$PDD Holdings Inc(PDD)$ It has become its third largest holding, and TEMU has great growth potential. The global retail sales volume is 200 trillion yuan per year, and TEMU's current GMV is only 500 billion yuan, accounting for a very small proportion, and there is a broad space for growth. Pinduoduo has excellent indicators, with a gross profit margin of 60%, a net profit margin of 28.5%, and a return on net assets of 45%.

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