PDD - Earnings call transcript Q3 2021

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Pinduoduo Third Quarter 2021 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I will now turn the call over to your host for today's call, Mr. Chung Khoan [ph]. sir. ahead, go Please

Unidentified Company Representative

distributed Hello, GlobeNewswire name thank will is call as release the operator. our available us at website help for today. earnings investor.pinduoduo.com was earnings Pinduoduo My Chen, as today. and everyone, you, is you on through and well joining host earlier services. Thank and I

we forward-looking we I of GAAP measures. would to applies our Also, in statements Harbor release includes begin, certain like which to discussions certain our a measures Before non-GAAP Please earnings this release, to will this call as financial reconciliation call, Safe contains non-GAAP which statements. refer to refer make earnings press of the you to measures.

Chief will Tony Finance. quarter further Executive our VP of us third and the some will performance questions focus make initiatives our Officer; Chen Joining on call from floor then the strategic and today forward. to September Ma, ended analysts. Lei on remarks will quarter our results going strategic past financial that, are open XX, for on XXXX. the elaborate Tony we general and our Chairman specific After through Lei, for us take the our

version, your questions any discrepancy will between the session, will that in only. case of Chinese are original reference statements In translated Lei the prevail. During translate. for and our Preston provided Q&A remarks [ph] Please translation in answer language help all note kindly ease should and of original

to go Executive Chen please Officer, is ahead. my Chief pleasure Lei. Now our introduce and Chairman it Lei,

Chen Lei

the third joining for thank for Hello, quarter announcement Chung. you, Thank and results you everyone, of XXXX. our

from This a for of year-on-year represents XX.X was revenue RMB sales, this merchandise Our quarter, increase XX%. excluding revenue total billion.

for active the annual XX September on months XXX.X XX. million ending reached Our buyers

XXX.X turned to Pinduoduo Over last increased million. X, month. average MAU the quarter,

CEO of we serving them. for transition we happening I'm and been as the Over to It in who continue are the this years, hope gradual I busy on year interacted past things a half since and X serve merchants our major period, farmers, took over to been Board. everyone a to users, transition, with scenes. to We grateful as two opportunities which has us has been report watching and has are the has and track. this happy year There been behind Chairman have our over

talent first and leaders. is younger grooming The

The shifting a the R&D second elaborate. for more previous focused investments focus And let to years. sales and five is in from now me marketing on first

their young of our year, grooming among COVID-XX value many core users maturity essential users logistics of source not they deliver source Henan When has First, was actions daily immediately to more to to to and on beginning last the that leaders. and stuck will women supplies witnessed members up coordinate to unforeseeable out struck many and users. daily in our our accelerated we commitment of stepping July, of young the our in have younger event our run responsibility. lives, younger explain their Since team This disrupted demonstrated took goods stocks and take talent and need. and This our users suppliers. men and necessities. When got out heavy to team our several rains our sent so interaction

of company on job Despite young has have the with and a shaping with been I'm to able decisions the matured of our this with business. expectations. number our and proud are leaders be to work actually them We years company. the future alongside to for future exceeding see make encouraged more strongly, to become business this of many team. age, of They potential practical the

them to we research creative, innovate. X as to more continue role critical opportunities and And a up. in shifting the in more great a I XX step and for constantly development. second, taking investment months talent Young focused next vigor to to than and create

the of to solutions investments. value with backbone my chain. years strategy our our a are been significant users. leverage To is a when implement having main shift and has our million to focusing management we as marketing. across very to engineers, economy. development devoted agriculture more agriculture This research the opportunity X XXX years our thing business into team from the I an and have since already a digital we'll Agriculture find we first of bringing of where serving technology much Trained saw ourselves create in on supply We strength beginning were and by be engineering increasing sales training,

demand We is in Therefore, and investment digital economy; to we these There to further bringing and our needs waste. technology. first, agriculture, includes, agriculture This the a for plan have critical in second, products efficiency with more agricultural much and user committee sectors. to in more years. in agriculture scratched only deepen solutions still reduce address agriculture especially tech-enabled chains surface us to into supply meet after do X improving

of increase consumers XX wider X we we better past income. the agricultural are farmers now China their consumers provided has XXX.X Over to prices When years, produce agriculture online. And started years nationwide. first X while serve among at million variety we products helping connecting across were to ago, million Pinduduo with the farmers to

up continue platform in inclusion we farmers to to to forward this to our and improve will order agricultural During focus last our China's for of leveraging farmers consumers. the platform in their in industry. go-to related their digital benefit agricultural products agriculture have orders the period livelihood in quality and Golden be for over end, XXX% platform same hope served look October, To We before We year. more will Week Pinduduo communities.

