PDD Holdings Inc.

No information is provided regarding the same in the latest conference call.

- The company is in a strategic investment phase focusing on long-term, patient investments, especially in the supply chain. - Launched RMB 100 billion support program to aid merchants and industries, including fee reductions and merchant support. - Investing heavily in upgrading the supply chain through programs like "new quality supply" and logistics support for remote regions. - Focus on helping merchants reinvest fee reductions into R&D teams and production line upgrades for product differentiation. - Building end-to-end delivery networks for rural areas including transfer warehouses and village pickup points, covering transshipping fees. - Strategic priority is concentrated on high-quality development and transformation of the supply chain rather than business diversification. - Long-term projects aim to lower merchant costs, enhance supply chain quality, improve consumer experience, and move the ecosystem up the value chain. - Investments will impact short-term profitability but are essential for sustainable, high-quality growth.

- The company expects long-term sustainable growth driven by deep investments in supply chain upgrades and ecosystem development rather than short-term financial performance. - Revenue growth in Q4 2025 was 12% year-over-year, with full-year 2025 revenue up 10% year-over-year, showing steady momentum. - E-commerce growth continues but faces intensifying competition and macroeconomic uncertainties, which may pressure short-term profitability. - Strategic focus is on empowering merchants with tailored industry solutions, R&D support, and logistics to drive product differentiation and quality transformation. - Expansion into remote and rural areas with improved logistics is unlocking new consumption potential. - Long-term initiatives like the RMB 100 billion support program are fostering innovation and value creation across supply chains to drive volume growth. - Management emphasizes patient, structural investments targeting enhanced supply chain quality, lower costs, and better consumer experience as key growth drivers over the next 3 years and beyond.

- The company is in a strategic investment phase focusing on long-term, high-quality supply chain development rather than short-term profits, which may cause margin fluctuations quarter-to-quarter. - Ongoing investments like the RMB 100 billion support program and supply chain upgrades aim to drive sustainable growth and enhance merchant innovation and brand-building capabilities. - Management emphasizes patient, long-term investments that may not immediately reflect in financial performance but are critical for future sustainable growth. - Profit margins and EPS may face short-term pressure due to these investments and a complex external environment. - Full-year 2025 non-GAAP operating profit increased significantly (RMB 102.6 billion vs. RMB 18.3 billion in 2024), but Q4 non-GAAP operating profit margin slightly declined (24% vs. 25% YoY), reflecting transitional investments. - The platform expects high-quality supply chain transformation and ecosystem development to be primary drivers of long-term intrinsic value and another phase of strong growth over the next 3 years.

The transcript does not provide specific details on current or expected orderbook or pending orders. However, relevant insights relating to orders and supply chain include: - The company is making long-term, patient investments in the supply chain and merchants, which involve thousands of merchants. - Investments aim to lower merchant costs, enhance supply chain quality, improve consumer experience, and move up the value chain. - New programs like free delivery to villages and new quality supply support merchants in expanding operations and product differentiation. - The platform leverages digital solutions and industry insights to help merchants improve product development and expand R&D. - The company focuses on creating a high-quality supply chain as a basis for sustainable growth, driving increased order efficiency and value. - No exact figures or forecasts of orderbook or pending orders are mentioned.