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PDD(PDD) - 2024 Q2 - Quarterly Results
PDDPDD(PDD)2024-08-26 10:36

Revenue Growth - Total revenues in Q2 2024 were RMB97,059.5 million (US13,355.8million),an8613,355.8 million), an 86% increase from RMB52,280.7 million in Q2 2023[3][18] - Revenues from online marketing services and others in Q2 2024 were RMB49,115.9 million (US6,758.6 million), a 29% increase from RMB37,932.8 million in Q2 2023[4] - Revenues from transaction services in Q2 2024 were RMB47,943.7 million (US6,597.3million),a2346,597.3 million), a 234% increase from RMB14,347.9 million in Q2 2023[4] - Revenues for the six months ended June 30, 2024, reached RMB 183,871,590 thousand, a significant increase from RMB 89,917,798 thousand in the same period in 2023[27] Profitability - Operating profit in Q2 2024 was RMB32,564.5 million (US4,481.0 million), a 156% increase from RMB12,718.8 million in Q2 2023[3][20] - Net income attributable to ordinary shareholders in Q2 2024 was RMB32,009.4 million (US4,404.6million),a1444,404.6 million), a 144% increase from RMB13,108.1 million in Q2 2023[3][20] - Operating profit for the six months ended June 30, 2024, was RMB 58,538,189 thousand, compared to RMB 19,647,773 thousand in the same period in 2023[27] - Net income for the six months ended June 30, 2024, was RMB 60,007,181 thousand, up from RMB 21,209,113 thousand in the same period in 2023[27] - Operating profit for Q2 2024 increased to RMB 32,564,536, a significant rise from RMB 12,718,755 in 2023[32] - Net income attributable to ordinary shareholders for Q2 2024 was RMB 32,009,355, compared to RMB 13,108,086 in 2023[32] Non-GAAP Metrics - Non-GAAP operating profit and net income are used by the company to evaluate performance and exclude share-based compensation, fair value changes of investments, and interest expenses related to convertible bonds[23] - Non-GAAP operating profit for Q2 2024 reached RMB 34,987,298, up from RMB 14,609,384 in 2023[32] - Non-GAAP net income attributable to ordinary shareholders for Q2 2024 stood at RMB 34,432,134, up from RMB 15,269,356 in 2023[32] - Non-GAAP diluted earnings per ordinary share for Q2 2024 were RMB 5.81, up from RMB 2.62 in 2023[32] - Non-GAAP diluted earnings per ADS for Q2 2024 were RMB 23.24, compared to RMB 10.47 in 2023[32] Earnings Per Share - Basic earnings per ADS for the six months ended June 30, 2024, were RMB 43.47, compared to RMB 15.82 in the same period in 2023[28] - Diluted earnings per ordinary share for Q2 2024 were RMB 5.40, compared to RMB 2.25 in 2023[32] - Diluted earnings per ordinary share for the six months ended June 30, 2024, were RMB 10.14, compared to RMB 3.63 in 2023[32] Cash Flow and Investments - Cash, cash equivalents and short-term investments were RMB284.9 billion (US39.2 billion) as of June 30, 2024, compared with RMB217.2 billion as of December 31, 2023[21] - Net cash generated from operating activities in Q2 2024 was RMB43,792.6 million (US6,026.1million),comparedwithRMB23,396.0millioninQ22023[21]−NetcashgeneratedfromoperatingactivitiesforthesixmonthsendedJune30,2024,wasRMB64,859,819thousand,upfromRMB24,734,003thousandinthesameperiodin2023[30]−CashandcashequivalentsdecreasedfromRMB59,794,469thousandasofDecember31,2023,toRMB56,756,329thousandasofJune30,2024[26]AssetsandEquity−TotalassetsincreasedfromRMB348,078,120thousandasofDecember31,2023,toRMB432,744,342thousandasofJune30,2024[26]−Othernon−currentassetswereRMB67.8billion(US6,026.1 million), compared with RMB23,396.0 million in Q2 2023[21] - Net cash generated from operating activities for the six months ended June 30, 2024, was RMB 64,859,819 thousand, up from RMB 24,734,003 thousand in the same period in 2023[30] - Cash and cash equivalents decreased from RMB 59,794,469 thousand as of December 31, 2023, to RMB 56,756,329 thousand as of June 30, 2024[26] Assets and Equity - Total assets increased from RMB 348,078,120 thousand as of December 31, 2023, to RMB 432,744,342 thousand as of June 30, 2024[26] - Other non-current assets were RMB67.8 billion (US9.3 billion) as of June 30, 2024, compared with RMB48.0 billion as of December 31, 2023[21] - Total shareholders' equity increased from RMB 187,241,607 thousand as of December 31, 2023, to RMB 253,978,218 thousand as of June 30, 2024[27] Expenses - Sales and marketing expenses in Q2 2024 were RMB26,049.1 million (US$3,584.5 million), a 48% increase from RMB17,542.2 million in Q2 2023[5] - Research and development expenses for the six months ended June 30, 2024, were RMB 5,818,830 thousand, compared to RMB 5,240,621 thousand in the same period in 2023[27] - Share-based compensation expenses for Q2 2024 were RMB 2,422,762, up from RMB 1,890,629 in 2023[32] Share Metrics - Non-GAAP diluted weighted-average number of ordinary shares outstanding for Q2 2024 was 5,925,659 thousand, slightly up from 5,833,348 thousand in 2023[32]