PDD vs ZH
PDD Holdings Inc. and Zhihu Inc., side by side — 7 fiscal years reported in CNY, drawn from SEC filings.
At a glance
Most recent reported year
| Metric | PDD | ZH |
|---|---|---|
| Revenue | ¥431.8B | ¥2.7B |
| Net income | ¥97.8B | ¥-195.2M |
| Gross margin | 56.3% | 59.9% |
| Net margin | 22.7% | −7.1% |
| Return on equity | 26.9% | −4.9% |
| Diluted EPS | — | — |
| Dividend / share | — | — |
| Payout ratio | — | — |
| Free cash flow | ¥28.2B | ¥-364.9M |
| Equity | ¥413.4B | ¥3.8B |
| Net debt / equity | −1.21× | −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.
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Revenue by year
7 years side by side
| Fiscal year | PDD | ZH |
|---|---|---|
| FY2025 | ¥431.8B | ¥2.7B |
| FY2024 | ¥393.8B | ¥3.6B |
| FY2023 | ¥247.6B | ¥4.2B |
| FY2022 | ¥130.6B | ¥3.6B |
| FY2021 | ¥93.9B | ¥3.0B |
| FY2020 | ¥59.5B | ¥1.4B |
| FY2019 | ¥30.1B | ¥670.5M |
Net income by year
Bottom line
| Fiscal year | PDD | ZH |
|---|---|---|
| FY2025 | ¥97.8B | ¥-195.2M |
| FY2024 | ¥112.4B | ¥-169.0M |
| FY2023 | ¥60.0B | ¥-839.5M |
| FY2022 | ¥31.5B | ¥-1.6B |
| FY2021 | ¥7.8B | ¥-1.3B |
| FY2020 | ¥-7.2B | ¥-517.5M |
| FY2019 | ¥-7.0B | ¥-1.0B |
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