The conference call, hosted by the company's investor relations team, discusses the third quarter 2025 earnings, including non-GAAP financial measures, strategic focus, and operational performance. Forward-looking statements are noted, with a safe harbor disclaimer applied. The call features updates from key executives and a Q&A session, emphasizing that original language statements prevail over translations.

Celebrating its 10th anniversary, the e-commerce giant reflects on its pioneering team purchase model, commitment to long-term value, and efforts to empower consumers and merchants. The platform emphasizes innovation, technology integration, and an open industry environment, aiming to create a more inclusive and effective e-commerce ecosystem.

The dialogue outlines the company's commitment to ecosystem development and merchant support, emphasizing initiatives like the 10 billion Fee Reduction Program and 100 billion Support program. It highlights the need to adapt to global regulatory shifts, prioritize social responsibility, and address uncertainties while fostering innovation and growth for both established brands and SMEs.

The dialogue emphasizes a focus on long-term intrinsic value creation, continuous ecosystem investments, and support for agriculture, despite industry competition and fluctuating profitability. It highlights significant growth in agricultural product sales and merchant base, showcasing the platform's impact and commitment to sustainable development.

The company's premium produce team visited various agricultural regions, developing tailored solutions for merchants. A billion-yuan subsidy was allocated to support a harvest season program, collaborating with a 300,000-merchant platform to ensure timely produce distribution, marking a shift from scale to quality in agricultural operations.

The surge in EcoMerce merchants from 102 to 7000 across regions has sparked commoditized competition, necessitating a transformative shift for sustainability and growth.

The company continues to invest in a 100 billion support program for quality supply, enhancing efficiency and quality for merchants through digital capabilities and fee reduction. Notable growth includes a 31% year-over-year increase in merchants aged 25-30 and a 44% increase for those born in the 2000s, alongside a 50% rise in high-quality SKUs. These efforts have stimulated economic activities between regions, benefiting urban white-collar workers and rural producers, and the company aims to tackle practical problems faced by users and merchants to build a thriving, socially responsible platform.

The company's Q3 financials show a 9% year-over-year revenue increase to RMB 108.3 billion, driven by online marketing and transaction services. Costs and expenses rose, impacting operating profit and net income. Despite investments in RD and ecosystem support, profitability remains resilient. Cash flow from operations surged, with robust cash reserves as of September 30, 2025.

Discussion covers recent industry trends in online retail recovery, factors affecting growth in online marketing services, and the evolving competitive landscape in China's e-commerce sector.

In a rapidly evolving e-commerce landscape, the focus is on creating unique value for consumers and merchants. By leveraging inherent strengths, the goal is to achieve high-quality growth, enhance core capabilities, and better serve the market, capitalizing on the recovery in online retail.

Management commits to enhancing platform ecosystem through substantial investments, including a 100 billion support program, merchant protection initiatives, and service upgrades. Despite potential financial volatility, the focus remains on long-term value creation for consumers and merchants, prioritizing intrinsic value and healthy development.

The dialogue highlights the intensifying competition in the industry, with peers aggressively deploying capital and resources to develop new business models, particularly in the e-commerce sector, leading to fierce competition around emerging models.

The platform prioritizes long-term investments in merchant support programs, like the Dodo Premium campaign, over immediate profitability, acknowledging potential fluctuations in future financial performance.

Discussed management's perspective on intense regulatory and public scrutiny across various countries, outlining strategies for response. Also, provided an update on the company's investment in the merchant ecosystem, assessing its financial impact, and future planning.

After three years, the company's global business thrives, serving local consumers and receiving positive feedback. Aiming for sustainable development, it integrates with local cultures and legal standards, prioritizing a safe shopping environment. Substantial investments in trust, safety, and product compliance are made, alongside continuous refinement of policies and collaboration with external stakeholders. A professional compliance team is built to adapt to regulatory trends, ensuring high standards across markets.

A global e-commerce platform discusses its commitment to adapting to regulatory changes, strengthening internal capabilities, and enhancing compliance. It highlights a decade of growth, focusing on social responsibilities, rural revitalization, and industry upgrades. Initiatives include the 10 Billion Agricultural Research Program and a 100 Billion Support Program, aimed at fostering a healthy merchant ecosystem and promoting high-quality growth. The platform emphasizes collaboration with ecosystem participants and fee reduction policies to support merchants, aiming to address practical challenges and take greater social responsibility.

The dialogue discusses the company's strategy amidst declining margins and increased investment, emphasizing long-term development over short-term profits. It highlights the intense e-commerce competition, evolving market trends, and the company's proactive approach to invest in platform ecosystem and supply chain improvements, despite potential financial pressures, aiming for sustainable growth.