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Pinduoduo Inc
(NASDAQ:PDD) 

PDD stock logo

Pinduoduo Inc., through its subsidiaries, operates an e-commerce platform in the People's Republic of China. It operates Pinduoduo, a mobile platform that offers a range of products, including apparel, shoes, bags, mother and childcare products, food and beverage, fresh produce, electronic appliance...

Founded: 2015
IPO Price: $19 (Jul 26, 2018)
Full Time Employees: 12,992 (Dec 2022)
CEO: Lei Chen  
Sector: Consumer Cyclical
Industry: Internet Retail
E-CommerceChinese
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At a glance:
  • Rapid Revenue Growth Driven by Value-Commerce Flywheel: Pinduoduo has sustained strong top-line expansion by combining low prices, gamified discovery, and merchant tools that improve conversion and user engagement.
  • Margin and Profitability Sensitive to Subsidy and Marketing Intensity: Operating performance can swing based on how aggressively the company funds consumer subsidies and promotional spend to drive traffic, retention, and merchant activity.
  • Temu International Expansion Adds Growth Optionality and Execution Risk: Temu broadens the addressable market and can accelerate scale, but introduces higher logistics complexity, customer acquisition costs, and regulatory scrutiny across regions.
  • Competitive Landscape Remains Intense Across China and Cross-Border E-commerce: Competition from major platforms and newer discount-focused players pressures pricing, merchant exclusivity, and ad take-rates, requiring continued innovation and spend.
  • Regulatory and Geopolitical Factors Remain Key Overhangs: E-commerce platforms face ongoing compliance requirements (data, antitrust, consumer protection) and, for overseas operations, potential trade and platform-policy changes that can affect growth and costs.
Bull Thesis:
  • Explosive International Growth (Temu): Pinduoduo's international platform, Temu, has demonstrated unprecedented user acquisition and market penetration across numerous countries, particularly in North America and Europe. This rapid expansion indicates a successful replication of PDD's low-cost, direct-from-manufacturer model globally, opening up vast new revenue streams and user bases beyond its mature domestic market.
  • Superior Supply Chain and Cost Efficiency: PDD leverages a highly efficient, direct-to-consumer supply chain that connects manufacturers directly with buyers, bypassing traditional intermediaries. This model allows for significantly lower product costs and competitive pricing, giving PDD a substantial advantage in attracting price-sensitive consumers and maintaining healthy margins even with aggressive pricing strategies.
  • Robust Financial Performance and Profitability: Despite heavy investments in Temu's global expansion, Pinduoduo has consistently reported strong revenue growth and impressive profitability. Its core domestic business remains highly profitable, providing a solid financial foundation to fund international ventures and demonstrating the underlying strength and efficiency of its business model.
  • Innovation in E-commerce Model (Gamification & Social Commerce): Pinduoduo pioneered and perfected a highly engaging, gamified, and social commerce experience that drives user stickiness and virality. Features like team buying, interactive games, and personalized recommendations create a unique and addictive shopping environment, leading to higher engagement rates and lower customer acquisition costs compared to traditional e-commerce platforms.
Bear Thesis:
  • Sustainability of Temu's Business Model and Profitability Concerns: Temu's rapid growth has been fueled by massive marketing expenditures and heavily subsidized shipping and product pricing. There are significant concerns about the long-term profitability and sustainability of this model, as it's unclear if Temu can maintain its growth trajectory and convert users into profitable customers once subsidies are reduced or marketing spend normalizes.
  • Intense Competition and Market Saturation: Pinduoduo faces fierce competition in both its domestic and international markets. In China, it competes with Alibaba (Taobao, Tmall) and JD.com. Internationally, Temu is up against established giants like Amazon, Walmart, and eBay, as well as fast-growing players like Shein. This intense competition could lead to escalating marketing costs, price wars, and pressure on margins.
  • Regulatory Scrutiny and Geopolitical Risks: As a Chinese company with significant global operations, PDD is increasingly subject to regulatory scrutiny in various countries regarding data privacy, product safety, labor practices, and intellectual property. Geopolitical tensions between China and other major economies could also pose significant risks, potentially leading to trade restrictions, operational challenges, or consumer backlash.
  • Product Quality and Brand Perception Challenges: Pinduoduo has historically faced criticism regarding product quality, prevalence of counterfeit goods, and customer service issues on its platform. While it has made efforts to improve, these perceptions could hinder its ability to attract higher-value brands and consumers, particularly in new international markets where brand trust and quality expectations are high.
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Quarterly
Annual
    Unit: USD2025-11-18 2025-08-25 2025-05-27 2025-03-20 2024-12-31 2024-11-21 2024-08-26 2024-05-22 2024-03-21 2023-12-31 2023-11-28 2023-08-29 2023-05-30 2023-03-22 2022-12-31 2022-11-28 2022-08-30 2022-05-31 2022-03-22 2021-12-31 2021-12-03 2021-08-25 2021-03-31 2020-12-31 2020-11-30 2020-09-30 2020-08-31 2020-05-31 2020-03-31 2019-12-31 2019-11-30 2019-08-31 2019-05-31 2019-03-31 2018-12-31 2018-11-30 2018-08-31 
                                         
