Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company reported a revenue growth of 44.33% year-on-year for Q3 2024, with GAAP net profit increasing by 60.78% [1]. - For the first three quarters of 2024, the company achieved a total revenue of 283.23 billion yuan, representing a year-on-year growth of 78.40%, and a GAAP net profit of 84.99 billion yuan, up 131.28% [1]. - The report indicates a decrease in gross margin by 0.99 percentage points in Q3 2024, with a comprehensive gross margin of 60.03% [2]. - Online marketing service revenue grew by 24.35% year-on-year in Q3 2024, while commission income surged by 71.52% [3]. Summary by Sections Financial Performance - Q3 2024 revenue reached 99.35 billion yuan, a 44.33% increase year-on-year, with GAAP net profit at 24.98 billion yuan, up 60.78% [1]. - For the first three quarters of 2024, the company reported a comprehensive gross margin of 62.54%, down 1.78 percentage points year-on-year [2]. Revenue Breakdown - Online marketing service revenue for the first three quarters of 2024 was 140.92 billion yuan, a 34.39% increase year-on-year, while commission income was 142.30 billion yuan, up 164.05% [3]. Profitability Forecast - The report has adjusted the profit forecast downwards, reducing the GAAP net profit estimates for 2024, 2025, and 2026 by 15%, 24%, and 27% respectively, due to increased marketing expenditures and the uncertain costs associated with the TEMU business [4].

Investment Rating - The report maintains a "Buy" rating for PDD Holdings, citing that the stock price reflects short-term pressures and is supported by policy measures to boost consumption [1]. Core Insights - PDD Holdings reported a revenue growth of 44.3% year-on-year for Q3 2024, reaching RMB 99.4 billion, which was approximately 3% below Bloomberg consensus estimates [1]. - The company has adjusted its revenue forecasts for 2024 to 2026 down by 4%-9% and non-GAAP net profit forecasts down by 9%-16% due to the impact of enhanced merchant support measures [1]. - The target price has been revised down from USD 187.90 to USD 156.80, corresponding to a 14x P/E ratio for 2024 [1]. Financial Performance Summary - For FY24E, revenue is projected at RMB 398.2 billion, with a non-GAAP net profit of RMB 123.4 billion, reflecting a year-on-year growth of 81.7% [3]. - The gross profit margin for Q3 2024 decreased to 60.0%, down 2.1 percentage points from the previous year, attributed to a miss in commission revenue forecasts [1][6]. - The company’s operating profit margin for Q3 2024 was reported at 24.5%, which is 2.9 percentage points lower than expected [6]. Revenue Breakdown - Online marketing services and other revenues grew by 24.3% year-on-year in Q3 2024, reaching RMB 49.4 billion, while transaction service fees increased by 71.5% to RMB 50 billion [1][6]. - The total revenue for Q3 2024 was RMB 99.4 billion, reflecting a year-on-year growth of 44.3% [6]. Strategic Initiatives - Management emphasized ongoing investments in the merchant ecosystem to foster a healthier and more sustainable platform, including fee waivers and enhanced after-sales support [1]. - The company has implemented a RMB 10 billion fee reduction plan benefiting over 10 million merchants, aimed at cost savings and efficiency improvements [1].

Investment Rating - The report maintains a "BUY" rating for PDD Holdings, indicating a potential return of over 15% over the next 12 months [1]. Core Insights - PDD Holdings reported a revenue increase of 44.3% YoY in 3Q24, reaching RMB99.4 billion, which was 3% below Bloomberg consensus estimates [1]. - Non-GAAP net profit rose by 61.3% YoY to RMB27.5 billion, also falling short of consensus by 6% due to revenue generation misses [1]. - The target price (TP) has been adjusted down to US$156.8 from US$187.9, reflecting a 34.6% upside from the current price of US$116.49 [1]. - The company is focusing on enhancing merchant support, which has led to cost savings for over 10 million merchants [1]. - Management plans to continue investing in the merchant ecosystem to ensure sustainable long-term growth [1]. Financial Performance Summary - For FY24E, revenue is projected at RMB398.2 billion, with a net profit of RMB113.0 billion, reflecting a YoY growth of 81.7% [3]. - The gross profit margin is expected to be 61.8% in FY24E, with an operating margin of 28.2% [5]. - The adjusted net profit for FY24E is forecasted at RMB123.4 billion, with a P/E ratio of 10.3x [3][5]. Revenue Breakdown - Online marketing services and other revenues increased by 24.3% YoY to RMB49.4 billion in 3Q24, while transaction services revenue grew by 71.5% YoY to RMB50.0 billion [1]. - The total revenue for 3Q24 was RMB99.4 billion, with a gross profit of RMB59.6 billion, resulting in a gross profit margin of 60.0% [1][5]. Segment Valuation - The SOTP valuation indicates that the main app contributes RMB240.1 billion in revenue, with a valuation of US$119.1 per share based on a 12x 2024E P/E [5]. - Duoduo Grocery is valued at US$1.9 per share, while Temu is valued at US$15.7 per share based on a 1.2x 2024E P/S [5].

