PDD Q1: revenue +11% YoY, operating profit +22%, transaction service revenue now exceeds ad revenue for the first time. this is a structural inflection, not a one-quarter blip. when transaction fees overtake ads, merchants are paying for actual conversions, which is only possible if Temu and Pinduoduo GMV is holding up. the bear case is macro and regulatory. the bull case is this earnings quality improvement compounds. I'm watching the next quarter's margin very closely.
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