拼多多2023年第四季度及2023财年未经审计的财务业绩-7页_57kb

PDD Holdings 2023 Financial Summary

Core Content

PDD Holdings Inc. (NASDAQ: PDD) announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023. The results reflect strong growth in revenues, operating profit, and net income, driven by increased demand and strategic focus on technology and service innovation.

Key Financial Highlights

Fourth Quarter 2023

• Total Revenues: RMB88,881.0 million (US$12,518.6 million), up 123% from the same quarter in 2022.
• Operating Profit: RMB22,395.0 million (US$3,154.3 million), up 146% from the same quarter in 2022.
• Non-GAAP Operating Profit: RMB24,579.9 million (US$3,462.0 million), up 112% from the same quarter in 2022.
• Net Income Attributable to Ordinary Shareholders: RMB23,280.3 million (US$3,279.0 million), up 146% from the same quarter in 2022.
• Non-GAAP Net Income Attributable to Ordinary Shareholders: RMB25,476.5 million (US$3,588.3 million), up 110% from the same quarter in 2022.
• Basic Earnings per ADS: RMB17.00 (US$2.39), up from RMB7.42 in the same quarter of 2022.
• Diluted Earnings per ADS: RMB15.83 (US$2.23), up from RMB6.52 in the same quarter of 2022.
• Non-GAAP Diluted Earnings per ADS: RMB17.32 (US$2.40), up from RMB8.34 in the same quarter of 2022.
• Net Cash Generated from Operating Activities: RMB36,890.7 million (US$5,195.9 million), up from RMB26,550.3 million in the same quarter of 2022.
• Cash, Cash Equivalents, and Short-Term Investments: RMB217.2 billion (US$30.6 billion) as of December 31, 2023, compared to RMB149.4 billion as of December 31, 2022.

Fiscal Year 2023

• Total Revenues: RMB247,639.2 million (US$34,879.3 million), up 90% from 2022.
• Operating Profit: RMB58,698.8 million (US$8,267.5 million), up 93% from 2022.
• Non-GAAP Operating Profit: RMB65,777.6 million (US$9,264.6 million), up 73% from 2022.
• Net Income Attributable to Ordinary Shareholders: RMB60,026.5 million (US$8,454.6 million), up 90% from 2022.
• Non-GAAP Net Income Attributable to Ordinary Shareholders: RMB67,899.3 million (US$9,563.4 million), up 72% from 2022.
• Basic Earnings per ADS: RMB44.33 (US$6.24), up from RMB24.94 in 2022.
• Diluted Earnings per ADS: RMB41.15 (US$5.80), up from RMB21.93 in 2022.
• Net Cash Generated from Operating Activities: RMB94,162.5 million (US$13,262.5 million), up from RMB48,507.9 million in 2022.

Revenue Breakdown

Fourth Quarter 2023

• Online Marketing Services and Others: RMB48,675.6 million (US$6,855.8 million), up 57% from RMB31,023.4 million in the same quarter of 2022.
• Transaction Services: RMB40,205.4 million (US$5,662.8 million), up 357% from RMB8,796.6 million in the same quarter of 2022.

Fiscal Year 2023

• Online Marketing Services and Others: RMB153,540.6 million (US$21,625.7 million), up 49% from RMB102,931.1 million in 2022.
• Transaction Services: RMB94,098.7 million (US$13,253.5 million), up 241% from RMB27,626.5 million in 2022.

Cost and Expense Breakdown

Fourth Quarter 2023

• Total Costs of Revenues: RMB35,078.3 million (US$4,940.7 million), up 293% from RMB8,926.7 million in the same quarter of 2022.
• Total Operating Expenses: RMB31,407.8 million (US$4,423.7 million), up 44% from RMB21,779.6 million in the same quarter of 2022.
  • Sales and Marketing Expenses: RMB26,638.5 million (US$3,752.0 million), up 50% from RMB17,732.4 million in the same quarter of 2022.
  • General and Administrative Expenses: RMB1,904.8 million (US$268.3 million), up from RMB1,640.5 million in the same quarter of 2022.
  • Research and Development Expenses: RMB2,864.4 million (US$403.4 million), up from RMB2,406.7 million in the same quarter of 2022.

Fiscal Year 2023

• Total Costs of Revenues: RMB91,723.6 million (US$12,919.0 million), up 192% from RMB31,462.3 million in 2022.
• Total Operating Expenses: RMB97,216.9 million (US$13,692.7 million), up 42% from RMB68,693.4 million in 2022.
  • Sales and Marketing Expenses: RMB82,188.9 million (US$11,576.1 million), up 51% from RMB54,343.7 million in 2022.
  • General and Administrative Expenses: RMB4,075.6 million (US$574.0 million), up from RMB3,964.9 million in 2022.
  • Research and Development Expenses: RMB10,952.4 million (US$1,542.6 million), up from RMB10,384.7 million in 2022.

Conference Call

PDD Holdings will host an earnings conference call on March 20, 2024, at 7:30 AM ET (11:30 AM GMT and 7:30 PM HKT). The webcast will be available at https://investor.pddholdings.com/investor-events.

Non-GAAP Financial Measures

The company uses non-GAAP measures to evaluate performance, including:

• Non-GAAP operating profit
• Non-GAAP net income attributable to ordinary shareholders
• Non-GAAP diluted earnings per ADS

These measures exclude:

• Share-based compensation expenses
• Fair value changes of certain investments
• Interest expenses related to convertible bonds' amortization to face value

Non-GAAP measures are used to identify underlying trends and are not intended as a substitute for GAAP financial measures. The company provides a reconciliation of these measures to the nearest GAAP performance measures.

Safe Harbor Statement

The press release contains forward-looking statements, which are subject to risks and uncertainties. These include factors such as:

• Growth strategies
• Future business development
• Ability to understand buyer needs
• Maintaining brand reputation
• Reliance on third-party logistics
• Quality control policies
• Global and regional market trends
• Regulatory developments
• General economic conditions

The company encourages investors to review its full financial information and not rely solely on any single financial measure.

About PDD Holdings

PDD Holdings is a multinational commerce group that operates a portfolio of businesses. It aims to bring more businesses and people into the digital economy to benefit local communities and small businesses through increased productivity and new opportunities.

Financial Statements Summary

• Balance Sheets: As of December 31, 2023, total liabilities and shareholders' equity amounted to RMB348,078.1 million (US$49.0 billion), up from RMB237,119.9 million (US$34.0 billion) as of December 31, 2022.
• Cash Flow Statements: Net cash generated from operating activities increased significantly in both the quarter and year, reflecting improved performance and higher net income.