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Operating Expense Breakdown
Details core costs like R&D, marketing, and admin, offering insight into how efficiently the company runs and where it’s prioritizing investment.PDD is clearly front‑loading investment: sales & marketing shows larger, recurring quarter spikes (seasonal promotions) but a higher baseline since 2022, signaling sustained customer/brand spending tied to the new first‑party push; R&D is steadily ramping to underpin logistics and platform capability; G&A has had episodic peaks but is drifting lower recently, implying reallocation toward growth initiatives. Management’s earnings commentary confirms this is deliberate, cash‑backed, multi‑year spending to expand rural reach and supply‑chain scale—supportive for long‑term growth but a near‑term earnings drag.
Date | Sales and Marketing | Research and Development | General and Administrative |
|---|---|---|---|
Jun 30, 2026 | ¥29.67B | ¥4.57B | ¥2.34B |
Mar 31, 2026 | ¥33.77B | ¥4.42B | ¥1.58B |
Dec 31, 2025 | ¥34.35B | ¥4.99B | ¥1.69B |
Sep 30, 2025 | ¥30.32B | ¥4.33B | ¥1.76B |
Jun 30, 2025 | ¥27.21B | ¥3.59B | ¥1.53B |
Mar 31, 2025 | ¥33.40B | ¥3.58B | ¥1.66B |
Dec 31, 2024 | ¥31.36B | ¥3.78B | ¥2.09B |
Sep 30, 2024 | ¥30.48B | ¥3.06B | ¥1.81B |
Jun 30, 2024 | ¥26.05B | ¥2.91B | ¥1.84B |
Mar 31, 2024 | ¥23.41B | ¥2.91B | ¥1.82B |