      revenues
    		108,276,512,000 103,984,832,000 95,672,175,000 110,610,106,000 110,610,106,000 99,354,401,000 97,059,531,000 86,812,059,000 88,881,036,000 88,881,036,000 68,840,371,000 52,280,748,000 37,637,050,000 39,820,028,000 39,820,028,000 35,504,304,000 31,439,568,000 23,793,689,000 27,230,862,000 27,230,862,000 21,505,758,000 23,046,220,000 26,547,709,000 26,547,709,000 14,209,782,000 32,944,156,000            
      costs of revenues
    		-46,840,159,000 -45,858,933,000 -40,947,100,000 -47,798,376,000 -47,798,376,000 -39,709,214,000 -33,698,098,000 -32,694,686,000 -35,078,272,000 -35,078,272,000 -26,830,233,000 -18,689,787,000 -11,125,285,000 -8,926,705,000 -8,926,705,000 -7,414,132,000 -7,961,866,000 -7,159,595,000 -6,515,509,000 -6,515,509,000 -6,558,648,000 -7,897,886,000 -11,526,124,000 -11,526,124,000 -3,260,155,000 22,368            
      sales and marketing expenses
    		-30,322,947,000 -27,209,896,000 -33,402,741,000 -31,356,941,000 -31,356,941,000 -30,483,800,000 -26,049,137,000 -23,410,655,000 -26,638,524,000 -26,638,524,000 -21,748,449,000 -17,542,209,000 -16,259,688,000 -17,732,384,000 -17,732,384,000 -14,048,820,000 -11,343,447,000 -11,219,068,000 -11,365,829,000 -11,365,829,000 -10,050,611,000 -10,387,873,000 -14,712,526,000 -14,712,526,000 -10,071,868,000 -26,482,073,000 -9,113,584,000 -7,296,621,000 -9,272,536,000 -9,272,536,000 -6,908,755,000 -6,103,703,000 -4,889,255,000 -6,023,974,000 -6,023,974,000 -3,229,647,000 -2,970,734,000 
      general and administrative expenses
    		-1,755,309,000 -1,531,825,000 -1,658,943,000 -2,085,396,000 -2,085,396,000 -1,805,576,000 -1,838,550,000 -1,823,445,000 -1,904,842,000 -1,904,842,000 -758,345,000 -596,033,000 -816,402,000 -1,640,527,000 -1,640,527,000 -906,573,000 -825,722,000 -592,113,000 -419,962,000 -419,962,000 -334,806,000 -434,151,000 -405,570,000 -405,570,000 -368,611,000 -1,101,727,000 -394,842,000 -338,274,000 -345,682,000 -345,682,000 -436,610,000 -278,345,000 -236,075,000 -321,609,000 -321,609,000 -305,569,000 -5,800,673,000 
      research and development expenses
    		-4,332,173,000 -3,591,279,000 -3,577,828,000 -3,777,178,000 -3,777,178,000 -3,063,353,000 -2,909,210,000 -2,909,620,000 -2,864,430,000 -2,864,430,000 -2,847,323,000 -2,733,964,000 -2,506,657,000 -2,406,677,000 -2,406,677,000 -2,698,166,000 -2,611,366,000 -2,668,507,000 -2,022,595,000 -2,022,595,000 -2,422,421,000 -2,328,831,000 -1,951,261,000 -1,951,261,000 -1,804,886,000 -4,940,392,000 -1,662,356,000 -1,473,150,000 -1,272,375,000 -1,272,375,000 -1,127,238,000 -803,664,000 -667,081,000 -525,213,000 -525,213,000 -331,997,000 -186,029,000 
      total operating expenses
    		-36,410,429,000 -32,333,000,000 -38,639,512,000 -37,219,515,000 -37,219,515,000 -35,352,729,000 -30,796,897,000 -28,143,720,000 -31,407,796,000 -31,407,796,000 -25,354,117,000 -20,872,206,000 -19,582,747,000 -21,779,588,000 -21,779,588,000 -17,653,559,000 -14,780,535,000 -14,479,688,000 -13,808,386,000 -13,808,386,000 -12,807,838,000 -13,150,855,000 -17,069,357,000 -17,069,357,000 -12,245,365,000 -32,524,192,000 -11,170,782,000 -9,108,045,000 -10,890,593,000 -10,890,593,000 -8,472,603,000 -7,185,712,000 -5,792,411,000 -6,870,796,000 -6,870,796,000 -3,867,213,000 -8,957,436,000 
      operating profit
    		25,025,924,000 25,792,899,000 16,085,563,000 25,592,215,000 25,592,215,000 24,292,458,000 32,564,536,000 25,973,653,000 22,394,968,000 22,394,968,000 16,656,021,000 12,718,755,000 6,929,018,000 9,113,735,000 9,113,735,000 10,436,613,000 8,697,167,000 2,154,406,000    1,997,479,000                
      yoy
    		-2.21% 6.18% -50.60% -1.47% 14.28% 8.47% 95.51% 104.22% 223.21% 145.73% 82.76% 21.87% -20.33% 323.03%    7.86%                    
      qoq
    		-2.97% 60.35% -37.15% 0.00% 5.35% -25.40% 25.38% 15.98% 0.00% 34.46% 30.96% 83.56% -23.97% 0.00% -12.68% 20.00% 303.69%                     
      operating margin %
    		Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% NaN% NaN% NaN% Infinity% NaN% NaN% NaN% NaN% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 
      interest and investment income
    		8,565,241,000 10,422,628,000 223,125,000 5,233,232,000 5,233,232,000 5,416,080,000 4,855,592,000 5,048,589,000 4,359,384,000 4,359,384,000 2,127,356,000 2,287,741,000 1,463,599,000 1,351,698,000 1,351,698,000 1,092,150,000 756,991,000 796,261,000 914,643,000 914,643,000 631,913,000 544,629,000 671,395,000 671,395,000 485,413,000 1,783,971,000 838,276,000 460,282,000 472,540,000         
      foreign exchange loss
    		-265,200,000                           -19,273,000     -1,886,000     
      other income
    		-48,382,000 119,106,000 3,261,292,000 726,735,000 726,735,000 18,606,000 493,258,000 1,881,248,000 328,204,000 328,204,000 290,384,000 1,106,471,000 1,227,520,000 168,825,000 168,825,000 546,528,000 1,266,235,000 239,770,000 115,086,000   123,391,000 81,149,000 81,149,000 57,936,000 112,553,000 67,008,000   27,178,000 23,176,000 39,835,000  -19,499,000 -19,499,000 918,000 2,135,000 
      profit before income tax and share of results of equity investees
    		33,277,583,000 35,535,283,000 19,327,840,000 32,412,708,000 32,412,708,000 29,179,801,000 37,973,551,000 33,118,008,000 26,875,582,000 26,875,582,000 19,156,413,000 16,256,747,000 9,592,413,000 10,598,218,000 10,598,218,000 12,115,019,000  3,197,881,000    2,415,952,000                
      share of results of equity investees
    		37,287,000 37,097,000 -105,180,000 116,725,000 116,725,000 2,513,000 -49,583,000 -52,430,000 -15,066,000 -15,066,000 -105,811,000 9,781,000 106,389,000 -78,908,000 -78,908,000 10,732,000 -53,493,000 -33,616,000 16,680,000 16,680,000 85,011,000 -1,372,000 48,012,000 48,012,000 35,458,000  264,000 -80,000 36,894,000         
      income tax expenses
    		-3,986,686,000 -4,818,923,000 -4,480,831,000 -5,082,796,000 -5,082,796,000 -4,201,620,000 -5,914,613,000 -5,067,752,000 -3,580,207,000 -3,580,207,000 -3,513,480,000 -3,158,442,000 -1,597,775,000 -1,065,613,000 -1,065,613,000 -1,537,177,000 -1,558,063,000 -564,814,000 -1,078,819,000 -1,078,819,000 -854,766,000                 
      net income
    		29,328,184,000 30,753,457,000 14,741,829,000 27,446,637,000 27,446,637,000 24,980,694,000 32,009,355,000 27,997,826,000 23,280,309,000 23,280,309,000 15,537,122,000 13,108,086,000 8,101,027,000 9,453,697,000 9,453,697,000 10,588,574,000 8,896,340,000 2,599,451,000  6,619,546,000 1,639,960,000 2,414,580,000 -1,376,356,000 -1,376,356,000 -784,708,000 -5,803,386,000 -899,349,000 -4,119,329,000 -1,751,637,000 -1,751,637,000 -2,335,008,000 -1,003,250,000 -1,877,708,000 -2,423,893,000 -2,423,893,000 -1,098,323,000 -6,493,888,000 
      yoy
    		6.86% 23.11% -53.95% -1.97% 17.90% 7.30% 106.02% 113.59% 187.37% 146.26% 64.35% 23.79% -8.94% 263.68%  59.96% 442.47% 7.66%  -580.95% -308.99% -141.61% 53.04% -66.59% -55.20% 231.31% -61.48% 310.60% -6.71% -27.73% -3.67% -8.66% -71.08%     
      qoq
    		-4.63% 108.61% -46.29% 0.00% 9.87% -21.96% 14.33% 20.26% 0.00% 49.84% 18.53% 61.81% -14.31% 0.00% -10.72% 19.02% 242.24%   303.64% -32.08% -275.43% 0.00% 75.40% -86.48% 545.29% -78.17% 135.17% 0.00% -24.98% 132.74% -46.57% -22.53% 0.00% 120.69% -83.09%  
      net income margin %
    		Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% NaN% Infinity% Infinity% Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -7.38% -62.98% -16.23% -16.23% -31.08% -13.76% -41.31% -42.87% -42.87% -32.57% -239.71% 
      net income attributable to ordinary shareholders
    		29,328,184,000 30,753,457,000 14,741,829,000 27,446,637,000 27,446,637,000 24,980,694,000 32,009,355,000 27,997,826,000 23,280,309,000 23,280,309,000 15,537,122,000 13,108,086,000 8,101,027,000 9,453,697,000 9,453,697,000 10,588,574,000 8,896,340,000 2,599,451,000  287,281,000 1,639,960,000 2,414,580,000            -2,423,893,000    
      earnings per ordinary share:
    		                                     
