$PDD

Duoduo Grocery reportedly at 10-15% net margins in non-competitive markets, and 5% in markets where it competes against Meituan. In our memo 2 years ago, we thought it would take till 2025 to hit >5% operating margins... $PDD handily beat this both on timeline and magnitude. Exceeding even our long-term margin estimates. Assuming ~300BN Grocery GMV, that's an extra US ~$2.5BN per year, since launching 3.5 years ago. https://t.co/XOBp8P8SP7 https://t.co/pTZ8WlAAvk