PDD - Earnings call transcript Q4 2023

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to PDD Holdings, Inc. Fourth Quarter and Fiscal Year 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. Sir, please go ahead.

Unknown Executive

operator. you, Thank thank and joining today. us Hello, you everyone, for distributed is as available PDD as Holdings our and was release services. investor.pddholdings.com earnings on earlier, website the GlobeNewswire through well at

refer we you in Before earnings which well. call release, to press would we like the to safe harbor begin, our statement this as applies to

GAAP release, certain measures. Please to refer will forward-looking Also, statements. non-GAAP financial We measures. a this call of our non-GAAP earnings which make certain includes contains reconciliation discussions of to measures

quarter today Officer; through our strategic us Officer; Chief walk ended and will then and will fiscal Chen and Liu call financial quarter Lei, our our Jun Mr. Lei Joining Finance. Ms. our our Jiazhen Executive remarks general past make focus. us on are Mr. some Jun, the for XX, Chairman XXXX. year on Co-Chief and of our as as the and results December Executive Executive well Jiazhen, fourth the VP performance Zhao Director for

During translation should Chinese English and the discrepancy, language the translate. in answer questions only. that help note and in Lei statements Please kindly for case Q&A of will reference original In a will prevail. is Jiazhen session,

Chairman and Lei, it's my pleasure Executive to introduce go Officer, Chen Now Lei. ahead. Co-Chief our please

Lei Chen

Hello, initiatives Aligned this high-quality market, total and a to XXX% billion was out for RMB everyone. positive RMB feedback billion. quarter PDD to fourth users our well revenue We for strategy, for the a Thank their in Holding. effort of XXXX dedicated call you an XX.X quarter net our year-on-year XX.X and and rebounding quarter learning This for the development. by year value. important consumer resonated GAAP income empower joining represents merchants with has support. increase. a which we our Driven enhance fiscal fourth consumer was and series XXXX. the our earnings was year of with began businesses rolled journey

our by a revenue demand. increase. the RMB represents resurgence a saw platform was a our past the sentiment, XXX.X fourth XX% which year-on-year in as amid XX quarter, healthy XXXX, we focused such XX achieved consumer In products year, on core Over billion, a In and positive events higher-quality through consumer accessible. festival. was series Double a improving of Double more This shopping making high well-being

has goal potential of unrealized clear; quality to empower life. higher been Our always to consumer unlock retrieve and individuals

As high-quality our continue we the we result throughout XXXX, and have in ability sustained enhance engagement In fourth up efforts, of these deliver supply seen to and growth good service. to will consumer our in quarter. for support value ramp a our platform excellent

costs, and more will with consumers. to our efficiency We product help capabilities develop insight manufacturers refine supply and resonate reduce increase technology chain deeply the and

This effort support e-commerce agriculture unwavering. local income. ongoing farmers skilled a boost Our in both is and part for our and and employment to of generation merchants new of is farmer's increase

year, R&D RMB brands of build a last our we billion invest RMB high-quality innovation at ecosystem continue grow more to initiative, a XX we XX expense our sustainable R&D our the Through technology company. to technology businesses and is ecosystem. core in reaching as billion. small growth medium-size to with alongside And merchants,

drivers by This to channel has billion. continue quarter, into we is of RMB expense XX In consecutive year, development. R&D XX% year This the expenses RMB our high-quality billion. the surpassed R&D second fourth X.X grew investments that new reaching

commission Pinduoduo revitalize cloud the has attention and we role Academy agriculture as fourth to projects strategy close in students food agriculture agriculture also RMB showcase development for community. program of the to past as for reach such manufacturing. In products Pinduoduo broaden XX agriculture products growing for agricultural pay rural of it to billion Academy their this running college region hope and of platform a been continuous to for offer digital event cutting-edge resilient through initiative as competition. producers competition agriculture such our the formed encourage partnership growing in platform as and provides we orange an for towards instance, more initiatives sector. We quarter, agricultural dedicated agriculture through are the example, their certain provide producers year such supporter We specialty Pinduoduo and innovation. and Pinduoduo X and further driven an support with active market the strategic advancing development green technology for We a supporting Taking by the support. to technology reinforced

