Financial Performance - As of March 31, 2025, the total number of global stores reached 6,681, with a quarterly GMV of 8.23 billion yuan, representing a year-on-year growth of 38% [1] - Total net revenue for the quarter was 3.39 billion yuan, an increase of 35.4% year-on-year, while net profit was 677 million yuan, up 13.8% year-on-year [1] - The net profit margin for the first quarter was 20%, remaining stable compared to the full-year net profit margin of 20.3% in 2024 [1] Store Expansion - The company added 241 new stores in the first quarter, with a total increase of 2,598 stores compared to the same period last year [1] - The Chinese market accounted for 6,512 stores, while there were 169 overseas stores [1] Membership Growth - Approximately 15 million new members were added in the first quarter, bringing the total registered members to 192.4 million, a year-on-year increase of 109.6% [1] - The number of active users for the quarter was 44.9 million [1] International Expansion - The overseas market GMV reached 178 million yuan in the first quarter, marking an 85.3% year-on-year growth [1] - The company opened 13 new overseas stores, totaling 169 overseas locations, with 157 in Malaysia, 10 in Singapore, and 2 in Thailand [1] Strategic Partnerships and New Openings - The flagship store in Indonesia opened on April 11, with 11,000 cups sold within the first three days [2] - A strategic partnership was established with Magma Group in Malaysia to open 300 new stores over the next three years [2] - The first North American store opened in Los Angeles, selling over 5,000 cups on its opening day [2] Internal Management Initiatives - As of April 2025, the "Night Clean Plan" has been implemented in over 1,100 stores across 60 cities, benefiting 16,000 store employees [2]