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1、PDD Holdings Announces First Quarter 2024 Unaudited Financial ResultsMay 22,2024DUBLIN and SHANGHAI,May 22,2024(GLOBE NEWSWIRE)-PDD Holdings Inc.(“PDD Holdings”or the“Company”)(NASDAQ:PDD),todayannounced its unaudited financial results for the first quarter ended March 31,2024.First Quarter 2024 Hig

2、hlightsTotal revenues in the quarter were RMB86,812.1 million(US$112,023.3 million),an increase of 131%from RMB37,637.1million in the same quarter of 2023.Operating profit in the quarter was RMB25,973.7 million(US$3,597.3 million),an increase of 275%from RMB6,929.0million in the same quarter of 2023

3、.Non-GAAP2 operating profit in the quarter was RMB28,552.2 million(US$3,954.4million),an increase of 237%from RMB8,462.4 million in the same quarter of 2023.Net income attributable to ordinary shareholders in the quarter was RMB27,997.8 million(US$3,877.7 million),anincrease of 246%from RMB8,101.0 m

4、illion in the same quarter of 2023.Non-GAAP net income attributable to ordinaryshareholders in the quarter was RMB30,601.8 million(US$4,238.3 million),an increase of 202%from RMB10,126.4million in the same quarter of 2023.“We are committed to offering a trustworthy shopping environment for our users

5、 around the world,”said Mr.Lei Chen,Chairman and Co-ChiefExecutive Officer of PDD Holdings.“We will keep focusing on growing our long-term intrinsic value through investing in initiatives that bring sustainableimpacts to our communities.”“This year is critical for us to deepen the execution of our h

6、igh-quality development strategy,”said Mr.Jiazhen Zhao,Executive Director and Co-ChiefExecutive Officer of PDD Holdings.“We will focus our efforts on improving the overall consumer experience,strengthening our supply chaincapabilities,and fostering a healthy platform ecosystem.”“In the first quarter

7、,we continued our investment in key areas critical to our high-quality development strategy,”said Ms.Jun Liu,VP of Finance of PDDHoldings.“Rather than focusing on short-term results,we prioritize long-term value creation and remain committed to further deepening ourinvestments in the future.”First Q

8、uarter 2024 Unaudited Financial ResultsTotal revenues were RMB86,812.1 million(US$12,023.3 million),an increase of 131%from RMB37,637.1 million in the same quarter of 2023.Theincrease was primarily due to an increase in revenues from online marketing services and transaction services.Revenues from o

9、nline marketing services and others were RMB42,456.2 million(US$5,880.1 million),an increase of56%from RMB27,244.4 million in the same quarter of 2023.Revenues from transaction services were RMB44,355.8 million(US$6,143.2 million),an increase of 327%fromRMB10,392.6 million in the same quarter of 202

10、3.Total costs of revenues were RMB32,694.7 million(US$4,528.2 million),an increase of 194%from RMB11,125.3 million in the same quarter of 2023.The increase mainly came from the increased fulfilment fees,payment processing fees,maintenance costs and call center expenses.Total operating expenses were

11、RMB28,143.7 million(US$3,897.9 million),an increase of 44%from RMB19,582.7 million in the same quarter of2023.The increase was primarily due to an increase in sales and marketing expenses.Sales and marketing expenses were RMB23,410.7 million(US$3,242.3 million),an increase of 44%from RMB16,259.7mill

12、ion in the same quarter of 2023,mainly due to the increased spending in promotion and advertising activities.General and administrative expenses were RMB1,823.4 million(US$252.5 million),an increase of 123%from RMB816.4million in the same quarter of 2023,primarily due to an increase in staff related

13、 costs.Research and development expenses were RMB2,909.6 million(US$403.0 million),compared with RMB2,506.7 millionin the same quarter of 2023.Operating profit in the quarter was RMB25,973.7 million(US$3,597.3 million),an increase of 275%from RMB6,929.0 million in the same quarter of2023.Non-GAAP op

14、erating profit in the quarter was RMB28,552.2 million(US$3,954.4 million),an increase of 237%from RMB8,462.4 million in thesame quarter of 2023.Net income attributable to ordinary shareholders in the quarter was RMB27,997.8 million(US$3,877.7 million),an increase of 246%fromRMB8,101.0 million in the

15、 same quarter of 2023.Non-GAAP net income attributable to ordinary shareholders in the quarter was RMB30,601.8million(US$4,238.3 million),an increase of 202%from RMB10,126.4 million in the same quarter of 2023.Basic earnings per ADS was RMB20.33(US$2.82)and diluted earnings per ADS was RMB18.96(US$2

