PDD Holdings Inc. (NASDAQ:PDD) Q3 2024 Earnings Conference Call November 21, 2024 7:30 AM ET

Company Participants

Lei Chen - Chairman & Co-Chief Executive Officer
Jiazhen Zhao - Executive Director & Co-Chief Executive Officer
Jun Liu - Vice President, Finance

Conference Call Participants

Kenneth Fong - UBS
Charlene Liu - HSBC
Joyce Ju - Bank of America

Operator

Ladies and gentlemen, thank you for standing by, and welcome to PDD Holdings Inc. Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your host today. Sir, please begin.

Unidentified Company Representative

Thank you, operator. Hello, everyone, and thank you for joining us today. PDD Holdings earnings release was distributed earlier and is available on our website at investor.pddholdings.com as well as through the GlobeNewswire services.

Before we begin, I would like to refer you to our safe harbor statement in earnings press release, which applies to this call as we will make certain forward-looking statements. Also, this call includes discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to GAAP measures.

Joining us today on the call are Mr. Chen, Lei, our Chairman and Co-Chief Executive Officer;

Mr. Zhao Jiazhen, our Executive Director and Co-Chief Executive Officer; as well as Mr. Liu Jun, our VP of Finance. Lei and Jiazhen will make some general remarks on our performance for the past quarter and our strategic focus. Jun will then walk us through our financial results for the third quarter ended September 30, 2024. During the Q&A session, Lei and Jiazhen will answer questions in Chinese, and we'll help translate. Please kindly note that the English translation is for reference only. In case of any discrepancy, statements in the original language should prevail.

Now, it's my pleasure to introduce our Chairman and Co-Chief Executive Officer, Mr. Chen Lei. Lei, please go ahead.

Lei Chen

Thank you. Hello, everyone. Thank you all for joining our earnings call for the third quarter of 2024.

In the third quarter, we stepped up our efforts in execution of high-quality development strategy and invested firmly in building a healthy platform ecosystem. We rolled out several initiatives that extended our ecosystem upgrade to the whole supply chain, such as RMB10 billion fee reduction program and a high-quality merchant support program. This effort brought cost saving and efficiency gains to over 10 million merchants, and during the process, encouraged the agricultural regions and industrial belts that we serve to embark a new phase of high-quality development.