      -basic
    		5,240 5,500 2,650 4,940 3,842.5 4,510 5,780 5,080 4,250 1,702.5 2,840 2,410 1,530 1,850 1,095 2,100 1,760 520  57.5 330 480            -0.54    
      -diluted
    		4,930 5,190 2,490 4,630 3,592.5 4,230 5,400 4,740 3,960 1,570 2,650 2,250 1,390 1,630 965 1,840 1,560 460  50 290 420            -0.54    
      earnings per ads
    		                                     
      weighted-average number of ordinary shares outstanding
    		                                     
      foreign exchange gain
    		 -799,350,000 -242,140,000 860,526,000 860,526,000 -547,343,000 60,165,000 214,518,000 -198,819,000 -198,819,000 94,860,000 155,717,000 -16,037,000 -23,819,000 -23,819,000 53,374,000 -199,349,000 20,084,000 48,105,000 48,105,000 -10,433,000 44,452,000  149,006,000 97,861,000 76,191,000    -13,237,000 33,542,000 44,760,000  3,158,000    
      interest expenses
    		        -8,155,000 -8,155,000 -12,208,000 -11,937,000 -11,687,000 -12,221,000 -12,221,000 -13,646,000 -13,148,000 -12,640,000 -303,116,000 -303,116,000 -298,431,000 -293,999,000 -278,146,000 -278,146,000 -165,638,000 -479,190,000 -162,918,000 -150,634,000 -139,708,000         
      weighted-average number of outstanding ordinary shares
    		                                     
