PDD Holdings Balance Sheet

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	123,041	108,901	57,768	59,794	34,326	6,427
Short-Term Investments	313,030	313,408	273,792	157,415	115,106	86,203
Trading Asset Securities	-	-	-	-	6.92	313.32
Cash & Short-Term Investments	436,071	422,308	331,560	217,210	149,439	92,943
Cash Growth	19.63%	27.37%	52.64%	45.35%	60.78%	6.87%
Accounts Receivable	15,526	8,936	7,107	10,632	3,352	3,477
Other Receivables	-	8,684	4,335	367	3,303	1,784
Receivables	15,526	18,531	12,153	11,709	7,353	5,959
Prepaid Expenses	8,745	1,673	1,357	1,326	966.44	-
Restricted Cash	76,213	73,831	68,426	61,985	57,974	59,617
Other Current Assets	-	2,638	2,152	2,520	885.95	2,390
Total Current Assets	536,555	518,980	415,648	294,750	216,618	160,909
Property, Plant & Equipment	5,753	6,169	5,944	5,084	2,461	3,142
Long-Term Investments	-	104,317	82,974	47,524	16,665	16,268
Other Intangible Assets	15	15.39	19.17	21.15	134	701.22
Long-Term Deferred Tax Assets	202	171.96	16	270.74	1,045	31.5
Other Long-Term Assets	95,179	391.06	433.23	426.91	196.74	158.01
Total Assets	637,704	630,044	505,034	348,078	237,120	181,210
Accounts Payable	110,405	168,794	143,543	93,141	68,972	66,424
Accrued Expenses	77,309	15,624	15,097	33,614	15,186	11,336
Current Portion of Long-Term Debt	-	-	5,310	648.57	13,886	-
Current Portion of Leases	2,502	2,499	2,106	1,642	602.04	427.16
Current Unearned Revenue	3,521	3,379	2,947	2,145	1,390	1,167
Other Current Liabilities	17,905	23,441	19,419	21,711	16,854	14,375
Total Current Liabilities	211,642	213,737	188,423	152,901	116,889	93,730
Long-Term Debt	-	-	-	5,232	1,576	11,789
Long-Term Leases	2,620	2,880	3,192	2,644	870.78	544.26
Long-Term Deferred Tax Liabilities	15	41.85	106.77	59.83	13.03	31.29
Other Long-Term Liabilities	-	-	-	-	-	1
Total Liabilities	214,277	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	127,292	125,768	117,829	107,293	99,250	95,341
Retained Earnings	298,048	285,502	187,659	75,225	15,198	-17,707
Comprehensive Income & Other	-1,913	2,116	7,825	4,724	3,322	-2,520
Total Common Equity	423,427	413,385	313,313	187,242	117,771	75,115
Shareholders' Equity	423,427	413,385	313,313	187,242	117,771	75,115
Total Liabilities & Equity	637,704	630,044	505,034	348,078	237,120	181,210
Total Debt	5,122	5,379	10,607	10,166	16,934	12,760
Net Cash (Debt)	430,949	416,929	320,953	207,044	132,504	80,183
Net Cash Growth	22.00%	29.90%	55.02%	56.25%	65.25%	14.54%
Net Cash Per Share	290.86	281.25	216.98	141.82	92.00	56.13
Filing Date Shares Outstanding	1,404	1,423	1,420	1,389	1,329	1,264
Total Common Shares Outstanding	1,404	1,423	1,392	1,376	1,320	1,264
Working Capital	324,913	305,243	227,225	141,850	99,728	67,179
Book Value Per Share	301.59	290.42	225.06	136.09	89.25	59.41
Tangible Book Value	423,412	413,370	313,294	187,220	117,637	74,413
Tangible Book Value Per Share	301.58	290.41	225.04	136.07	89.15	58.85
Machinery	-	5,600	4,676	4,150	3,592	3,135
Leasehold Improvements	-	200.68	128.74	69.69	30.25	28.77