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PDD(PDD) - 2024 Q1 - Quarterly Report
PDDPDD(PDD)2024-03-21 01:30
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Financial Performance - Operating profit for Q4 2023 was RMB22,395.0 million (US3,154.3million),a1463,154.3 million), a 146% increase from RMB9,113.7 million in Q4 2022[2] - Total revenues for Q4 2023 reached RMB88,881.0 million (US12,518.6 million), representing a 123% increase from RMB39,820.0 million in the same quarter of 2022[8] - Net income attributable to ordinary shareholders in Q4 2023 was RMB23,280.3 million (US3,279.0million),anincreaseof1463,279.0 million), an increase of 146% from RMB9,453.7 million in Q4 2022[34] - Non-GAAP operating profit for Q4 2023 was RMB24,579.9 million (US3,462.0 million), a 112% increase from RMB11,600.1 million in Q4 2022[6] - Non-GAAP net income for Q4 2023 was RMB25,476.5 million (US3,588.3million),a1103,588.3 million), a 110% increase from RMB12,105.8 million in Q4 2022[34] - Total revenues for the fiscal year 2023 were RMB247,639.2 million (US34,879.3 million), a 90% increase from RMB130,557.6 million in 2022[14] - Non-GAAP net income attributable to ordinary shareholders for the year ended December 31, 2023, was RMB 67,899,292 (US9,563,415),comparedtoRMB39,529,722in2022,reflectingagrowthofapproximately71.8 9,563,415), compared to RMB 39,529,722 in 2022, reflecting a growth of approximately 71.8%[69] - Diluted earnings per ordinary share for the year ended December 31, 2023, was RMB 10.29 (US 1.45), up from RMB 5.48 in 2022, indicating an increase of 87.5%[69] - Basic earnings per ADS for the year ended December 31, 2023, was RMB 44.33 (US6.24),comparedtoRMB24.94in2022,representinganincreaseof77.5 6.24), compared to RMB 24.94 in 2022, representing an increase of 77.5%[75] Revenue Breakdown - Revenues from transaction services in Q4 2023 were RMB40,205.4 million (US5,662.8 million), a 357% increase from RMB8,796.6 million in Q4 2022[4] - Revenues from online marketing services and others were RMB153,540.6 million (US21,625.7million),representinganincreaseof4921,625.7 million), representing an increase of 49% from RMB102,931.1 million in 2022[41] - The company reported a significant increase in transaction services revenue for the three months ended December 31, 2023, reaching RMB 40,205,418 (US 5,662,815), compared to RMB 8,796,628 in the same period of 2022, reflecting a growth of 356.5%[78] Expenses - Research and development expenses for Q4 2023 were RMB2,864.4 million (US403.4million),comparedtoRMB2,406.7millioninQ42022[38]−SalesandmarketingexpensesforQ42023wereRMB26,638.5million(US403.4 million), compared to RMB2,406.7 million in Q4 2022[38] - Sales and marketing expenses for Q4 2023 were RMB26,638.5 million (US3,752.0 million), a 50% increase from RMB17,732.4 million in Q4 2022[11] - Total operating expenses for the quarter were RMB31,407.8 million (US4,423.7million),anincreaseof444,423.7 million), an increase of 44% from RMB21,779.6 million in the same quarter of 2022[63] - Research and development expenses were RMB10,952.4 million (US1,542.6 million), compared with RMB10,384.7 million in 2022[44] - The company’s share-based compensation expenses for the year ended December 31, 2023, totaled RMB 7,078,794 (US997,027),comparedtoRMB7,718,365in2022,showingadecreaseof8.3 997,027), compared to RMB 7,718,365 in 2022, showing a decrease of 8.3%[68] Assets and Liabilities - Cash, cash equivalents, and short-term investments totaled RMB217.2 billion (US30.6 billion) as of December 31, 2023, up from RMB149.4 billion a year earlier[7] - Total assets as of December 31, 2023, were RMB348,078.1 million (US49,025.8million),upfromRMB237,119.9million[54]−ThetotalcurrentliabilitiesincreasedtoRMB152,900,901(US49,025.8 million), up from RMB237,119.9 million[54] - The total current liabilities increased to RMB 152,900,901 (US 21,535,641) as of December 31, 2023, from RMB 116,889,480 in the previous year, indicating a rise of 30.8%[77] - The company’s total liabilities as of December 31, 2023, were RMB 160,836,513 (US22,653,349),comparedtoRMB119,349,042in2022,representinganincreaseof34.8 22,653,349), compared to RMB 119,349,042 in 2022, representing an increase of 34.8%[77] Cash Flow - Net cash generated from operating activities was RMB36,890.7 million (US5,195.9 million), compared with RMB26,550.3 million in the same quarter of 2022[40] Future Outlook - The company aims to bring more businesses and people into the digital economy, benefiting local communities and small businesses[52] - The management will hold an earnings conference call on March 20, 2024, at 7:30 AM ET[47]