TTM
56.0%
YoY change
−4.64pp
Trough year (2016)
-14.5%
Peak year (2019)
79.0%
Latest annual
56.3%
Gross Margin history chart for PDD Holdings (PDD) from 2016 to 2025
Latest: 56.3%
Gross Margin change chart for PDD Holdings (PDD) from 2016 to 2025
Latest: −4.64pp
Gross Margin history table for PDD Holdings (PDD) from 2016 to 2025
| 2025 | 56.3% | -4.64pp | ||
| 2024 | 60.9% | -2.04pp | ||
| 2023 | 63.0% | -12.94pp | ||
| 2022 | 75.9% | +9.66pp | ||
| 2021 | 66.2% | -1.36pp | ||
| 2020 | 67.6% | -11.38pp | ||
| 2019 | 79.0% | +1.11pp | ||
| 2018 | 77.9% | +19.30pp | ||
| 2017 | 58.6% | +73.02pp | ||
| 2016 | -14.5% | — |
- 202556.3%-4.64pp
- 202460.9%-2.04pp
- 202363.0%-12.94pp
- 202275.9%+9.66pp
- 202166.2%-1.36pp
- 202067.6%-11.38pp
- 201979.0%+1.11pp
- 201877.9%+19.30pp
- 201758.6%+73.02pp
- 2016-14.5%—
Gross Margin values are taken from PDD Holdings's reported income statements (interim 6-K and annual 20-F filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in CNY as filed.
About Gross Margin at PDD Holdings (PDD)
According to PDD Holdings's latest reported financial statements, the company's latest reported gross margin is 56.0%. Gross margin is gross profit divided by revenue, expressed as a percentage. It shows how much of each sales dollar survives the direct cost of goods sold — before operating expenses, interest, and taxes. A higher gross margin generally signals pricing power and production efficiency. Margins are most meaningful compared against sector peers and a company's own history.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
In 2025, PDD Holdings (PDD) gross margin totalled 56.28% – contracted 4.6 percentage points year-over-year.
The record annual gross margin stands at 78.97%, reached in 2019; the historical low of -14.46% was recorded in 2016.
PDD Holdings Gross Margin by Year
PDD Holdings Gross Margin 2025: 56.3%
PDD Holdings gross margin in 2025 was 56.28%, contracted 4.6 percentage points from 2024.
PDD Holdings Gross Margin 2024: 60.9%
2024's gross margin for PDD Holdings came in at 60.92%, contracted 2.0 percentage points from 2023.
PDD Holdings Gross Margin 2023: 63.0%
PDD Holdings posted gross margin of 62.96% in 2023, contracted 12.9 percentage points from 2022.
PDD Holdings Gross Margin 2022: 75.9%
In 2022, PDD Holdings reported gross margin of 75.90%, expanded 9.7 percentage points from 2021.
PDD Holdings Gross Margin 2021: 66.2%
PDD Holdings gross margin in 2021 was 66.24%.
See more financial history for PDD Holdings (PDD).
Sector peers by Gross Margin
Consumer Cyclical peers of PDD Holdings (PDD), ranked by their latest gross margin
| 100.0% | |
| 57.4% | |
| 50.6% | |
| 39.8% | |
| 33.8% | |
| 33.1% | |
| 31.4% | |
| 19.1% |
- 100.0%
- 57.4%
- 50.6%
- 39.8%
- 33.1%
- 31.4%
- 19.1%
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