This has literally been every startup in SV for the last 15 years - aggressively lose money aquiring users when new and then when you've killed the competition, start making money. The only thing is I don't see any external funding, so maybe they're doing it with hidden funding or a stockpile from PDD?
This feels like a lot of weak sauce, from the weird combo of clickbait title with CYA "We Believe", throwing a bunch of weak evidence all at once, overwhelming you into accepting the premise. If you have "smoking gun" evidence like they claim, then you wouldn't need to hedge your statement with "We believe". And this is a investment research company, not a security company. I'd sooner believe a pillow salesman ranting about the deep state than this.
~Edit~ Counterpoint: looks like their other main product Pinduoduo was removed from Google Play due to malware, so it could actually be true. https://krebsonsecurity.com/2023/03/google-suspends-chinese-...
But I stand by my previous statement that literally nothing in this article is actual evidence, so if does turn out to be true it's a coincidence.