{
  "company": "PDD",
  "company_name": "PDD Holdings",
  "financial_period": "Q2 2026",
  "period_end": "2026-06-30",
  "source_review_date": "2026-09-12",
  "sources": {
    "SEC": {
      "url": "https://www.sec.gov/Archives/edgar/data/1737806/000110465926100534/tm2623874d1_ex99-1.htm",
      "date": "2026-08-24",
      "filing_date": "2026-08-25"
    },
    "IR": {
      "url": "https://investor.pddholdings.com/static-files/92cc7e1f-611b-4c0e-8cb5-5f5c7819e1cc",
      "date": "2026-08-24"
    }
  },
  "records": [
    {
      "id": "revenue",
      "label": "收入",
      "value": "112358",
      "unit": "RMB million",
      "period": "Q2 2026",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p9; IR PDF p4"
    },
    {
      "id": "cost",
      "label": "营业成本",
      "value": "48017",
      "unit": "RMB million",
      "period": "Q2 2026",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p9; IR PDF p4"
    },
    {
      "id": "sales",
      "label": "销售与营销费用",
      "value": "29668",
      "unit": "RMB million",
      "period": "Q2 2026",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p9; IR PDF p4"
    },
    {
      "id": "ga",
      "label": "管理费用",
      "value": "2342",
      "unit": "RMB million",
      "period": "Q2 2026",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p9; IR PDF p4"
    },
    {
      "id": "rd",
      "label": "研发费用",
      "value": "4567",
      "unit": "RMB million",
      "period": "Q2 2026",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p9; IR PDF p4"
    },
    {
      "id": "opex",
      "label": "营业费用",
      "value": "36577",
      "unit": "RMB million",
      "period": "Q2 2026",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p9; IR PDF p4"
    },
    {
      "id": "operating",
      "label": "经营利润",
      "value": "27764",
      "unit": "RMB million",
      "period": "Q2 2026",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p9; IR PDF p4"
    },
    {
      "id": "interest",
      "label": "利息及投资收益净额",
      "value": "13505",
      "unit": "RMB million",
      "period": "Q2 2026",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p9; IR PDF p4"
    },
    {
      "id": "fx",
      "label": "汇兑损失",
      "value": "-558",
      "unit": "RMB million",
      "period": "Q2 2026",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p9; IR PDF p4"
    },
    {
      "id": "other",
      "label": "其他净损失",
      "value": "-7399",
      "unit": "RMB million",
      "period": "Q2 2026",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p9; IR PDF p4"
    },
    {
      "id": "pretax",
      "label": "所得税及权益法投资损益前利润",
      "value": "33312",
      "unit": "RMB million",
      "period": "Q2 2026",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p9; IR PDF p4"
    },
    {
      "id": "equity",
      "label": "权益法投资损失",
      "value": "-38",
      "unit": "RMB million",
      "period": "Q2 2026",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p9; IR PDF p4"
    },
    {
      "id": "tax",
      "label": "所得税费用",
      "value": "6092",
      "unit": "RMB million",
      "period": "Q2 2026",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p9; IR PDF p4"
    },
    {
      "id": "net",
      "label": "净利润",
      "value": "27182",
      "unit": "RMB million",
      "period": "Q2 2026",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p9; IR PDF p4"
    },
    {
      "id": "revenue_prior",
      "label": "上年同期收入",
      "value": "103985",
      "unit": "RMB million",
      "period": "Q2 2025",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p9; IR PDF p4"
    },
    {
      "id": "operating_prior",
      "label": "上年同期经营利润",
      "value": "25793",
      "unit": "RMB million",
      "period": "Q2 2025",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p9; IR PDF p4"
    },
    {
      "id": "net_prior",
      "label": "上年同期净利润",
      "value": "30754",
      "unit": "RMB million",
      "period": "Q2 2025",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p9; IR PDF p4"
    },
    {
      "id": "marketing",
      "label": "在线营销服务及其他",
      "value": "57637",
      "unit": "RMB million",
      "period": "Q2 2026",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p11; IR PDF p5"
    },
    {
      "id": "transaction",
      "label": "交易服务",
      "value": "54721",
      "unit": "RMB million",
      "period": "Q2 2026",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p11; IR PDF p5"
    },
    {
      "id": "marketing_prior",
      "label": "上年同期在线营销服务及其他",
      "value": "55703",
      "unit": "RMB million",
      "period": "Q2 2025",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p11; IR PDF p5"
    },
    {
      "id": "transaction_prior",
      "label": "上年同期交易服务",
      "value": "48282",
      "unit": "RMB million",
      "period": "Q2 2025",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p11; IR PDF p5"
    },
    {
      "id": "sbc",
      "label": "股权激励费用",
      "value": "1307",
      "unit": "RMB million",
