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	59,794	34,326	6,427
Short-Term Investments	313,408	273,792	157,415	115,106	86,203
Trading Asset Securities	-	-	-	6.92	313.32
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	15,314	7,107	10,632	3,352	3,477
Other Receivables	-	3,636	367	3,303	1,784
Receivables	15,314	11,454	11,709	7,353	5,959
Prepaid Expenses	7,527	1,357	1,326	966.44	-
Restricted Cash	73,831	68,426	61,985	57,974	59,617
Other Current Assets	-	2,851	2,520	885.95	2,390
Total Current Assets	518,980	415,648	294,750	216,618	160,909
Property, Plant & Equipment	6,169	5,944	5,084	2,461	3,142
Long-Term Investments	-	82,974	47,524	16,665	16,268
Other Intangible Assets	15.39	19.17	21.15	134	701.22
Long-Term Deferred Tax Assets	171.96	16	270.74	1,045	31.5
Other Long-Term Assets	104,708	433.23	426.91	196.74	158.01
Total Assets	630,044	505,034	348,078	237,120	181,210
Accounts Payable	108,494	120,738	93,141	68,972	66,424
Accrued Expenses	80,136	37,903	33,614	15,186	11,336
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
Current Unearned Revenue	3,379	2,947	2,145	1,390	1,167
Other Current Liabilities	17,708	19,419	21,711	16,854	14,375
Total Current Liabilities	212,215	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
Long-Term Deferred Tax Liabilities	41.85	106.77	59.83	13.03	31.29
Other Long-Term Liabilities	-	-	-	-	1
Total Liabilities	215,137	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	99,250	95,341
Retained Earnings	287,024	187,659	75,225	15,198	-17,707
Comprehensive Income & Other	2,116	7,825	4,724	3,322	-2,520
Total Common Equity	414,907	313,313	187,242	117,771	75,115
Shareholders' Equity	414,907	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%	56.25%	65.25%	14.54%
Net Cash Per Share	281.25	216.98	141.82	92.00	56.13
Filing Date Shares Outstanding	1,403	1,420	1,389	1,329	1,264
Total Common Shares Outstanding	1,403	1,392	1,376	1,320	1,264
Working Capital	306,765	227,225	141,850	99,728	67,179
Book Value Per Share	295.82	225.06	136.09	89.25	59.41
Tangible Book Value	414,892	313,294	187,220	117,637	74,413
Tangible Book Value Per Share	295.80	225.04	136.07	89.15	58.85
Machinery	-	4,676	4,150	3,592	3,135
Leasehold Improvements	-	128.74	69.69	30.25	28.77

Source: S&P Global Market Intelligence. Standard template. Financial Sources.