This is a transcript of PDD Holdings Inc.'s 3rd Quarter 2025 Earnings Conference Call, which includes prepared remarks and a question-and-answer session. Speaker 1 begins the call with formalities, introducing the executives present, including Mr. Chen Lei, Chairman and Co-CEO, and Mr. Zhao Jiazhen, Executive Director and Co-CEO. Mr. Chen Lei and Mr. Zhao Jiazhen discuss the company's 10th anniversary, its mission to provide affordable prices and quality services, and its focus on long-term value creation. They address the intense competition in the e-commerce industry and the company's strategic initiatives, such as the $100 billion support program for merchants. Ms. Xinyi Lin presents the financial results for the third quarter, noting a revenue increase of 9% year-over-year, driven by online marketing and transaction services. The Q&A session involves analysts asking about industry trends, competition, global business challenges, and investment strategies, with executives providing detailed responses in Chinese, translated for the audience. The call concludes with closing remarks and gratitude to the participants.
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