• PDD Holdings average gross margin for 2024 was 61.78%, a 11.06% decline from 2023.
• PDD Holdings average gross margin for 2023 was 69.46%, a 5.55% decline from 2022.
• PDD Holdings average gross margin for 2022 was 73.54%, a 17.1% decline from 2021.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.