PDD Holdings: Unjustified Sell-Off, Strong Buy

PDD Holdings Inc. experienced a 10%+ stock drop after reporting lower profitability and slowing revenue growth, but I see the market reaction as overdone. PDD's Q1 revenues grew 11% year-over-year to $15.4B, with core online marketing services up just 2% Y/Y and transaction services up 20% Y/Y. Lower profits are driven by aggressive supply chain investments which I believe will yield long-term free cash flow and operating income benefits.