      gross profit
    		           33,590,961,000 26,511,765,000 30,893,323,000 30,893,323,000 28,090,172,000 23,477,702,000 16,634,094,000 20,715,353,000 20,715,353,000 14,947,110,000 15,148,334,000 15,021,585,000 15,021,585,000 10,949,627,000 25,191,639,000 9,531,200,000 4,710,812,000 8,755,289,000 8,755,289,000 5,680,630,000 5,695,299,000 3,671,890,000 4,229,887,000 4,229,887,000 2,597,734,000  
      yoy
    		           19.58% 12.92% 85.72% 49.13% 35.60% 57.07% 9.81% 37.90% 37.90% 36.51% -39.87% 57.60% 218.87% 25.06% 187.73% 67.78% -17.29% 138.44% 106.99% 34.30% 119.24%      
      qoq
    		           26.70% -14.18% 0.00% 9.98% 19.65% 41.14% -19.70% 0.00% 38.59% -1.33% 0.84% 0.00% 37.19% -56.53% 164.31% 102.33% -46.19% 0.00% 54.13% -0.26% 55.11% -13.19% 0.00% 62.83%   
      gross margin %
    		NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% 78.17% 72.02% 81.12% 81.12% 75.60% 78.12% 80.79% 74.81% 74.81% 77.03% 0% 
      profit/ (loss) before income tax and share of results of equity investees
    		                10,507,896,000                     
      net income/
    		                8,896,340,000                     
      operating (loss)/ profit
    		                  6,906,967,000 -2,551,250 2,139,272,000                 
      (loss)/ profit before income tax and share of results of equity investees
    		                  7,681,685,000 443,435,500 2,409,715,000                 
      net (loss)/ income
    		                  6,619,546,000   2,414,580,000                
      other income/ (loss)
    		                   135,292,250 -52,606,000                 
      operating income
    		                      -2,047,772,000 -2,047,772,000 -1,295,738,000 -7,332,553,000 -1,639,582,000 -4,397,233,000 -2,135,304,000 -2,135,304,000 -2,791,973,000 -1,490,413,000 -2,120,521,000 -2,640,909,000 -2,640,909,000 -1,269,479,000 -6,636,220,000 
      foreign exchange (loss) / gain
    		                      149,006,000               
      income before income tax and share of results of equity investees
    		                      -1,424,368,000 -1,459,757,000 -820,166,000  -899,613,000 -4,119,249,000          
      ​
    		                                     
      cost of revenues
    		                         -7,752,517,000            
      loss before income tax
    		                         -5,839,028,000            
      share of results of equity investees , net of tax
    		                         35,642,000            
      net loss attributable to ordinary shareholders
    		                         -5,803,386,000            
      loss per share:
    		                                     
      basic
    		                         -1.22            
      diluted
    		                         -1.22            
      shares used in loss per share computation
    		                                     
      basic
    		                         4,739,382            
      diluted
    		                         4,739,382            
      other comprehensive income, net of tax of nil:
    		                                     
      foreign currency translation difference, net of tax of nil
    		                         -914,927            
      comprehensive loss
    		                         -6,718,313            
      share-based compensation expenses included in:
    		                                     
      online marketing services
    		                          11,054,698,000 5,492,270,000          
      transaction services
    		                          1,138,617,000 1,048,789,000          
      total revenues
    		                          12,193,315,000 6,541,059,000 10,792,726,000 10,792,726,000 7,513,948,000 7,290,008,000 4,545,204,000 5,653,922,000 5,653,922,000 3,372,418,000 2,709,046,000 
      yoy
    		                          62.28% -10.27% 137.45% 90.89% 32.90% 116.17% 67.78%     
      qoq
    		                          86.41% -39.39% 0.00% 43.64% 3.07% 60.39% -19.61% 0.00% 67.65% 24.49%  
      costs of online marketplace services
    		                          -2,662,115,000 -1,830,247,000 -2,037,437,000 -2,037,437,000 -1,833,318,000 -1,594,709,000 -873,314,000 -1,424,035,000 -1,424,035,000 -774,684,000 -387,830,000 
      total costs of revenues
    		                          -2,662,115,000 -1,830,247,000 -2,037,437,000 -2,037,437,000 -1,833,318,000 -1,594,709,000 -873,314,000 -1,424,035,000 -1,424,035,000 -774,684,000 -387,830,000 
      foreign exchange gain/
    		                          -2,397,000  -13,237,000        3,596,000 
      other loss
    		                           -12,391,000          
      online marketplace services
    		                            10,792,726,000 10,792,726,000 7,513,948,000 7,290,008,000 4,545,204,000 5,653,922,000 5,653,922,000 3,372,418,000 2,709,046,000 
      other (loss) /income
    		                            27,178,000         
      income before income tax and share of results of equity investee
    		                            -1,788,531,000 -1,301,937,000 -2,326,790,000       
      interest income
    		                             267,321,250 414,615,000 402,568,000 252,102,000 233,357,000 233,357,000 164,819,000 136,601,000 
      interest expense
    		                             -139,708,000 -6,150,000       
      share of results of equity investee
    		                             -2,054,500 -8,218,000       
      income before income tax
    		                               -1,003,250,000 -1,877,708,000 -2,423,893,000 -1,948,308,000 -1,098,323,000 -6,493,888,000 
      other income /(loss)
    		                                -7,403,000     
      merchandise sales
    		                                     
      costs of merchandise sales
    		                                     
      impairment of long term investment
    		                                     
      deemed distribution to certain holders of convertible preferred shares
    		                                     
      contribution from a holder of convertible preferred shares
    		                                     
      earnings/(deficits) per share for class a and class b ordinary shares:
    		                                     
      earnings/
    		                                     
      weighted average number of class a and class b ordinary shares outstanding:
    		                                     
      foreign exchange (loss)/gain
    		                                  1,719,750 5,419,000  
      gross (loss)/profit
    		                                    2,321,216,000 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2024-12-31 2023-12-31 2022-12-31 2021-12-31 2021-03-31 2020-12-31 2020-11-30 2020-09-30 2020-08-31 2020-05-31 2020-03-31 2019-12-31 2019-11-30 2019-08-31 2019-05-31 2018-12-31 2018-11-30 2018-08-31 2017-12-31 
                         