In XX million. responsibility. making of our struck communities. for aid promptly reconstruction. We social donation in will earthquake Gansu as actively post-disaster reduced Province, positive also and we We accountable prices our The to December last contributions set year, RMB fulfill ourselves donated purchase

As operations, we regions. since XX for XXXX, September in X our expanded into global launching and countries have countries,

a comer, innovation. With we new as dedicated consumers are we chain are excited this focus our our each PDD more closely live Since founding explore we inception, to technology consumer e-commerce. on [indiscernible] a to supply we fruitfully As remain to Holdings. our from remarks diverse since markets have and eighth we the committed the helping of our year to and stayed expertise, learn mission. XXXX global always

Throughout ambitious and have take team on to leaders first development, and seen with always our responsibilities. experienced innovation young embrace have growth journey, ready emerge, an has mind. We this put remarkable greater we and consumers open

strategy. energy hand high-quality Our base. And unique confidence the our Co-CEO, create companies consumer about Zhao for younger giving Jiazhen, growing the over to to will further drive on I value creativity our us to now it our generation, of development and talk

Jiazhen Zhao

in to is a through time, hello, full of of noticed at growth consumption But our users the XXXX to base. growing guided observing XXXX, with overall about consumption at the effective recovery, built consumers are and and and a upgrades. decent ways promotional same our year part of by also believe is in upgrade a bring demand interactions upgrade. to which demand a years, is in more activities you fourth and more you, that are potential. overspending. the for policies we We 'XX year played of looking not more the products we consumer Zhao of proactively accessible serve joining We and Thank Consumption for high together result by bringing consumption the supply of savings. [Interpreted] is manner. It recovery consumption the and of quarter consumption products Lei, principles our King prices offering our recent In we users, diverse of we is responded to consumption. Pinduoduo recovery need recovery the all better everyone. an quality services Jiazhen. more of rational about earnings upgrade innovation, achieved is or call. the Thank vast a This benefit releasing combined

goods, trend, efforts this paid focused consumer on attention premium our national and goods Being as to platform brands, sold on on special broadening products. imported and promotional we trending of selection quality such products high-quality

XX are example, billion enjoy also program, to we we For easy it imported support are and RMB increasingly through investing products, making national to our brands. firmly

and Singles merchants Day more. sell more our last save During user year, helped we our the

show sales doubled. total These the as RMB products is Flash SME recorded end a imported year-on-year items national of And worldwide and engine daily and sales solid event, always, imported principle our XX we achieved agricultural RMB products, over doubled. the our merchants. benefited Consumer the channel of guided XXX%. from be included by that consumption quality more over brands our the XX channel national result create product of XX Our numbers during platform categories, First. XXX,XXX products, our merchants. a than the as acted out program sale also more of products for selling of of will the value over branded branded The XX growth XXXX goods consumers than the promotion merchants X growth growth of to year a In million dedicated billion goods. agriculture number that growth, top for Day. These XXX of by of and Singles

improve be our will and and value as activity. offer shopping of the mind we feedback to variety implement this user merchants, experience our money we quality And our on enhance pivotal services sales towards positive the on a platform. XXXX every year opportunities share, products to high-quality our journey proved We to able be strengthening year and to as for embark development. our a us of more the critical for upgrade to platform, deepen will continue for result, offered And strategy thereby another visibility XXXX on part be will operations.

our up our better in key more of consumption, supply step investments areas in We further optimize platform ecosystem high services. savings and to offering X and the capabilities will quality

with demand for adjust and categories, at demand our high-quality high-quality consumption, tailored in we holidays, consumers' make ourselves featuring for changes will of events, following to will continue consumers in terms to prices. special closely it offerings their consumer attractive fulfill the product and In easier promotional product we products seasons put truths

to continue addition we more our In services. savings, upgrade to also

initiatives areas remote the consumers, We and further groups. a on out have series for benefit strengthen the consumer experience protection improve that shopping rolled and privileged of

of the rise platform. our and industry-leading we year, Academy since inflows brands competition. our our the festival, streaming In agriculture partnership a In coupons national and high-quality and and expand brands, brands merchants the to platform This requires for market promotional continue manufacturing platform. The to as and goods products bring terms resources support our dedicated positions with QX, brands on established have their experience. Agriculture help great the opportunities a been is to the in series of live both Pinduoduo to national from Pinduoduo growing better we in largest made such joint sessions the high-quality platform new we China. such traffic explore as our efforts through progress then supply, and new QX, will allocating activities shopping as national support continued of of foundation consumers

