Financial Data and Key Metrics Changes - Total Payment Volume (TPV) grew by 18%, revenue increased by 10%, and net income rose by 12% year-over-year [3] - Excluding the impact of smartphone supply issues, revenue would have increased by 32% and net income by 16% [3][5] - The fintech segment reported a 16% growth in Total Financial Volume (TFV) and a 24% increase in revenue [4][39] Business Line Data and Key Metrics Changes - The marketplace experienced a 12% growth year-over-year, with a 20% GMV growth when excluding smartphone impacts [3][33] - E-grocery GMV grew by 53%, with transaction growth at 55%, reaching 1.3 million customers [7] - Advertising revenue surged by 56% year-over-year, indicating strong growth in this segment [13][36] Market Data and Key Metrics Changes - The smartphone supply disruption had an 8% impact on GMV and a 3% impact on consolidated income [5][33] - The overall e-commerce market remains strong, with GMV growth of 12% in the third quarter, and 19% for the nine-month period, excluding smartphones [33][34] Company Strategy and Development Direction - The company is focusing on enhancing its payment options, marketing, delivery, and user experience to drive growth [25][42] - Plans to expand into new cities and increase the number of dark stores for e-grocery services are underway [7][8] - The introduction of innovative payment methods, such as Pay by Palm, aims to enhance consumer flexibility [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovering demand in the next year despite current supply chain challenges [5][62] - The competitive position in e-commerce remains strong, with expectations for normalization of growth as supply issues resolve [34][62] - The company anticipates a favorable base effect starting in March 2026, which should support growth [46][62] Other Important Information - A $400 million ADS buyback program is set to commence, reflecting strong cash generation and performance [4][47] - The company is also exploring the introduction of dividend payments in the future [47] Q&A Session Summary Question: Updates on Hepsiburada and investment levels - Management emphasized the focus on quality services and consumer engagement as key priorities for growth, with no significant need for capital investments unless justified [51][52] Question: Insights on advertising product growth - Management highlighted the development of a full range of advertising services, with expectations for faster growth than overall revenue [54] Question: Marketplace take rate increase - The increase in take rate is driven by additional services, particularly advertising and delivery, rather than higher seller fees [56] Question: Smartphone supply impact - Management confirmed ongoing supply constraints for new smartphone models but expects normalization in the coming months, with strong growth in non-smartphone categories [60][62]

Group 1 - Common errors include confusing service items that do not belong to advertising/entertainment services, leading to overpayment of cultural industry development fees [4] - Advertising services are defined as activities that promote clients' goods or services through various media, while advertising design, planning, and consulting do not fall under this category [5] - Entertainment services are defined as providing venues and services for entertainment activities, but filming movies or TV shows does not qualify as entertainment services [5] Group 2 - A common mistake is equating billing sales with the taxable basis for value-added tax (VAT), resulting in underpayment of cultural industry development fees [6] - The taxable basis for VAT is the non-taxable sales revenue, while the billing sales amount is inclusive of tax [7] - Exemptions for cultural industry development fees include entities that do not reach the VAT threshold and small-scale taxpayers with monthly sales not exceeding 20,000 yuan [8]

Core Insights - A new company, Zhongxing Building Materials (Jiangmen) Co., Ltd., has been established with a registered capital of 100,000 RMB [1] Company Overview - The company’s business scope includes the sale of building materials, lightweight building materials, coatings (excluding hazardous chemicals), anti-corrosion materials, earthwork engineering construction, engineering management services, and logistics services [1] - It also offers residential water and electricity installation and maintenance services, metal door and window engineering construction, and general cargo transportation for vehicles with a total mass of 4.5 tons or less [1] - Additional services include graphic design, advertising production, publishing, and design, as well as cleaning services and sales of daily necessities and hardware products [1] Regulatory Compliance - The company is required to obtain approval for certain projects, including construction engineering, residential interior decoration, and internet information services, before commencing operations [1]