A quarter has accounted for the entire year's expenses, so theoretically, the current 16x dynamic P/E is inflated, and the long-term maintained 8x is the real one. Moreover, the overseas business is also expanding. The only point to consider is the China concept stocks, and its name is PDD, always thinking about how to stab shareholders in the back.

The main reason is non-operating losses. The gap of about 6 billion yuan stems from other income turning from positive to negative, and the fluctuation in the fair value of financial assets is not due to problems in the main business. After excluding non-operating factors, the core operating profit actually increased by 22% year-on-year.

On the traffic side, monthly visits have reached 1.34 billion times, with unique visitors exceeding 360 million, second only to Amazon, firmly ranking second globally. On the monetization side, transaction service revenue, including Temu, grew by 20% year-on-year.

$PDD(PDD.US)