Zheng Quan Ri Bao·2025-11-26 16:37Core Insights - The company has achieved a revenue growth of 5% year-on-year in Q3, indicating successful strategic transformation and improved operational efficiency [1][3] - The e-commerce business has shown a significant improvement in profitability, with a notable reduction in operating losses [1][3] - The brand management segment has also experienced strong growth, particularly with the GAP brand, which has seen a 20% increase in revenue [5] E-commerce Business Performance - In Q3, the e-commerce segment generated net revenue of 1.8 billion yuan, a 2% increase year-on-year [1] - The gross margin for the e-commerce business improved by 300 basis points to 13.1% [1] - Service revenue reached 1.4 billion yuan, reflecting a 6% year-on-year growth [1] - The operating profit for the e-commerce business was 28 million yuan, marking a significant turnaround from losses in previous years [1] Brand Management Business Performance - The brand management segment's revenue grew by 20% year-on-year, reaching 396 million yuan [5] - GAP brand's same-store sales increased by 7% in Q3, contributing to the overall growth [5] - The gross profit for the brand management business rose by 28% to 223 million yuan, with a gross margin improvement of 370 basis points to 56.6% [5] - Adjusted operating losses for the brand management segment narrowed by 30% to 39 million yuan [5] Strategic Initiatives and Future Outlook - The company is focusing on sustainable profitability and growth, with a strategic plan for 2025 that includes adjustments in Q1, stabilization in Q2, and accelerated development in the second half of the year [2] - The company is enhancing its channel expansion, with GAP opening 11 new stores while closing 4 underperforming ones, resulting in a total of 163 GAP stores by the end of Q3 [6] - The operational efficiency and financial performance of both e-commerce and brand management segments have significantly improved, laying a solid foundation for future growth [6]