Financial Performance - For the first nine months of 2025, the company achieved a revenue of 7.008 billion yuan and a net profit attributable to shareholders of 682 million yuan, with a net profit of 720 million yuan after excluding non-recurring gains and losses [2] - In Q3 2025, the company reported a revenue of 2.457 billion yuan and a net profit of 362 million yuan, representing a year-on-year growth of 1.44% [2] - The overall gross margin for the first nine months of 2025 was 35.24%, with Q3 gross margin at 36.83%, an increase of 0.97% year-on-year [2][3] Expense Management - Sales expenses for the first nine months of 2025 totaled 652 million yuan, with a sales expense ratio of 9.31% [2] - Management expenses amounted to 595 million yuan, with a management expense ratio of 8.49% [2] - R&D expenses were 185 million yuan, representing a R&D expense ratio of 2.64% [2] Brand Performance - The Sofia brand generated 6.352 billion yuan in revenue with an average order value of 22,511 yuan, supported by 1,793 dealers and 2,561 specialty stores [4] - The Milan brand achieved 300 million yuan in revenue with an average order value of 17,662 yuan, supported by 528 dealers and 556 specialty stores [4] - The Simi brand and the Huahai brand have fewer dealers and specialty stores, with Huahai generating 81 million yuan in revenue [4] Channel Distribution - The integrated channel generated 1.393 billion yuan in revenue, with 283 cooperative companies and 728 sample stores across 221 cities [5] - The overseas channel has established 29 dealers across 23 countries/regions, providing solutions for approximately 132 projects in 32 countries [5] Strategic Insights - The company is focusing on cost control and efficiency improvements, which have contributed to the increase in gross margin [6] - Future strategies include optimizing the integrated and retail channels, with a focus on market development and product upgrades [9] - The company is adapting to changes in consumer behavior, shifting from new housing demand to the renovation market, and plans to refine marketing strategies accordingly [12]