term Assets	104,880	83,423	48,222	17,907	16,458
Total Assets	630,044	505,034	348,078	237,120	181,210
Accounts Payable	108,494	92,458	76,236	64,993	64,473
Accrued Expenses	81,658	69,142	55,351	20,961	14,086
Current Portion of Long-Term Debt	-	5,310	648.57	13,886	-
Current Portion of Leases	2,499	2,106	1,642	602.04	427.16
Unearned Revenue	3,379	2,947	2,145	1,390	1,167
Other Current Liabilities	17,708	16,461	16,879	15,058	13,578
Total Current Liabilities	213,737	188,423	152,901	116,889	93,730
Long-Term Debt	-	-	5,232	1,576	11,789
Long-Term Leases	2,880	3,192	2,644	870.78	544.26
Other Long-Term Liabilities	41.85	106.77	59.83	13.03	32.29
Total Long-Term Liabilities	2,922	3,298	7,936	2,460	12,366
Total Liabilities	216,659	191,721	160,837	119,349	106,095
Common Stock	0.18	0.18	0.18	0.17	0.16
Additional Paid-in Capital	125,768	117,829	107,293	99,251	95,341
Accumulated Other Comprehensive Income	2,116	7,825	4,724	3,322	-2,520
Retained Earnings	285,502	187,659	75,225	15,198	-17,707
Shareholders' Equity	413,385	313,313	187,242	117,771	75,115
Total Liabilities & Equity	630,044	505,034	348,078	237,120	181,210
Total Debt	5,379	10,607	10,166	16,934	12,760
Net Cash (Debt)	416,929	320,953	207,044	132,504	80,183
Net Cash Growth	29.90%	55.02%	56.26%	65.25%	14.54%
Net Cash Per Share	281.25	216.99	141.82	92.00	56.13
Book Value	413,385	313,313	187,242	117,771	75,115
Book Value Per Share	278.86	211.82	128.26	81.77	52.59
Tangible Book Value	413,370	313,294	187,220	117,637	74,413
Tangible Book Value Per Share	278.85	211.81	128.24	81.67	52.09

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.