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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 8.2Yield –

PDD 2. Research and Development Expenses by Year

2. Research and Development Expenses (RMB million) (M)

QuarterlyAnnual

PDD 2. Research and Development Expenses: -16,496M in FY2025, up 30.3% from a year earlier. That is the lowest of the 10 years on record here.

Latest, FY2025
-16,496
Period ended Dec 31, 2025
Change on a year earlier
+30.3%
-12,659 in FY2024
History
10 years
Since FY2016
Sources
9
Documents cited below

Where the FY2025 figure comes from

“|| Research and development expenses | (3,777,178 | ) | (4,994,884 | ) | (714,259 | ) | (12,659,361 | ) | (16,496,164 | ) | (2,358,920 | )”

Source: PDD Holdings Inc. Form 6-K (tm269789d1_ex99-1.htm, filed 2026-03-26) ↗

Annual history

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

PeriodEnded2. Research and Development Expenses (RMB million) (M)Year on yearSource
FY2025Dec 31, 2025-16,496+30.3%PDD Holdings Inc. Form 6-K (tm269789d1_ex99-1.htm, filed 2026-03-26) ↗
FY2024Dec 31, 2024-12,659+15.6%PDD Holdings Inc. Form 6-K (tm269789d1_ex99-1.htm, filed 2026-03-26) ↗
FY2023Dec 31, 2023-10,952+5.5%PDD Holdings Inc. Form 6-K (tm259886d1_ex99-1.htm, filed 2025-03-20) ↗
FY2022Dec 31, 2022-10,385+15.5%PDD Holdings Inc. Form 6-K (tm249325d1_ex99-1.htm, filed 2024-03-21) ↗
FY2021Dec 31, 2021-8,993+30.5%PDD Holdings Inc. Form 6-K (tm2310024d1_ex99-1.htm, filed 2023-03-22) ↗
FY2020Dec 31, 2020-6,892+78.1%PDD Holdings Inc. Form 6-K (tm229947d1_ex99-1.htm, filed 2022-03-22) ↗
FY2019Dec 31, 2019-3,870+246.8%PDD Holdings Inc. Form 6-K (a21-10044_1ex99d1.htm, filed 2021-03-18) ↗
FY2018Dec 31, 2018-1,116+763.9%PDD Holdings Inc. Form 6-K (a20-12514_1ex99d1.htm, filed 2020-03-12) ↗
FY2017Dec 31, 2017-129-539.5%PDD Holdings Inc. Form 6-K (a19-6538_1ex99d1.htm, filed 2019-03-15) ↗
FY2016Dec 31, 201629.4–PDD Holdings Inc. Form 20-F (filed 2019-04-24) ↗

Breakdown

What makes up 2. Research and Development Expenses

Cite this data

StockData. (2026). PDD 2. Research and Development Expenses (M), annual FY2016–FY2025 [Data set]. Compiled from PDD SEC filings and investor materials. https://stockdatahq.com/stocks/pdd/kpis/sec-is-rnd-rmb-m-236

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