A：The key financial results for the third quarter include total net revenue of 5.15 billion RMB, a 27.1% year-over-year growth, with a key product revenue of 4.73 billion RMB (up 28.7% year over year) and platform service revenue of 420 million RMB (up 11.6% year over year). Non GAAP operating profit reached 140 million RMB, a 34.9% increase over the year, with a non GAAP operating profit margin of 2.7%, showing steady improvement year over year and quarter over quarter.

A：The progress made in the three-stage development strategy involves the successful expansion of product acquisition through trade-in programs and the Ahs Recycle brand, as well as the utilization of proprietary combined refurbishment capabilities to deliver premium products through retail channels like Ahs selection and Pi. This strategy led to a 102% year-over-year surge in compliance refurbished product revenue and robust P2C revenue growth of over 70% year-over-year.

A：The Ahs store network has grown to 2195 locations, including self-operated and joint-operated sites, with a workforce of 1962 team members providing two-door service. The Ahs official website maintained solid 30% growth in orders, and the JD.com trading program continued to be a preferred choice for users looking to recycle and update devices. The company significantly expanded its offline capabilities, building customer trust through personalized face-to-face services. This comprehensive approach ensures that recycling and trading services are easily accessible to customers.

A：For the B2B platform, the number of contracted merchants quickly surpassed 1.37 million, driven by the growth of product suppliers and the acceleration of supply chain enhancements for small and medium-sized merchants. The B2C platform saw GME for confinement grow 180% year over year, with take rates trending upward in the high single-digit range. The asset liquidation platform experienced a 95% increase in transaction volume, with 878 self-operated stores and 131 franchisee locations activated in the market category, expanding geographic coverage.

A：In the first stage, the company is focusing on reinforcing its core capabilities in second-hand consumer electronics. It has become China's largest platform for such transactions and services, integrating the entire industry chain and maximizing value for users and the industry.

A：The company plans to enhance its foundational capabilities in four ways: by improving scenario capabilities and deepening trading collaboration with partners like JD.com and Apple; by strengthening fulfillment through a nationwide agent store network and service teams; by improving retail sales capabilities through compliant refurbishment and a high proportion of retail sales; and by advancing technology capabilities using automation and AI for long-term scale efficiencies.

A：The second stage of the company's strategy aims to grow Ahrs Recycle by combining store-based fulfillment capabilities with an asset life platform model for multi-category recycling. This approach is expected to increase user engagement and service usage frequency while also extending the Ahs Recycle brand into community scenarios across major cities, encouraging participation in recycling and the circular economy through green incentives.

A：The company's international strategy involves sharing China's green story globally. It has built expertise in standardization, automation, and platform capabilities for second-hand consumer electronics and plans to leverage the rapid increase in domestic recycling penetration to drive exports of used smartphones to overseas markets. The company is actively engaging in the development of export standards and international mutual recognition and is channeling high-quality China source devices into the international market. As domestic recycling rates increase, the company expects more exports and plans to replicate its platform capabilities abroad to create an international version of its marketplace.

A：In the third quarter, the company reported total revenue at the high end of its guidance, increasing by 27.1% to 5,000.150 million RMB. Adjusted operating income grew by 34.9% to over 140 million RMB. The net product revenues grew by 28.7% to 4,000.730 million RMB, with a 11.6% increase in the take rate of the marketplace to 4.89%. The company's overall take rate was driven by the growth in online sales of its free-owned consumer electronics. Gross profit margin for the quarter was 13.4%, and the company also experienced a 25.9% increase in fulfillment expenses to 440 million RMB.

A：The fulfillment census increased by 25.6% to 430 million, driven by a greater volume of recycling and transaction activities, as well as expansion of the store network and enhancement of operation center capacity.

A：Selling and marketing expenses rose by 15.4% to 316 million primarily due to higher advertising and promotional campaign spending and an increase in commission expenses associated with channel service fees.

A：General and administrative expenses increased by 6.9% to 74.1 million, and non-GAAP general and administrative expenses increased by 17.7% to 60.252 million, primarily due to an increase in tax and surcharges, as well as consultant fees. As a percentage of total revenues, it decreased to 1.3% from 1.14%.

A：Technology and content expenses increased by 19.5% to 3.8 million, and non-GAAP technology and content expenses increased by 23.2% to 61.1 million, driven primarily by elevated personnel expenses. Non-technology and content expenses as a percentage of total revenue remained stable at 1.2%.

A：The non-GAAP operating income for the third quarter of 2025 was over 140 million, compared to non-GAAP operating income of 100 million in the third quarter of 2024, representing an increase of 40 basis points.

A：The company expects total revenue growth in the fourth quarter to be between 25.4% and 27.4%, driven by attractive products from major electronics brands and stronger consumer demand. For the full year 2025, total revenue is estimated to be between 20.7 billion RMB and 20.97 billion RMB, representing a year-over-year increase of 27.8% to 28.5%. This growth is expected to be faster than the internal budget set at the beginning of the year and is primarily driven by the National Trading Initiative, which has promoted e-score platforms and brand manufacturers to build trade-in service capabilities.

A：The national subsidy policies had a limited impact on the company's business since the subsidies are applicable only to new devices priced under 6000 RMB, and the company primarily focuses on premium brands not included in this price range. However, the subsidies have stimulated upgrades within the pre-owned consumer electronics industry, benefiting the company's mature trading supply chain.

A：The store opening pace for the fourth quarter and the next year was not explicitly provided in the given text content.

A：In 2025, the company maintained its target of accelerating store openings. Self-operated stores have been focusing on quality development and delivering a superior user experience through enhanced fulfillment capabilities. Approximately 88% of these stores are equipped with multi-feed. Joint cooperative standard stores are developed in collaboration with open market partners to build capabilities, supported by traffic and city partners.

A：The multi-category business has maintained a rapid development trajectory, thanks to improvements in service coverage, baseline pricing, category capabilities, and user experience. It operates on an asset-light platform model and prioritizes core user experience metrics like transaction efficiency and pricing in the C2B model. The business focuses on integrating user demographics to reinforce the brand positioning. In the third quarter, the company prioritized user transaction experience by reducing its take rate in response to rapidly rising gold prices.

A：The slight variation in the platform take rate in the third quarter was due to adjustments in the merchant service policy, which allowed buyers more flexible return and exchange options. The platform also introduced innovative transaction models and expanded its supply chain connectivity. The consignment model showed initial success with a high single-digit to 9% take rate. There's potential for optimization in sales categories and take rate structure for the consignment model. In multi-category transactions, the service take rate from gold recycling, which is more standardized, operates with a low single-digit take rate, whereas the service take rate for the second-hand luxury category continues to exceed 10%.

A：Future category expansion will prioritize high value categories that offer greater service value and potential for higher transaction tickets.