this real-world Jiangsu went Shaanxi, and agriculture farming consultation improvement in support for our and Shandong to up provided and a Shanxi, To regions investments chain, high-quality resources local bring rural X participating into production continue projects agriculture platform supporting services, producers farmers' initiative ecosystem. one-on-one in is to our other green, an high-quality e-commerce enabled and will and remain healthy policies, local application and cloud RMB the the so, supply revitalization productivity. Last goal our encourages environment training billion This will Hubei, local cloud traffic priority to income. Building to continue to a increase doing our that top initiative will Sichuan, also solutions a year, year. governance competition. by platform merchants. ecosystem teams. platform the a year, advancing we We modern the Fujian, findings and digitization research the agricultural XX Yunnan, initiative and and of ecosystem as the agricultural to and increasing such ongoing backed competitiveness to we improve Through platform resilience promote smart thereby bringing By foster in products cloud supply accelerate of agritech agriculture

she Now hand provide let with over financial on Jun, me our will an to performance. you update

Jun Liu

everyone. Thank Hello, you, Jiazhen.

Now let quarter XXXX. XX, me you December ended in year the walk performance and our fourth financial through fiscal

in In by terms full XXX% and marketing transaction year of online XX% XX.X to for billion income RMB revenues and services. services to mainly driven year-over-year in total XXX.X XXXX. billion the statement revenues QX, an our increase RMB from increased year-over-year was This

XX% marketing of and services compared XXXX. XX.X RMB up billion quarter Revenues from period to same others the this online were

services RMB billion, up same transaction were XXXX. Our period XXX% of this versus XX.X the revenue quarter

costs to expenses. on and Moving

RMB billion X.X Our XX.X RMB total increased cost revenues in to billion QX this from quarter. of XXXX XXX%

this billion For total and to total a payment increased XX.X QX increased GAAP revenues billion, the RMB in billion quarter basis fulfillment operating increased XX% RMB expenses fees, from XX.X ship due XX.X XX.X XXXX. center non-GAAP RMB total processing quarter basis, same On mainly XXXX. quarter to year, fees, from cost increased this in to call RMB to of our our for expenses. On RMB maintenance the XXX% a expense operating full billion coal XX.X billion

R&D such development the more the in capabilities. our fourth our our quarter, brands [indiscernible] as platform, our During high-quality we critical to areas on of continue savings investing key focus to and

a compared percentage was of same XX% to total operating expenses non-GAAP total XXXX. Our QX XX% in as revenues quarter

year RMB XX.X full total expenses from For billion RMB non-GAAP XX up XXXX, billion XXXX. operating were in

items. Looking expense into specific

expenses marketing quarter XXXX. RMB quarter same billion, up XX% and versus XX.X sales non-GAAP of Our were this the

XXXX. non-GAAP back in wins our year-end increase stepped basis, in up to investment to a advertising During XX% a of of quarter marketing QX, give same as give and to sales series in and percentage -- we promotion expenses up to versus quarter consumers promote our this XX% revenue the our for brands. On was our

XX.X RMB to expenses billion For and XXXX. XX.X non-GAAP full increased in year, marketing sales from RMB billion

of were in the QX quarter Our RMB XXXX. non-GAAP XXX.X million in XXX.X second RMB G&A expenses million versus

X X.X Our versus annual year. billion, were billion RMB in G&A non-GAAP last XXXX expenses RMB

a Our research and RMB were basis, and on in fourth X.X billion development on GAAP the RMB billion non-GAAP quarter expenses a basis. X.X

GAAP year core the XX is full our billion R&D of second we the XXXX, for For do. at expenses annual RMB year. Technology consecutive surpassed everything

continue improve consumers' was same products to the build capabilities was and supply RMB operating quarter quarter of XX.X XX.X profit XX.X XX% quarter same chain billion intent prices. On billion profit our quarter Non-GAAP with growing adoption selection in at attractive Non-GAAP in an XXXX. in was sectors to the billion same this compared of manufacturing versus promote versus the will RMB the X.X XXXX. operating GAAP XX% billion basis, We operating our type margin XXXX. for R&D for quality to on RMB agriculture a quarter profit efficiency, RMB

