PDD vs ZH
PDD Holdings Inc. and Zhihu Inc., side by side — 7 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | PDD | ZH |
|---|---|---|
| Revenue | CNY 431.8B | CNY 2.7B |
| Net income | CNY 97.8B | CNY -195.2M |
| Gross margin | 56.3% | 59.9% |
| Net margin | 22.7% | −7.1% |
| Return on equity | 26.9% | −4.9% |
| Diluted EPS | CNY 16.50 | −CNY 0.80 |
| Dividend / share | · | · |
| Payout ratio | · | · |
| Free cash flow | · | CNY -364.9M |
| Equity | CNY 413.4B | CNY 3.8B |
| Net debt / equity | · | −0.88× |
| Current ratio | 2.43× | 3.73× |
| Revenue CAGR 5y | 48.7% | 15.2% |
| Profit CAGR 5y | · | · |
PDD bills 157.1× the revenue of ZH, and ZH 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.
7 years side by side
| Fiscal year | PDD | ZH |
|---|---|---|
| FY2025 | CNY 431.8B | CNY 2.7B |
| FY2024 | CNY 393.8B | CNY 3.6B |
| FY2023 | CNY 247.6B | CNY 4.2B |
| FY2022 | CNY 130.6B | CNY 3.6B |
| FY2021 | CNY 93.9B | CNY 3.0B |
| FY2020 | CNY 59.5B | CNY 1.4B |
| FY2019 | CNY 30.1B | CNY 670.5M |
Bottom line
| Fiscal year | PDD | ZH |
|---|---|---|
| FY2025 | CNY 97.8B | CNY -195.2M |
| FY2024 | CNY 112.4B | CNY -169.0M |
| FY2023 | CNY 60.0B | CNY -839.5M |
| FY2022 | CNY 31.5B | CNY -1.6B |
| FY2021 | CNY 7.8B | CNY -1.3B |
| FY2020 | CNY -7.2B | CNY -517.5M |
| FY2019 | CNY -7.0B | CNY -1.0B |
7 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +CNY 429,096,709,000 | PDD |
| FY2024 | +CNY 390,237,192,000 | PDD |
| FY2023 | +CNY 243,440,316,000 | PDD |
| FY2022 | +CNY 126,952,670,000 | PDD |
| FY2021 | +CNY 90,990,615,000 | PDD |
| FY2020 | +CNY 58,139,669,000 | PDD |
| FY2019 | +CNY 29,471,375,000 | PDD |
PDD has reported the higher revenue in every one of these 7 fiscal years. The gap has widened since the earliest year compared.
7 of 10 comparable fiscal years — a year missing data on either side is not counted.
7 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +29.8 pp | PDD |
| FY2024 | +33.2 pp | PDD |
| FY2023 | +44.2 pp | PDD |
| FY2022 | +67.9 pp | PDD |
| FY2021 | +52.2 pp | PDD |
| FY2020 | +26.2 pp | PDD |
| FY2019 | +126.7 pp | PDD |
PDD has kept the higher net margin in every one of these 7 fiscal years.
7 of 10 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
ZH's net margin has been more volatile than PDD's over the 7 comparable fiscal years — 45.8 percentage points of standard deviation against 18.9.
7 of 10 comparable fiscal years — a year missing data on either side is not counted.
Year by year
PDD led in net margin in every one of the 7 comparable fiscal years — a structural lead, not a recent swing.
7 of 10 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
ZH's return on equity has been more volatile than PDD's over the 4 comparable fiscal years — 8.9 percentage points of standard deviation against 6.8.
4 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 4 comparable fiscal years — a structural lead, not a recent swing.
4 of 7 comparable fiscal years — a year missing data on either side is not counted.