marketing, total we definitely operations. in We maintain as plan will them they can consumers. economy digitization, agriculture offering improve awareness same they agricultural order to the our of a sell more The agriculture at to be and quantity zero streaming, value as core et cetera. on created time, have, brands continue educated on consumer hand the in agricultural China. can consumers through will farmers the to such communities on appreciation policy to our and innovations, geographical their awareness expand store way to are, more most to products. helps expedite own media on technology scale in In produce, control farmers and directly price, e-commerce agricultural indications It live commission we At

We are chain increase tech-enabled to sector. supply also to designing services efficiency agriculture

technology reduce local cut make a nutritional into faster High and solutions output. hope to This productivity, solution food service efforts this force foundation local example can to demonstrated agriculture and optimization. A Agriculture them beyond helps attractive an of in sustainability. agri to To environmentally to upstream is low and are applying we By of same not sensible techniques like down developing At to lay and technology area extend infrastructure provide the improve solutions has identifying precision supply good tech to agriculture is in demand. also analytics generation. strength in waste, and with our One produce helps we technology options young environmental applications, transit go to proprietary demand averaging is that profiles farming improvements matching make a reduce type Smart farm it real for manage Competition. further time, consumers. our time agriculture for more planning, the more that unnecessarily sustainable. and transportation design, supply culture for It

priorities, with their XXs, to in University to in from We're bringing remotely have to productivity China see joined with nutrition yield, young gained are and sizes. cultivation, science, their approach, the Agriculture potential bring who tomatoes farmers. to greenhouse for to and an sustainability background. strawberry in base for Hunan. Zhejiang ideas they're horticulture, technology XX% are smart adopted competition tomato. relevant in sector. a all precision talents, line but and Agricultural nutritional in technology Something entirety and In traditional not modeling. accept from young University team a management Revenue of we and technical greenhouse forward At is great make training finance we to have time, commercial institutes This through year the challenge gains we're the farming value, our same Food encouraged people, who’s consumer started topics agriculture partnering and start-ups and applying organization that Research. of to agriculture and offer aspire our and the cross-discipline counsel last members The cultivate agri tangible such our new agricultural tech product Zhejiang impact have these expanding with commercialize team as University agriculture UN and industry planting on technology to future and year, courses tailored Currently, to world-class been with society. Contestants the environmental multi-disciplinary viability. with exception other just

we join promote second and the in and billion commercial not agriculture talent commitment, sectors advancement challenging seeks agricultural hope profit leverage young we future every needs and systematic. is into to smarter launch to September through are greater Board initiative Profit to with will platform, the billion of EGM crucial be that responsibility best into our connected we the rural goals, to committed relief areas. digital the This task. relief to society. help this supplies motivation with profit which chain. point be July, to take for relief quarter It to physical Therefore, sector of will agriculture a quarters we build emergency implies as the XX worked emergency platform in. work. involvement, an and we there. After critical and goal to to support we our profit and opportunities long-term inclusion development sector, dispute final improve the partners post and rain provide link in and any out by the more flood Investing our is carry necessities we more the on is In foundation the improve of Shaanxi agri-focused action effort efforts, The agritech, supply donating the an food suppliers go Pinduduo October, address provide We and with RMB The RMB launched drive to and achievement. at [indiscernible]. initiative. charity In donated As to and by XX,XXX that approved portal sense stock technology want future ability. our until agritech will also the for agriculture heavy a to XXX we and the third in to of technology construction in operate initiative met. them our held our disaster there, but to risk of working initiative, and a initiative we to important distribution. plunged network patient is relief of response of to for potential from to of quarter, of nearly receiving to to support XX XX disaster apply technology secure and community closely more to announced shareholders. into total the talents contributed our million also will grocery and end or our facility, sustainable million intend this agriculture. agriculture to can was We emergency Last we them This driven quarter the go

to more Looking society. to do plan to forward, we contribute

and onto and better. And pass We leverage platform users; will you. to continue farmers, resources merchants me Tony. to Thank our it serve let our now communities their proactively

