Group 1 - The company held a Q3 2025 earnings presentation on November 28, 2025, from 15:00 to 16:00 via an online interactive format [1][2] - Key participants included the Chairman and President, Mr. Li Xiangdong, and other senior executives [2] - Investors were able to submit questions before and during the meeting through the online platform [3] Group 2 - Investors raised several key questions regarding the company's strategic plans, including the impact of recent duty-free policies and the use of funds from the sale of a 100% stake in Gree Real Estate, amounting to approximately 5.1 billion [8][11] - The company expressed its commitment to comply with information disclosure obligations regarding future plans for acquiring the remaining 49% stake in Zhuhai Duty-Free [9][10] - The company is actively monitoring the policy changes related to duty-free operations and is planning to expand its business accordingly, including the promotion of domestic products [12][18]