PDD vs QH
PDD Holdings Inc. and Quhuo Ltd., side by side — 8 fiscal years reported in CNY, drawn from SEC filings.
At a glance
Most recent reported year
| Metric | PDD | QH |
|---|---|---|
| Revenue | CNY 431.8B | CNY 2.5B |
| Net income | CNY 97.8B | CNY -149.5M |
| Gross margin | 56.3% | 0.5% |
| Net margin | 22.7% | −6.0% |
| Return on equity | 26.9% | −36.5% |
| Diluted EPS | CNY 16.50 | −CNY 0.11 |
| Dividend / share | — | — |
| Payout ratio | — | — |
| Free cash flow | — | CNY -39.4M |
| Equity | CNY 413.4B | CNY 354.8M |
| Net debt / equity | — | 0.21× |
| Current ratio | 2.43× | 1.03× |
| Revenue CAGR 5y | 48.7% | −0.4% |
| Profit CAGR 5y | — | — |
PDD bills 171.0× the revenue of QH, and QH closed the last reported year at a loss.
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner.
Revenue by year
8 years side by side
| Fiscal year | PDD | QH |
|---|---|---|
| FY2025 | CNY 431.8B | CNY 2.5B |
| FY2024 | CNY 393.8B | CNY 3.0B |
| FY2023 | CNY 247.6B | CNY 3.7B |
| FY2022 | CNY 130.6B | CNY 3.8B |
| FY2021 | CNY 93.9B | CNY 4.0B |
| FY2020 | CNY 59.5B | CNY 2.6B |
| FY2019 | CNY 30.1B | CNY 2.1B |
| FY2018 | CNY 13.1B | CNY 1.5B |
Net income by year
Bottom line
| Fiscal year | PDD | QH |
|---|---|---|
| FY2025 | CNY 97.8B | CNY -149.5M |
| FY2024 | CNY 112.4B | CNY 2.7M |
| FY2023 | CNY 60.0B | CNY 3.3M |
| FY2022 | CNY 31.5B | CNY -13.1M |
| FY2021 | CNY 7.8B | CNY -157.9M |
| FY2020 | CNY -7.2B | CNY 3.4M |
| FY2019 | CNY -7.0B | CNY -11.8M |
| FY2018 | CNY -10.2B | CNY -42.6M |