Jing Ma

Thank everyone. you, Lei. Hello,

the some of for past of our Let our agriculture highlights me quarter. in Then quarter. discuss initiatives financials I begin the sharing will by

branding Agricultural year. last and the consumers. initiatives farmers' Daily harvest the a our season. as number XXXX off Duo Agriculture the launched Affairs traffic The September, including Farmers quality and et between a designed live To the of supported festival helps main Ministry sell double streaming, to agriculture help participated Harvest including technical Duo golden in harvest across better, cetera. Center is Development platform their and inclusion the of to Products autumn products we joined to we part of farmers to Autumn Hall we and GI nearly its and the efforts kick September, Green to initiated GI Rural recognize techniques campaign, promote and Food support, offered helping online merchants off-line training, platform campaign activities farmers promotion to We were the direct Over for the regional We the XXX,XXX the merchant the agricultural Tour. and support. products strengthen consumption China. year, to farmers, and and support a connection we of series season. agri the In digital of tailored And series this and provided this training, First, marketing China's heritage, the event China our campaign agricultural products. of of

initiatives a plan more XXX% through Week During to make together, China's platform. period rolled families which meals helped agriculture we across enjoy last in typically surged easily reunite Golden accessible the October, These when over initiatives various nation to orders, same increase the our year. out and agriculture-related produce

these build Shanxi, regions: cultivated. apples direct Xinjiang were stepping appreciation In quality distribution we to produce we consumers where producing This to Second, apples helps Week. framework. are with October, Shandong, and with Golden regions. raise agricultural launched and efforts awareness, up producing and the for demand major our farmers and of in and high-quality X framework provide Sichuan, develop consumer apple grading Gansu, in food delicious places We to worked Apple a the awareness

this products. also research industry We regions are apple of strong to cover a the merchants size, to and Chinese markets better purchases. and will clear demand policy agricultural decision Alongside quality, services standards help a transport goods train study industry will partnered for implement initiative, business with maintain and the selection capabilities. local meat We agricultural standards months to our fruit working to in for farmers the build packaging and meet zero institutes on promote the consumers to product, These supply Institute, expectations of Research standards team the quality commission for with our platform. with Freshwater which these products. and help their Therefore, for and to for Fishery drives, crops. our stationed their we Jiangsu consumers these high-quality part provide our of basis and chain hope we continue inform As sustainable with make

Now results. third let our me walk quarter through

the last up XXXX, quarter. ending active million, September XX.X prior to XXX.X Our buyers XX, from for XX annual the months increased million

XXX.X in quarter in MAU XXXX. million. Our QX the is same up XX% This reached compared to

we growth user Given more our going our moderate base, we scale, current face diversified as forward. more user also same serve be our the At will evolving needs. user inevitably time, and larger

innovatively. the hope Our our We users' become has team task could difficult. leaders needs to and serve younger challenges continue that increasingly embrace

quarter In year. XX.X end of XXXX from terms our total P&L, XX% in quarter RMB last the XX, revenues RMB same September up billion, billion in XX.X were the

key primarily XX.X XXXX, revenue quarter, services QX Excluding XX% our marketing to marketing same trials, billion RMB grew driver the services. period to XP total online was the increase from revenues revenue was Online by in in up to our merchant XX.X last RMB billion due and the year, this XX% compared activities.

from Our revenues increase revenues service up in which same Number Grocery the XP to processing service with RMB our billion factors: sales QX is compared billion, the the year. merchandise Revenue we X was increase one, services. quarter which XX.X service two, The amounted preceding RMB the as XXXX connection other two RMB Duo last period in Duo million compared this with fees; primary provided revenues in X.X that recognized to due related in transaction transaction in fulfillment transaction quarter. and from we our was to number XXX% for the trials

temporary business to could fulfill. demand which XP was our Our meet users on of our a solution merchants the products not

see XP As we products be from merchants, to insignificant. expect more contribution offering trials our we from

expenses. Now moving costs to and on

XXXX. quarter. billion XX.X RMB quarter operating from higher same fees, increased of fees. increase compared to RMB processing total storage due services were billion X.X the billion primarily QX to Our in revenues cost quarter XXXX and The fees cost billion as RMB expenses of X.X delivery of RMB to XX.X this and this Total cloud payment in was

expenses RMB compared basis, quarter XX.X non-GAAP to RMB XX.X in as were year a billion billion ago. total same operating the Our

reflects The XX% of administrative XXXX. and Our XX% for was non-GAAP quarter marketing percentage non-GAAP to to and as quarter percentage the On XXX.X XXXX XX% about expenses quarter quarter compared to reduce marketing quarter sales general XXXX. non-GAAP sales on marketing the and billion, expenses X.X this sales same as On X% efforts decreasing we our expenses compared of this is basis, in revenues expenses a of and our and in RMB our investment the and RMB same gravitate continued as towards marketing compared expenses to million was RMB a R&D. sales revenue XXXX. proactively in reduction of more XXX.X our million a the as in and basis, same a

