Group 1: Company Performance Overview - As of the end of Q3 2025, the company's operations are proceeding as planned, with export business facing pressure due to U.S. tariffs, yet maintaining a higher gross margin than the same period in 2024 [1] - The launch of the Wenzhou factory's baking grain production line marks a significant milestone, enhancing the company's capabilities in freeze-dried, air-dried, and baked staple food production [1] Group 2: Marketing and Sales Strategies - During the "Double Eleven" shopping festival, the company increased marketing efforts, achieving over 30% year-on-year growth in overall GMV, with the Jueyan brand leading in the dog snack category [2] - The company introduced new products such as "small particle air-dried food" and "cod air-dried food," aligning with its strategy of deepening high-end market penetration and expanding product categories [2] Group 3: Channel Expansion and Cost Management - The company is focusing on expanding offline channels, collaborating with major regional distributors and new retail supermarkets, with offline channel returns approaching online levels due to cost dilution effects [3][4] - Raw material prices are expected to remain stable next year, with poultry and meat by-product prices decreasing compared to the previous year, positively impacting cost management [4]