16、.63),compared with basic earnings per ADSof RMB6.13 and diluted earnings per ADS of RMB5.55 in the same quarter of 2023.Non-GAAP diluted earnings per ADS was RMB20.72(US$2.83),compared with RMB6.92 in the same quarter of 2023.Net cash generated from operating activities was RMB21,067.2 million(US$2,

17、917.8 million),compared with RMB1,338.0 million in the samequarter of 2023,mainly due to the increase in net income.Cash,cash equivalents and short-term investments were RMB242.1 billion(US$33.5 billion)as of March 31,2024,compared with RMB217.2billion as of December 31,2023.Conference CallThe Compa

18、nys management will hold an earnings conference call at 7:30 AM ET on May 22,2024(12:30 PM IST and 7:30 PM HKT on the sameday).The conference call will be webcast live at https:/ webcast will be available for replay at the samewebsite following the conclusion of the call.Use of Non-GAAP Financial Me

19、asuresIn evaluating the business,the Company considers and uses non-GAAP measures,such as non-GAAP operating profit,non-GAAP net incomeattributable to ordinary shareholders,non-GAAP diluted earnings per ordinary share and non-GAAP diluted earnings per ADS,as supplementalmeasures to review and assess

20、 operating performance.The presentation of these non-GAAP financial measures is not intended to be considered inisolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in theUnited States of America(“U.S.GAAP”).The

21、 Companys non-GAAP financial measures exclude the impact of share-based compensation expenses,fair value change of certain investments,and interest expenses related to the convertible bonds amortization to face value.The Company presents these non-GAAP financial measures because they are used by man

22、agement to evaluate operating performance andformulate business plans.The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excludingthe impact of share-based compensation expenses,fair value change of certain investments,and interest expenses r

23、elated to the convertible bondsamortization to face value,which are non-cash charges.The Company also believes that the non-GAAP financial measures may provide furtherinformation about the Companys results of operations,and enhance the overall understanding of the Companys past performance and futur

24、eprospects.The Companys non-GAAP financial measures are not defined under U.S.GAAP and are not presented in accordance with U.S.GAAP.Thenon-GAAP financial measures have limitations as analytical tools.These non-GAAP financial measures do not reflect all items of income andexpenses that affect the Co

25、mpanys operations and do not represent the residual cash flow available for discretionary expenditures.Further,thesenon-GAAP measures may differ from the non-GAAP information used by other companies,including peer companies,and therefore theircomparability may be limited.The Company compensates for

26、these limitations by reconciling the non-GAAP financial measures to the nearest U.S.GAAP performance measure,all of which should be considered when evaluating performance.The Company encourages you to review theCompanys financial information in its entirety and not rely on a single financial measure

27、.For more information on the non-GAAP financial measures,please see the table captioned“Reconciliation of Non-GAAP Measures to The MostDirectly Comparable GAAP Measures”set forth at the end of this press release.Safe Harbor StatementsThis announcement contains forward-looking statements.These statem

28、ents are made under the“safe harbor”provisions of the U.S.Private SecuritiesLitigation Reform Act of 1995.These forward-looking statements can be identified by terminology such as“will,”“expects,”“anticipates,”“aims,”“future,”“intends,”“plans,”“believes,”“estimates,”“confident,”“potential,”“continue

29、”or other similar expressions.Among other things,the businessoutlook and quotations from management in this announcement,as well as the Companys strategic and operational plans,contain forward-lookingstatements.The Company may also make written or oral forward-looking statements in its periodic repo

30、rts to the U.S.Securities and ExchangeCommission(the“SEC”),in its annual report to shareholders,in press releases and other written materials and in oral statements made by its officers,directors or employees to third parties.Statements that are not historical facts,including but not limited to stat

31、ements about the Companys beliefs andexpectations,are forward-looking statements.Forward-looking statements involve inherent risks and uncertainties.A number of factors could causeactual results to differ materially from those contained in any forward-looking statement,including but not limited to t

32、he following:the Companysgrowth strategies;its future business development,results of operations and financial condition;its ability to understand buyer needs and provideproducts and services to attract and retain buyers;its ability to maintain and enhance the recognition and reputation of its brand

33、;its ability to rely onmerchants and third-party logistics service providers to provide delivery services to buyers;its ability to maintain and improve quality control policiesand measures;its ability to establish and maintain relationships with merchants;trends and competition in the e-commerce mar

34、kets globally and in thecountries or regions where the Company has operations;changes in its revenues and certain cost or expense items;the expected growth ofe-commerce markets globally and in the countries or regions where the Company has operations;developments in the relevant governmental policie

35、sand regulations relating to the Companys industry;and general economic and business conditions globally and in the countries or regions where theCompany has operations;and assumptions underlying or related to any of the foregoing.Further information regarding these and other risks isincluded in the

