Core Insights - The company continues to demonstrate strong growth momentum in Q3 2025, actively diversifying its business and providing one-stop payment and value-added services to domestic and international brand clients [1] Group 1: Overseas Business Expansion - The overseas payment transaction volume (GPV) reached approximately RMB 1.3 billion, a 50% increase from RMB 800 million in Q2 2025 and surpassing the total overseas GPV of RMB 1.1 billion for the entire previous year [2] - The company has diversified its merchant industry mix overseas, covering sectors such as education, apparel, and beauty services, while expanding its service range through investments in companies like Fushi Technology [2] Group 2: Domestic Business Growth - Domestic GPV reached RMB 616.3 billion, supported by partnerships with SaaS industry ecosystem partners like Meituan, enhancing service quality for merchants and consumers [2] - The number of partnerships with SaaS and joint acquiring banks has continued to increase, providing robust support for long-term growth [2] Group 3: Value-Added Services Performance - The company has made significant progress in expanding its vertical industry client base, acquiring notable e-commerce clients such as Taobao, Ctrip, and Didi [3] - The transaction volume of AI-generated digital human videos has continued to rise, reinforcing the company's leading position in AI applications [3] - The in-store e-commerce business has achieved monthly profitability since Q2 2025, with successful overseas market expansion [3]