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 | 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.
Revenue by year
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 |
Net income by year
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 |