Gelonghui November 22nd | Gelonghui China Concept Research Institute released the PDD Holdings (PDD.US) 3Q24 updated report "Domestic Market Under Pressure, Will Temu Make PDD Great Again?". PDD Holdings announced its performance for the third quarter of 2024 before the opening of the US stock market on November 21. Total revenue reached $13.7 billion, a 44% year-on-year increase; net income under non-US accounting standards reached $3.79 billion. The overall quarterly performance was below market expectations. The company introduced initiatives such as the "One Billion Yuan Cost Reduction Plan", "Expansion to the West", and the "New High-Quality Merchant Support Plan". During the november 11 shopping festival-related, new measures include the "One Billion Yuan Coupon Activity" and the "Super Double Discount Activity". Uncertainty remains after the US election about the cancellation of the small tax exemption policy for imported goods on future e-commerce platforms; third-party data indicates that Temu's expansion focus has shifted from the US market to europe and south america markets. Despite the short-term profitability challenges faced by PDD Holdings, the company's overall growth rate still outperforms its competitors. The full report can be obtained from Gelonghui's official website and app, Bloomberg Terminal, S&P Capital IQ, LSEG Refinitiv, FactSet, Morningstar, AlphaSense, and other channels.