        assets
      		                   
        current assets
      		                   
        cash and cash equivalents
      		57,768,053,000 59,794,469,000 34,326,192,000 6,426,715,000 22,421,189,000 22,421,189,000 5,715,676,000 5,715,676,000 4,209,623,000 5,526,736,000 5,768,186,000 5,768,186,000 15,694,045,000 23,851,940,000 22,501,691,000 5,541,746,000 14,960,018,000 9,030,874,000 3,058,152,000 
        restricted cash
      		68,426,368,000 61,985,436,000 57,974,225,000 59,617,256,000 52,422,447,000 52,422,447,000 38,813,084,000 38,813,084,000 32,468,267,000 26,972,389,000 27,577,671,000 27,577,671,000 18,672,032,000 16,812,226,000 14,717,548,000  10,166,809,000 8,785,138,000 9,370,849,000 
        receivables from online payment platforms
      		3,679,309,000 3,914,117,000 587,696,000 673,737,000 729,548,000 729,548,000 531,009,000 531,009,000 429,375,000 679,522,000 1,050,974,000 1,050,974,000 524,436,000 452,266,000 317,209,000  126,456,000 94,443,000 88,173,000 
        short-term investments
      		273,791,856,000 157,415,365,000 115,112,554,000 86,516,618,000 64,551,094,000 64,551,094,000 39,859,089,000 39,859,089,000 44,801,078,000 37,048,472,000 35,288,827,000 35,288,827,000 24,560,779,000 7,935,421,000 6,919,548,000 6,260,689,000 7,511,280,000 1,300,000,000 50,000,000 
        amounts due from related parties
      		7,569,180,000 7,428,070,000 6,318,830,000 4,250,155,000 4,240,069,000 4,240,069,000 3,449,126,000 3,449,126,000 2,428,172,000 1,948,392,000 2,365,528,000 2,365,528,000 1,253,490,000 1,043,258,000 1,081,936,000  693,919,000 588,078,000  
        prepayments and other current assets
      		4,413,466,000 4,213,015,000 2,298,379,000 3,424,687,000 5,159,531,000 5,159,531,000 1,802,585,000 1,802,585,000 1,245,451,000 914,603,000 950,277,000 950,277,000 884,602,000 1,210,648,000 1,268,842,000 18,789,000 784,945,000 673,405,000 127,742,000 
        total current assets
      		415,648,232,000 294,750,472,000 216,617,876,000 160,909,168,000 149,523,878,000 149,523,878,000 90,170,569,000 90,170,569,000 85,581,966,000 73,090,114,000 73,001,463,000 73,001,463,000 61,589,384,000 51,305,759,000 46,806,774,000 11,821,224,000 34,243,427,000 20,471,938,000  
        non-current assets
      		                   
        property, equipment and software
      		879,327,000 979,597,000 1,044,847,000 2,203,323,000 202,853,000 202,853,000 46,509,000 46,509,000 47,525,000 41,353,000 41,273,000 41,273,000        
        intangible assets
      		19,170,000 21,148,000 134,002,000 701,220,000                
        right-of-use assets
      		5,064,351,000 4,104,889,000 1,416,081,000 938,537,000 629,827,000 629,827,000 534,076,000 534,076,000 514,926,000 486,894,000 517,188,000 517,188,000 316,239,000 307,735,000      
        deferred tax assets
      		15,998,000 270,738,000 1,045,030,000 31,504,000                
        other non-current assets
      		83,407,238,000 47,951,276,000 16,862,117,000 16,425,966,000 7,275,305,000 7,275,305,000 7,172,813,000 7,172,813,000 3,049,958,000 691,994,000 503,120,000 503,120,000 449,990,000 436,938,000 340,819,000    5,000,000 
        total non-current assets
      		89,386,084,000 53,327,648,000 20,502,077,000 20,300,550,000 9,384,736,000 9,384,736,000 9,240,357,000 9,240,357,000 5,318,700,000 3,086,773,000 3,055,873,000 3,055,873,000 2,986,678,000 3,055,091,000 2,976,991,000 7,020,115,000 2,760,430,000 2,801,566,000  
        total assets
      		505,034,316,000 348,078,120,000 237,119,953,000 181,209,718,000 158,908,614,000 158,908,614,000 99,410,926,000 99,410,926,000 90,900,666,000 76,176,887,000 76,057,336,000 76,057,336,000 64,576,062,000 54,360,850,000 49,783,765,000 18,841,339,000 37,003,857,000 23,273,504,000 13,314,470,000 
        liabilities and shareholders’ equity
      		                   
        current liabilities
      		                   
        amounts due to related parties
      		801,859,000 1,238,776,000 1,676,391,000 1,963,007,000 3,385,863,000 3,385,863,000 3,298,767,000 3,298,767,000 1,928,353,000 2,635,849,000 1,502,892,000 1,502,892,000 2,085,604,000 1,412,517,000 921,418,000  571,816,000 294,201,000  
        customer advances and deferred revenues
      		2,947,041,000 2,144,610,000 1,389,655,000 1,166,764,000 2,423,190,000 2,423,190,000 1,042,093,000 1,042,093,000 750,548,000   605,970,000        
        payable to merchants
      		91,655,947,000 74,997,252,000 63,316,695,000 62,509,714,000 53,833,981,000 53,833,981,000 40,299,835,000 40,299,835,000 33,978,503,000 28,713,943,000 29,926,488,000 29,926,488,000 19,819,656,000 17,830,719,000 15,657,163,000  10,793,733,000 9,318,220,000 9,838,519,000 
        accrued expenses and other liabilities
      		69,141,831,000 55,351,399,000 20,960,723,000 14,085,513,000 11,193,372,000 11,193,372,000 6,904,953,000 6,904,953,000 5,906,412,000 5,791,227,000 4,877,062,000 4,877,062,000 4,197,751,000 3,573,906,000 2,779,172,000 18,745,000 1,082,774,000 971,103,000  
        merchant deposits
      		16,460,600,000 16,878,746,000 15,058,229,000 13,577,552,000 10,926,319,000 10,926,319,000 10,574,559,000 10,574,559,000 9,923,180,000 8,639,172,000 7,840,912,000 7,840,912,000 6,654,130,000 5,833,878,000 4,908,578,000  3,629,887,000 3,194,609,000 1,778,085,000 
        convertible bonds, current portion
      		5,309,597,000 648,570,000 13,885,751,000                 
        lease liabilities
      		2,105,978,000 1,641,548,000 602,036,000 427,164,000 253,036,000 253,036,000 182,318,000 182,318,000 144,293,000 118,281,000 115,734,000 115,734,000 80,882,000 80,026,000      
        total current liabilities
      		188,422,853,000 152,900,901,000 116,889,480,000 93,729,714,000 83,882,077,000 83,882,077,000 65,075,548,000 65,075,548,000 55,385,755,000 48,632,782,000 45,767,806,000 45,767,806,000 33,217,024,000 28,998,368,000 24,582,416,000 18,745,000 16,243,254,000 13,883,146,000 12,109,507,000 
        non-current liabilities
      		                   
