$PDD Holdings Inc(PDD)$ Recent

Recently, I've seen the meeting minutes from Alibaba and JD.com. Alibaba's e-commerce GMV growth rate is not in the high single digits, and JD.com's is estimated to be around 7-8% (the home appliance trade-in subsidy is too strong). Based on the online retail sales growth in July and August domestically (the National Bureau of Statistics' official website does not yet have data for September), I roughly estimate that PDD's main platform's GMV growth rate for the third quarter is between 15-18%. It's not the explosive growth of the past. Combined with the significant overseas investment in the third quarter (except for the U.S. market, where investment has been reduced), it's true that profits are under pressure in the third quarter.

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