March 25, 2026 11:08 PM GMT PDD Holdings Inc | Asia Pacific Investing for the future Reaction to earnings Unchanged Modest shortfall Modest revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research 4Q25 Results 1st Take – OMS Miss, Transaction Beat, Revenue In Line; NP Miss from Higher Tax; "All-in Investments" Outlook Key takeaways from earnings call: Maintain PT at US$148, stay OW: We cut our EPS estimates ...