36、 Companys filings with the SEC.All information provided in this press release and in the attachments is as of the date of this pressrelease,and the Company undertakes no obligation to update any forward-looking statement,except as required under applicable law.About PDD HoldingsPDD Holdings is a mul

37、tinational commerce group that owns and operates a portfolio of businesses.PDD Holdings aims to bring more businesses andpeople into the digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities.PDD HOLDINGS INC.CONDENSED CONSOLI

38、DATED BALANCE SHEETS(Amounts in thousands of Renminbi(“RMB”)and U.S.dollars(“US$”)As of December31,2023 March 31,2024PDD HOLDINGS INC.CONDENSED CONSOLIDATED BALANCE SHEETS(Amounts in thousands of Renminbi(“RMB”)and U.S.dollars(“US$”)As of December31,2023 March 31,2024 RMB RMB US$(Unaudited)(Unaudite

39、d)LIABILITIES AND SHAREHOLDERS EQUITY Current liabilities Amounts due to related parties 1,238,776 1,369,891 189,728Customer advances and deferred revenues 2,144,610 2,281,087 315,927Payable to merchants 74,997,252 74,493,746 10,317,265Accrued expenses and other liabilities 55,351,399 54,203,751 7,5

40、07,132Merchant deposits 16,878,746 17,248,091 2,388,833Convertible bonds,current portion 648,570 73,951 10,242Lease liabilities 1,641,548 1,727,492 239,255Total current liabilities 152,900,901 151,398,009 20,968,382 Non-current liabilities Convertible bonds 5,231,523 5,240,608 725,816Lease liabiliti

41、es 2,644,260 2,437,620 337,606Deferred tax liabilities 59,829 43,921 6,083Total non-current liabilities 7,935,612 7,722,149 1,069,505 Total Liabilities 160,836,513 159,120,158 22,037,887 Shareholders equity Ordinary shares 177 178 25Additional paid-in capital 107,293,091 110,449,151 15,297,031Statut

42、ory reserves 105,982 105,982 14,678Accumulated other comprehensive income 4,723,760 5,034,235 697,233Retained earnings 75,118,597 103,116,423 14,281,460Total Shareholders Equity 187,241,607 218,705,969 30,290,427 RMB RMB US$(Unaudited)(Unaudited)ASSETS Current assets Cash and cash equivalents 59,794

43、,469 55,591,888 7,699,388Restricted cash 61,985,436 59,113,029 8,187,060Receivables from online payment platforms 3,914,117 4,769,048 660,506Short-term investments 157,415,365 186,539,732 25,835,454Amounts due from related parties 7,428,070 6,973,834 965,865Prepayments and other current assets 4,213

44、,015 3,482,432 482,311Total current assets 294,750,472 316,469,963 43,830,584 Non-current assets Property,equipment and software,net 979,597 881,008 122,018Intangible assets 21,148 21,994 3,046Right-of-use assets 4,104,889 3,953,936 547,614Deferred tax assets 270,738 44,116 6,110Other non-current as

45、sets 47,951,276 56,455,110 7,818,942Total non-current assets 53,327,648 61,356,164 8,497,730 Total Assets 348,078,120 377,826,127 52,328,314 Total Liabilities and Shareholders Equity 348,078,120 377,826,127 52,328,314 PDD HOLDINGS INC.CONDENSED CONSOLIDATED STATEMENTS OF INCOME(Amounts in thousands

46、of RMB and US$)For the three months ended March 31,2023 2024 RMB RMB US$(Unaudited)(Unaudited)(Unaudited)Revenues 37,637,050 86,812,059 12,023,331 Costs of revenues (11,125,285)(32,694,686)(4,528,162)Sales and marketing expenses (16,259,688)(23,410,655)(3,242,338)General and administrative expenses

47、(816,402)(1,823,445)(252,544)Research and development expenses (2,506,657)(2,909,620)(402,978)Total operating expenses (19,582,747)(28,143,720)(3,897,860)Operating profit 6,929,018 25,973,653 3,597,309 Interest and investment income,net 1,463,599 5,048,589 699,222 Interest expenses (11,687)-Foreign

48、exchange(loss)/gain (16,037)214,518 29,710 Other income,net 1,227,520 1,881,248 260,550 Profit before income tax and share of results of equity investees 9,592,413 33,118,008 4,586,791 Share of results of equity investees 106,389 (52,430)(7,261)Income tax expenses (1,597,775)(5,067,752)(701,876)Net

