External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Pinduoduo (PDD) announced (28 November) 3Q22 results: revenue was up 65% YoY to RMB35.5bn, 21/15% higher than our/Bloomberg consensus estimates, which we attribute to increase in merchant activities and on boarding of more quality merchants that drove stronger-than-expected monetization rate expansion, aided by PDD’s sticky user base, and its enhanced technology capability that drove better match between products and consumers.</li><li>Non-GAAP net income attributable to PDD was RMB12.4bn (3Q21: 3.2bn), beating our/consensus estimates of RMB7.5/7.1bn, given better-than-expected GPM and stronger-than-expected operating leverage aided by robust revenue growth.</li><li>Leveraging highly sticky user base, PDD is able to manage sales and marketing spending in an efficient and more proactive way.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Pinduoduo (PDD) announced (28 November) 3Q22 results: revenue was up 65% YoY to RMB35.5bn, 21/15% higher than our/Bloomberg consensus estimates, which we attribute to increase in merchant activities and on boarding of more quality merchants that drove stronger-than-expected monetization rate expansion, aided by PDD’s sticky user base, and its enhanced technology capability that drove better match between products and consumers.Non-GAAP net income attributable to PDD was RMB12.4bn (3Q21: 3.2bn), beating our/consensus estimates of RMB7.5/7.1bn, given better-than-expected GPM and stronger-than-expected operating leverage aided by robust revenue growth.Leveraging highly sticky user base, PDD is able to manage sales and marketing spending in an efficient and more proactive way.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pinduoduo (PDD US) – Strong revenue and earnings growth

<div><div><div><div><ul><li>Pinduoduo (PDD) has established strong consumer mindshare with value proposition, which will aid resilient revenue growth amid macro uncertainties.</li><li>PDD is also strategically incorporating more branded products, which will aid monetization rate improvement.</li><li>Strong user stickiness enables PDD to optimize Opex, provide merchants with cost-effective traffic on its platform which lead to sustainable competitive edge and online GMV market share gain. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Pinduoduo (PDD) has established strong consumer mindshare with value proposition, which will aid resilient revenue growth amid macro uncertainties.PDD is also strategically incorporating more branded products, which will aid monetization rate improvement.Strong user stickiness enables PDD to optimize Opex, provide merchants with cost-effective traffic on its platform which lead to sustainable competitive edge and online GMV market share gain. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pinduoduo (PDD US) – Strong consumer mindshare aids monetization progress and cost optimization

China

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

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