This is a transcript of PDD Holdings Inc's first quarter 2025 earnings conference call, which includes prepared remarks from the company's Chairman and Co-CEO Chen Lei, Executive Director and Co-CEO Zhao Jiazhen, and VP of Finance Liu Jun, followed by a question and answer session with analysts. The executives discuss the company's strategic focus on high-quality development, merchant support initiatives like the 100 Billion Support Program, and the challenges posed by the external environment, including increased competition and policy changes. They address concerns about a slowdown in revenue growth and a drop in profit, attributing it to increased ecosystem investments and a mismatch between investment and return cycles. During the Q&A, analysts inquire about the impact of macro policy changes, the delivery and long-term impact of the support program, competition with first-party online retailers, and consumption momentum. The management team emphasizes their commitment to long-term value creation, supporting merchants through uncertainties, and enhancing the platform ecosystem.
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