Group 1: Company Overview and Strategy - Huapengfei Co., Ltd. focuses on core business development while maintaining an open attitude towards investment opportunities that align with long-term strategic goals [2] - The company aims to explore areas related to logistics that can synergize with its main business for sustainable value growth [3] Group 2: Financial Performance - As of September 30, the company reported a revenue of 307 million CNY, a 19.92% increase from 256 million CNY in the same period last year, indicating strong business growth [3] - Domestic logistics has a higher gross margin compared to international logistics, reflecting a more mature and efficient operation in the domestic market [4] Group 3: TIR Business Development - The TIR business is currently in the investment phase, with expectations of growth as the business model matures and operational experience accumulates [3] - As of September 2025, there are 249 certified TIR operators in China, with the company being one of them, indicating a competitive position in the market [4] Group 4: Future Growth and Market Focus - The company plans to emphasize the development of international logistics while optimizing existing domestic logistics operations [4] - The international logistics business primarily serves manufacturing clients and export traders, with a focus on direct customer service and expanding cross-border consolidation services [5] Group 5: Accounts Receivable Management - The company maintains a healthy structure for accounts receivable, primarily concentrated within one year, and has established a robust tracking system for payment collection [4] - Measures are in place to minimize bad debt losses, including legal actions for significant overdue accounts, ensuring financial health and efficient capital turnover [4]