Group 1: Business Performance - In Q1 2025, the apparel business maintained rapid revenue growth, with improved profitability returning to historical normal levels after increased promotional efforts in the previous year [2][3] - Non-apparel business is currently in an adjustment phase, facing significant losses due to market fluctuations, with a focus on reducing losses as a primary goal for 2025 [3][4] Group 2: Cost and Supply Chain Management - The impact of shipping costs on gross margin has decreased since Q4 2024, with a notable reduction in shipping rates expected in the coming quarters [5] - The company has proactively planned for supply chain adjustments in response to trade tensions, establishing a factory in Vietnam to enhance overseas supply chain capabilities [13][14] Group 3: Market Strategy and Expansion - The company aims to deepen its existing product categories while cautiously expanding into new ones, focusing on strong growth areas such as women's and sportswear [7][8] - In 2024, the apparel business achieved a doubling of revenue in the European market, with plans to continue leveraging North American operational strategies in Europe [8] Group 4: Marketing and Pricing Strategies - The marketing strategy for 2025 will focus on optimizing promotional efforts based on previous successes, with an emphasis on data-driven targeting and resource efficiency [11] - A tiered pricing strategy has been implemented in response to increased tariffs, balancing market competitiveness with brand value [12][15] Group 5: Logistics and Operational Efficiency - The logistics business has developed a mature service system, with plans to enhance smart warehousing and expand strategic partnerships with major clients in 2025 [9][10]