Core Viewpoint - The company has exceeded expectations in inventory clearance, primarily due to proactive measures to alleviate channel inventory pressure and reduce collection requirements during the holiday season [1] Group 1: Sales Performance - The overall sales performance in Anhui province has been impacted by economic conditions, with an expected decline in sales volume of over 20%, although the company's sales feedback remains superior with a relatively narrower decline [1] - The company has relaxed collection terms while continuing to invest in channel expenses, leading to an expected improvement in channel inventory on a month-on-month basis [1] Group 2: Financial Metrics - In Q3 2025, the company's net profit margin decreased by 10.6 percentage points to 11.7%, with a year-on-year increase in gross margin of 2.0 percentage points, while sales expense ratio increased by 16.1%, management expense ratio by 5.7%, and financial expense ratio decreased by 4.2% [1] - The balance of contract liabilities at the end of Q3 2025 was 1.34 billion yuan, a decrease of 80 million yuan month-on-month, leading to a year-on-year revenue decline of 50.6% when considering contract liability variables [1] - The cash received from sales in Q3 2025 was 2.32 billion yuan, a year-on-year decrease of 57.4%, and the balance of accounts receivable financing at the end of Q3 2025 was 770 million yuan, with little month-on-month change [1]