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PDD Holdings Inc.

PDDNasdaqServices-Business Services, NECFiscal year ends December 31
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 29, 2026Score 11/30
$81.68+3.07 (+3.91%)

Close on Nov 2, 2026Market cap $116.26BP/E 8.3Yield –

PDD Working Capital & Platform Merchant Ecosystem by Year

Working Capital & Platform Merchant Ecosystem Balances: Payable to Merchants (RMB million) (M)

QuarterlyAnnual

PDD Working Capital & Platform Merchant Ecosystem: 107,407M in FY2025, up 17.2% from a year earlier. That is the highest of the 9 years on record here.

Latest, FY2025
107,407
Period ended Dec 31, 2025
Change on a year earlier
+17.2%
91,656 in FY2024
History
9 years
Since FY2017
Sources
9
Documents cited below

Where the FY2025 figure comes from

“|| Payable to merchants | 107,407 | 109,924 | 16,201”

Source: PDD Holdings Inc. Form 6-K (tm2623874d1_ex99-1.htm, filed 2026-08-25) ↗

Consumer payments for orders held in escrow pending successful delivery confirmation before disbursement to merchants — a direct indicator reflecting transaction volume float (GMV float) at the end of each quarter.

Annual history

Hover a value to see the sentence it was read from; calculated values show their formula

PeriodEndedWorking Capital & Platform Merchant Ecosystem Balances: Payable to Merchants (RMB million) (M)Year on yearSource
FY2025Dec 31, 2025107,407+17.2%PDD Holdings Inc. Form 6-K (tm2623874d1_ex99-1.htm, filed 2026-08-25) ↗
FY2024Dec 31, 202491,656+22.2%PDD Holdings Inc. Form 6-K (tm269789d1_ex99-1.htm, filed 2026-03-26) ↗
FY2023Dec 31, 202374,997+18.4%PDD Holdings Inc. Form 6-K (tm259886d1_ex99-1.htm, filed 2025-03-20) ↗
FY2022Dec 31, 202263,317+1.3%PDD Holdings Inc. Form 6-K (tm249325d1_ex99-1.htm, filed 2024-03-21) ↗
FY2021Dec 31, 202162,510+16.1%PDD Holdings Inc. Form 6-K (tm2310024d1_ex99-1.htm, filed 2023-03-22) ↗
FY2020Dec 31, 202053,834+79.9%PDD Holdings Inc. Form 6-K (tm229947d1_ex99-1.htm, filed 2022-03-22) ↗
FY2019Dec 31, 201929,927+73.2%PDD Holdings Inc. Form 6-K (a21-10044_1ex99d1.htm, filed 2021-03-18) ↗
FY2018Dec 31, 201817,276+75.6%PDD Holdings Inc. Form 6-K (a20-12514_1ex99d1.htm, filed 2020-03-12) ↗
FY2017Dec 31, 20179,839–PDD Holdings Inc. Form 6-K (a19-6538_1ex99d1.htm, filed 2019-03-15) ↗

Breakdown

What makes up working Capital & Platform Merchant Ecosystem

Cite this data

StockData. (2026). PDD Working Capital & Platform Merchant Ecosystem (M), annual FY2017–FY2025 [Data set]. Compiled from PDD SEC filings and investor materials. https://stockdatahq.com/stocks/pdd/kpis/sec-bs-payable-to-merchants-rmb-m-22

See every metric in the PDD KPI table. Data updated Oct 27, 2026.