KRKR vs PDD
36Kr Holdings Inc. and PDD Holdings Inc., side by side — 9 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | KRKR | PDD |
|---|---|---|
| Revenue | CNY 227.9M | CNY 431.8B |
| Net income | CNY 11.4M | CNY 97.8B |
| Gross margin | 57.7% | 56.3% |
| Net margin | 5.0% | 22.7% |
| Return on equity | 9.3% | 26.9% |
| Diluted EPS | CNY 0.01 | CNY 16.50 |
| Dividend / share | · | · |
| Payout ratio | · | · |
| Free cash flow | CNY 18.9M | · |
| Equity | CNY 128.8M | CNY 413.4B |
| Net debt / equity | · | · |
| Current ratio | 1.21× | 2.43× |
| Revenue CAGR 5y | −10.0% | 48.7% |
| Profit CAGR 5y | · | · |
PDD bills 1894.6× the revenue of KRKR, and keeps more of each dollar of revenue as profit (22.7% against 5.0%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
9 years side by side
| Fiscal year | KRKR | PDD |
|---|---|---|
| FY2025 | CNY 227.9M | CNY 431.8B |
| FY2024 | CNY 231.1M | CNY 393.8B |
| FY2023 | CNY 340.2M | CNY 247.6B |
| FY2022 | CNY 322.5M | CNY 130.6B |
| FY2021 | CNY 316.8M | CNY 93.9B |
| FY2020 | CNY 386.8M | CNY 59.5B |
| FY2019 | CNY 655.6M | CNY 30.1B |
| FY2018 | CNY 299.1M | CNY 13.1B |
| FY2017 | CNY 120.5M | CNY 1.7B |
Bottom line
| Fiscal year | KRKR | PDD |
|---|---|---|
| FY2025 | CNY 11.4M | CNY 97.8B |
| FY2024 | CNY -140.8M | CNY 112.4B |
| FY2023 | CNY -89.2M | CNY 60.0B |
| FY2022 | CNY 22.6M | CNY 31.5B |
| FY2021 | CNY -90.6M | CNY 7.8B |
| FY2020 | CNY -279.3M | CNY -7.2B |
| FY2019 | CNY -25.9M | CNY -7.0B |
| FY2018 | CNY 40.5M | CNY -10.2B |
| FY2017 | CNY 7.9M | CNY -525.1M |
9 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −CNY 431,617,776,000 | PDD |
| FY2024 | −CNY 393,605,027,000 | PDD |
| FY2023 | −CNY 247,299,020,000 | PDD |
| FY2022 | −CNY 130,235,092,000 | PDD |
| FY2021 | −CNY 93,633,160,000 | PDD |
| FY2020 | −CNY 59,105,101,000 | PDD |
| FY2019 | −CNY 29,486,280,000 | PDD |
| FY2018 | −CNY 12,820,897,000 | PDD |
| FY2017 | −CNY 1,623,569,000 | PDD |
PDD has reported the higher revenue in every one of these 9 fiscal years. The gap has widened since the earliest year compared.
9 of 10 comparable fiscal years — a year missing data on either side is not counted.
9 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −17.6 pp | PDD |
| FY2024 | −89.5 pp | PDD |
| FY2023 | −50.5 pp | PDD |
| FY2022 | −17.1 pp | PDD |
| FY2021 | −36.9 pp | PDD |
| FY2020 | −60.2 pp | PDD |
| FY2019 | +19.2 pp | KRKR |
| FY2018 | +91.4 pp | KRKR |
| FY2017 | +36.7 pp | KRKR |
The higher net margin has changed hands between KRKR and PDD over this period.
9 of 10 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
PDD's net margin has been more volatile than KRKR's over the 9 comparable fiscal years — 33.5 percentage points of standard deviation against 29.7.
9 of 10 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between KRKR and PDD over these 9 fiscal years — KRKR led in 3 and PDD in 6.
9 of 10 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
KRKR's return on equity has been more volatile than PDD's over the 6 comparable fiscal years — 30.7 percentage points of standard deviation against 20.8.
6 of 7 comparable fiscal years — a year missing data on either side is not counted.
Year by year
PDD led in return on equity in every one of the 6 comparable fiscal years — a structural lead, not a recent swing.
6 of 7 comparable fiscal years — a year missing data on either side is not counted.