        convertible bonds
      		 5,231,523,000 1,575,755,000 11,788,907,000 14,432,792,000 14,432,792,000 5,504,873,000 5,504,873,000 5,572,449,000 5,430,487,000 5,206,682,000 5,206,682,000 5,140,305,000       
        deferred tax liabilities
      		106,774,000 59,829,000 13,025,000 31,291,000                
        total non-current liabilities
      		3,298,339,000 7,935,612,000 2,459,562,000 12,365,457,000 14,850,649,000 14,850,649,000 5,931,716,000 5,931,716,000 6,021,051,000 5,834,664,000 5,642,664,000 5,642,664,000 5,402,762,000 255,597,000 172,220,000     
        total liabilities
      		191,721,192,000 160,836,513,000 119,349,042,000 106,095,171,000 98,732,726,000 98,732,726,000 71,007,264,000 71,007,264,000 61,406,806,000 54,467,446,000 51,410,470,000 51,410,470,000 38,619,786,000 29,253,965,000 24,754,636,000 18,745,000 16,243,254,000 13,883,146,000  
        commitments and contingencies
      		                   
        other non-current liabilities
      		   996,000 2,918,000 2,918,000 36,040,000 36,040,000 38,071,000 7,050,000 7,389,000 7,389,000 7,949,000 8,171,000 8,435,000     
        short-term borrowings
      		    1,866,316,000 1,866,316,000 2,773,023,000 2,773,023,000 2,754,466,000 2,114,541,000 898,748,000 898,748,000        
        intangible asset
      		    1,276,751,000 1,276,751,000 1,486,959,000 1,486,959,000 1,706,291,000 1,866,532,000 1,994,292,000 1,994,292,000 2,182,296,000 2,277,009,000 2,381,247,000 2,579,338,000 2,741,320,000 2,786,690,000  
        shareholders’ equity
      		                   
        ordinary shares
      		    159,000  153,000  153,000 148,000 148,000  148,000 148,000 148,000  142,000 62,000  
        additional paid-in capital
      		    86,698,660,000  51,969,053,000  51,013,118,000 42,303,322,000 41,493,949,000  40,695,277,000 38,198,956,000 37,606,981,000  28,677,619,000 5,848,893,000  
        accumulated other comprehensive income
      		    -1,047,728,000  533,303,000  1,794,728,000 1,820,761,000 1,448,230,000  1,804,675,000 1,116,597,000 627,566,000  986,807,000 396,540,000  
        accumulated deficits
      		    -25,475,203,000  -24,098,847,000  -23,314,139,000 -22,414,790,000 -18,295,461,000  -16,543,824,000 -14,208,816,000 -13,205,566,000  -8,903,965,000 -7,805,642,000  
        total shareholders’ equity
      		    60,175,888,000  28,403,662,000  29,493,860,000 21,709,441,000 24,646,866,000  25,956,276,000 25,106,885,000 25,029,129,000     
        total liabilities and shareholders’ equity
      		    158,908,614,000  99,410,926,000  90,900,666,000 76,176,887,000 76,057,336,000  64,576,062,000 54,360,850,000 49,783,765,000     
        liabilities
      		                   
        customer advances and deferred revenue
      		         619,769,000 605,970,000         
        treasury stock
      		                   
        property and equipment
      		            38,153,000 33,409,000 36,089,000  19,110,000 14,876,000 9,279,000 
        customer advances
      		            379,001,000 267,322,000 243,048,000  165,044,000 105,013,000  
        right-of-use assets9
      		              218,836,000     
        lease liabilities10
      		              73,037,000     
        investments in subsidiary, the vie and subsidiary of the vie
      		               4,440,777,000    
        liabilities, mezzanine equity and shareholders’ (deficits)/equity
      		                   
        long-term investment
      		                   
        loan to a related party
      		                   
        liabilities, mezzanine equity and shareholders’ deficits
      		                   
        mezzanine equity
      		                 10,950,505,000  
        shareholders’ (deficits)/equity
      		                   
        total shareholders’ (deficits)/equity
      		                20,760,603,000   
        total liabilities, mezzanine equity, and shareholders’ (deficits)/equity
      		                37,003,857,000   
        shareholders’ deficits
      		                   
        total shareholders’ deficits
      		                 -1,560,147,000  
        total liabilities, mezzanine equity, and shareholders’ deficits
      		                 23,273,504,000  
        selected consolidated balance sheet data:
      		                   
        current assets:
      		                   
        non-current assets:
      		                   
        current liabilities:
      		                   
        total mezzanine equity
      		                  2,196,921,000 
        selected consolidated cash flow data:
      		                   
        net cash generated from operating activities
      		                  9,686,328,000 
        net cash (used in)/generated from investing activities
      		                  71,651,000 
        net cash generated from financing activities
      		                  1,398,860,000 
        exchange rate effect on cash, cash equivalents and restricted cash
      		                   
        net increase in cash, cash equivalents and restricted cash
      		                  11,109,158,000 
        cash, cash equivalents at and restricted cash at beginning of the year
      		                  1,319,843,000 
        cash, cash equivalents and restricted cash at end of the year
      		                  12,429,001,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2025-09-30 2025-06-30 2025-05-27 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-05-22 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-05-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-05-31 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-06-01 2020-12-31 2020-09-30 2020-06-30 2020-05-31 2019-12-31 2019-09-30 2019-06-30 2019-05-31 2018-12-31 2018-09-30 
                                         
