12月15日，在2025 MX2膜小二服务商大会暨荣誉盛典开幕前夕，膜小二全国服务商齐聚上海抖音总部，带着对市场的深刻理解与对增长的共同期待，共 赴"膜小二·抖音交流会"。 膜小二创始人&CE0：叶根先生;巨懂车商业伙伴发展业务中心华东区域总经理：张英爽女士;抖音生活服务上海区域负责人：常雯女士;巨懂车商业产品订单 产品运营经理：孟靖博先生;懂车学认证讲师：马奔先生，共同出席本次交流会。 看趋势：汽车贴膜商家生意经营宝典 巨懂车商业伙伴发展业务中心华东销售经理：刘奕萱女士指出：目前，汽车贴膜线上市场持续增长，抖音通过"内容+电商+生活服务"多场景融合，持续激 发用户消费兴趣与购买行为。连锁品牌则可通过"五好运营模式"在抖音平台实现生意的飞升。 首先，入局抖音品牌牵头，集合门店资源，获取平台流量与曝光机会;其次，策略上采取"一个阵地，双栖经营"策略，开展团购交易与线索获取两类业务， 以适应不同用户的需求;第三，总部推广门店采取集中投放，实现成本降低与线索量提升的双重效果。 中国汽车后市场正迎来万亿规模的增长时代。线上化、内容化、平台化已成为行业增长的新引擎。巨懂车商业产品订单产品运营经理：孟靖博先生指出：传 统 ...

Financial Data and Key Metrics Changes - Revenue for Q3 2025 grew 11.1% to $125.4 million, marking a record quarter for the company [4] - Net income for the quarter decreased 11.8% to $13.1 million, reflecting a 10.5% net income margin [25] - EBITDA declined 8.1% to $19.9 million, with an EBITDA margin of 15.9% [25] - Year-to-date revenue grew 13.1%, while year-to-date net income increased 3.7% [25] Business Line Data and Key Metrics Changes - Total window film product line grew 22.2% in the quarter, serving as a significant growth driver [23] - Total insulation revenue increased over 21%, including product and service for dealership services [23] - Corporate-owned stores and OEM business performed solidly despite some challenges in the OEM sector [23] Market Data and Key Metrics Changes - The U.S. region revenue grew 11.1% to a record $71.7 million, while the EU region saw a 28.8% increase to $16.5 million [4] - Canada revenue declined from the prior year, continuing a trend of a slow market [6] - Latin America remained flat due to weakness in Mexico, with a shift to a direct model in Brazil impacting performance [7] Company Strategy and Development Direction - The company aims to increase gross margin by approximately 10 percentage points to around 52%-54% by the end of 2028 [15] - Focus on investing in core business and manufacturing, with plans for potential service business acquisitions within the dealership services sector [17] - The company is prioritizing investments in existing markets rather than pursuing new lines of business [14] Management's Comments on Operating Environment and Future Outlook - Management noted a mixed sentiment in the aftermarket and dealer channels, with challenges in the retail automotive business impacting consumer affordability [44][48] - The company remains optimistic about long-term growth despite current market challenges, emphasizing the importance of strategic investments [12][49] - Management expressed confidence in the integration of the recent acquisition in China and its potential to enhance direct distribution capabilities [21] Other Important Information - The acquisition of the Chinese distributor was completed for just under $53 million, with a new entity formed to manage the assets [26] - The company added approximately $22 million in inventory as part of the acquisition, which will impact cash flow positively as it is sold through [10][28] - SG&A expenses grew 20.8% in the quarter, reflecting increased costs associated with the acquisition and other operational expenses [24] Q&A Session Summary Question: Can you elaborate on the out-of-line price increases and how they were mitigated? - Management indicated that price increases impacted gross margin by about 170 basis points, but they have robust supplier options to mitigate these effects [33] Question: What is the early dealer response to the rollout of colored films? - The rollout has been well received, with expectations of market growth and increased engagement from dealerships and OEMs [37] Question: What are the revenue assumptions underpinning the expected operating margin expansion by 2028? - Management expects low double-digit organic revenue growth to continue, supporting the margin expansion goal [42] Question: Can you provide an update on sentiment across the aftermarket and dealer channel? - Sentiment is mixed, with some challenges in the retail automotive sector, but opportunities for the company to provide value in tougher conditions [44][48] Question: What is the expected impact on gross margin in Q4 and the following quarters? - A drag on gross margin is expected in Q4 due to higher-priced inventory from China, but record gross margins are anticipated in Q1 and Q2 of 2026 [50][52]