By IndiaHub 
PDD Holdings Inc. (NASDAQ:PDD) Q1 2025 – Earnings Conference Call May 27, 2025 7:30 AM ET
Company Participants
Lei Chen – Chairman & Co-CEO
Jiazhen Zhao – Executive Director & Co-CEO
Jun Liu – VP, Finance
Conference Call Participants
Alicia Yap – Citigroup
Kenneth Fong – UBS
Joyce Ju – Bank of America
Operator
Ladies and gentlemen, thank you for standing by, and welcome to PDD Holdings, Inc. First Quarter 2025 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 go ahead.
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 start, I’d 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. 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 first quarter ended March 2025.
During the Q and A session, Lei and Jiazhen will answer questions in