On May 29, PDD Holdings rose 3.08% in regular trading, trading at $85.535/share, with trading volume of $703 million, staging a technical rebound after two consecutive sessions of cumulative losses exceeding 16%.

On the news front, multiple institutions issued supportive notes following PDD's Q1 earnings release. Guosen Securities maintained its \"Outperform\" rating, citing improving revenue structure, overseas expansion, and efficient cost management as pillars for long-term growth. China Merchants Securities (Hong Kong) upgraded the stock to \"Buy\" with a $100 price target, while Goldman Sachs maintained its Buy rating with a $145 target, noting that the current ~8x P/E ratio combined with approximately $70 billion in net cash provides an extremely high valuation margin of safety. Additionally, reports that Duan Yongping's fund increased its PDD position by over 8 million shares in Q1 further boosted market confidence.

PDD's Q1 results showed revenue of RMB 106.2 billion (+11% YoY), with transaction service revenue rising 20% to become the primary growth driver. However, Non-GAAP net profit declined 17% YoY to RMB 14.1 billion, weighed by non-recurring losses and increased supply-chain investments related to its new first-party brand initiative.

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