PDD Holdings reported Q4 revenue of 123.9 billion RMB ($17.9 billion), missing analysts’ expectations, while net income fell approximately 11% to 24.5 billion RMB ($3.5 billion). Co-CEO Chen Lei cited sweeping changes to trade policy, taxation, and product compliance regulations across key markets. The US and EU have both moved to close duty-free exemptions on low-value parcels — the EU agreed this week to end its 150 euro ($173) allowance from July. Despite headwinds, US-listed shares rose more than 7% after Chinese regulators signaled an end to the domestic price war. Analysts described PDD as “undergoing a structural evolution” with diminished near-term earnings visibility.

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