PDD Holdings Inc. (PDD) announced its 3Q24 results before market open on November 21. Total revenue grew by 44% y/y to US$13,721 Million, and non-GAAP net income reached US$3,792 Million. Quarterly performance was softer than expected. The company launched “RMB10 Billion Fee Reduction”, “Expansion to Western China” and “New Quality Merchants Support Plan”, receiving positive feedback. During Double 11 Shopping festival, new initiatives included “10 Billion Voucher” and “Super Double Discount Event”. However, potential uncertainty surrounding de minimis tax regulations persists following the U.S. election. Additionally, Temu, the company’s e-commerce platform, has shifted its expansion focus from the U.S. market to international markets outside the U.S. While PDD faces short-term profitability challenges, its overall growth rate continues to surpass that of its competitors.