PDD Holdings Inc. (PDD) Q4 2025 Earnings Call Transcript

SA Transcripts159.11K FollowersFollow5ShareSaveCommentsPlay Earnings CallPlay Earnings Call PDD Holdings Inc. (PDD) Q4 2025 Earnings Call March 25, 2026 7:30 AM EDT Company Participants Jiazhen Zhao - Co-CEO & Co-Chairman of the BoardLei Chen - General Counsel, Co-CEO & Co-Chairman of the BoardJiong Li Conference Call Participants Alicis a Yap - Citigroup Inc., Research DivisionKenneth Fong - UBS Investment Bank, Research Division Presentation Operator Ladies and gentlemen, thank you for standing by, and welcome to PDD Holdings Inc. Fourth Quarter and Fiscal Year 2025 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference call is being recorded. I would now like to hand the conference over to your host today. Sir, please go ahead.

Unknown Executive Thank you, operator, and 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 Globe Newswire services. Before we begin, I would like to refer you to our safe harbor statement in the earnings press release, which applies to this call as we will make certain forward-looking statements. This call also 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 are Mr. Chen Lei, our Co-Chairman and Co-Chief Executive Officer; and Mr. Zhao Jiazhen, our Co-Chairman and Co-Chief Executive Officer. Our VP of Finance, Ms. Liu Jun, is unfortunately on medical leave. Delivering the prepared remarks today will be Mr. Li Jiong, our Finance Director. Jiazhen and Lei will make some general remarks on our performance for the past quarter and our strategic focus. Jiong will then walk us through our financial results for the fourth quarter and fiscal year ended December 31, 2025. During the Q&A session, Lei and Jiong will