Financial Data and Key Metrics Changes - The company reported a record quarterly GMV of $520 million, representing a 20% increase year-over-year [5][14] - Revenue for Q3 was $174 million, up 17% year-over-year, with consignment revenue increasing by 15% [14][15] - Adjusted EBITDA was $9.3 million, or 5.4% of total revenue, reflecting a 380 basis point increase year-over-year [5][14] - Free cash flow for the quarter was $14 million, a $12 million improvement year-over-year [16][17] Business Line Data and Key Metrics Changes - Fine jewelry emerged as the fastest-growing category, with first-time watch buyers increasing by 46% [5] - Average order value rose to $584, a 12% increase compared to the previous year [15] - Direct revenue surged by 47% year-over-year, accounting for 13% of total revenue [14][15] Market Data and Key Metrics Changes - The total addressable market for luxury resale is estimated at over $200 billion, indicating significant growth potential [6] - The company noted that 58% of shoppers now prefer the secondary market, with 47% considering resale value before purchasing new items [4][5] Company Strategy and Development Direction - The company is focused on three strategic pillars: growth playbook, operational efficiency, and customer service [6][10] - The growth playbook emphasizes unlocking high-quality supply through data and strong consignor relationships [6][10] - The company plans to expand its retail presence by adding one to three stores per year, enhancing its market reach [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a full-year GMV of over $2 billion, driven by strong market trends and operational efficiencies [4][19] - The company raised its full-year guidance, expecting GMV in the range of $2.10 billion to $2.11 billion, reflecting a 15% increase [18][19] - Management highlighted the importance of building trust and transparency with customers to enhance loyalty and drive growth [11][12] Other Important Information - The proprietary AI-enabled product intake process, Athena, is expected to touch 30%-40% of all items by year-end, improving efficiency and reducing costs [10][56] - The company has reduced its total indebtedness by over $86 million since the beginning of 2024, strengthening its balance sheet [17] Q&A Session Summary Question: Can you speak to the confidence in the Q4 GMV growth guidance? - Management noted strong momentum from sales, marketing, and retail efforts, with early signs of success from referral and affiliate programs [22][23] Question: What guardrails can you provide for next year's growth rates? - Management indicated a medium-term growth rate expectation of high single digits to low double digits, with potential for higher growth in the short term [25] Question: How is the DropShip initiative performing? - Management stated that the DropShip initiative is in the testing phase, with plans for future expansion based on learnings [28][29] Question: What is driving the revenue growth, supply processing speed, or overall supply increase? - Management emphasized that the growth is primarily driven by increased supply coming through the door, supported by effective sales and marketing strategies [30][31] Question: Can you share insights on competitive dynamics in the resale market? - Management highlighted the growing attention to resale and the company's strong market position, leveraging expertise and data to maintain a competitive edge [36][39] Question: What are the plans for cash uses in the balance sheet going forward? - Management indicated that cash will primarily be used for investments in automation and technology to enhance operational efficiency [74]

Group 1 - Milan Station (01150) saw a significant stock increase of over 40%, with a current rise of 43.48% to HKD 0.33 and a trading volume of HKD 12.3385 million [1] - The company reported its mid-year results for 2025, showing revenue of HKD 50.057 million, a year-on-year decline of 20.7%; gross profit of HKD 5.743 million, an increase of 41.7% year-on-year; and a net loss of HKD 11.023 million, which narrowed by 48.8% year-on-year [1] - The reduction in net loss was primarily attributed to a decrease in losses from the fair value changes of financial assets measured at fair value through profit or loss [1] Group 2 - According to the Ministry of Commerce, retail service revenue grew by 5.2% year-on-year from January to July this year, with an increasing share of service consumption [1] - The Ministry of Commerce plans to introduce several policy measures in September to expand service consumption, utilizing fiscal and financial tools to optimize and enhance service supply capacity, thereby stimulating new growth in service consumption [1]

Group 1 - Milan Station (01150) saw a significant increase in stock price, rising over 40% to 0.33 HKD, with a trading volume of 12.34 million HKD [1] - The company reported a mid-year performance for 2025, with revenue of 50.06 million HKD, a year-on-year decrease of 20.7% [1] - Gross profit was reported at 5.74 million HKD, reflecting a year-on-year increase of 41.7% [1] - The net loss narrowed to 11.02 million HKD, a reduction of 48.8% compared to the previous year, primarily due to a decrease in losses from fair value changes of financial assets [1] Group 2 - According to the Ministry of Commerce, retail service revenue grew by 5.2% year-on-year from January to July this year, with an increasing share of service consumption [1] - The Ministry of Commerce plans to introduce several policy measures in September to expand service consumption, utilizing fiscal and financial tools to enhance service supply capacity and stimulate new growth in service consumption [1]