PDD Holdings Inc. (PDD) Announced Q4 2025 Earnings on March 25, 2026, Reporting "total revenues increased 12% year-over-year to RMB 123.9 billion".

For the fourth quarter of 2025, PDD Holdings Inc. reported that total revenues increased 12% year-over-year to RMB 123.9 billion, and for the full year 2025, revenues were RMB 431.8 billion.

Fourth quarter revenues from online marketing services and others were RMB 60 billion, while transaction services revenues for the quarter reached RMB 63.9 billion.

The company reported a fourth quarter GAAP operating profit of RMB 27.7 billion and a non-GAAP operating profit of RMB 29.5 billion, representing a non-GAAP operating profit margin of 24%.

Fourth quarter net income attributable to ordinary shareholders was RMB 24.5 billion, and the full year net income was RMB 99.4 billion.

Management emphasized their strategic focus of "investing deeply in the supply chain and concentrating on high-quality, brand-oriented growth". During the year, the company launched the "CNY 100 billion support program" to assist farmers and merchants, which includes initiatives like the total local specialties and new quality supply programs designed to upgrade supply chain operations and agricultural added value.

Additionally, PDD piloted a "free delivery to villages" project in the fourth quarter, covering transhipping fees and building last-mile logistics infrastructure across multiple regions to extend e-commerce benefits into remote rural areas.

Regarding the business outlook and global environment, management noted that the company is currently operating in nearly 100 markets and faces a rapidly evolving international geopolitical landscape.

While no specific numerical forward guidance was provided, executives stated that increased uncertainty in the economic and trade climate will "inevitably bring more challenges and weigh on our future performance, putting pressures on our profitability in short term". The company intends to remain in a strategic investment phase, prioritizing long-term value generation and ecosystem health over short-term financial performance.