Core Viewpoint - The company reported a revenue growth of 10.2% year-on-year in Q1 2025, but GAAP net profit decreased by 47.3% [3]. Financial Performance - In Q1 2025, the company achieved an operating revenue of 95.672 billion, a year-on-year increase of 10.2%. GAAP net profit was 14.742 billion, down 47.3%, while Non-GAAP net profit was 16.916 billion, down 44.7% [3]. - The comprehensive gross margin for Q1 2025 was 57.2%, a decrease of 5.1 percentage points year-on-year, primarily due to the ongoing expansion of overseas business and investments to maintain platform competitiveness and support merchants [4]. Expense Analysis - In Q1 2025, the sales, management, and R&D expense ratios were 34.9%, 1.7%, and 3.7%, respectively, with year-on-year changes of +7.9, -0.4, and +0.4 percentage points. The significant increase in sales expense ratio was attributed to higher promotional expenditures, while the management expense ratio benefited from overall efficiency improvements [4]. Revenue Breakdown - Online marketing service revenue in Q1 2025 was 48.722 billion, reflecting a year-on-year growth of 15%. Commission revenue was 46.950 billion, with a year-on-year increase of 6% [5]. - The company has implemented measures to support merchants and optimize the platform ecosystem, including the establishment of a "Merchant Rights Protection Committee" and the launch of a "Billion Support" strategy to reduce deposits for various product categories [5].

Core Viewpoint - The company reported significant growth in revenue and net profit for the year 2024, indicating strong operational performance and effective strategies in place [2]. Financial Performance - In 2024, the company achieved a total revenue of 393.84 billion yuan, representing a year-on-year growth of 59.0%, and a GAAP net profit of 112.43 billion yuan, up 87.3% [2]. - For Q4 2024, the company recorded a revenue of 110.61 billion yuan, which is a 24.4% increase year-on-year, and a GAAP net profit of 27.45 billion yuan, reflecting a 17.9% growth [2]. Profitability Metrics - The gross margin for Q4 2024 was 56.8%, a decrease of 7.9 percentage points year-on-year, while the annual gross margin for 2024 was 63.9%, an increase of 3.2 percentage points compared to 2023 [3]. - The sales expense ratio for Q4 2024 decreased by 1.6 percentage points, while the management and R&D expense ratios showed minor changes [3]. Revenue Breakdown - Online marketing service revenue for 2024 reached 197.93 billion yuan, a year-on-year increase of 28.9%, and commission revenue was 195.90 billion yuan, up 108.2% [4]. - In Q4 2024, online marketing service revenue was 57.01 billion yuan, growing 17.1% year-on-year, while commission revenue was 53.60 billion yuan, reflecting a 33.3% increase [4]. - The company has implemented various initiatives to support merchants and enhance platform ecology, such as the "Billion Reduction" plan, which aims to lower operational costs for merchants [4].