PDD Holdings

Diluted earnings per ADS fell to RMB 16.51 from RMB 18.53 a year ago, with both quarterly and annual net income declining year-over-year, primarily from non-operating items.

Management acknowledged regulatory inquiries in key markets and rapidly evolving trade policies, placing new demands on compliance capabilities across nearly 100 markets served.

Management committed to a 3-year strategy of investing deeply in supply chain transformation, aiming to build another Pinduoduo through brand-oriented growth and value chain upgrades.

Built end-to-end delivery networks including country-level transfer warehouses and village-level pickup points in over 10 provinces, covering transshipping fees for village deliveries.