49、income 8,101,027 27,997,826 3,877,654 PDD HOLDINGS INC.CONDENSED CONSOLIDATED STATEMENTS OF INCOME(Amounts in thousands of RMB and US$,except for per share data)For the three months ended March 31,2023 2024 RMB RMB US$(Unaudited)(Unaudited)(Unaudited)Net income 8,101,027 27,997,826 3,877,654 Net inc

50、ome attributable to ordinary shareholders 8,101,027 27,997,826 3,877,654 Earnings per ordinary share:-Basic 1.53 5.08 0.70 -Diluted 1.39 4.74 0.66 Earnings per ADS(4 ordinary shares equals 1 ADS):-Basic 6.13 20.33 2.82 -Diluted 5.55 18.96 2.63 Weighted average number of outstanding ordinary shares(i

51、nthousands):-Basic 5,282,720 5,509,682 5,509,682 -Diluted 5,850,378 5,907,021 5,907,021 PDD HOLDINGS INC.NOTES TO FINANCIAL INFORMATION(Amounts in thousands of RMB and US$)For the three months ended March 31,2023 2024 RMB RMB US$(Unaudited)(Unaudited)(Unaudited)Revenues -Online marketing services an

52、d others 27,244,426 42,456,243 5,880,121-Transaction services 10,392,624 44,355,816 6,143,210Total 37,637,050 86,812,059 12,023,331 PDD HOLDINGS INC.NOTES TO FINANCIAL INFORMATION(Amounts in thousands of RMB and US$)For the three months ended March 31,2023 2024 RMB RMB US$(Unaudited)(Unaudited)(Unau

53、dited)Share-based compensation expenses included in:Costs of revenues 37,368 17,514 2,426 Sales and marketing expenses 488,773 672,375 93,123 General and administrative expenses 478,062 1,251,768 173,367 Research and development expenses 529,199 636,885 88,208 Total 1,533,402 2,578,542 357,124 PDD H

54、OLDINGS INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Amounts in thousands of RMB and US$)For the three months ended March 31,2023 2024 RMB RMB US$(Unaudited)(Unaudited)(Unaudited)Net cash generated from operating activities 1,338,022 21,067,179 2,917,771 Net cash used in investing activities(

55、22,620,247)(28,290,121)(3,918,137)Net cash generated from financing activities 53 30 4 Effect of exchange rate changes on cash,cash equivalents andrestricted cash(348,245)147,924 20,488 Decrease in cash,cash equivalents and restricted cash(21,630,417)(7,074,988)(979,874)Cash,cash equivalents and res

56、tricted cash at beginning of period 92,300,417 121,779,905 16,866,322 Cash,cash equivalents and restricted cash at end of period 70,670,000 114,704,917 15,886,448 PDD HOLDINGS INC.RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP MEASURES(Amounts in thousands of RMB and US$,ex

57、cept for per share data)For the three months ended March 31,2023 2024 RMB RMB US$(Unaudited)(Unaudited)(Unaudited)Operating profit 6,929,018 25,973,653 3,597,309 Add:Share-based compensation expenses 1,533,402 2,578,542 357,124 Non-GAAP operating profit 8,462,420 28,552,195 3,954,433 Net income attr

58、ibutable to ordinary shareholders 8,101,027 27,997,826 3,877,654 Add:Share-based compensation expenses 1,533,402 2,578,542 357,124 Add:Interest expenses related to convertible bonds amortization to facevalue 11,687 -Add:Loss from fair value change of certain investments 480,276 25,437 3,523 Non-GAAP

59、 net income attributable to ordinary shareholders 10,126,392 30,601,805 4,238,301 Non-GAAP diluted weighted-average number of ordinary sharesoutstanding(in thousands)5,850,378 5,907,021 5,907,021 Diluted earnings per ordinary share 1.39 4.74 0.66 Add:Non-GAAP adjustments to earnings per ordinary sha

60、re 0.34 0.44 0.05 Non-GAAP diluted earnings per ordinary share 1.73 5.18 0.71 Non-GAAP diluted earnings per ADS 6.92 20.72 2.83 _1 This announcement contains translations of certain Renminbi(“RMB”)amounts into U.S.dollars(“US$”)at a specified rate solely for theconvenience of the reader.Unless other

61、wise noted,the translation of RMB into US$has been made at RMB7.2203 to US$1.00,the noon buying ratein effect on March 29,2024 as set forth in the H.10 Statistical Release of the Federal Reserve Board.2 The Companys non-GAAP financial measures exclude share-based compensation expenses,fair value change of certain investments,and interestexpenses related to the convertible bonds amortization to face value.See“Reconciliation of Non-GAAP Measures to The Most Directly ComparableGAAP Measures”set forth at the end of this press release.For investor and media inquiries,please contact: