PDD - Earnings call 3 2023 | PDD Holdings Inc.

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

Operator

Ladies and gentlemen, thank you for standing by, and welcome to PDD Holdings Inc.

Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.I would now like to hand the conference over to your host today. Please go ahead.

Unknown Executive

Thank you, operator. you us thank and everyone, for today. joining Hello, like distributed is as forward-looking safe available Holdings' I as earnings applies our harbor certain and this was release would begin, press we investor.pddholdings.com PDD statement on in to release, make earlier website call GlobeNewswire as services.Before statements. refer will earnings to you through which our well to at we certain Also, non-GAAP includes this of financial discussions measures. call measures contains Please measures.Joining to refer non-GAAP our reconciliation to call GAAP which today Mr. a the release, on us of earnings are Lei, and Chen Chairman Co-CEO; our Mr. CEO; Zhao well Jiazhen, our Executive Director Ms. and Co as as Liu Jun, of our VP Finance. will Jiazhen strategic and for the remarks quarter make Lei on focus. our performance some general our and past September XX, the Lei then answer in Jiazhen session, walk questions XXXX.During will through and will and translate. results us help ended we for will Chinese, financial Q&A Jun quarter our the third that Please the is only. translation note for English reference in my and language Lei. case management original should of Chairman our the introduce it's statement prevail.Now Co-CEO, to discrepancy, any In Chen pleasure Lei, please go ahead.

Lei Chen

everyone. for we XXXX. high-quality RMB segment the our strategy. to the by and third third earnings the development total of quarter representing QX, of billion, consumer Thank year-on-year XX% achieved is a This a call results. giving result our revenue out of will start In I joining XX.X quarter you increase. improving carrying Hello, brief a overview for of efforts our

continuous felt market. potential one of platforms and As clearly consumption of China, economy the resilience the recovery e-commerce as of the as the largest the we well the in

Day upgrade continued our to consumers that we more proposition not of And of the and price. Duo invest upgrades. us seeing National equally but about make exploring enjoy at Duo Reading of ways Duo it users our that to are service and promotions Consumer value care such greater campaigns just prices a as the trend, robust Consumers users consumption platform Festival, Month about policies price for products get confident market. Duo for It's we during introduction Festival, easier times in to and to shopping is are series of continued our in quality, and consumption National festivals.We better to satisfaction.In been special attractive most always offer QX, series support also an With Harvest a sales. selection only prices through affordable new telling of the behavior services. ever have enjoy a that great is Brand vitality to balance we year quality resources few of with available are savings confident this China's more we about.Recognizing quality demand of a consumer about QX, typically consumption,

technology achieving capabilities. While decisively service. such in beyond in and technology, to we are development.In R&D supply focused the go Investing chain efforts is shop QX, key areas the as continue our we high-quality the our laser experience, core on innovation to invest agritech,

we relief high. the the social and this same will investment step X.X to support area dedicated core weather. immediately we Federation investment live a the region. Charity by we charity was to time, ] Our We went and high-quality XX support to companies. campaigns launched R&D behind action on are responsibilities. Xinjiang [ hit Technology billion taking same In streaming August, China driving our events new and innovation of severe continue setting into in reached RMB in billion, RMB the more force time, proactively area.At development affected pursuit is affected donated At to up

several on went up traffic our resume such provided donation provinces dedicated of zero we Reading support places policy.In a book operations, channel normal and For You a set events. example, hosted help commission as and in relief in for QX, merchants region, book and to platform series the we back measures to

Hubei food and donated build in schools helped also for Gansu libraries We and provinces.

these through do them future.I'm we can Charity young brighter that can were relief, in pleased and in achieve to hopeful awarded This a to are in our revitalization, XXth the report efforts, and what efforts the we rural We China people we help knowledge is horizon to of recognition of that disaster September. broaden sharing. the Award

now chain still its it outside stage, meaningful launch business assist since at our consumers. a reach, we its services help our to in engage our is Through Although have of the manufacturers Temu, presence year in over progress expanding our we are directly XX on will able the early accumulated consumers many still and face business made stage, and years, China with cross-border supply over a early countries.While uncertainties. their capabilities, has we to ago.Drawing broadened we is have manufacturers in

to with are come that intrigued all evolving We partners and the to for excited development.We and create working fit shopping and supply next-generation by our and a international challenges chain our with experience, trends the times. of forward more manufacturers opportunities look

is is around Our recovery world consumers year to live and a mission the to to all of their also a and all competition. benefit of empower best all heightened year and serve lives.This year

high-quality our As always, we focus on development direction the strategy. will maintain execution and our strategic of

mentality hope the high-quality and valuable up and positive to insights our we gain a product cycles, explore better We lives serve day efforts, and the enable of of Through keep whole. feedback we ways users goals. iterations world and will our can new we to bring will the our rapid our trends reminding that users.Through ourselves better one as sustainable,

now, ahead steadily Co-CEO, our high-quality goal, He about it to more this talk I development will strategy. Towards move and will Jiazhen. hand over tirelessly.And will we

Jiazhen Zhao

for X This has economy. joining Hello, way the Zhao Jiazhen. Thank as its call.[Interpreted] the everyone. this vitality all improve consumption [Interpreted] you you, is policies to Thank continued effects gradually market Lei. support into first of earnings In worked quarters, the

our a we stronger National series seeing of Month; during Harvest Day, And simplify by Festival, this QX, and to we promotions more Reading stepped upgrades. are continued promotions. Brand of Duo consumption Singles to Carnival, and and Against Duo all festival, offer Summer launched the investment benefit in We guided better our up such year's serve services.[Interpreted] this demand principle as all, savings Duo growth our Duo for backdrop, we

price bringing products on imported quality For offered time, XX our the now top of reasonable many RMB first billion we under reduction selection direct prices. program, groups cover wider RMB the program. a XX We billion of our at users also

high-quality our efforts, Day saw The from promotion As million strategy. momentum during Singles and Singles billion over our a aspect one benefited good of program.[Interpreted] result RMB is XX consumers XXX Day we the development of

incremental Now, consumers high-quality the on deliver during key and focused supply the we the me QX. relentlessly you through goal governance of team improve worked I on execution creating value to society, and the initiatives to my walk ecosystem.[Interpreted] let and for platform have merchant With high-quality assumption, and

continue agricultural high-quality incentives, work core platform Since the savings continue to we billion categories.[Interpreted] are quality we services. to to process, participating an improving products Firstly, consumption. income. same and By more help agriculture time, accessible participate regions agriculture full China, to product in public.[Interpreted] RMB we example, selection national and largest QX, in grow market support X,XXX partnered more of X And affordable Pinduoduo program in At Duo capabilities merchants festival, expanded Duo policies invested than products. country agriculture adopting XXX,XXX we more the the offering over invest focus on the on appropriate We'll we constantly resources across in to in as XX and making our farmers the and better the the billion platform as September, production Duo the to in Take in launch quality Duo platform with cover Festival. the their Harvest the this Harvest

results live tell a merchants ] audience.[Interpreted] consumer was XXX, than QX, various as ever on to more to Duo measures Festival, event, in featured partnership platform to sessions National encouraged billion the to buying. Festival by by brand dedicated with top to Duo over launch brands such committed agriculture.[Interpreted] Chinese stream more XX products. received In were live as we invited products to and they large collaborated on our to agricultural and Harvest Group XXX are demand national which their the the XX such XX brands, Our CCTV in a [ group nationwide our also with addition RMB RMB career In farmer Shanghai program Chinese The their support showcase hosted boosted Soap, billion was and and Arke stories streaming Cofinix, our program are

rapid in growth some pleased us. with to partnership see are brands national We achieved that

XX for quality key championed production growers that chain. XX our still as emerge event the enable new which In as of the of are Finance areas for bring year's supply the our no competition Innovation digital ] we traffic the more XXx the X of and cloud the resilience recognition a Degree Among This nation. our chain global digital growth research over and divisions. innovative building, higher product third technology sell brought high-quality and promote enabled and solutions element higher standardization, growth to agricultural crop help generation They Pinduoduo, farmers emerging post this and a business devoted At helped Holders we QX, the agriculture Under for revitalization.[Interpreted] for for is past and local agriculture. improve international happy experienced to years. to manufacturing Northwest value leaders and provided continued supply foundation Village to brand the trade platform and kilograms certain also are tax-driven we a is local crucial of the vital to teams. time, as continue them the growing is to we the [ hosted strong participating In in same teams. agriculture digitization said for supply consumption. quickly.[Interpreted] to to growing turn even To to support to in expand these In Academy in and platform initiative, categories such Day and agricultural In end, QX, and This role X in the years, Director in even in wider crop agritech in Jiangsu post-XX's years, second who we sweet the is returned our the chain. playing and see across recent promote Some a agricultural team attracted Foods. driving are competitiveness potatoes year, with Master coupons who The local producers farmers themself high invest of products capabilities, X to serves agriculture. adoption practices markets.[Interpreted] of by quarter, inclusion million producers investment is the banking Singles which the

of across improved the order foundation the In the third serve is the the protection mechanism ecosystem quarter, of Guangdong, belts for support In minors search kiwi business Anhui that continued XX and manufacturers nurtures of easier that wide and account products, initiatives. a that fruit made beneficial global the to industrial Shandong, provinces.[Interpreted] limes, high-quality its reach Our management. from rapid covers we now our covered the In growth content worldwide. more for environment consumers browsing, and citruses, our past supports high-quality We We from for oranges, development, now participants.[Interpreted] over production manufacturers platform top integration mutually XXX and regions Zhejiang, XX,XXX over restrictions, we and and ever verification, than range pursuit including model countries it than a regions.[Interpreted] quarter,

through deepened a campaigns. also our of to commitment we protection copyright addition, series In dedicated

responsibilities for Xth we anniversary. for platform We looking are healthier more a Pinduoduo Last and we month, social can as proactively where celebrated take on greener strive areas its ecosystem.[Interpreted]

merchants, on all stakeholders for investors, we the received. back consumers, we and journey, the thank farmers, sincerely Looking the support other

with and development savings Looking provide will continue to a better to on be a move demand we of focus consumer side, execution services. ahead, strategy.On the forward oriented relentless we'll high-quality more

it and governance, the update firmly an side, growing quality platform with to mutually we on rooted merchants remain She healthy to will driving On over performance. upgrade in through we economy, beneficial a SME environment.Now foster financial you provide hand supply support On allocate will Jun. me platform ecosystem, industrial let and innovation. resources modernization our the more

Jun Liu

Thank you, Jiazhen. Hello, everyone.

you through the performance walk our ended me Let third financial for XXXX. XX, quarter September

statement, and the results encouraging recovery QX driven XXXX. payment was income quarter, our quarter, online revenues and increased billion GAAP of due processing fulfillment sentiment by operating RMB development quarter past and of This basis, and were year-over-year XX% consumer to billion the RMB a third to our RMB high-quality increased RMB high-quality of In strategy.Revenues executing billion. increased costs terms cost, revenues billion strategy, fees, total the this we quarter, mainly XXXX expenses in in in to and total XX.X increase XX% a services third On key up XX.X maintenance our XX.X our were quarter cost the from expenses; marketing non-GAAP quarter continued in total XX.X same X.X from in mainly to responsibly quarter, billion, same from the billion XX.X center to development this basis, XXX% billion same invested from RMB this to the in quarter expenses.On RMB initiatives. in billion last increased call total Revenues operating of from XXXX.In fees, quarter QX XXXX. by decisively in billion XX.X expenses XX.X RMB guided transaction XX% strategic XX.X RMB on up RMB from the from XXX% year.Moving services from others

year. total percentage our revenue the non-GAAP this same this Our to series billion, year.Throughout XX% quarter specific was the quarter continued year.Looking our RMB a the quarter a quarter total quarter quarter a quarter, campaigns. last a last the versus non-GAAP back same were expenses give expenses compared sales and and percentage consumers this we promotional XX% XX% our marketing past last operating items; key basis, sales expense versus same rolled of in to expenses of was of On XX.X revenue and out as for XX% marketing XX% as to non-GAAP up

RMB RMB in general We third XXX.X the million efforts.On have non-GAAP of were quarter consumer expenses good XXXX. million our administrative versus feedback XXX.X seen to a and

of technology, a chain, XX.X billion our for operating quarter such of development profit value R&D We're areas in RMB RMB year. us. and last heart new compared ordinary in the the quarter basis attributable billion RMB per Non-GAAP of this the XX.X GAAP the RMB compared quarter. creation income was results X.X research same ADS to financial versus attributable up quarter X.X income RMB basic versus ordinary the XX core XX.X and Non-GAAP XX.X same to was Non-GAAP year. in per a in committed XX.XX billion basis, with margin quarter earnings non-GAAP second billion a for and for diluted X.XX GAAP of billion billion quarter XXXX.Non-GAAP Technologies per RMB on per last and stepping quarter the X.XX RMB XX.XX billion expenses quarter versus focus was last Our this profit year. ADS, were same diluted and the XX.XX basis the year.Net be XX.X the shareholders the as on RMB to our same quarter earnings compared was for RMB supply per will billion was last ADS RMB ADS net to of with diluted and our are X.XX a versus on earnings agriculture RMB hitting RMB delivered in highs. capabilities.Operating Basic quarter investments solid was last quarter was was profit RMB RMB RMB earnings RMB the past in year. ADS the same in operating same XX% XX.X billion billion earnings XX% quarter XX.X in long-term shareholders XXXX.We

move me our completes Looking That ahead, to execute income the invest statement.Now we on to continue development will flow. cash let high-quality strategy. patiently to

generated billion billion cash same in compared was net last year. with from XX.X quarter Our the activities XX.X operating RMB RMB

September you. my short-term had cash, XXX.X investments.Thank billion equivalents, This concludes we XX, As prepared of cash in remarks. RMB XXXX, and

Unknown Executive

Jun. you, Thank

open move maximum on X We of questions Q&A could purposes. will will help analysts analyst. from questions answer each for Operator, in session, questions on questions. Jiazhen the and Jun Jiazhen, and Lei a the to are Q&A convenience Chinese Today's Lei, take from we'll take line. Next, session. and translate we'll for we

Operator

first International. Your will Wu Haitong Instructions] of Natalie [Operator from question come

Yue Wu

[Foreign Language] myself. here. X Let translate me have I

The strong priorities? about First very past one How management is momentum showed in quarter. strategy. your think does regarding the company the strategic business

of We regarding forward-looking is for from question cater are what perspective, of just agriculture on And merchandise always my agriculture. key second been Pinduoduo. the grade strategies management? a has then So the the called the that wondering understand mind top

key This just achieve so why learned have platform? this category that perform is this in wondering, continued has category years well growth? So and in give to And can on a many implemented to so booked as growth product recently of meaningful efforts elaborate quarter.Can after us some on the management initiatives key management agriculture we our some sector. you color past are the of that to what in

Jiazhen Zhao

Zhao [Interpreted] Hello, this is Jiazhen.

mentioned strategy. an [Interpreted] of last we question year, stage empty development. this quarter, us, as a Let And high-quality on entering this And is this cash rate. we for me are take starting not

our of working to RMB ecosystem platform high-quality year ecosystem time, with We to the agriculture. office. ecosystem.And took us. very are our XX supply kind every doing infrastructure. hard And on at on that this improve since side, provide invest and we same implementing same and merchants right in agritech is strengthening to quality And facilitate we products we I business of And are are And incentives the efforts, agricultural This top will the priorities our forward, the supporting the first, the of governance the one the hand, other billion is platform.[Interpreted] on launched in of of one business.[Interpreted] earlier whole on the development the support at to overall in continue we it are which aspect the time, high-quality partners capabilities improving our is going our sold this in to

from is accessible the positive more ticket minor the RMB some time, I most is at the protection easily that as order mind want and takes XXX Day, our of higher a who say billion our share consumer destroyed users progress quickly. are items benefited years to consumers. program making went billion We Singles steady most build be the to number user safety.[Interpreted] a one And such XX also asset. our And up of over RMB it first, And during to XX from could recent million.And of making program, but side, efforts areas the valuable very in product

since in the the services improving So we have from will better area.[Interpreted] not users to year. this And we been this to beginning consumer secondly, of our side, our capabilities relax provide

And so far, received positive we've feedback.

long our strengthen platform hope service And the better more share. deepen new in and the services so, to the users' likely run, doing platform. satisfaction, Over try will to categories on trust by we through be better mind consumers product

are platform. we We work also hard our can better serve diverse development and long business the our high-quality needs.[Interpreted] and prepared So their to of for

priorities, very are We strategy tenure. your team sooner on to our than the see my the had strategic is even continue focus coming to pleased also development when earlier strategy starting back Board our you. deliver high-quality results be this will that this and hoped.[Interpreted] and to during took year we Thank I to And adopted a Management question office

Lei Chen

us. this this that's answer Chen us. on started I mentioned, your Lei. strategic many came [Interpreted] is know and question We Hello, agriculture As is agriculture will importance in first agricultural users to strategy.[Interpreted] how to out you a

well We relatively are offerings.Today, serving able them those through the online by penetration our low. is of agricultural still products agricultural to retain users

productive of more launched than X,XXX consumers quarter, more this experiences in platform products Festival the improve across to the Harvest and on directly category.[Interpreted] brought and shopping regions We're from to quality potential products the we Last Duo huge a platform. our remains agricultural there So country. Duo product resources allocating agriculture

supply That's the to is by understand healthy improving what modernization. doing market have many and the improve high-quality, In regional and agricultural consumers' time address we suitable first to better products. with were for quality aspect chain just fresh of the chain agriculture the At we for supply to been products.[Interpreted] we resources. connecting also efficiency farmers able doing same demand agricultural time, so, one brought national We specialties logistics of the for that

agriculture quality.[Interpreted] Academy product We competition improve the adoption need the year, growing promote productivity the competition adoption. and and innovation accelerate Agritech Pinduoduo to Agritech we to This second to hosted also and innovation third of smart

her were Independent losses.Meanwhile, to our Ivonne we in supported We on agricultural increase to the to to targeted productivity an will of recognized fund expert specializing we investment research. Director. importance and more in Ivonne agricultural million our agriculture research is RMB in In August, critical XXX Agricultural we May, areas address establish pleased Board in a In food and talent also needs helped in research.[Interpreted] fundamental donated University farmers at an reduce dedicated we agricultural With welcome research. be board, China as safety. and

China.[Interpreted] research cornerstone Our solve goal Going practical problems is to development agriculture will remain in forward, a our to strategy. utilize high-quality cutting-edge of

resources and cut farm streamline to of advantages quality bring benefits promote continue innovation adoption Thank to our agriculture and and to that will agritech supply We from tangible farmer technology merchants. leverage platform our chain you more are in products products, to creating all. the thereby table,

Unknown Executive

Thank on line. you, can the Natalie. the on Operator, we next to move analyst

Operator

from Ronald comes of Goldman next Sachs. question The Keung

Ronald Keung

the [Foreign strong So is competitors more of many to first some the user for PSF up that since made my year, manufacturers this it been platforms on your emphasis of those and momentum. value some set easier observed beginning merchandise have and money and question for on storefronts of putting Language] merchant

competitive you initiatives a strong my the the a this So seen get year good some over second defend your to launch position evaluate we've and environment?And question of are global landscape business how key momentum a your competitive since in would what that little is ago.

share And latest term? with this development, to your what's your for forward? vision strategy us the for in the business medium going the you business near can So

Jiazhen Zhao

question. recovery, my a but And Lei also mentioned, of [Interpreted] on this year competition. As me just your it's thoughts a of is Zhao competition. heightened you [Interpreted] let Thank This is Jiazhen. for year share year

evolving to to different not investments Our policies project true face macro are consumers consumer funds. needs. constantly have the rolled to gradually been we increasing the boost As that peers platforms our out, needs have nowadays industry And are directly surprised consumption.[Interpreted] industry

at solution competition and about are our continued and to improve to is more permanent to savings and on inevitable. deepen partners products consumers.[Interpreted] While to consumers our third affordable in shopping quality offer value to the hope services. quarter, And thinking with no traditionally. savings we is our There and strong the better ecosystem time will to trust This be hopefully to is competition. for also product suit more innovative which dealing we with In great our So to same and categories promoting with instead, greater explore experience.[Interpreted] always users continuing we mind share, work how more the more can investing consumers' services deepen create our new are We platform. invite we and core platform providing the competencies better

we to to competitors sell better supply products upgrade.[Interpreted] more do, the be Our our producers promote across been serve approach to at what on enabled By which digital the benefits and what time, is selection users' the the the of in And broadened platform.[Interpreted] our competition our We China on now continue inclusion sectors we the to side, directly don't real on focus So economy but clear, globally. we for need. our their nation. and demand agriculture and merchandise producers enjoy the consumers same both economy consumers, has always to digital helping and can rooted consumption manufacturing in in

very against is backdrop, trend. and idea formulated high-quality to not to this this is but easy.[Interpreted] adapt The And competition. have trend does mean development we our There seeing We simple, consumption the users. malicious been healthy a both better of among strategy upgrade simple clear

was always a The for report page, noted on evolve into practices. we Sometimes totally are in allegations track in a those And market And and sale attacks. unhealthy on September. had the faceless early this competition who can record. well was As report further, are short easily to panic there short short-tail short attract reports. from found follow-up And more spotty company down example, we stock motive our report will a do actually the profit published intent to out the investigated behind with -- we apparent. actions firm unusual the position.[Interpreted] the the quite to seller drive and and actions integrator prices the enabling that by taken and create Their were to the issued

We we investors forward, development And execution. saw And strategy. Gansu are vote see And will focus that this consumers With encouraged and to focused you. we view the competition. and to understood in high-quality on looking on our motive with a the focus consumers underlying through most end, in believe is and acquisitions.[Interpreted] continue we will their clear mind, the relentlessly will wallets. our on Thank our

Jun Liu

is Thanks, This Ronald. Jun.

services. purchase Currently, and XX the factories factories based chain. Let on expertise all supply is directly of able on from to a our our Global channel idea Well, which connects diverse shopping business, global from for the high-quality supply flexible is me over to with question through and take the new consumers your business. directly form consumers chain leverage over years countries accumulated the to with cultural create are experience backgrounds

a the early initiatives still However, are in this is in beta testing very of phase. our stage.Many

This on of lives different interesting.We consumer journey look process more consumers same actually the markets and needs our to is about with world. team challenging, at time, learning working this partners make margin will be that will the Our be around the the iterative forward the but world to enjoyable. around Thanks.

Unknown Executive

operator, for I we more analyst. And one think have time

Operator

comes Jiang Ellie of The question next Macquarie. from

Ellie Jiang

year-over-year global your And a the margin Is how next related areas profitability? on is this your and about the you right some It few you're about of competition? the are noticed XX% we you into? about me you revenue. contributed is then have fourth to next And Let done Language] achieved growth? What seems think impacting key think business the on What for to should in investment revenue your that into the year? quarter? think next the decreased the the What past do resources do your is quarters? how margin. Two the robust the first putting We've How in questions, you quarter-over-quarter year-over-year. growth think and this the And company basis. translate [Foreign that margin of sustainability trend myself. very the growth

Jiazhen Zhao

confirms start is [Interpreted] past rate the recovery, is market that potential expectations, the improving resilience Jiazhen. development [Interpreted] growth. of the our seeing the over our by platform grew execution driven of quarter went about of sentiment strategy.[Interpreted] the mentioned consumer our this quarter, on I'll Lei the are consumer at demonstrates this result financial by market. question of Chinese high-quality economy addressing As which Hello, earlier, combined Chinese the also economy.What and performance consumption we a Zhao And the in a

selection done There the We have market. low-price promotions confidence worked players any consumer Although not and consumption the be prices. provide consumers, during to to merchants this proposition.And products consumers serve demand.[Interpreted] affordable much to Chinese while value the results. of of a industry is everyday our QX, to hard still we also generated remains better major have philosophy our with in needs, saving practice good basic wider the we planned deepen And branded cost do at our cooperation serve quality with

work invested turn to And in platform, are popularity. the partners. Goods more more national more sales activities, the trust revenue value for investment increase invested During in brands have And we in better our were savings are help platform.[Interpreted] to place in and which offers year quickly platform incentivize and our our growth brands merchants saying and or growing put outcome see the a the appropriate us been the our two.[Interpreted] multiple, is we to to natural to with higher provide platform services.We together merchants. opportunities user of also In more we our to partnership some to ecosystem resources create turn And for naturally very that coupons the pleased on National in in past gain providing willing merchants Festival, we policies platform with resources and able achieve

our high-quality improving and execution work the maintain we to will serving too core We trends, instead on on focus strategic our consumers of direction revenue our our the drive of will and for the strategy.And paying capabilities attention merchants. to short-term attention much development

Jun Liu

your for about I Ellie, Thanks, will Jun. is your question question. profitability. This answer

development quarter, in areas our better executing our phase. past of as merchants we high-quality the First the savings long development promotion to the which and run our team the the development step up hope ]. we activities Profitability priority. upgrades in services is focused [ like is service strategy, In deepen still the in platform and on our strategy, in such foremost, and value the are investment our not Instead, will increase guided we for by run. more high-quality key short

We also improvements. on further capabilities ecosystem built chain and supply our

may results execution. fast-paced our not a this, will of opportunities change daily financial going And you. environment we see our to basis. future Thank from terms the on And reporting to potential.In encouraging investment a of forward, seeing invest firmly trends, good operate match market our we are quarterly continue we continue Because business ROI in when schedule. profitability where execution a We fluctuate on basis.

Unknown Executive

you for about you today. questions, team. thank once again Thank us reach It's please our time. and joining out you all have And next And you further quarter. see if any IR to

Operator

disconnect.[Portions participating. of you [Interpreted] interpreter Ladies And an and marked today. may gentlemen, the call.] on by you that now conference are that for this transcript does present Thank live spoken were for our conclude

PDD (PDD) 28 Nov 232023 Q3 Earnings call transcript