PDD Holdings Inc.

“"our platforms" are to the Pinduoduo platform and the Temu platform”

“The Group operates and manages its business as a single segment and has one operating and reportable segment, the provision of e-commerce services.”

“As substantially all of the Group's long-lived assets are located in the PRC, and substantially all of the Group's revenues are derived from within the PRC, no geographical segments are presented.”

“In 2023, 2024 and 2025, we purchased from Tencent certain services, including payment processing, advertising and cloud services, in the total amount of RMB7,182.5 million, RMB6,772.2 million and RMB6,476.2 million (US$926.1 million)”

“(i)Business supplier risk – there were no related parties whose purchase individually represent greater than 10% of the total purchases of the Group for the years ended December 31, 2023, 2024 and 2025.”

“Description of the Registrant's US$2,000,000,000 0.00% Convertible Senior Notes Due 2025”

“In 2023, we entered into agreements with Tencent, pursuant to which Tencent will continue to offer us access points on its Weixin platform.”

“Hangzhou Weimi is entitled to charge the VIE annual service fees which typically amount to what would be substantially all of the VIE's pre-tax profits”

“we facilitated Mr. Lei Chen and Mr. Zhenwei Zheng, our executive officers, to acquire the controlling equity interests in Shanghai Fufeitong, a licensed payment service company, by providing interest-free loans in the aggregate amount of RMB910.6 million (US$130.2 million)”

“income taxes paid amounted to RMB21.2 billion (US$3.0 billion) in the People's Republic of China (the "PRC" or "China"), and RMB366 million (US$52 million) in jurisdictions outside the PRC.”

“Such a decision could entail fines of up to 6% of the total worldwide annual turnover of the provider and order the provider to take measures to address the breach.”

“As of the date of this annual report, our operations of the Temu platform in Vietnam and Uzbekistan have not resumed.”

“the SAMR fined seven platform operators a total of approximately RMB3.6 billion, including approximately RMB1.5 billion against the operator of the Pinduoduo platform, for violations of the E-Commerce Law and PRC food safety laws”

“Uncertainties in the PRC legal system could cause the relevant regulatory authorities to find the current Contractual Agreements and businesses to be in violation of any existing or future PRC laws or regulations.”

“Under the terms of the order, Temu paid a civil penalty of $2 million and agreed to certain ongoing compliance obligations.”

“In February 2026, the Attorney General of the State of Texas filed a complaint in the District Court of Collin County, Texas, alleging that we violated the Texas Deceptive Trade Practices Act.”

“This lead plaintiff filed an Amended Complaint on March 4, 2025, alleging violations of the Securities Exchange Act against PDD Holdings Inc., Lei Chen, Jing Ma, Jun Liu and Jiazhen Zh”

“We are also subject to multiple investigations, inquiries, and other proceedings involving law enforcement and regulatory agencies globally, including in the U.S., France, Hungary, the Czech Republic, Poland, and South Korea, among others.”