# Zhao Jiazhen

PDD Holdings Pivots: Transaction Fees Eclipse Ad Revenue Amid Strategic Overhaul and Profit Miss

PDD Holdings reported a first-quarter profit miss as it aggressively reinvests in its supply chain, marking a historic shift where transaction fees have surpassed advertising as its largest revenue source. Despite missing analyst expectations, management is committed to a multi-year 'self-reform' strategy focused on high-quality growth and brand incubation.