Revenue Growth - Total revenues in Q3 2024 were RMB99,354.4 million (US$14,157.9 million), a 44% increase from RMB68,840.4 million in Q3 2023[4] - Total revenues for the three months ended September 30, 2024, reached RMB 99.35 billion (US$ 14.16 billion), a significant increase from RMB 68.84 billion in the same period of 2023[32] - Revenues from online marketing services and others were RMB49,351.0 million (US$7,032.5 million), a 24% increase from RMB39,687.7 million in Q3 2023[8] - Revenues from transaction services were RMB50,003.4 million (US$7,125.4 million), a 72% increase from RMB29,152.7 million in Q3 2023[9] - Revenues from online marketing services and others for the three months ended September 30, 2024, were RMB 49.35 billion (US$ 7.03 billion), compared to RMB 39.69 billion in the same period of 2023[37] - Revenues from transaction services for the three months ended September 30, 2024, were RMB 50.00 billion (US$ 7.13 billion), up from RMB 29.15 billion in the same period of 2023[37] Profitability - Operating profit in Q3 2024 was RMB24,292.5 million (US$3,461.6 million), a 46% increase from RMB16,656.0 million in Q3 2023[4] - Net income attributable to ordinary shareholders in Q3 2024 was RMB24,980.7 million (US$3,559.7 million), a 61% increase from RMB15,537.1 million in Q3 2023[5] - Non-GAAP net income attributable to ordinary shareholders in Q3 2024 was RMB27,458.7 million (US$3,912.8 million), a 61% increase from RMB17,027.1 million in Q3 2023[14] - Net income for the three months ended September 30, 2024, was RMB 24.98 billion (US$ 3.56 billion), up from RMB 15.54 billion in the same period of 2023[32] - Operating profit for the three months ended September 30, 2024, stood at RMB 24.29 billion (US$ 3.46 billion), compared to RMB 16.66 billion in the same period of 2023[32] - Non-GAAP operating profit for the three months ended September 30, 2024, was RMB 26,770,463 (US$ 3,814,760), compared to RMB 18,125,840 for the same period in 2023[45] - Non-GAAP net income attributable to ordinary shareholders for the three months ended September 30, 2024, was RMB 27,458,701 (US$ 3,912,832), compared to RMB 17,027,084 for the same period in 2023[45] - Non-GAAP operating profit for the nine months ended September 30, 2024, was RMB 90,309,956 (US$ 12,869,065), compared to RMB 41,197,644 for the same period in 2023[45] - Non-GAAP net income attributable to ordinary shareholders for the nine months ended September 30, 2024, was RMB 92,492,640 (US$ 13,180,094), compared to RMB 42,422,832 for the same period in 2023[45] Earnings Per Share - Earnings per diluted ordinary share for the three months ended September 30, 2024, were RMB 4.23 (US$ 0.60), up from RMB 2.65 in the same period of 2023[35] - Non-GAAP diluted earnings per ordinary share for the three months ended September 30, 2024, was RMB 4.65 (US$ 0.66), compared to RMB 2.90 for the same period in 2023[45] - Non-GAAP diluted earnings per ordinary share for the nine months ended September 30, 2024, was RMB 15.64 (US$ 2.23), compared to RMB 7.25 for the same period in 2023[45] Cash Flow and Investments - Net cash generated from operating activities was RMB27,522.3 million (US$3,921.9 million), compared to RMB32,537.9 million in Q3 2023[15] - Net cash generated from operating activities for the three months ended September 30, 2024, was RMB 27,522,313 (US$ 3,921,898), compared to RMB 32,537,857 for the same period in 2023[43] - Net cash used in investing activities for the three months ended September 30, 2024, was RMB 16,898,558 (US$ 2,408,025), compared to RMB 4,820,500 for the same period in 2023[43] - Net cash generated from operating activities for the nine months ended September 30, 2024, was RMB 92,382,132 (US$ 13,164,348), compared to RMB 57,271,860 for the same period in 2023[43] - Net cash used in investing activities for the nine months ended September 30, 2024, was RMB 87,810,779 (US$ 12,512,936), compared to RMB 38,960,607 for the same period in 2023[43] Assets and Liabilities - Cash, cash equivalents, and short-term investments were RMB308.5 billion (US$44.0 billion) as of September 30, 2024, compared to RMB217.2 billion as of December 31, 2023[16] - Other non-current assets were RMB74.0 billion (US$10.5 billion) as of September 30, 2024, compared to RMB48.0 billion as of