Alicia Yap

Zhao Jiazhen said fulfillment investment is targeted and varies by market, prioritizing rural last-mile at home and transit warehouses overseas.

Zhao Jiazhen positioned quick commerce as a distinct model with limited synergies and said PDD will focus resources on its supply-chain strengths.

Management framed the first-party brand company as a continuation of its supply-chain investment strategy, but gave no financial sizing of the pivot.

Lei Chen pointed to supply-chain capability and first-party brands as the global priority but did not quantify user growth or retention.

Jiazhen Zhao acknowledged that corporate governance and talent development have lagged behind business growth, describing the co-chair structure as the beginning of systematic transformation.

Jiazhen Zhao reframed the growth narrative around deep supply chain investment, highlighting new programs like free delivery to villages and new quality supply as foundational capabilities.

Lei Chen detailed trust and safety investments, compliance team building, and proactive monitoring, while candidly acknowledging unpredictable and difficult to quantify risks.

Jiazhen Zhao described the strategic rationale and pointed to some positive feedback but did not provide specific financial impact metrics or timeline for returns.

Lei Chen described directional investments in localization and compliance but gave no specific financial targets, noting the business is still in early stages with plenty of room for improvement.

Jiazhen Zhao candidly acknowledged revenue growth lag and profit decline, framing increased investment as long-term merchant ecosystem building rather than short-term competition.

Lei Chen gave a thorough strategic response, explaining the 100 billion support program rationale and localization efforts, though lacked specific financial projections.

Jun Liu directly attributed the profit decline to investment-return timing mismatch and warned profitability challenges may persist for a longer period.

Jiazhen Zhao acknowledged intensifying competition but framed it positively without disclosing specific competitive responses or market share data.

Lei Chen acknowledged challenges but remained vague on specific policy impacts or contingency plans, emphasizing compliance and supply chain innovation.

Management detailed the RMB 380 billion three-year CapEx plan, procurement-cycle volatility behind the spike, and the AI ROIC/payback framework in depth.

Wu detailed T-Head's role and RMB 10 billion revenue level but did not give a growth rate or reconcile shipments to revenue; on the IPO he said it is possible with no definitive timeline.

Eddie Wu answered directly with scale metrics (peak 120M daily orders, 300M MAC) and a staged plan to halve UE losses; thorough and specific.

Toby Xu directly attributed CMR growth to two drivers -- the 0.6% software service fee and rising Quanzhantui penetration -- said both remain tailwinds into the new fiscal year as rebates roll back and new merchants adopt QZT, and confirmed instant-commerce investment will cause TTG EBITDA to fluctuate with competitive dynamics.

Eddie Wu gave directional color on the CapEx-depreciation vs demand tradeoff and even three-year spend, but declined to quantify quarterly CapEx or a total budget.

Eddie Wu addressed Singles' Day performance, coupon structure, and macro stimulus, saying merchant results exceeded expectations and stimulus measures are just getting started.