full profit RMB XX RMB ordinary RMB and RMB XX.XX billion the earnings ordinary the and RMB quarter and in diluted In earnings income for billion XX.X RMB was of diluted attributable XX.X per XX.XX quarter quarter, billion billion year. of RMB non-GAAP ADS versus XXXX. RMB of and was attributable XXXX. Non-GAAP X.XX earnings per was year, from In shareholders the RMB earnings in full for versus quarter base increased fourth was to ADS income fourth nonoperating the RMB ADS in ADS the XXXX. Net for base billion shareholders RMB XX.X For full XX XX.X to X.XX same for of diluted year. to the per same earnings X.XX the quarter net per the XX.X RMB quarter, billion was ADS per the

is year development, early XXXX encouraged part the towards mentioned, results. our high-quality first we're by Lei on As and the

prepared uncertainties are And we invest and the about decisively journey, while along to excited we are platforms. new the need long-term the value way. challenges ahead, be Looking our for there to of

past results serve quarters. performance future to Our benchmark income That and as fluctuate continue statement. may for financial may completes the a not

let Now flow. cash to me move on

from with XX.X quarter same was of billion the of generated the XX.X in flow QX for XXXX RMB RMB XXXX. cash and full RMB net operating RMB XXXX billion XX year Our activities in in billion XX.X billion compared and

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

Unknown Executive

Thank you, Jun.

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

Operator

[Operator Your Bank Joyce Ju of with from comes first question America. Instructions]

Joyce Ju

questions X have today. I

mentioned important the Firstly, strategic from a remarks, opening perspective. as was management very PDD the for XXXX in year

does the share back XXXX, at how actual the evaluate Looking against quarter fourth the And year are the the expectations. team's management would full the execution results could how your of and original year you compared strategies? past

like promotions. seasonality fourth quarter and any bit for of Are merchants my all focus. actually How quarter could PDD's platforms. fourth the with management us relationship was And is trends We interesting also results. peak about the between platforms in understanding quarter second shopping your question performance the change a any promotional of the be the season, help in be can will there fourth terms or strong XXXX, little fourth us. e-commerce there major fasteners? the assess the Also, season very strategic consumers, know For your in quarter you shared would

Lei Chen

is [Interpreted] Chen Lei. This

on question your strategy. take me Let

and seen high-quality within year remarks, our After lasting platform our supply XXXX our dedicated positive reaffirms development the high-quality consumption our we on side, This As outcomes of beginning mentioned side the commitment further development. ecosystem. have in marks of in execution, strategy.

and cultures high-quality our believe strategy. As alignment investment expanded habits, Therefore, regions, firmly is evolving and into we rapidly for market encountered multiple development in better demand consumers' savings more our we continued countries the QX, we diverse universal. and We with consumer services in that landscape.

side, and meet to needs. has First, top consumer our always priority been from understand the consumer

engaging innovative, consumers peak of and promotions savings, introduced consumers and quick These tailored direct making their ease season different to improve these in initiatives life for featuring response to The to high-quality achieve markets, promotional During the across been easier with our campaigns. consumption. activities has quality positive. QX, we it allow

to towards On the resources supply high-quality merchants side, consumers we platform products offer to products. quality allocate continue and reputable more

we healthy are area. we a operating also lower addition, fundamental product platform, more virtuous is this improve growth In minimize the and of merchants efforts for volume, have consequently forming reduce the drive determined product in risk the cycle. A turnover ecosystem and to efficiency, prices, put sustainable costs,

platform continue merchant out risk compliance in early to review respond product to governance, screening investments and We identify quickly. and outcome. carry make such IP issues and on protection favorable as We achieved product employing technology forward-looking [indiscernible], and

a take consumers and our merchants. After of ahead, we development to we continue strategy. about Moving changes by see will favorable both fostering to high-quality a brought the social execution, responsibilities, positive delighted are year environment for

Going strengthen to our forward, refined stick focus, to consumers deepen further we platform will and deliver and value and unique capabilities strategy, strategic our Thank society. our you.