December 31, 2023[16] - Total current liabilities as of September 30, 2024, were RMB 179.99 billion (US$ 25.65 billion), down from RMB 152.90 billion as of December 31, 2023[30] - Total shareholders' equity as of September 30, 2024, increased to RMB 278.50 billion (US$ 39.69 billion) from RMB 187.24 billion as of December 31, 2023[30] Expenses - Sales and marketing expenses were RMB30,483.8 million (US$4,343.9 million), a 40% increase from RMB21,748.5 million in Q3 2023[10] - Total share-based compensation expenses for the three months ended September 30, 2024, were RMB 2.48 billion (US$ 353.11 million), compared to RMB 1.47 billion in the same period of 2023[40]

Group 1 - The primary goal of the Cash Flow Kingdom Income Portfolio is to achieve an overall yield in the range of 7% - 10% by combining various income streams for a steady portfolio payout [1] - PDD Holdings Inc. (NASDAQ: PDD) reported strong business growth in the most recent quarter, but the results fell short of higher expectations, leading to a significant decline in share price [1] - Following the disappointing earnings report, PDD's shares experienced a double-digit slump, resulting in a single-digit earnings multiple [1] Group 2 - The Cash Flow Club, where the author contributes, focuses on company cash flows and access to capital, offering features like a personal income portfolio targeting a yield of over 6%, community chat, and performance transparency [1]

Financial Data and Key Metrics - Total revenues for Q3 2024 reached RMB99.4 billion, a 44% year-over-year increase, driven by growth in online marketing services (RMB49.4 billion, up 24%) and transaction services (RMB50 billion, up 72%) [33] - Net income attributable to ordinary shareholders was RMB25 billion, compared to RMB15.5 billion in the same quarter last year [37] - Non-GAAP operating profit margin was 27%, up from 26% in the same quarter last year [36] - Net cash generated from operating activities was RMB27.5 billion, down from RMB32.5 billion in the same quarter last year [39] Business Line Data and Key Metrics - The RMB10 billion fee reduction program benefited over 10 million merchants, with fee reductions planned for the coming year [8][14] - Logistics support initiatives, including eliminating transhipment fees for Western China, drove significant order volume growth in remote regions [12][24] - The high-quality merchant support program allocated RMB1 billion in subsidies and RMB2 billion in online traffic resources, boosting agricultural product sales [25] Market Data and Key Metrics - Sales of national brands during the Double 11 Shopping Festival rose more than 10-fold quarter-on-quarter [28] - Delivery fees for agricultural products and daily essentials in Western China were cut by up to 70%, encouraging merchants to enter these markets [24] - Consumer preferences shifted towards quality and personalization, driving demand for premium products in urban and rural areas [29] Company Strategy and Industry Competition - The company is committed to high-quality development, focusing on ecosystem investments, fee reductions, and merchant support initiatives [8][15] - Investments in logistics and supply chain innovation aim to strengthen economic links between regions and promote high-quality growth [12][26] - Intensified competition in the e-commerce sector and external challenges have moderated revenue growth and profitability [9][33] Management Commentary on Operating Environment and Future Outlook - Management expects short-term financial impacts from ecosystem investments but remains focused on long-term benefits [10][38] - The company is adapting to shifting consumer preferences and evolving market demands, with a focus on supply chain innovation [15][29] - Global business growth faces challenges from competition and external expectations, but the company remains committed to delivering high-quality services [53][56] Other Important Information - The company hosted the Smart Agriculture Competition and Global Agri-Inno Challenge 2024, advancing research and technology innovation in agriculture [16] - Compliance and platform ecosystem initiatives have been scaled up, with investments in technology and merchant education to enhance supply chain quality [62][65] Q&A Session Summary Question: Progress on Merchant