PDD Holdings: Revenues Soar But Gross Margins Continue To Collapse [Seeking Alpha]
PDD Holdings Inc. - American Depositary Shares (PDD)
Company Research
Source: Seeking Alpha
Meanwhile, PDD Holdings' gross margins continue to precipitously decline. Back in May , I wrote that while PDD Holdings ( NASDAQ: PDD ) looked attractively valued, controversy surrounding the company kept me on the sidelines. More recently I lowered my rating to “Sell” in September given a lack of disclosure of where its growth was coming from, particularly with regards to Temu. With the U.S. government getting more aggressive towards banning Chinese companies in the U.S., including the House passing a bill to ban TikTok , PDD faces increased risks that its Temu platform could get banned in the U.S. At the same time, the stock trades at a huge premium to other Chinese e-commerce giants, despite a lack of disclosure on how much revenue and growth is coming from Temu. With the company seeing falling gross margins, it appears Temu is becoming a larger part of the company and/or its Pinduoduo platform is being increasingly promotional. Company Profile As a reminder, PDD operates
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PDD
News
- PDD Holdings Files Annual Report on Form 20-F for Fiscal Year 2023GlobeNewswire
- Alibaba: Let's Clear Up Some Misconceptions [Seeking Alpha]Seeking Alpha
- China’s Pinduoduo Has Reshaped Discount Shopping [The New York Times]The New York Times
- Alibaba: Cheap But Risky, My Strategy For Reducing Downside Risk [Seeking Alpha]Seeking Alpha
- Shanghai Hi-Dolphin's Cofe+ Robot Café Completes Series A Funding Round with Leading Investors [Yahoo! Finance]Yahoo! Finance
PDD
Earnings
- 3/20/24 - Beat
PDD
Sec Filings
- 4/25/24 - Form 20-F
- 3/27/24 - Form 144
- 3/26/24 - Form 144
- PDD's page on the SEC website