Jiazhen Zhao

[Interpreted] is Zhao. This Jiazhen

your me festival. Let on take shopping question

price provided during year's to more discount always, savings strengthen last with Double straightforward mind and XX, Day share. we As our Singles consumers

XX received This we the time, in so we during our year, number is increasingly introduced recognized promotions. reached our we price from see platform over Day, time, efforts. height. And with the merchants, demand RMB for upgrades. We continued the by program brands example, the happy promotional by are XX for positive covered meet more merchants. our growing of our benefited of activities last the The of to products participating reduction volume has new products the and order and billion the same first program direct also the during for For XX brands on Double billion doubled. our expanded feedback value top million from -- Singles that At been XXX RMB our than consumers to

for growing to pay in we Our our with the on share. the quality we years our together actually focus from to user very back our consumers' how serve, By year round. Since pleased team e-commerce ongoing all chooses positive we founding products we've festivals, to demand Pinduoduo to at ago, of X platform's better attractive platform. And have meet earned can patiently gradually mind and shopping kept merchants more always while see results core are a our capabilities the the consumers improvement are we our given our attention business. prices

growing to merchants And and also think I more also create are serving in solid of firmly to and our our more value capabilities from development services, provide help volume to foundation This not believe you. only And share time, technology the the a available create and selection today for existing promotions see merchants SME strategy. And the to result from made and consumers addition our by ahead, merchants. services high-quality invest and We continue of the build our next very consumer encouraging And so, their is we on users. trend Thank continue reach return in the at in through we we the by results our users, trust expand it's broadening we our will looking also offering the the these have a patiently we to for we scale the our long-term on side, expanding of new brought past investments virtuous direction cycle. differentiated the doing the quarter, the users. our we And overall strengthens platform. growing leverage supply better the the we services. savings past. From in in journey. the our to product side, same phase of market and SME for but confidence

Unknown Executive

Operator, we next the are for question. ready

Operator

Your next comes with question from Kenneth UBS. Fong

Kenneth Fong

flow a margin. in market best on is return competition question and are Do the In and global is peers Can on rapid buyback the the decent overall sheet have management forward? seeing think on a very profitability growth in quarter, second against of And and share What fourth XXXX and large upcoming saw achieved about that company plans? Can return, business. share regarding quarter? My your increase the year? your margin your and of My question given [Interpreted] in share that management consumption have drop going strong shareholder business. the you first the Pinduoduo shareholder domestic intensified the have balance new the we we announced should similar dividends. we you're in first of trends then view view how meanwhile, cash

Jiazhen Zhao

Jiazhen. This is [Interpreted]

Thank we will our which capabilities, long-term large agricultural investment you. continue retail platform. And potential our sales. more our thirdly, environment, which consumption the clearly ecosystem. very sentiment, doing consumer the number enhance consumption a serve actually we to growth. for see on Let more In trend resilience improve market. we drives foundation and life, also feel consumers favorable and desired And so, forces models greater we consumers of driving we past the with and consumption the industry's that look consumption the improving also macro the me of of to with by national we policies. We take in well clearly And the to support question activities lays year, of in and see on merchants platform for felt China products. retail and we forward opportunities brands value offers we service our the this of supports trends. online a also for its to are the the solid this And our your depth and have create can the market, hope this And society. we further collaborate with continuing consumer behind secondly, first our new seeing prospects penetration we business platform, This better also the long-term quality future. And formats from in well. technology for And with a many see year emerged positive see all, confident also innovation, tremendous as

Jun Liu

Jun. Ken, this is

we about still of shareholder return. Let profitability our current development profitability, our Considering emphasize remains the of regarding are priority. not the platform. development strategic stage. your Profitability me Well, though our always focus and high-quality the question on development, we is in take the stage

So which with of value, on long-term our building the is focus will the interest we consistent investors. platform's

the development. Over years, high-quality guided past by strategy of our

some a made key have few in areas. investments We

back have we to continued example, mind give to to our consumers For deepen share.

remain also favorable billion second R&D, RMB to for We committed the year. consecutive exceeding investment returns. yielded which R&D This have initial XX

Moving long-term is forward, we with quarterly on to and our Profitability where patient by the potential. And are see cycle. financial affected investments ROI decisive based on identify. basis, a we will align opportunities continue various make may we our investment cycle different not business fluctuate execution and a in reporting factors eligibly we

of investment So QX allocation, and of repurchase the asking serve department. are a share a And by basically stage future in for at not which also is is us, forward the financial dividends, results different quarters. And company affected our Each about you're regarding phase. benchmark the for as department. capital in overall we may the stage still