      "period": "Q2 2026",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p12 and p14; IR PDF p5-6"
    },
    {
      "id": "cfo",
      "label": "经营现金流",
      "value": "25670",
      "unit": "RMB million",
      "period": "Q2 2026",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p13; IR PDF p6"
    },
    {
      "id": "cfo_prior",
      "label": "上年同期经营现金流",
      "value": "21642",
      "unit": "RMB million",
      "period": "Q2 2025",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p13; IR PDF p6"
    },
    {
      "id": "cfi",
      "label": "投资现金流净额",
      "value": "-19974",
      "unit": "RMB million",
      "period": "Q2 2026",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p13; IR PDF p6"
    },
    {
      "id": "cash_fx",
      "label": "现金及受限现金汇率影响",
      "value": "1242",
      "unit": "RMB million",
      "period": "Q2 2026",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p13; IR PDF p6"
    },
    {
      "id": "cash_change",
      "label": "现金及受限现金增加",
      "value": "6938",
      "unit": "RMB million",
      "period": "Q2 2026",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p13; IR PDF p6"
    },
    {
      "id": "cash_begin",
      "label": "季初现金及受限现金",
      "value": "199254",
      "unit": "RMB million",
      "period": "Q2 2026",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p13; IR PDF p6"
    },
    {
      "id": "cash_end",
      "label": "季末现金及受限现金",
      "value": "206192",
      "unit": "RMB million",
      "period": "Q2 2026",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p13; IR PDF p6"
    },
    {
      "id": "cash",
      "label": "现金及现金等价物",
      "value": "128918",
      "unit": "RMB million",
      "period": "2026-06-30",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p7-8; IR PDF p3-4"
    },
    {
      "id": "restricted",
      "label": "受限现金",
      "value": "77274",
      "unit": "RMB million",
      "period": "2026-06-30",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p7-8; IR PDF p3-4"
    },
    {
      "id": "short_investments",
      "label": "短期投资",
      "value": "327496",
      "unit": "RMB million",
      "period": "2026-06-30",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p7-8; IR PDF p3-4"
    },
    {
      "id": "other_noncurrent",
      "label": "其他非流动资产",
      "value": "96383",
      "unit": "RMB million",
      "period": "2026-06-30",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p7-8; IR PDF p3-4"
    },
    {
      "id": "merchant_payable",
      "label": "应付商户",
      "value": "109924",
      "unit": "RMB million",
      "period": "2026-06-30",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p7-8; IR PDF p3-4"
    },
    {
      "id": "merchant_deposits",
      "label": "商户保证金",
      "value": "18545",
      "unit": "RMB million",
      "period": "2026-06-30",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p7-8; IR PDF p3-4"
    },
    {
      "id": "assets",
      "label": "总资产",
      "value": "663407",
      "unit": "RMB million",
      "period": "2026-06-30",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p7-8; IR PDF p3-4"
    },
    {
      "id": "liabilities",
      "label": "总负债",
      "value": "215620",
      "unit": "RMB million",
      "period": "2026-06-30",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p7-8; IR PDF p3-4"
    },
    {
      "id": "equity_balance",
      "label": "股东权益",
      "value": "447787",
      "unit": "RMB million",
      "period": "2026-06-30",
      "classification": "official_actual_unaudited",
      "source": "SEC",
      "source_position": "SEC p7-8; IR PDF p3-4"
    },
    {
      "id": "gross",
      "label": "毛利润",
      "value": "64341",
      "unit": "RMB million",
      "period": "Q2 2026",
      "classification": "calculated",
      "source": "SEC",
      "source_position": "Derived from specified source rows",
      "formula": "revenue - cost"
    },
    {
      "id": "nonoperating",
      "label": "非经营收益净额",
      "value": "5548",
      "unit": "RMB million",
      "period": "Q2 2026",
      "classification": "calculated",
      "source": "SEC",
      "source_position": "Derived from specified source rows",
      "formula": "interest + fx + other"
    },
    {
      "id": "cash_and_short",
      "label": "现金及短期投资合计",
      "value": "456414",
      "unit": "RMB million",
      "period": "2026-06-30",
      "classification": "calculated",
      "source": "SEC",
      "source_position": "Derived from specified source rows",
      "formula": "cash + short_investments"
    }
  ],
  "notes": [
    "收入类别不是拼多多与 Temu 分部，不作地区或平台收入推断。",
    "其他净损失7399的性质本新闻稿未充分解释，不擅自判定一次性或全部剔除。",
    "权益法投资损失38在所得税及权益法损益前利润之后扣除，不遗漏。",
    "现金流为直接披露的单季数；融资现金流原表为绝对值小于人民币1百万元，不当作精确零；现金勾稽仅在报表显示精度成立。",
    "投资现金流净额不是资本开支；本来源无可用资本开支明细，不计算自由现金流。",
    "其他非流动资产96383主要含金融资产，但不是全部已证明可自由分配的现金。",
    "新闻稿未提供量化季度或全年指引；不将生态投入表述编成数值预测。"
  ],
  "missing": [
    "资本开支细项及自由现金流桥接",
    "其他净损失具体性质",
    "完整期后重大披露截止核验"
  ],
  "status": "SCOPED_INPUTS_VERIFIED_RENDER_PENDING",
  "publication": "NOT_AUTHORIZED"
}