Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>PDD Holdings, Inc. reported total revenues of RMB 106.2 billion for the first quarter of 2026, marking an 11% year-over-year increase primarily driven by growth in transaction services, which rose 20% to RMB 56.3 billion.</li><li>Revenue from online marketing services grew modestly to RMB 49.9 billion.</li><li>The company emphasized a strategic pivot focused on long-term value creation through sustained investments in supply chain enhancements rather than short-term results.</li></ul>

PDD Holdings, Inc. reported total revenues of RMB 106.2 billion for the first quarter of 2026, marking an 11% year-over-year increase primarily driven by growth in transaction services, which rose 20% to RMB 56.3 billion.Revenue from online marketing services grew modestly to RMB 49.9 billion.The company emphasized a strategic pivot focused on long-term value creation through sustained investments in supply chain enhancements rather than short-term results.

PDD’s RMB 100 Billion Pivot: Can Supply Chain Bets Offset Profit Pressure?

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.

<ul><li>PDD Holdings (PDD) reported (27 May) 1Q26 results: revenue grew 11.0% YoY (4Q25: 12.0%) to RMB106.2bn, 2% below Bloomberg consensus on a 5% miss in online marketing services and others, partly offset by a 1% beat in transaction services revenue.</li><li>Operating profit (OP) rose 21.6% YoY to RMB19.6bn, coming in 7% below consensus on the revenue miss and higher-than-expected sales and marketing spend.</li><li>PDD continues to invest in supply chain capabilities as well as its platform and broader ecosystem, to enhance overall experience for both merchants and customers in order to better cope with fierce industry competition, especially when consumer demand is facing some short-term headwinds. </li></ul>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.

PDD Holdings (PDD) reported (27 May) 1Q26 results: revenue grew 11.0% YoY (4Q25: 12.0%) to RMB106.2bn, 2% below Bloomberg consensus on a 5% miss in online marketing services and others, partly offset by a 1% beat in transaction services revenue.Operating profit (OP) rose 21.6% YoY to RMB19.6bn, coming in 7% below consensus on the revenue miss and higher-than-expected sales and marketing spend.PDD continues to invest in supply chain capabilities as well as its platform and broader ecosystem, to enhance overall experience for both merchants and customers in order to better cope with fierce industry competition, especially when consumer demand is facing some short-term headwinds. 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.

PDD Holdings (PDD US) - Investing to Enhance Supply Chain Capabilities

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>PDD’s employees engaged in a fierce confrontation with SAMR (State Administration for Market Regulation) .</li>
<li>More importantly, the top Chinese governmental news media, reported the incident.</li>
<li>Currently, PDD’s top issue is how to restore the relation with SAMR.</li>
</ul>


PDD’s employees engaged in a fierce confrontation with SAMR (State Administration for Market Regulation) .
More importantly, the top Chinese governmental news media, reported the incident.
Currently, PDD’s top issue is how to restore the relation with SAMR.


<ul><li>PDD Holdings (PDD) announced (26 Mar) 4Q25 results: revenue increased by 12.0% YoY (3Q25: 9.0%) to RMB123.9bn, in line with Bloomberg consensus estimates.</li><li>This was driven by a 5% beat in transaction services fees, primarily fuelled by better-than-expected revenue growth in the Temu business, but partially offset by a 3% miss in online marketing services and other revenues, which we attribute to soft consumption sentiment in 4Q25.</li><li>Operating profit (OP) rose 8.3% YoY to RMB27.7bn in 4Q25 and was largely in line with consensus, although non-GAAP net income of RMB26.3bn missed expectations by 16% due to a larger-than-expected income tax expense. </li></ul>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.

PDD Holdings (PDD) announced (26 Mar) 4Q25 results: revenue increased by 12.0% YoY (3Q25: 9.0%) to RMB123.9bn, in line with Bloomberg consensus estimates.This was driven by a 5% beat in transaction services fees, primarily fuelled by better-than-expected revenue growth in the Temu business, but partially offset by a 3% miss in online marketing services and other revenues, which we attribute to soft consumption sentiment in 4Q25.Operating profit (OP) rose 8.3% YoY to RMB27.7bn in 4Q25 and was largely in line with consensus, although non-GAAP net income of RMB26.3bn missed expectations by 16% due to a larger-than-expected income tax expense. 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.

PDD Holdings (PDD US) - Earnings Recovery in Sight Despite Ongoing Investment Phase

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: Shein Heads for Hong Kong IPO as Growth Slows, Regulatory Pressure Mounts In the sprawling industrial districts of Guangzhou, thousands of garment factories operate around the clock, churning out polyester dresses, denim jeans and other viral fashion items destined for consumers around the globe.</li><li>Shein Seeks Up to $1.8 Billion in Hong Kong IPO at $27 Billion Valuation Chinese fast-fashion retailer Shein launched its Hong Kong initial public offering on Monday, seeking to raise as much as HK$13.9 billion ($1.8 billion) at a valuation of about $27 billion.</li><li>China Signals No ‘Bazooka’ Stimulus in Key State Media Commentaries China’s flagship state newspaper has used a prominent pseudonymous commentary series to defend the country’s slowing economic growth and signal that Beijing will resist large-scale stimulus.</li></ul>

In Depth: Shein Heads for Hong Kong IPO as Growth Slows, Regulatory Pressure Mounts In the sprawling industrial districts of Guangzhou, thousands of garment factories operate around the clock, churning out polyester dresses, denim jeans and other viral fashion items destined for consumers around the globe.Shein Seeks Up to $1.8 Billion in Hong Kong IPO at $27 Billion Valuation Chinese fast-fashion retailer Shein launched its Hong Kong initial public offering on Monday, seeking to raise as much as HK$13.9 billion ($1.8 billion) at a valuation of about $27 billion.China Signals No ‘Bazooka’ Stimulus in Key State Media Commentaries China’s flagship state newspaper has used a prominent pseudonymous commentary series to defend the country’s slowing economic growth and signal that Beijing will resist large-scale stimulus.

CX Daily: Shein Heads for Hong Kong IPO as Growth Slows, Regulatory Pressure Mounts 

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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PDD Holdings (PDD US)

PDD’s RMB 100 Billion Pivot: Can Supply Chain Bets Offset Profit Pressure?

PDD Holdings, Inc. reported total revenues of RMB 106.2 billion for the first quarter of 2026, marking an 11% year-over-year increase primarily...

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