So we is long-term focus current value. -- our our invest in still to

Operator

next comes Chong from question Your with Jefferies. Thomas

Thomas Chong

more how competitors? strategy adjust on we it will your competition. the the compliance. of your on position company's own future your of share management in that the development? My business Moreover, concerned view good competitiveness, many legal year, past strategies, you for the In might How [Interpreted] you competition. Are pays does the market such the your putting global their balance positioning please year. gained My price the to competitors and has in is domestic company the of that be pivoted global How major of question about have emphasis would share any plan first momentum your your market past attention is business impact compliance question Could on with also in you Pinduoduo? do business. second saw

Lei Chen

is Thomas, Chen Lei. [Interpreted] this

Let global your business. question me on take

their ahead. and business utilize global to all backgrounds world chain global taking stage, bring from all the merchants to supply products consumers, consumers Currently, business the achieve is many over and capabilities technological and early at Our uncertainties high-quality to a is for vision challenges to helping dreams. outstanding relatively our

constantly To address from a and these improve challenges. competition must innovations and uncertainties, in actively with models in we're desire market, learn market operation technology the more consumers increase we to overcome to genuine seek ourselves

consumers strategy be market competitive better be into dedicated mentioned investments. development I we shifts our for the global prepared integrating long-term universal. is despite Therefore, earlier, our environment and for landscape, services demand to savings As in operations and and more high-quality will

unique of We platform to in in consumers like the confidence value and have creating for more our value join welcome many partners us globally.

has planning and team You also part in extensive legal big always It's strategic the put our compliance, and been business. to fundamental our has a continued of year, management legal and internal compliance Last our we mentioned myself in compliance efforts across chaired we capabilities compliance efforts, established a by legal committee enhanced our regions. Through and area. to reinforce and our compliance mechanisms this processes.

latest and bodies in the communication in we the high regulations with maintain humble align legal attitude, compliance. to strive laws to field where we countries operate. We abreast of and the with stay industry and With of cooperation regulatory industry standards the aim and

healthy conduct for development. this to solid area long-term research continue will investment We to our foundation lay a and in

Jiazhen Zhao

is This [Interpreted] Jiazhen. Zhao

Let competition. on your question me take

normal we recovery understanding mentioned platforms on e-commerce sentiment and and As background, on this sustained at the in same care is And earlier we we consumers time, XXXX, saw it in prices. about call, more consumer at started needs think in on achieving attractive meeting is keep competition, and also inevitable upgrade to this In efforts working we focus the in consumers and always of promotional on to own focus the see of phase competitiveness. And price capabilities. and our competition increased our industry. more more

good interaction. the we'll in overall be development operation. our we strategy high-quality momentum our built of have focusing strategic implementing confident our aspect we on strategy, year, on moving every past the in Over are platform ahead, and And

more consumer to offering we'll our and First, savings our deepen share by do to so users. continue mind we

not needs follow course, targeting good in. And very about only need that and We desirable keep ranges. is promotional is the price activities consumer launch consumer foundation very simple to direct closely and a we will most experience the This investing categories of price. and product

entire In continue fulfillment, terms to protection. presale aftersales experience from consumer our we consultation, services, refine to services also of shopping

And capabilities goal our a same to promote industries in range we'll tech critical the shopping we'll to at to we users. And the component key and of increase and to essential investment ecosystem. principle a introduce is the drive our of of hope R&D positive SMEs, supply market. And the its will of fiercely well. continue goods, products improve tech that we also users enjoyable Our and that ourselves and offer of our from our and for further R&D the on believe competitive by that We serving empower company, this more high-quality the remain and create areas creation. long-term for our various to wide these the to time, calm value a safe as are experience the development by platform focusing digitization environment society. can guided ecosystem we And the angle, consumers a a and you. for is Thank continue popular value to strengthen greater and in

Unknown Executive

reach you. next team, you And for have quarter. Operator, want joining further above Okay. for again out -- any thank all if I and questions, thank you and I'll to our see please time, it's to you us today.

Operator

Ladies conference participating. that for conclude for you Thank does and gentlemen, today. our

transcript interpreter this an of live marked disconnect. Portions on by were now may call. are [Interpreted] You that the spoken present

PDD (PDD) 20 Mar 242023 Q4 Earnings call transcript