Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $318 million, essentially flat year over year, while GMV increased low single digits [13] - Adjusted net income was $7 million, or $0.21 per share, with adjusted EBITDA of $26 million, representing a year-over-year increase of approximately 28% [17] - Gross margin improved to nearly 52%, an increase of approximately 120 basis points from Q3 2024 [16] Business Line Data and Key Metrics Changes - U.S. e-commerce business generated $180 million, a decrease of approximately 3% compared to Q3 2024, attributed to improved promotional productivity [13] - Third-party marketplace business grew approximately 34%, with significant contributions from Amazon and Macy's [13][14] - School uniform business grew over 20%, driven by a strong back-to-school season [14] Market Data and Key Metrics Changes - Sales in Europe decreased approximately 20% year-over-year due to increased promotional activity and macroeconomic pressures [16] - Revenue from the licensing business grew over 30% year-over-year, reflecting increased brand visibility [16] Company Strategy and Development Direction - The company is focused on connecting with customers through an asset-light, agile business model, emphasizing high-quality solutions [4] - A long-term partnership with Delta Air Lines was secured, positioning the company as the exclusive design and manufacturing partner for uniforms [6] - The company is expanding its marketing strategy to appeal to younger consumers, with a focus on customization and personalization [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth momentum in North America and noted strong performance in November, particularly during the holiday season [20] - The company is focused on managing promotional levels effectively to maintain gross margins while driving sales [29][30] - Future guidance includes expected net revenue between $1.33 billion and $1.36 billion for the full year, with GMV expected to grow low single digits [19] Other Important Information - The company achieved record gross margins despite tariff uncertainties and is refining its supply chain strategies [11] - Leadership appointments were announced to strengthen strategic focus and drive growth [21][22] - The board is exploring strategic alternatives, with no further comments at this time [23] Q&A Session Summary Question: What did you see in promotional levels during Black Friday? - Management noted that promotional levels were well-managed, with a successful back-to-school campaign and strong early sales leading into the holiday season [28][29] Question: Can you provide an update on the licensing business? - Management indicated that licensing is expected to continue growing, with new licenses set to take effect in the fourth quarter and into next year [37][39] Question: How should we think about inventories going forward? - Management expressed pride in keeping inventory increases to only 3% despite tariff headwinds, indicating a focus on efficiency [46][47]

Core Viewpoint - The company Urban Beauty (02298) has demonstrated its commitment to social responsibility by donating 1 million HKD to the "Tai Po Hong Fu Court Relief Fund" following a fire incident in Hong Kong, aimed at supporting emergency rescue and reconstruction efforts [1] Group 1 - Urban Beauty's chairman and executive director have personally contributed to the relief fund, reflecting their concern for the affected community [1] - The company will continue to monitor the disaster situation and respond to related needs, showing solidarity with the local community [1] Group 2 - Urban Beauty has a history of engaging in charitable activities, having donated 284,000 items of clothing with a fair value exceeding 20 million HKD across 15 provinces and regions from December 2024 to November 2025 [2] - The company has collaborated with the Shenzhen Heart Clothing Public Welfare Foundation to donate over 22,000 clothing items valued at approximately 2.1 million HKD [2] - Since supporting the Wenchuan earthquake in 2008, Urban Beauty has been involved in public welfare for 17 years, emphasizing the importance of corporate social contribution alongside business success [2]

Core Insights - The recent cold weather in northern China has significantly increased the demand for warm clothing, with sales of thermal underwear, autumn clothing, and thick homewear seeing a year-on-year increase of over 100% [1][2] - JD.com has launched a dedicated section for warm clothing to cater to consumer needs during this seasonal shift, promoting various products through its app [1][2] Product Highlights - Thermal underwear is a key category for autumn and winter, with brands like Hai Lan Zhi Jia and Jiao Nei offering innovative features such as antibacterial technology and temperature-locking technology [2][4] - Homewear is designed for both comfort at home and convenience for outdoor wear, with products like the "Plant Anti-Mite" homewear and children's homewear featuring soft materials and moisture-wicking properties [4][12] - Leggings and thermal pants are essential for women, with options that provide warmth and comfort without compromising on style, featuring advanced materials and designs [6][10] - Down jackets are highlighted as essential winter gear, with products designed for extreme cold conditions, ensuring high insulation and safety features for outdoor activities [8][10] Comprehensive Coverage - JD.com’s winter clothing collection addresses all scenarios from basic warmth to outdoor protection, ensuring consumers are equipped for home, commuting, and family outings during the colder months [14]