X.X to an XX% RMB the of recruitment billion experienced RMB the more Our was billion, research X.X development due headcount and primarily quarter were in same from and of in increase R&D This increase expenses personnel. of non-GAAP increase in XXXX. R&D an

profit continue to for our R&D to sum billion XXXX. continue foundation same expect billion operating RMB the XXX.X As same in investments we basis for and sustainable to technique R&D expand profit was quarter a operating in X.X committed the in operating growth to meet up, RMB improving on billion, continued lay X.X compared of future the user of evolving are X.X the loss compared batch demand, our of Non-GAAP To in strengthen with operating RMB and was services we quarter of million our increase a quarter expenses. loss the with RMB XXXX. GAAP

income with last shareholders' per to AGM RMB or QX percentage diluted X.X the quarter XXX.X attributable quarter Initiative, with was address compared motivation will earnings and Billion quarter of strive XXX.X diluted third be the loss Non-GAAP the and ADS XX.X% income digital Agriculture RMB compared the XX basic of loss ADS the from net per as non-GAAP greater of ordinary XXXX. same the RMB RMB ordinary X.X improved minus in year. and compared with X.XX in year. In September. launch shareholders RMB approval attributable same advancement initiative the of August, into facilitate to in to XXXX. of same quarter to RMB RMB end the our sector RMB areas. operating income the as sense profit was commercial diluted million per of in from would X.X% net XXXX the aims in was of needs earnings net last X.XX The XXXX. quarter ADS announced diluted at net net was X.XX not rural Our per we RMB with initiative. billion earnings revenue same shareholders of which X.XX Basic non-GAAP ADS million a to received billion compared to and Net in the agricultural in X.XX agritech, The earnings ADS was Non-GAAP driven the per of by also achievement. inclusion profit go promote goals, provide the talent initiative agritech of a of Profits and hold this at critical but QX

near-term a the same on RMB billion, expect shareholders. activities Net to XXXX. the was the have quarter RMB compared cash the of We billion impact provided and statement X.X X.X loss per flow operating profit by earnings for initiative with in That for share quarter. completes third

As equivalents I XX, the conclude XXXX, in that, remarks. prepared of cash September XX.X investments. company cash, With had RMB short-term and my billion

Unidentified Company Representative

you, Tony. Thank

of questions line. Operator, our we will of reference. take from the our Officer; in Lei's session, line. Chief For for ease have Preston and first and the we may today's now remarks analyst VP Chinese on Q&A Executive the translate Chairman Lei, help Finance English to on Tony,

Operator

of the Haitong comes question from Instructions] of Natalie [Operator International. Wu question. ask first your Please line Your

Natalie Wu

question. for two good my here. have Hi, evening. questions taking Thanks I

off. expenses your all, and seems it that tapering of marketing First is sales

second your showing should GAAP spending? you and understand sales also both for Just consecutive quarter marketing that strategies? marketing your profit. and is your is This company and sales wondering, are non-GAAP future changing the ROI How investors

growth forward? and Just XXXX wondering, investors regarding And as And expect profitability going are over is prioritizing onwards initiatives. agriculture year you well? second should the question full going the for profitability my

you billion results? Which Thank investments any update quarter, the financial items initiative has started you Just the last wondering, latest you. has been an financial XX can on being CNY in reflected line provide affected?