          net cash generated from operating activities
        		24,018,889,000 6,124,713,000 15,516,943,000 15,516,943,000 94,406,979,000 -16,270,327,000 22,725,461,000 21,067,179,000 21,067,179,000 61,624,674,000 9,141,876,000    36,856,037,000 -7,722,048,000                  
          net cash from investing activities
        		15,466,276,000 -20,637,916,000 -6,383,976,000 -6,383,976,000 -101,457,478,000 25,723,542,000 -14,331,979,000 -28,290,121,000 -28,290,121,000 -50,610,778,000 6,699,360,000 11,100,387,000 -22,620,247,000 -22,620,247,000 -22,005,276,000 8,236,877,000 -3,741,182,000 -4,852,089,000 -4,852,089,000 -21,797,608,000 -10,280,701,000        -15,036,433,000     
          net cash generated from financing activities
        		198,000 134,000 219,000 219,000 1,032,000 -596,000 698,000 30,000 30,000  -6,848,000 7,180,000 53,000 53,000 9,821,000                   
          effect of exchange rate changes on cash, cash equivalents and restricted cash
        		-637,968,000 91,394,000 -69,518,000 -69,518,000 1,892,417,000 -1,293,065,000 92,820,000 147,924,000 147,924,000 -492,197,000 -680,047,000 1,229,350,000 -348,245,000 -348,245,000 -150,050,000 301,066,000 -61,002,000 10,163,000 10,163,000 -167,317,000 214,573,000 -243,963,000 51,550,000   -138,552,000 99,058,000  -143,837,000 664,865,000 -228,497,000   
          increase in cash, cash equivalents and restricted cash
        		38,847,395,000  9,063,668,000  -5,157,050,000 8,159,554,000    1,560,688,000 15,154,341,000    14,710,532,000     -3,793,782,000      5,025,497,000 -846,732,000   -3,234,626,000 6,679,553,000   
          cash, cash equivalents and restricted cash at beginning of period
        		-5,358,007,000 9,063,668,000 126,194,421,000 126,194,421,000  1,412,012,000 -7,074,988,000 121,779,905,000 121,779,905,000  12,764,459,000 -21,630,417,000 92,300,417,000 92,300,417,000  10,730,029,000 -13,909,979,000 66,043,971,000 66,043,971,000  3,058,127,000 -10,532,918,000 74,843,636,000  846,732,000 -846,732,000 33,345,857,000  3,444,927,000     
          cash, cash equivalents and restricted cash at end of period
        		33,489,388,000 -5,358,007,000 135,258,089,000 135,258,089,000  9,571,566,000 1,412,012,000 114,704,917,000 114,704,917,000  27,918,800,000 12,764,459,000 70,670,000,000 70,670,000,000  11,545,914,000 10,730,029,000 52,133,992,000 52,133,992,000  -5,005,883,000 3,058,127,000 64,310,718,000  7,850,870,000 4,178,765,000 32,499,125,000  -6,298,089,000     
          increase/(decrease) in cash, cash equivalents and restricted cash
        		                                 
          (decrease)/increase in cash, cash equivalents and restricted cash
        		   9,063,668,000                              
          net cash (used in)/generated from financing activities
        		                                 
          cash, cash equivalents and restricted cash at beginning of period/year
        		                                 
          cash, cash equivalents and restricted cash at end of period/year
        		                                 
          cash flow from operating activities
        		                                 
          net income
        		                                 
          adjustments to reconcile net income to net cash from operating activities:
        		                                 
          interest expenses
        		                                 
          allowance for credit losses
        		                                 
          depreciation and amortization
        		                                 
          deferred income tax
        		                                 
          amortization of right-of-use assets
        		                                 
          interest and investment gain
        		                                 
          loss on disposal of property and equipment
        		                                 
          share-based compensation
        		                                 
          foreign exchange loss
        		                                 
          share of results of equity investees
        		                                 
          fair value change of investments
        		                                 
          changes in operating assets and liabilities:
        		                                 
          receivables from online payment platforms
        		                                 
          amounts due from related parties
        		                                 
          prepayments and other current assets
        		                                 
          customer advances and deferred revenues
        		                                 
          amounts due to related parties
        		                                 
          payable to merchants
        		                                 
          accrued expenses and other liabilities
        		                                 
          merchant deposits
        		                                 
          lease liabilities
        		                                 
          short-term investments
        		                                 
          other non-current assets
        		                                 
          other non-current liabilities
        		                                 
          cash flow from investing activities
        		                                 
          purchase of short-term time deposits, held to maturities and other investments
        		                                 
          proceeds from sales of short-term time deposits, held to maturities and other investments
        		                                 
          purchase of available-for-sale debt securities
        		                                 
          proceeds from sales of available-for-sale debt securities
        		                                 
          purchase of long-term time deposits, held to maturities and other investments
        		                                 
          proceeds from sales of long-term time deposits, held to maturities and other investments
        		                                 
          purchase of property, equipment and software and intangible assets
        		                                 
          proceeds from disposal of property and equipment
        		                                 
          others
        		                                 
          cash flow from financing activities
        		                                 
          repurchase of convertible bonds
        		                                 
          cash, cash equivalents and restricted cash at beginning of the year
        		                                 
          cash, cash equivalents and restricted cash at end of the year
        		                                 
          supplement disclosure of cash flow information：
        		                                 
          interest received
        		                                 
          income taxes paid
        		                                 
          supplement disclosure of non-cash operating activities：
        		                                 
          recognition of right-of-use assets and lease liabilities
        		                                 
          supplement disclosure of non-cash investing activities：
        		                                 
          purchase of property, equipment and software included in accrued expenses and other liabilities
        		                                 
          reconciliation of cash, cash equivalents and restricted cash:
        		                                 