Support Initiatives and Future Plans - The RMB10 billion fee reduction program has significantly lowered operational costs for merchants, enabling them to invest in product development and technology upgrades [48][49] - Logistics fee reductions have expanded merchant reach in Western China, fostering a healthier ecosystem [50][51] Question: Global Business Strategy and External Environment - The company is actively engaging with external stakeholders to enhance service standards and compliance in global markets [54][55] - Intensifying competition and external challenges are expected to impact business growth, but the company remains committed to delivering value to global consumers [56] Question: Compliance and Platform Ecosystem Initiatives - The company has invested in compliance teams, technology, and merchant education to strengthen its ecosystem and meet regulatory requirements [62][65] - These efforts aim to remove bad actors and empower high-quality merchants, fostering a sustainable supply chain [66] Question: Profitability Trends and Long-Term Outlook - Profitability may trend lower in the long term due to investments in ecosystem development, but these investments are expected to create long-term value for consumers and merchants [67][69] Question: Double 11 Shopping Festival Performance and Domestic Competition - The RMB10 billion voucher campaign during Double 11 drove strong sales growth, particularly in agricultural products and daily necessities [77] - Intense competition in the domestic e-commerce market has moderated growth, but the company remains focused on high-quality investments to enhance consumer trust [81][86]

Core Insights - PDD Holdings' shares are experiencing a significant decline in premarket trading following disappointing quarterly results that fell short of analysts' expectations [1][2] - The company's revenue growth is being impacted by intense competition and costly international expansion efforts [2][4] Financial Performance - For the quarter ending September 30, PDD reported a revenue increase of 44.3%, reaching 99.35 billion yuan ($13.7 billion), which was below the consensus estimate of 101.6 billion yuan [2] - Earnings per share (EPS) for the third quarter were reported at 4.23 yuan, also missing the expected 4.46 yuan [2] Competitive Landscape - Temu, a platform under PDD, is facing increased competition from major players like Amazon, which recently launched a new section targeting low-cost items to compete directly with Temu and other rivals [4] - The competitive environment is expected to continue exerting pressure on PDD's revenue growth, as indicated by the company's Vice President of Finance [3][5]

Revenue Growth - Total revenues in Q3 2024 were RMB99,354.4 million (US$14,157.9 million), a 44% increase from RMB68,840.4 million in Q3 2023[1] - Total revenues for the three months ended September 30, 2024, reached RMB 99,354,401 thousand (US$ 14,157,889 thousand), a significant increase from RMB 68,840,371 thousand in the same period of 2023[20] - Revenues from online marketing services and others were RMB49,351.0 million (US$7,032.5 million), a 24% increase from RMB39,687.7 million in Q3 2023[5] - Online marketing services and others contributed RMB 49,351,022 thousand (US$ 7,032,465 thousand) to revenues for the three months ended September 30, 2024, up from RMB 39,687,678 thousand in the same period of 2023[22] - Revenues from transaction services were RMB50,003.4 million (US$7,125.4 million), a 72% increase from RMB29,152.7 million in Q3 2023[5] - Transaction services revenues for the three months ended September 30, 2024, were RMB 50,003,379 thousand (US$ 7,125,424 thousand), compared to RMB 29,152,693 thousand in the same period of 2023[22] Profitability - Operating profit in Q3 2024 was RMB24,292.5 million (US$3,461.6 million), a 46% increase from RMB16,656.0 million in Q3 2023[2] - Operating profit for the three months ended September 30, 2024, stood at RMB 24,292,458 thousand (US$ 3,461,647 thousand), up from RMB 16,656,021 thousand in the same period of 2023[20] - Operating profit for Q3 2024 increased to RMB 24,292,458 thousand, up 45.8% from RMB 16,656,021 thousand in 2023[26] - Non-GAAP operating profit for Q3 2024 reached RMB 26,770,463 thousand, a 47.7% increase from RMB 18,125,840 