Chen Lei

serve adjustment marketing to is But our expands diversify, answer Natalie, applying for as standards model. investments question. your high and the demand. actually are And And our our our changed. ROI for the you, users' constantly not to sales ROI goal macro question, have needs our also to diversified better base user user and Thank we

we benefit wider of pool the So application starting, serve technology, all. when hoping principle we the just with were of were for can our we consumer that

to So try actually about when small, our user to know base platform. try out relatively different the investment goal was get and users was also to more attract features our us,

starting especially we expectations task of improve trust changing our challenges we as how have actually experiences is new a new with of for use and user build them out It base is to constantly can also and much us and the our new to generation higher of is, so It encourage leaders. try Pinduoduo, that users large users. new our mindshare. more we to longer-term explore to now categories that is more challenging larger, user given users, how base can can and we meet a our diversified Now satisfy much constantly such their and challenge

in and and and changing our high We are one through and thing patiently that terms spend we continue company. same also are in dollars that ourselves also of not standards marketing iteration. investments to our manner. marketing of development sales disciplined highly stepping a time, sales long-term ROI our is hold and for to At is investing up adjusting will we the But learning

have that key And in which touched Tony future that. You profitability, let increasing your noticed is help are so for our question, me R&D our area investments, address to ask may upon you also we a investments.

Jing Ma

us, past KPI two of sales two any and the past for showing in But team's contribution the leverage coming percentage our not expenses in back profitable consecutive your regarding marketing decline quarters, Okay. from the quarters is question internally. of the being the Natalie, a profitability profitability to revenue. main for the efforts is

users' the fundamental are We on investment more long-term needs. to address focused

to in market, long-term is communicating investment sales and capital user crystallize which mind the marketing share with to and expenditure As assets us, us. nature similar as for we have been into

we is our have our and continue investment for executing and and focus there growth. the So an lay the worth the area this strategy first up we towards that where R&D that we investments will foundation financial practice is been digitally prudence. It to shifting a to are for to expect solid five years highlighting step long-term

a result, Lei R&D forward. increase As question, Coming we expenses will your out to just on question, to address think expect but point me one comment second I let will going that that.

I think program. you end Lei, mentioned about financial the the has for reflected the billion the pass financial approval this back the been in at yet. program third has Since there's nothing booked get impact to floor so I or quarter EGM of in only the QX CNY you. results, the XX September,

Chen Lei

to point here. one I'd more add like

we we our and last billion the product industry. XX agri announced quality have after various received quarter, So stakeholders CNY proposals many initiative advices from in

conclude the my That will So proposals. starting also for I'm answer diligently this. with various together team,

Natalie Wu

Thank you and clear. Tony. very it, Got Lei

Operator

Chong question next the Thomas your of question. Please Jefferies. ask line Your comes of from

Thomas Chong

Hi, my questions. good two evening. questions. taking Thanks I have management for

and rate question support the you. measures? Can is should online due The my measures. streaming is second competitive shopping. due in first shopping online popularity the as to impact in as the support the growth about to management in advertising our about Thank support about live question our expect the site well to between GMV how measures? increase highlight we And landscape And the

Chen Lei

for Thank your question. you, Thomas,

this Let question. address me

industry, and in a So of in China potential. is huge vibrancy view, full e-commerce my

evolving, the also to do mature, consumer and competition time, entire would healthy more mobile the benefits technologies commercially, platforms we the changes, also, at continue our of we terms and entering companies At sense. more moving that relevant is users, all same pieces and constantly and always all and promoting issued and commercial see to develop involved. space, measures of competition we positive we and in these infrastructure with and the same to more benefits are make also regulatory this the sector. As this expect e-commerce recent is orderly demand noticed view, good the the continues providing time, and think In the development industries rules promoting that these

user the as base seeing seen sector. platforms high a example, sizable space. level huge is see these such frequency, to base companies, At the and space. platforms, us, enter short the more including and entering To user For more have the such companies it platforms, we platform entering e-commerce we not user video with same also time, video this short to and engagement this are with surprising

discuss external I So into are always value it's what let's kind come and not but to providing. think important and we ourselves the in zoom of back see factors,

produce. aim off address actually started We So basic from Pinduduo daily selling always needs. agricultural help to users' and necessity

potential So in us the other sets and apart entrants. my this from view, e-commerce players new

XXX user-centric And our how nearly million and us, users serve concern so for better to remain is our as company. a

to assets. serve been gain value same for become ask will our long-term we our constantly sustainability? company And believe we could we our which green the has create time, At society, to users creating ourselves environment and Are we user us, as So for society? to also key promoting iterate and a always the better? question we continuously how strategy that for value so the trust are, a are

Thomas Chong

merchants about we should of next My result how measures growth advertising as think is the about you. measures? and between GMV the question support support a to Thank rate and the

Jing Ma

Thomas. Thank you,

your question. Let to me address try

pretty is the linked question outlook your monetization. think much to I of

views. Let me some of share our

natural of has that. growth And always is in his a response. are revenue the as in already mentioned our result believe strategy our reflected just monetization been users We and ROI Our Lei merchants’ well, serving our revenues.

