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Analyst
Joyce Ju
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 16on tracked calls
- Challenge rate
- 6%1 of 16 questions
- Companies
- 2questioned at least once
- Reporting periods
- 7with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 16 of 16 questions from 2 companies
PDDPDD Holdings12 questions · 6 reporting periods · 1 of 12 challenging
Calendar 2026 Q2
are you seeing or would you expect to see a corresponding increase in merchants' willingness to spend on advertising?
Show response
Zhao Jiazhen described a healthier merchant ecosystem but did not directly commit to a near-term uptick in advertising spend, pivoting to long-term value creation.
how are you thinking about the consumer spending outlook for the full year?
Show response
Jun Liu expressed confidence in China's long-term consumer market but gave no quantitative revenue outlook, emphasizing supply-chain-driven growth.
Calendar 2026 Q1
How does the company assess the impact of these new models on the broader industry landscape.
Show response
Jiazhen argued all e-commerce models ultimately compete on supply-chain capability but did not address whether PDD would enter live-stream or quick commerce.
we saw a slight increase in sales and marketing expense ratio of the company
Show response
David Liu declined to provide a steady-state margin, calling quarter-to-quarter fluctuation normal and reiterating the long-term investment priority.
Calendar 2025 Q4
Could management elaborate a bit on how the company thinks about the investment and return cycles for these projects
Show response
Jiazhen Zhao acknowledged results will not be immediately reflected in financials but cited early positive outcomes from the new quality supply project, with merchants reinvesting fee reductions.
Could the management share the company's view on the consumer market like regarding categories with faster growth
Show response
Jiazhen Zhao acknowledged improving consumption trends but redirected focus to supply chain value creation rather than addressing specific category strategies or growth opportunities.
Calendar 2025 Q3
How does management view the competitive outlook in China's e-commerce sector from here and why
Show response
Jiazhen Zhao acknowledged fierce competition around emerging business models and committed to sustaining merchant support programs long-term, warning profitability may continue to fluctuate.
we noticed a slowdown in Duo Duo's online marketing service revenue this quarter
Show response
Jiazhen Zhao acknowledged the slowdown but reframed around long-term value creation rather than directly addressing take rate pressure or specific growth drivers.
Calendar 2025 Q1
How does management view competition in current market environment
Show response
Lei Chen framed the competition response around merchant ecosystem health but did not directly address specific competitive advantages or market share trends.
could management share some colors on platform performance and also key trends observed so far
Show response
Jiazhen Zhao described the June 16 shopping festival approach and new price drop protection service but shared no quantitative performance metrics.
Calendar 2024 Q4
How should we think about the long-term goals for platform ecosystem development and how this will drive the platform’s further growth
Show response
Lei Chen described ecosystem investment philosophy at length but provided no quantitative targets or timeline for ROI realization.
could management also share what has been done on the consumer side recently
Show response
Jiazhen Zhao gave specific examples of consumer campaigns including 10 billion consumption vouchers and super double savings initiatives with order volume milestones.
BABAAlibaba Group Holding Limited4 questions · 4 reporting periods · 0 of 4 challenging
Calendar 2026 Q1
what your view is on EBITA margins in the cloud business over the next few quarters.
Show response
Ju asked whether cloud EBITA margins could reach international-peer levels; management said market share and token-consumption growth are the priority and margin secondary, but expects gross margin to rise over the next 2-3 years.
Calendar 2025 Q4
Could you share your latest view on the CMR trends heading into the March quarter
Show response
Wu acknowledged weak macro consumption, a warm winter and later CNY timing softened December CMR/EBITA, but said physical goods GMV and CMR have significantly recovered into the March quarter.
Calendar 2025 Q2
So we saw a strong growth in CMR this quarter, up 10% year-on-year.
Show response
Toby Xu attributed CMR strength to the 0.6% software fee and QZT penetration and guided to relatively rapid CMR growth in coming quarters.
Calendar 2025 Q1
what different strategies we can expect to see this year around the 618 promotion
Show response
Jiang Fan noted the 618 campaign had not yet officially begun and explicitly declined to share specifics on marketing or pacing, promising a fuller report next quarter, while reiterating the near-term priority of converting Taobao users into instant-commerce users.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| PDD PDD Holdings | 12 | 8%1 of 12 questions |
| BABA Alibaba Group Holding Limited | 4 | 0%none of 4 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 2 | 0%none of 2 questions | 1 |
| 2025 Q1 | 3 | 0%none of 3 questions | 2 |
| 2025 Q2 | 1 | 0%none of 1 question | 1 |
| 2025 Q3 | 2 | 50%1 of 2 questions | 1 |
| 2025 Q4 | 3 | 0%none of 3 questions | 2 |
| 2026 Q1 | 3 | 0%none of 3 questions | 2 |
| 2026 Q2 | 2 | 0%none of 2 questions | 1 |
- 2024 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q13 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2025 Q21 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q32 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2025 Q43 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2026 Q13 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2026 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Competitive Dynamics8
- Demand6
- Revenue Growth5
- Margin4
- Macroeconomic2
- Pricing2
- Capital Allocation2
- Cloud & AI1
- Innovation & R&D1
- Cost Pressure1