Core Viewpoint - The cross-border e-commerce industry is facing a common challenge of "increasing revenue without increasing profit," with Greebo, a leading lawn mower robot company, reporting a surprising loss of over 200 million yuan and deteriorating cash flow, casting a shadow over the overseas market [1] Financial Performance - Greebo's Q3 2025 report shows a revenue of 3.828 billion yuan, a year-on-year decline of 3.81%, and a net profit loss of 88.93 million yuan, a staggering drop of 1056.63% compared to the previous year [2][3] - The third quarter alone saw a net profit loss of 222 million yuan, a year-on-year decline of 98.08%, contrasting sharply with a net profit of 133 million yuan in the first half of the year [3] Cash Flow and Profitability - The company reported a negative cash flow from operating activities of 49.79 million yuan, a significant decrease of 900 million yuan year-on-year, with an average cash profit margin of -16.83% [6] - Despite a gross margin of 30.39% for the first three quarters, the net margin was -2.32%, indicating that rising costs are eroding profits [6] Market and Operational Challenges - Greebo faces dual pressures on revenue due to seasonal demand fluctuations and weakened consumer spending in the U.S. and Europe, where over 95% of its revenue is generated [8] - Increased costs from sales and R&D investments, including a 700 million yuan increase in sales expenses and a 461.4 million yuan increase in R&D expenses, are further straining profitability [13] Future Outlook - Despite current challenges, Greebo has secured a $60 million order from a leading U.S. home improvement retailer, with delivery expected by January 2026, indicating potential for recovery [14] - The industry trend towards "lithium battery and smart technology" is expected to drive market growth, with projections estimating a market size of $30.9 billion by 2030, suggesting long-term opportunities for Greebo [14]