Overview

• PDD Holdings’ first-quarter net profit fell 47% to 14.74 billion yuan as substantial platform investments weighed on short-term results.
• Revenue of 95.67 billion yuan trailed analyst forecasts by nearly 7%, reflecting intensified competition and elevated costs.
• U.S.-listed shares tumbled more than 15% in response to the earnings miss.
• The expiration of the de minimis exemption prompted Temu to increase prices and reroute shipments through U.S. warehouse stockpiles.
• Co-CEO Lei Chen emphasized that current investments will bolster merchant support and sustain long-term platform growth despite trade-policy challenges.