on focus fluctuated has been healthy user seeing when our is the the will merchants and not they As We the do sell ROI case quarter on shows see, of are It revenue our a you this result it and satisfaction more basis. rate merchant quarterly going platform. past And ROI. can a the be our monetization forward. the on merchant, monetization in

platform also agriculture strengthen users meet are a our fresh produce merchants policy We for help agricultural are users' the quality raising the produce. go-to promote to on to commission products Therefore, for of committed the PDD X a and agriculture needs and to keeping we products. and bar to as

Thomas Chong

Got it. Thank you.

Operator

comes from of next question Wang Your Stanley. the of Morgan Eddy line

Eddy Wang

Thank you, have Tony questions. I question. Lei my for two also and taking

one us -- the our our a significantly quarter-on-quarter Should basis. products, sales noticed this declined we that is attract on and platform. first suppose China the The the second we the regarding for very the ideal on more And efforts the about actually in brands last progress to since is question merchants in merchandise branded that rather platform? a quarter brands more number That's the actually quarter. weak is attract third in branded question our environment the consumption one.

So the actually to agriculture for on of significantly very they example, value the been means Thank for especially just Does that growth more effect seem given revenue weak we growth been have GMV environment? or that exposure I have had see -- how we under affected you. money. that weak hear actually this to view that but PDD, be -- consumption on consumption and by this higher our the products is your the competitor to want as platform, this some resilient. resilient

Chen Lei

question So I is brand. answer believe on question. your let me your first

they same also and users the our user our we of becoming also our supply require product brand. abundant base that we more as noticing and So At needs, time, are are more they need more that offering observing users' are and demand more increase, diversified. and require do

the will more number this had whereby may take recent the -- do do we of we terms the have of measures, process requires trust view, brands, the same And anti a small in and some some opening a build the our process, and platform from in platform that but finally to and brands gradual impact, a both and to that have store energy and which noticed time. time there brands operate. partnership. to resources, time, think So to -- initial At however, put to getting come successful is foster start

So be take process and to we this time more do gradual. has expect to the some

Operator

your hold ask question for of Please Ju question. Please the America. Thank patience. shortly. Bank your from conference of [Operator next the will of and Joyce you comes Your line resume Instructions]

Joyce Ju

if the questions. our are Thanks two we to to specifically affect the share Any on question my you operations? questions. taking a is some give the for me business that comment my can opening in lot. have also quarter. regulatory business? first update future third operations? Could Does the -- -- you giving your XP us related My And regulatory second, affect management question taking And seen that an business on chance continued the Baba colors contribution? down this winded on XP any decline to Management is Thank have have mean there Tencent, measures this regulatory recent the environment, our environment. I the

Chen Lei

we recent the of regulatory the growth to the the help industry. measures of So promote would platform think series high-quality entire economy and

many continue firmly We that So action we embracing saw measure. and under supporting these by companies thoroughly industry. to and to forth and implement fully changes regulatory been the we'll measures, of and relevant have regulations always continuing brought taking in optimize all are guidance the and the backdrop

one of We these companies. are

to further opportunity an enhance taking is with whole proactively as compliance regulation. company Our this and to a also improve ourselves as

So though, notice in users, and impact in industry. medium that to we changes. you the term, would beneficial the in these longer to involved the this term short the the industry from changes companies may be believe But very these

Jing Ma

me... let Joe,

Chen Lei

following the set we great also that opening you and of such are We for companies measure platform as mentioned, sector. up as the entire believe up a would development example

in measures believe development beneficial such be for we very the run. healthy users eventually long the So the of the and would sector

Jing Ma

question business. come me let your address to Joyce, the XP regarding

XP started we when our our outset, is that already merchants the our but measure stated offer at products we to want at mentioned temporary offer cannot trial XP clearly consumers that we time. business, very a As this

strategic for not us. So is priority a XP

from XP see on platform, a we expect our offering not forward. product merchants do from significant contribution revenue As going we more

Unidentified Company Representative

Thank the you, everyone, on for joining us today. call conference

If any questions, refer managers. you have Thank to have and our great day. further team IR a please you,

Operator

participating. This conference Thank call. today's concludes for you

You may disconnect. now

PDD (PDD) 26 Nov 212021 Q3 Earnings call transcript