          cash and cash equivalents
        		                                 
          restricted cash
        		                                 
          total cash, cash equivalents and restricted cash in the statements of cash flows
        		                                 
          decrease in cash, cash equivalents and restricted cash
        		       -7,074,988,000 -7,074,988,000    -21,630,417,000 -21,630,417,000    -13,909,979,000 -13,909,979,000    -10,532,918,000           
          cash, cash equivalents and restricted cash at beginning of period/ year
        		                                 
          cash, cash equivalents and restricted cash at end of period/ year
        		                                 
          gain on extinguishment of convertible bonds
        		                                 
          repayment of short-term borrowings
        		                                 
          increase/ (decrease) in cash, cash equivalents and restricted cash
        		                                 
          net cash (used in)/ generated from operating activities
        		            1,338,022,000 1,338,022,000                    
          interest expense
        		                                 
          purchases of available-for-sale investments
        		                                 
          loans to a related party
        		                                 
          net proceeds from the follow-on offerings
        		                                 
          proceeds from the private placements
        		                                 
          net proceeds from the issuance of convertible bonds
        		                                 
          proceeds from short-term borrowings
        		                                 
          net cash generated from/ (used in) financing activities
        		                                 
          (decrease)/ increase in cash, cash equivalents and restricted cash
        		                                 
          net cash (used in)/ generated from financing activities
        		                225,000 43,000 43,000               
          net cash from operating activities
        		                 -9,068,096,000 -9,068,096,000 20,046,443,000 1,365,353,000         5,691,233,000 -1,543,251,000   
          capital expenditures
        		                 0 0 0 0         0 0   
          free cash flows
        		                 -9,068,096,000 -9,068,096,000 20,046,443,000 1,365,353,000         5,691,233,000 -1,543,251,000   
          net cash from financing activities
        		                   -1,875,300,000              
          foreign exchange gain
        		                                 
          purchase of short-term investments
        		                                 
          proceeds from sales of short-term investments
        		                                 
          purchase of long-term investments
        		                                 
          repayments from third parties
        		                                 
          net cash provided by/ (used in) financing activities
        		                                 
          net cash flow used in operating activities
        		                      -3,724,547,000    -567,070,000       
          net cash flow used in investing activities
        		                      -5,621,047,000           
          net cash flow from financing activities
        		                      -1,238,874,000           
          net cash flow generated from operating activities
        		                                 
          net cash flow generated from financing activities
        		                          1,205,472,000       
          (decrease) / increase in cash, cash equivalents and restricted cash
        		                                 
          cash, cash equivalents and restricted cash at beginning of period / year
        		                                 
          cash, cash equivalents and restricted cash at end of period / year
        		                                 
          ​
        		                                 
          selected consolidated cash flow data:
        		                                 
          net cash (used in)/generated from investing activities
        		                                 
          exchange rate effect on cash, cash equivalents and restricted cash
        		                                 
          net increase in cash, cash equivalents and restricted cash
        		                                 
          cash, cash equivalents at and restricted cash at beginning of the year
        		                                 
          net cash provided by operating activities
        		                                 
          net cash provided by financing activities
        		                              7,993,828,000   
          net loss
        		                                 
          lease expense to reduce right-of-use assets
        		                                 
          payables to merchants
        		                                 
          payments for long-term investments
        		                                 
          repayment from / (loan to) third parties
        		                                 
          proceeds from follow-on offering
        		                                 
          proceeds from private placement
        		                                 
          proceeds from issuance of convertible bonds
        		                                 
          costs incurred for the follow-on offering
        		                                 
          issuance costs of convertible bonds
        		                                 
          supplement disclosure of non-cash operating activities :
        		                                 
          net cash flow generated from investing activities
        		                          -1,584,192,000       
          net cash flow (used in)/generated from financing activities
        		                                 
          net cash (used in)/provided by financing activities
        		                                 
          net cash (used in)/provided by investing activities
        		                              457,473,000   
          cash, cash equivalents and restricted cash at beginning of period11
        		                              30,539,686,000   
          cash, cash equivalents and restricted cash at end of period11
        		                              37,219,239,000   
          cash, cash equivalents and restricted cash at beginning of period10
        		                                 
          cash, cash equivalents and restricted cash at end of period10
        		                                 
          impairment of long term investment
        		                                 
          change in the fair value of warrant liability
        		                                 
          interest income
        		                                 
          customer advances
        		                                 
          purchase of a long-term investment
        		                                 
          proceeds from disposal of a long-term investment
        		                                 
          purchase of property and equipment
        		                                 
          loan to a related party
        		                                 
          repayment from a related party
        		                                 
          loans to third parties, net of repayment
        		                                 
          net cash flow (used in) / generated from investing activities
        		                                 
          deemed distribution
        		                                 
          proceeds from initial public offering
        		                                 
          initial public offering costs
        		                                 
          proceeds from issuance of convertible preferred shares
        		                                 
          costs incurred for the issuance of convertible preferred shares
        		                                 
          repurchase of class b ordinary shares
        		                                 
          cash, cash equivalents and restricted cash at beginning of year
        		                                 
          cash, cash equivalents and restricted cash at end of year
        		                                 
          supplement disclosure of cash flow information:
        		                                 
          supplement disclosure of non-cash investing activities:
        		                                 
          purchase of property and equipment included in accrued expenses and other liabilities
        		                                 
          purchase of property and equipment included in prepayments, other receivables and other current assets
        		                                 
          acquisition of intangible asset
        		                                 
          share-based compensation cost included in:
        		                                 
          costs of revenues
        		                                 
          sales and marketing expenses
        		                                 
          general and administrative expenses
        		                                 
          research and development
        		                                 
          total
        		                                 
          net cash (used in)/provided by operating activities
        		                                 
          effect of exchange rate changes on cash and cash equivalents
        		                                28,436,000 
          increase in cash and cash equivalents
        		                                 
          cash and cash equivalents at beginning of period
        		                                396,585,000 
          cash and cash equivalents at end of period
        		                                5,929,144,000 
          (decrease)/increase in cash and cash equivalents
        		                                 
          net cash provided by/(used in) investing activities
        		                                 
          net cash provided by/(used in) financing activities