Core Insights - Bawang Chaji (NASDAQ: CHA) reported its first quarterly earnings for Q1 2025, showcasing strong growth in both GMV and net revenue [1][2] - The company aims to expand its presence in Southeast Asia and North America, with significant new store openings planned [3] Financial Performance - As of the end of Q1 2025, Bawang Chaji's total GMV reached 8.23 billion yuan, a year-on-year increase of 38% [1] - The total net revenue for the quarter was 3.39 billion yuan, reflecting a year-on-year growth of 35.4% [1] - Net profit for the quarter was 677 million yuan, with a net profit margin of 20%, consistent with the previous year's margin [1] Store Expansion - The total number of global stores reached 6,681, with 241 new stores opened in the quarter, marking an increase of 2,598 stores compared to the same period last year [2] - The company has 6,512 stores in China (including Hong Kong) and 169 overseas [2] Membership Growth - Bawang Chaji added approximately 15 million new members in Q1, bringing the total registered members to 192.4 million, a year-on-year increase of 109.6% [2] - The number of active users for the quarter was 44.9 million [2] International Expansion - The overseas market GMV reached 178 million yuan, showing a year-on-year growth of 85.3% [2] - The company opened its first flagship store in Indonesia and its first North American store in Los Angeles, both receiving strong initial sales [3] Cost Structure - General and administrative expenses for Q1 were 352.8 million yuan, up 62.1% year-on-year, primarily due to increased product development and IT services [3] - The company invested 53.6 million yuan in product development during the quarter [3] Product Innovation - Bawang Chaji launched new product lines in March and May, including the "Qingyin" series, to enhance its product offerings [3]