Financial Performance - Total revenue for FY25Q4 reached 12.78 billion RMB, a year-on-year increase of 32.9%[5] - GAAP net profit was 520 million RMB, down 38.4% year-on-year, with a net profit margin of 4.1%[5] - Non-GAAP net profit was 700 million RMB, a decrease of 25.4% year-on-year, with a non-GAAP net profit margin of 5.5%[5] Store Expansion and User Growth - Total number of stores reached 31,048, with a net increase of 1,834 stores in Q4[6] - Monthly active users reached 98.4 million, reflecting a year-on-year growth of 26.5%[6] Cost and Profitability - Delivery costs amounted to 1.63 billion RMB, a year-on-year increase of 94.5%, accounting for 12.8% of total revenue[8] - Gross margin remained stable at 60.0%, with operating profit margin (OPM) at 15%, down 4.9 percentage points year-on-year[8] Market Strategy and Outlook - The company aims to enhance market share in 2026, despite anticipated pressure on same-store sales growth (SSSG) due to high competition and store expansion[7] - Target price set at 43.0 USD, maintaining a "Buy" rating, indicating a potential upside of 27.6% from the current stock price[9] Risks - Risks include changes in the competitive landscape due to e-commerce platform subsidies and potential challenges in overseas expansion[10]