The following is a summary of the PDD Holdings Inc. (PDD) Q1 2024 Earnings Call Transcript:

Financial Performance:

• PDD's total revenue for Q1 2024 reached RMB86.8 billion, a 131% increase year over year.

• Revenues from online marketing services and others increased by 56% to RMB42.5 billion compared to Q1 2023.

• Transaction services reported a significant growth of 327%, amounting to RMB44.4 billion.

• GAAP operating profit was RMB26 billion, a significant rise from RMB6.9 billion in Q1 2023.

• Non-GAAP operating profit reached RMB28.6 billion, compared to RMB8.5 billion in Q1 2023.

• Net income attributable to ordinary shareholders in Q1 2024 was RMB28 billion, up from RMB8.1 billion in Q1 2023.

Business Progress:

• PDD is focusing on high-quality development through the expansion of supply and the promotion of a high-quality ecosystem.

• The company is deepening its cooperation with top global brands and investing in R&D to improve its supply chain capabilities.

• PDD has prioritized building an industry-leading compliance program.

• The company has served over 10 million customers and plans to continue investing in R&D for improved user experience.

• Although financial data may fluctify, PDD anticipates profitability growth despite intensified competition.

• For global expansion, they aim to enhance supply chain, service and compliance capabilities by partnering with high-quality merchants and suppliers.

• They are investing in the agriculture sector for modernization and supply chain efficiency enhancements. Initiatives such as the smart agriculture competition and agriculture cloud aim to optimize and commercialize agricultural production.

More details: PDD Holdings IR

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