thousand in 2023[26] - Net income attributable to ordinary shareholders in Q3 2024 was RMB24,980.7 million (US$3,559.7 million), a 61% increase from RMB15,537.1 million in Q3 2023[3] - Net income for the three months ended September 30, 2024, was RMB 24,980,694 thousand (US$ 3,559,719 thousand), compared to RMB 15,537,122 thousand in the same period of 2023[20] - Net income attributable to ordinary shareholders for Q3 2024 rose to RMB 24,980,694 thousand, up 60.8% from RMB 15,537,122 thousand in 2023[26] - Non-GAAP net income attributable to ordinary shareholders for Q3 2024 was RMB 27,458,701 thousand, a 61.3% increase from RMB 17,027,084 thousand in 2023[26] Earnings Per Share - Diluted earnings per ordinary share for Q3 2024 increased to RMB 4.23, up 59.6% from RMB 2.65 in 2023[26] - Non-GAAP diluted earnings per ordinary share for Q3 2024 was RMB 4.65, a 60.3% increase from RMB 2.90 in 2023[26] - Non-GAAP diluted earnings per ADS for Q3 2024 reached RMB 18.59, up 60.1% from RMB 11.61 in 2023[26] Expenses - Sales and marketing expenses were RMB30,483.8 million (US$4,343.9 million), a 40% increase from RMB21,748.5 million in Q3 2023[7] - Total operating expenses were RMB35,352.7 million (US$5,037.7 million), a 39% increase from RMB25,354.1 million in Q3 2023[6] - General and administrative expenses were RMB1,805.6 million (US$257.3 million), a 138% increase from RMB758.3 million in Q3 2023[7] - Research and development expenses for the three months ended September 30, 2024, were RMB 3,063,353 thousand (US$ 436,524 thousand), up from RMB 2,847,323 thousand in the same period of 2023[20] - Total share-based compensation expenses for the three months ended September 30, 2024, were RMB 2,478,005 thousand (US$ 353,113 thousand), compared to RMB 1,469,819 thousand in the same period of 2023[23] - Share-based compensation expenses for Q3 2024 were RMB 2,478,005 thousand, a 68.6% increase from RMB 1,469,819 thousand in 2023[26] Cash and Investments - Cash, cash equivalents, and short-term investments were RMB308.5 billion (US$44.0 billion) as of September 30, 2024, compared to RMB217.2 billion as of December 31, 2023[9] - Other non-current assets were RMB74.0 billion (US$10.5 billion) as of September 30, 2024, compared to RMB48.0 billion as of December 31, 2023[9] - Cash, cash equivalents, and restricted cash at the end of the period for September 30, 2024, stood at RMB 125,688,495 thousand (US$ 17,910,467 thousand), up from RMB 111,353,259 thousand at the beginning of the period[24] - Net cash generated from operating activities for the three months ended September 30, 2024, was RMB 27,522,313 thousand (US$ 3,921,898 thousand), down from RMB 32,537,857 thousand in the same period of 2023[24] Shareholders' Equity - Total shareholders' equity increased to RMB 278,504,920 thousand (US$ 39,686,634 thousand) as of September 30, 2024, from RMB 187,241,607 thousand in the previous year[18] Non-GAAP Metrics - Non-GAAP operating profit for Q3 2024 reached RMB 26,770,463 thousand, a 47.7% increase from RMB 18,125,840 thousand in 2023[26] - Non-GAAP net income attributable to ordinary shareholders for Q3 2024 was RMB 27,458,701 thousand, a 61.3% increase from RMB 17,027,084 thousand in 2023[26] - Non-GAAP diluted earnings per ordinary share for Q3 2024 was RMB 4.65, a 60.3% increase from RMB 2.90 in 2023[26] - Non-GAAP diluted earnings per ADS for Q3 2024 reached RMB 18.59, up 60.1% from RMB 11.61 in 2023[26] - Non-GAAP diluted weighted-average number of ordinary shares outstanding for Q3 2024 was 5,909,793 thousand, up 0.8% from 5,865,102 thousand in 2023[26] Other Financial Metrics - Loss from fair value change of certain investments for Q3 2024 was RMB 2, a significant decrease from RMB 7,935 in 2023[26]

