PDD vs QH
PDD Holdings Inc. and Quhuo Ltd., side by side — 8 fiscal years reported in CNY, drawn from SEC filings.
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. "·" marks a figure not available in our data.
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 |
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 |
8 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +CNY 429,319,816,000 | PDD |
| FY2024 | +CNY 390,789,226,000 | PDD |
| FY2023 | +CNY 243,936,818,000 | PDD |
| FY2022 | +CNY 126,737,211,000 | PDD |
| FY2021 | +CNY 89,924,660,000 | PDD |
| FY2020 | +CNY 56,911,055,000 | PDD |
| FY2019 | +CNY 28,086,097,000 | PDD |
| FY2018 | +CNY 11,645,515,000 | PDD |
PDD has reported the higher revenue in every one of these 8 fiscal years. The gap has widened since the earliest year compared.
8 of 10 comparable fiscal years — a year missing data on either side is not counted.
8 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +28.6 pp | PDD |
| FY2024 | +28.5 pp | PDD |
| FY2023 | +24.1 pp | PDD |
| FY2022 | +24.6 pp | PDD |
| FY2021 | +13.0 pp | PDD |
| FY2020 | −11.9 pp | QH |
| FY2019 | −22.5 pp | QH |
| FY2018 | −74.9 pp | QH |
The higher net margin has changed hands between PDD and QH over this period.
8 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 QH's over the 8 comparable fiscal years — 34.1 percentage points of standard deviation against 2.2.
8 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 PDD and QH over these 8 fiscal years — PDD led in 5 and QH in 3.
8 of 10 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
QH's return on equity has been more volatile than PDD's over the 5 comparable fiscal years — 16.4 percentage points of standard deviation against 11.5.
5 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 5 comparable fiscal years — a structural lead, not a recent swing.
5 of 7 comparable fiscal years — a year missing data on either side is not counted.