PDD Holdings Balance Sheet

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Cash & Equivalents	92,387	57,768	59,794	34,326	6,427	22,421
Short-Term Investments	331,383	273,792	157,415	115,106	86,203	61,549
Trading Asset Securities	-	-	-	6.92	313.32	3,002
Cash & Short-Term Investments	423,769	331,560	217,210	149,439	92,943	86,972
Cash Growth	37.38%	52.64%	45.35%	60.78%	6.87%	111.83%
Accounts Receivable	15,147	7,107	10,632	3,352	3,477	3,907
Other Receivables	-	3,636	367	3,303	1,784	1,046
Receivables	15,147	11,454	11,709	7,353	5,959	5,651
Inventory	-	-	-	-	-	1,718
Prepaid Expenses	6,440	1,357	1,326	966.44	-	-
Restricted Cash	71,003	68,426	61,985	57,974	59,617	52,422
Other Current Assets	-	2,851	2,520	885.95	2,390	2,760
Total Current Assets	516,360	415,648	294,750	216,618	160,909	149,524
Property, Plant & Equipment	6,209	5,944	5,084	2,461	3,142	832.68
Long-Term Investments	-	82,974	47,524	16,665	16,268	6,839
Other Intangible Assets	16.34	19.17	21.15	134	701.22	1,277
Long-Term Deferred Tax Assets	670.25	16	270.74	1,045	31.5	-
Other Long-Term Assets	90,469	433.23	426.91	196.74	158.01	436.15
Total Assets	613,724	505,034	348,078	237,120	181,210	158,909
Accounts Payable	101,757	120,738	93,141	68,972	66,424	58,357
Accrued Expenses	89,066	37,903	33,614	15,186	11,336	9,241
Short-Term Debt	-	-	-	-	-	1,866
Current Portion of Long-Term Debt	5,248	5,310	648.57	13,886	-	-
Current Portion of Leases	2,386	2,106	1,642	602.04	427.16	253.04
Current Unearned Revenue	3,332	2,947	2,145	1,390	1,167	2,423
Other Current Liabilities	17,430	19,419	21,711	16,854	14,375	11,741
Total Current Liabilities	219,218	188,423	152,901	116,889	93,730	83,882
Long-Term Debt	-	-	5,232	1,576	11,789	14,433
Long-Term Leases	3,040	3,192	2,644	870.78	544.26	414.94
Long-Term Deferred Tax Liabilities	63.54	106.77	59.83	13.03	31.29	-
Other Long-Term Liabilities	-	-	-	-	1	2.92
Total Liabilities	222,321	191,721	160,837	119,349	106,095	98,733
Common Stock	0.18	0.18	0.18	0.17	0.16	0.16
Additional Paid-In Capital	124,013	117,829	107,293	99,250	95,341	86,699
Retained Earnings	262,483	187,659	75,225	15,198	-17,707	-25,475
Comprehensive Income & Other	4,907	7,825	4,724	3,322	-2,520	-1,048
Total Common Equity	391,403	313,313	187,242	117,771	75,115	60,176
Shareholders' Equity	391,403	313,313	187,242	117,771	75,115	60,176
Total Liabilities & Equity	613,724	505,034	348,078	237,120	181,210	158,909
Total Debt	10,674	10,607	10,166	16,934	12,760	16,967
Net Cash (Debt)	413,096	320,953	207,044	132,504	80,183	70,005
Net Cash Growth	38.52%	55.02%	56.25%	65.25%	14.54%	103.46%
Net Cash Per Share	278.40	216.98	141.82	92.00	56.13	58.72
Filing Date Shares Outstanding	1,399	1,420	1,389	1,329	1,264	1,253
Total Common Shares Outstanding	1,399	1,392	1,376	1,320	1,264	1,239
Working Capital	297,142	227,225	141,850	99,728	67,179	65,642
Book Value Per Share	279.71	225.06	136.09	89.25	59.41	48.58
Tangible Book Value	391,387	313,294	187,220	117,637	74,413	58,899
Tangible Book Value Per Share	279.70	225.04	136.07	89.15	58.85	47.55
Machinery	-	4,676	4,150	3,592	3,135	229.39
Leasehold Improvements	-	128.74	69.69	30.25	28.77	23.78

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