Core Insights - PDD Holdings reported strong financial growth in Q3 2024, with total revenues reaching RMB 99,354.4 million (US$ 14,157.9 million), a 44% increase year-over-year from RMB 68,840.4 million [2][5] - The company achieved an operating profit of RMB 24,292.5 million (US$ 3,461.6 million), marking a 46% increase from RMB 16,656.0 million in the same quarter of 2023 [2][9] - Net income attributable to ordinary shareholders was RMB 24,980.7 million (US$ 3,559.7 million), reflecting a 61% increase from RMB 15,537.1 million in Q3 2023 [3][10] Financial Performance - Total revenues for Q3 2024 were RMB 99,354.4 million (US$ 14,157.9 million), up 44% from RMB 68,840.4 million in Q3 2023, driven by increases in online marketing and transaction services [2][5] - Revenues from online marketing services were RMB 49,351.0 million (US$ 7,032.5 million), a 24% increase from RMB 39,687.7 million in the same quarter of 2023 [5][25] - Transaction services revenues surged to RMB 50,003.4 million (US$ 7,125.4 million), a 72% increase from RMB 29,152.7 million in Q3 2023 [6][25] Cost and Expenses - Total costs of revenues increased to RMB 39,709.2 million (US$ 5,658.5 million), a 48% rise from RMB 26,830.2 million in the same quarter of 2023, primarily due to higher fulfillment and payment processing fees [6][7] - Total operating expenses rose to RMB 35,352.7 million (US$ 5,037.7 million), a 39% increase from RMB 25,354.1 million in Q3 2023, largely driven by increased sales and marketing expenses [7][8] - Sales and marketing expenses were RMB 30,483.8 million (US$ 4,343.9 million), up 40% from RMB 21,748.5 million in the same quarter of 2023 [7][8] Profitability Metrics - Non-GAAP operating profit for Q3 2024 was RMB 26,770.5 million (US$ 3,814.8 million), a 48% increase from RMB 18,125.8 million in Q3 2023 [2][9] - Non-GAAP net income attributable to ordinary shareholders was RMB 27,458.7 million (US$ 3,912.8 million), also a 61% increase from RMB 17,027.1 million in the same quarter of 2023 [3][10] - Basic earnings per ADS were RMB 18.02 (US$ 2.57), compared to RMB 11.38 in Q3 2023, while diluted earnings per ADS were RMB 16.91 (US$ 2.41), up from RMB 10.60 [11][24] Cash Flow and Balance Sheet - Net cash generated from operating activities was RMB 27,522.3 million (US$ 3,921.9 million), down from RMB 32,537.9 million in Q3 2023 [11] - As of September 30, 2024, cash, cash equivalents, and short-term investments totaled RMB 308.5 billion (US$ 44.0 billion), up from RMB 217.2 billion as of December 31, 2023 [12] - Total assets increased to RMB 466.8 billion (US$ 66.5 billion) as of September 30, 2024, compared to RMB 348.1 billion as of December 31, 2023 [21][22]

Investment Rating - The report does not explicitly state an investment rating for the company [2]. Core Insights - The company, Pinduoduo (PDD.US), is expected to report total revenue of 101.6 billion yuan for Q3 2024, representing a year-on-year growth of 48% [2]. - Online marketing revenue is projected to be 49.5 billion yuan, up 25% year-on-year, while transaction service revenue is anticipated to reach 52.4 billion yuan, reflecting an 80% increase [2]. - Operating expenses are expected to total 35.1 billion yuan, a 38% increase year-on-year, with a cost structure that includes marketing expenses growing 36% to 29.6 billion yuan, management expenses rising 143% to 1.8 billion yuan, and R&D expenses increasing 27% to 4.3 billion yuan [2]. - The anticipated operating profit is 28.6 billion yuan, a 71% increase year-on-year, with a profit margin of 28% [2]. - For the full year 2024, total revenue is projected to be 423.6 billion yuan, a 71% year-on-year growth, with online marketing revenue expected to be 194.4 billion yuan (27% growth) and transaction service revenue at 229.2 billion yuan (144% growth) [2]. - The management has indicated that due to external environment and competitive landscape changes, high growth and profitability will face challenges, leading to increased investments without considering stock buybacks or dividend plans [2]. Summary by Sections Q3 2024 Performance Expectations - Total revenue is expected to be 101.6 billion yuan, with online marketing revenue at 49.5 billion yuan and transaction service revenue at 52.4 billion yuan [2]. - Operating expenses are projected at 35.1 billion yuan, with a significant increase in marketing and management expenses [2]. - Anticipated operating profit is 28.6 billion yuan, with a profit margin of 28% [2]. Full Year 2024 Projections - Total revenue for 2024 is expected to reach 423.6 billion yuan, with substantial growth in both online marketing and transaction service revenues [2]. - Operating profit is projected to be 125.4 billion yuan, reflecting a 114% year-on-year increase [2]. - The management's strategy includes increased investments to navigate market uncertainties and competition [2].